U-HAUL HOLDING CO /NV/, 10-Q filed on 05 Feb 25
 | XBRL Documents
v3.25.0.1
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Fiscal Period Focus Q3  
Document Period End Date Dec. 31, 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, $0.001 par value  
Security Exchange Name NYSE  
v3.25.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
ASSETS:    
Cash and cash equivalents $ 1,017,398 $ 1,534,544
Reinsurance recoverables and trade receivables, net 181,303 215,908
Inventories, net 155,140 150,940
Prepaid Expense 265,891 246,082
Fixed maturities - available for sale 2,617,126 2,442,504
Equity securities, at estimated fair value 67,667 66,274
Investments, other 625,630 633,936
Deferred policy acquisition costs, net 123,015 121,224
Other assets 126,413 111,743
Right of use Assets - Financing 168,817 289,305
Right of use Assets - Operating 48,500 53,712
Related Parties Amounts Due 58,048 57,934
Subtotal assets 5,454,948 5,924,106
Property, plant and equipment, at cost:    
Land 1,822,497 1,670,033
Buildings and improvements 9,305,846 8,237,354
Furniture and equipment 1,036,203 1,003,770
Property, plant and equipment (gross) 20,543,731 18,185,784
Less: Accumulated depreciation (5,668,514) (5,051,132)
Total property, plant and equipment 14,875,217 13,134,652
Total assets 20,330,165 19,058,758
Liabilities:    
Accounts payable and accrued expenses 799,452 783,084
Notes, loans and leases payable 6,896,987 6,271,362
Operating lease liability 49,543 55,032
Policy benefits and losses, claims and loss expenses payable 829,992 849,113
Liabilities from investment contracts 2,546,940 2,411,352
Other policyholders' funds and liabilities 20,895 18,070
Deferred income 47,419 51,175
Deferred Income Tax Liabilities, Net 1,507,604 1,447,125
Total liabilities 12,698,832 11,886,313
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (187,238) (223,216)
Retained earnings 8,023,000 7,600,090
Total stockholders' equity 7,631,333 7,172,445
Total liabilities and stockholders' equity 20,330,165 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 1,032,132 936,303
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 7,347,053 $ 6,338,324
v3.25.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 3,049 $ 1,052
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,776,940 $ 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
v3.25.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues:        
Self-moving equipment rentals $ 878,585 $ 839,801 $ 2,980,265 $ 2,908,412
Self-storage revenues 227,125 210,517 667,381 618,368
Self moving and self-storage products and service sales 70,407 70,344 254,761 262,787
Property management fees 8,869 10,138 27,950 28,582
Life insurance premiums 22,926 22,574 64,154 68,203
Property and casualty insurance premiums 28,364 26,490 75,360 72,383
Net investment and Interest income 40,536 57,457 115,455 186,787
Other revenue 111,746 102,193 409,830 384,160
Total revenues 1,388,558 1,339,514 4,595,156 4,529,682
Costs and expenses:        
Operating Costs and Expenses 782,351 770,405 2,463,181 2,368,904
Commission expenses 95,031 87,955 326,610 306,843
Cost of product sales 52,767 51,536 181,031 188,831
Benefits and losses 48,683 42,495 137,081 130,392
Amortization of deferred policy acquisition costs 4,493 4,155 13,578 19,026
Lease expense 5,052 9,148 15,386 25,181
Depreciation, net of (gains) losses on disposals 246,091 173,648 689,906 465,584
Net (gains) losses on disposal of real estate 3,358 2,584 9,453 5,320
Operating Expenses, Total 1,237,826 1,141,926 3,836,226 3,510,081
Earnings from operations 150,732 197,588 758,930 1,019,601
Other components of net periodic benefit costs (372) (365) (1,116) (1,094)
Interest Income, Other 15,638   50,004 0
Interest expense (76,581) (67,450) (215,297) (191,991)
Fees and amortization on early extinguishment of debt     (495) 0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 89,417 129,773 592,026 826,516
Net earnings, Tax (22,251) (30,549) (142,645) (196,946)
Earnings available to common stockholders $ 67,166 $ 99,224 $ 449,381 $ 629,570
Common Stock [Member]        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.3 $ 0.46 $ 2.16 $ 3.09
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 67,166 $ 99,224 $ 449,381 $ 629,570
Basic and diluted earnings per common share $ 0.35 $ 0.51 $ 2.31 $ 3.22
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]        
Costs and expenses:        
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.25.0.1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Depreciation:        
Net of (gains) losses on sale of real and personal property $ 3,526 $ 36,189 $ 28,849 $ 138,653
Related party:        
Related party, revenues, net of eliminations 8,869 10,138 27,950 28,582
Related party, costs and expenses, net of eliminations $ 26,500 $ 20,400 $ 89,953 $ 69,690
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Comprehensive income (loss) (pretax):        
Net earnings, Pre-tax $ 89,417 $ 129,773 $ 592,026 $ 826,516
Comprehensive income (loss) (tax effect):        
Net earnings, Tax (22,251) (30,549) (142,645) (196,946)
Comprehensive income (loss) (net of tax):        
Earnings available to common stockholders 67,166 99,224 449,381 629,570
Other comprehensive income (loss):        
Foreign currency translation, Pre-tax 3,929 5,268 3,712 2,888
Foreign currency translation, Net 3,929 5,268 3,712 2,888
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Pre-tax 68,650 41,618 57,171 32,942
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Tax (14,542) (8,833) (12,508) (7,204)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), Tax 54,108 32,785 44,663 25,738
Change in fair value of cash flow hedges, Pre-tax 6,121 5,769 5,907 3,742
Change in fair value of cash flow hedges, Tax (1,510) (1,417) (1,505) (919)
Change in fair value of cash flow hedges, Net 4,611 4,352 4,402 2,823
Amounts reclassified into earnings on hedging activities, Pre-tax 1,596 1,471 12,500 3,966
Amounts reclassified into earnings on hedging activities, Tax (399) (362) (3,125) (974)
Amounts reclassified into earnings on hedging activities, Net 1,197 1,109 9,375 2,992
Other Comprehensive Income (Loss), Pre-tax 69,246 43,590 46,866 30,278
Other comprehensive income (loss) Tax (15,653) (10,612) (10,888) (7,259)
Other comprehensive income (loss) Net 53,593 32,978 35,978 23,019
Comprehensive income (loss) Pre-tax 158,663 86,183 638,892 796,238
Comprehensive income (loss) Tax (37,904) (19,937) (153,533) (189,687)
Comprehensive income (loss) Net $ 120,759 $ 66,246 $ 485,359 $ 606,551
v3.25.0.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance, beginning of period at Mar. 31, 2023 $ 6,504,191 $ 10,497 $ 453,643 $ 285,623 $ 7,003,148 $ 525,653 $ 151,997   $ 176
Cosolidated statement of change in equity                  
Foreign currency translation 2,888     2,888          
Unrealized net gain (loss) on investments, net of tax 25,738     25,738          
Change in fair value of cash flow hedges 2,823     2,823          
Amounts reclassified into earnings on hedging activities, net 2,992     2,992          
Net Income (Loss) 629,570       629,570     $ 629,570  
Series N Non-Voting Common Stock dividends paid (22,941)       (22,941)        
Net activity 583,610     23,019 606,629        
Balance, end of period at Dec. 31, 2023 7,087,801 10,497 453,643 308,642 7,609,777 525,653 151,997   176
Balance, beginning of period at Sep. 30, 2023 7,030,378 10,497 453,643 275,664 7,519,376 525,653 151,997   176
Cosolidated statement of change in equity                  
Foreign currency translation 5,268     5,268          
Unrealized net gain (loss) on investments, net of tax 32,785     32,785          
Change in fair value of cash flow hedges 4,352     4,352          
Amounts reclassified into earnings on hedging activities, net 1,109     1,109          
Net Income (Loss) 99,224       99,224     99,224  
Series N Non-Voting Common Stock dividends paid (8,823)       (8,823)        
Net activity 57,423     32,978 90,401        
Balance, end of period at Dec. 31, 2023 7,087,801 10,497 453,643 308,642 7,609,777 525,653 151,997   176
Balance, beginning of period at 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 3,712     3,712          
Unrealized net gain (loss) on investments, net of tax 44,663     44,663          
Change in fair value of cash flow hedges 4,402     4,402          
Amounts reclassified into earnings on hedging activities, net 9,375     9,375          
Net Income (Loss) 449,381       449,381     449,381  
Series N Non-Voting Common Stock dividends paid (26,471)       (26,471)        
Net activity 458,888     35,978 422,910        
Balance, end of period at Dec. 31, 2024 7,631,333 10,497 462,548 187,238 8,023,000 525,653 151,997   176
Balance, beginning of period at Sep. 30, 2024 7,519,398 10,497 462,548 240,831 7,964,658 525,653 151,997   176
Cosolidated statement of change in equity                  
Foreign currency translation 3,929     3,929          
Unrealized net gain (loss) on investments, net of tax 54,108     54,108          
Change in fair value of cash flow hedges 4,611     4,611          
Amounts reclassified into earnings on hedging activities, net 1,197     1,197          
Net Income (Loss) 67,166       67,166     $ 67,166  
Series N Non-Voting Common Stock dividends paid (8,824)       (8,824)        
Net activity 111,935     53,593 58,342        
Balance, end of period at Dec. 31, 2024 $ 7,631,333 $ 10,497 $ 462,548 $ 187,238 $ 8,023,000 $ 525,653 $ 151,997   $ 176
v3.25.0.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Common Stock, Dividends, Per Share, Declared $ 0.05 $ 0.05 $ 0.15 $ 0.13
v3.25.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:    
Net Income (Loss) $ 449,381 $ 629,570
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 718,755 604,237
Amortization of premiums and accretion of discounts related to investments, net 10,431 12,905
Amortization of debt issuance costs 4,275 5,295
Interest credited to policyholders 58,290 52,099
Change in allowance for losses on trade receivables 1,463 1,155
Proceeds from Fees Received 8,015 11,338
Net gain on sale of real and personal property (28,849) (138,653)
Net losses on disposal of real estate 9,453 5,320
Net (gains) losses on sales of fixed maturity securities (19) (662)
Net gains on equity securities (7,299) (174)
Deferred income taxes 48,769 101,999
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (34,720) (7,217)
Inventories and parts (4,209) (3,698)
Prepaid expenses (20,559) (1,509)
Capitalization of deferred policy acquisition costs (1,791) (7,629)
Other assets (19,270) (20,627)
Related party assets (2,404) (1,073)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 20,461 14,216
Policy benefits and losses, claims and loss expenses payable 22,069 29,719
Other policyholders' funds and liabilities 2,825 866
Deferred income (3,602) (7,046)
Related party liabilities 909 774
Net cash provided by operating activities 1,255,896 1,240,043
Cash flow from investing activities:    
Increase Decrease Escrow Deposits 3,445 1,045
Purchase of:    
Property, plant and equipment (2,863,496) (2,400,949)
Fixed maturity investments (441,974) (270,383)
Equity securities (852) (519)
Investments, other (92,774) (132,963)
Proceeds from sales and paydowns of:    
Property, plant and equipment 530,135 598,170
Fixed maturity investments 318,634 447,489
Equity securities 10,842 1,417
Investments, other 97,594 46,800
Net cash used by investing activities (2,438,446) (1,709,893)
Cash flow from financing activities:    
Borrowings from credit facilities 1,404,974 1,037,082
Principal repayments on credit facilities (713,949) (625,067)
Payment of debt issuance costs (4,224) (4,072)
Finance lease payments (60,661) (86,166)
Securitization deposits 331 236
Series N Non-Voting Common Stock dividends paid (26,471) (22,941)
Investment contract deposits 389,848 214,312
Investment contract withdrawals (318,005) (302,150)
Net cash provided by financing activities 671,843 211,234
Effects of exchange rate on cash 6,439 4,068
Increase (decrease) in cash and cash equivalents 517,146 (254,548)
Cash and cash equivalents at the beginning of period 1,534,544 2,060,524
Cash and cash equivalents at the end of period $ 1,017,398 $ 1,805,976
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 67,166 $ 99,224 $ 449,381 $ 629,570
v3.25.0.1
Insider Trading Arrangements
 9 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Basis of Presentation
 9 Months Ended
Dec. 31, 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 third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 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.

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.
v3.25.0.1
Earnings Per Share
 9 Months Ended
Dec. 31, 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 December 31, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

Quarter Ended

 

 

 

December 31,

 

 

 

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

 

$

67,166

 

 

$

99,224

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

58,342

 

 

$

90,401

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

5,834

 

 

$

9,040

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.30

 

 

$

0.46

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.30

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

67,166

 

 

$

99,224

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

58,342

 

 

$

90,401

 

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

 

$

52,508

 

 

$

81,361

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.30

 

 

$

0.46

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.05

 

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

 

$

0.35

 

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2024 and 2023 for our voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

Nine months ended

 

 

 

December 31,

 

 

 

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

 

$

449,381

 

 

$

629,570

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(22,941

)

Undistributed earnings available to common stockholders

 

$

422,910

 

 

$

606,629

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

42,291

 

 

$

60,663

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

2.16

 

 

$

3.09

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

2.16

 

 

$

3.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

449,381

 

 

$

629,570

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(22,941

)

Undistributed earnings available to common stockholders

 

$

422,910

 

 

$

606,629

 

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

 

$

380,619

 

 

$

545,966

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

2.16

 

 

$

3.09

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.15

 

 

$

0.13

 

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

 

$

2.31

 

 

$

3.22

 

 

 

 

 

 

 

 
v3.25.0.1
Investments
 9 Months Ended
Dec. 31, 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 $20.2 million and $23.1 million as of December 31, 2024 and March 31, 2024, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 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

 

$

141,224

 

 

$

371

 

 

$

(6,094

)

 

$

—

 

 

$

135,501

 

U.S. government agency mortgage-backed securities

 

 

86,443

 

 

 

229

 

 

 

(7,944

)

 

 

—

 

 

 

78,728

 

Obligations of states and political subdivisions

 

 

140,373

 

 

 

758

 

 

 

(5,468

)

 

 

—

 

 

 

135,663

 

Corporate securities

 

 

1,879,165

 

 

 

5,643

 

 

 

(111,690

)

 

 

(3,049

)

 

 

1,770,069

 

Mortgage-backed securities

 

 

529,735

 

 

 

2,979

 

 

 

(35,549

)

 

 

—

 

 

 

497,165

 

 

 

$

2,776,940

 

 

$

9,980

 

 

$

(166,745

)

 

$

(3,049

)

 

$

2,617,126

 

 

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

 

 

 

(Unaudited)

 

 

 

(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 December 31, 2024 and March 31, 2024 were as follows:

 

 

 

December 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

 

 

$

—

 

 

 

$

—

 

 

 

$

99,405

 

 

 

$

(6,094

)

 

 

$

99,405

 

 

 

$

(6,094

)

U.S. government agency mortgage-backed securities

 

 

 

37,449

 

 

 

 

(210

)

 

 

 

22,153

 

 

 

 

(7,733

)

 

 

 

59,602

 

 

 

 

(7,943

)

Obligations of states and political subdivisions

 

 

 

23,020

 

 

 

 

(252

)

 

 

 

59,752

 

 

 

 

(5,216

)

 

 

 

82,772

 

 

 

 

(5,468

)

Corporate securities

 

 

 

120,515

 

 

 

 

(330

)

 

 

 

1,314,484

 

 

 

 

(111,361

)

 

 

 

1,434,999

 

 

 

 

(111,691

)

Mortgage-backed securities

 

 

 

64,236

 

 

 

 

(206

)

 

 

 

228,897

 

 

 

 

(35,343

)

 

 

 

293,133

 

 

 

 

(35,549

)

 

 

 

$

245,220

 

 

 

$

(998

)

 

 

$

1,724,691

 

 

 

$

(165,747

)

 

 

$

1,969,911

 

 

 

$

(166,745

)

 

 

 

 

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 $318.6 million and $448.9 million for the first nine months ended December 31, 2024 and December 31, 2023, respectively. Included in the December 31, 2024 and 2023 proceeds were $73.0 million and $225.0 million, respectively, from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $2.3 million and $1.5 million during the first nine months of fiscal 2025 and 2024, respectively. The gross realized losses on these sales totaled $0.5 million and $1.1 million during the first nine 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 $2.0 million and ($0.4) million net impairment charge recorded in the first nine months ended December 31, 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:

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

211,754

 

 

$

210,698

 

 

$

266,357

 

 

$

266,578

 

Due after one year through five years

 

 

632,864

 

 

 

626,490

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

602,819

 

 

 

568,543

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

799,768

 

 

 

714,230

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,247,205

 

 

 

2,119,961

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

529,735

 

 

 

497,165

 

 

 

306,510

 

 

 

260,837

 

 

 

$

2,776,940

 

 

$

2,617,126

 

 

$

2,660,093

 

 

$

2,442,504

 

 

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

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

29,491

 

 

$

44,796

 

 

$

29,604

 

 

$

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,871

 

 

 

25,144

 

 

 

21,260

 

 

 

$

54,635

 

 

$

67,667

 

 

$

54,748

 

 

$

66,274

 

 

Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

604,615

 

 

$

604,481

 

Short-term investments

 

 

—

 

 

 

997

 

Policy loans

 

 

11,682

 

 

 

11,229

 

Other investments

 

 

9,333

 

 

 

17,229

 

 

 

$

625,630

 

 

$

633,936

 

 

 
v3.25.0.1
Accounts Payable and Accrued Expense
 9 Months Ended
Dec. 31, 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:

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

179,471

 

$

 

240,053

 

Accrued expenses

 

 

619,981

 

 

 

543,031

 

 

$

 

799,452

 

$

 

783,084

 
v3.25.0.1
Borrowings
 9 Months Ended
Dec. 31, 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)

 

December 31, 2024

 

 

March 31,
2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.03

 

%

 

2027

 

-

2037

 

 

5.42

 

%

 

$

268,857

 

 

$

277,767

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.16

 

%

 

 

2,167,983

 

 

 

2,284,853

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.92

 

%

 

2025

 

-

2031

 

 

5.12

 

%

 

 

120,554

 

 

 

70,454

 

Fleet loans (revolving credit) (b)

 

5.42

 

%

-

 

5.93

 

%

 

2027

 

-

2029

 

 

5.81

 

%

 

 

615,000

 

 

 

573,889

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.34

 

%

 

 

56,980

 

 

 

117,641

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2031

 

 

5.03

 

%

 

 

1,931,815

 

 

 

1,708,619

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,200,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2025

 

-

2049

 

 

6.32

 

%

 

 

68,402

 

 

 

70,815

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,929,591

 

 

 

6,304,038

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,604

)

 

 

(32,676

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,896,987

 

 

$

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) Certain loans have interest rate swaps fixing the rate for the relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.82% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2024.

 

 

Private Placement

On August 21, 2024, we entered into a Note Purchase Agreement ( the "Note Purchase Agreement") in connection with the private placement of our senior unsecured notes (the "Notes"). Under the Note Purchase Agreement, we sold an aggregate $500 million of the Notes, consisting of $100 million aggregate principal amount of our 5.86% Senior Notes, Series A due August 21, 2032, $100 million aggregate principal amount of our 5.91% Senior Notes, Series B due August 21, 2033, $100 million aggregate principal amount of our 5.95% Senior Notes, Series C due August 21, 2034, and $200 million aggregate principal amount of our 6.00% Senior Notes, Series D due August 21, 2035, each with maturities between 2032 and 2035. Interest is payable semiannually.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2024 for the next five years and thereafter are as follows:

 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

527,358

 

 

$

938,448

 

 

$

1,056,361

 

 

$

670,110

 

 

$

758,767

 

 

$

2,978,547

 

 

$

6,929,591

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

80,760

 

 

$

71,061

 

Capitalized interest

 

 

(4,608

)

 

 

(4,006

)

Amortization of transaction costs

 

 

1,390

 

 

 

1,868

 

Interest expense resulting from cash flow hedges

 

 

(961

)

 

 

(1,473

)

Total interest expense

 

$

76,581

 

 

$

67,450

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

226,148

 

 

$

202,985

 

Capitalized interest

 

 

(11,188

)

 

 

(11,738

)

Amortization of transaction costs

 

 

4,229

 

 

 

4,711

 

Interest expense resulting from cash flow hedges

 

 

(3,892

)

 

 

(3,967

)

Total interest expense

 

$

215,297

 

 

$

191,991

 

 

Interest paid in cash was $65.0 million and $61.8 million for the third quarter of fiscal 2025 and 2024, respectively, and $207.2 million and $191.4 million for the first nine months of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivatives contracts was ($1.2) million and ($1.5) million for the third quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($4.2) million and ($3.8) million for the first nine months 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 December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.05

 

%

 

6.64

 

%

Interest rate at the end of the quarter

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the quarter

 

$

765,000

 

 

$

710,000

 

 

Average amount outstanding during the quarter

 

$

745,272

 

 

$

669,372

 

 

Facility fees

 

$

214

 

 

$

259

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

6.43

 

%

 

6.47

 

%

Interest rate at the end of the period

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the period

 

$

765,000

 

 

$

715,000

 

 

Average amount outstanding during the period

 

$

665,376

 

 

$

641,941

 

 

Facility fees

 

$

793

 

 

$

830

 

 

 

 
v3.25.0.1
Derivatives
 9 Months Ended
Dec. 31, 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

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

6,298

 

 

$

8,392

 

Liabilities

 

$

713

 

 

$

—

 

Notional amount

 

$

379,007

 

 

$

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 nine months of fiscal 2025 and 2024, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $4.4 million and $2.8 million, respectively, net of taxes. During the first nine months of fiscal 2025 and 2024, we reclassified ($9.4) million and ($3.0) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2024, we expect to reclassify $3.3 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 (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2024 and 2023 were $5.0 million and ($4.6) million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,333

 

 

$

10,538

 

Notional amount

 

$

398,499

 

 

$

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.
v3.25.0.1
Accumulated Other Comprehensive Loss
 9 Months Ended
Dec. 31, 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 September 30, 2024

 

$

(53,490

)

 

$

(186,328

)

 

$

(2,057

)

 

$

1,044

 

 

$

(240,831

)

Foreign currency translation

 

 

(3,929

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,929

)

Unrealized net gain on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

54,108

 

 

 

—

 

 

 

—

 

 

 

54,108

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,611

 

 

 

—

 

 

 

4,611

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,197

)

 

 

—

 

 

 

(1,197

)

Other comprehensive income (loss)

 

 

(3,929

)

 

 

54,108

 

 

 

3,414

 

 

 

—

 

 

 

53,593

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

 

 

 

 

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

 

 

(3,712

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,712

)

Unrealized net gain on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

44,663

 

 

 

—

 

 

 

—

 

 

 

44,663

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,402

 

 

 

—

 

 

 

4,402

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(9,375

)

 

 

—

 

 

 

(9,375

)

Other comprehensive income (loss)

 

 

(3,712

)

 

 

44,663

 

 

 

(4,973

)

 

 

—

 

 

 

35,978

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

 

 

 

 

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 September 30, 2023

 

$

(58,919

)

 

$

(225,693

)

 

$

9,299

 

 

$

(351

)

 

$

(275,664

)

Foreign currency translation

 

 

5,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,268

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

(32,785

)

 

 

—

 

 

 

—

 

 

 

(32,785

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,352

)

 

 

—

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,109

)

 

 

—

 

 

 

(1,109

)

Other comprehensive income (loss)

 

 

5,268

 

 

 

(32,785

)

 

 

(5,461

)

 

 

—

 

 

 

(32,978

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

2,888

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,888

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

(25,738

)

 

 

—

 

 

 

—

 

 

 

(25,738

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

2,823

 

 

 

—

 

 

 

2,823

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(2,992

)

 

 

—

 

 

 

(2,992

)

Other comprehensive income (loss)

 

 

2,888

 

 

 

(25,738

)

 

 

(169

)

 

 

—

 

 

 

(23,019

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

(a) Liability for future policy benefits
v3.25.0.1
Dividends
 9 Months Ended
Dec. 31, 2024
Stockholders' Equity [Abstract]  
8. Dividends . Dividends

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

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 4, 2024

 

$

0.05

 

 

December 16, 2024

 

December 27, 2024

August 15, 2024

 

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

 

 

0.05

 

 

June 17, 2024

 

June 28, 2024

December 6, 2023

 

 

0.05

 

 

December 18, 2023

 

December 29, 2023

August 17, 2023

 

 

0.04

 

 

September 19, 2023

 

September 29, 2023

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023

 

As of December 31, 2024, no awards had been issued under the 2016 U-Haul Holding Company Stock Option Plan.
v3.25.0.1
Leases
 9 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases . Leases

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

 

 

 

As of December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

82,384

 

 

$

82,384

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

66,083

 

 

 

—

 

 

 

66,083

 

Rental trucks

 

 

388,528

 

 

 

—

 

 

 

388,528

 

Right-of-use assets, gross

 

 

454,672

 

 

 

82,384

 

 

 

537,056

 

Less: Accumulated depreciation

 

 

(285,855

)

 

 

(33,884

)

 

 

(319,739

)

Right-of-use assets, net

 

$

168,817

 

 

$

48,500

 

 

$

217,317

 

 

 

 

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 December 31, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $57.0 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.

 

 

 

Finance leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

0.8

 

 

1

 

 

Weighted average discount rate

 

 

4.3

 

%

 

4.1

 

%

 

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

23.2

 

 

21.9

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.6

 

%

 

For the nine months ended December 31, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $15.7 million and $17.5 million, respectively, and our financing cash flow activities were $60.7 million and $86.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.1 million and $17.9 million for the first nine months of fiscal 2025 and 2024, respectively.

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

 

 

 

Nine months ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

15,386

 

 

$

25,181

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

23,903

 

 

$

44,220

 

Interest on lease liabilities

 

 

3,048

 

 

 

5,600

 

Total finance lease cost

 

$

26,951

 

 

$

49,820

 

 

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

 

$

47,013

 

 

$

3,234

 

2026

 

 

11,782

 

 

 

10,579

 

2027

 

 

—

 

 

 

8,164

 

2028

 

 

—

 

 

 

6,774

 

2029

 

 

—

 

 

 

5,184

 

Thereafter

 

 

—

 

 

 

61,191

 

Total lease payments

 

 

58,795

 

 

 

95,126

 

Less: imputed interest

 

 

(1,815

)

 

 

(45,583

)

Present value of lease liabilities

 

$

56,980

 

 

$

49,543

 
v3.25.0.1
Contingencies
 9 Months Ended
Dec. 31, 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 were filed against U-Haul, which were 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 parties settled all remaining claims for $5.1 million pursuant to a settlement agreement approved by order of the Court on October 25, 2024. The full amount of $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement agreement.

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 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 litigation and claims will have a material effect on our financial position and results of operations.
v3.25.0.1
Related Party Transactions
 9 Months Ended
Dec. 31, 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 December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,193

 

 

$

7,135

 

U-Haul management fee revenue from Mercury

 

 

1,676

 

 

 

3,003

 

 

 

$

8,869

 

 

$

10,138

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,713

 

 

$

22,585

 

U-Haul management fee revenue from Mercury

 

 

5,237

 

 

 

5,997

 

 

 

$

27,950

 

 

$

28,582

 

 

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 $28.5 million and $25.0 million from the above-mentioned entities during the first nine 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 nine months of fiscal 2025 that will continue 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. Self-moving equipment rental revenue 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 over the course of the fiscal year.

Related Party Costs and Expenses

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,176

 

 

 

877

 

U-Haul commission expenses to Blackwater

 

 

19,409

 

 

 

18,946

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

5,304

 

 

 

—

 

 

 

$

26,531

 

 

$

20,427

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,812

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

3,734

 

 

 

2,194

 

U-Haul commission expenses to Blackwater

 

 

66,538

 

 

 

65,684

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

17,755

 

 

 

—

 

 

 

$

89,953

 

 

$

69,690

 

 

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 December 31, 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 $28.0 million and $22.6 million, expenses of $5.7 million and $1.8 million and we received cash flows of $26.5 million and $20.9 million, respectively, during the first nine months of fiscal 2025 and 2024. Revenues were $408.6 million and $305.2 million and commission expenses were $84.3 million and $65.7 million, respectively, related to the Dealer Agreements, during the first nine months of fiscal 2025 and 2024.

In November 2024, Real Estate purchased a property from Property & Casualty Insurance for $4.6 million.

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

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

40,323

 

 

$

31,950

 

U-Haul receivable from Mercury

 

 

18,604

 

 

 

24,536

 

Other (a)

 

 

(879

)

 

 

1,448

 

 

 

$

58,048

 

 

$

57,934

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.0.1
Consolidating Financial Information by Industry Segment
 9 Months Ended
Dec. 31, 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 third quarter ended December 31, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,296,556

 

 

$

38,141

 

 

$

56,762

 

 

$

(2,901

)

 

$

1,388,558

 

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

 

$

127,277

 

 

$

19,463

 

 

$

4,244

 

 

$

(252

)

 

$

150,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,260,677

 

 

$

29,303

 

 

$

52,715

 

 

$

(3,181

)

 

$

1,339,514

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

180,467

 

 

$

9,421

 

 

$

8,075

 

 

$

(375

)

 

$

197,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,339,360

 

 

$

97,780

 

 

$

166,668

 

 

$

(8,652

)

 

$

4,595,156

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

703,030

 

 

$

44,769

 

 

$

11,887

 

 

$

(756

)

 

$

758,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,285,768

 

 

$

88,994

 

 

$

163,918

 

 

$

(8,998

)

 

$

4,529,682

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

968,862

 

 

$

36,822

 

 

$

15,039

 

 

$

(1,122

)

 

$

1,019,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,291,214

 

 

$

543,300

 

 

$

3,174,307

 

 

$

(678,656

)

 

$

20,330,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 
v3.25.0.1
Geographic Area Data
 9 Months Ended
Dec. 31, 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 December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of gains on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (loss)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,273,821

 

 

$

65,693

 

 

$

1,339,514

 

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

 

 

176,864

 

 

 

3,523

 

 

 

180,387

 

Interest expense

 

 

66,772

 

 

 

678

 

 

 

67,450

 

Pretax earnings

 

 

125,531

 

 

 

4,242

 

 

 

129,773

 

Income tax expense

 

 

29,172

 

 

 

1,377

 

 

 

30,549

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,294,310

 

 

$

235,372

 

 

$

4,529,682

 

Depreciation and amortization, net of (gains) on disposals

 

 

486,262

 

 

 

3,668

 

 

 

489,930

 

Interest expense

 

 

189,900

 

 

 

2,091

 

 

 

191,991

 

Pretax earnings

 

 

801,045

 

 

 

25,471

 

 

 

826,516

 

Income tax expense

 

 

189,802

 

 

 

7,144

 

 

 

196,946

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 
v3.25.0.1
Employee Benefit Plans
 9 Months Ended
Dec. 31, 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 December 31,

 

 

 

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

 

 

374

 

 

 

367

 

Other components

 

 

(2

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

372

 

 

 

365

 

Net periodic postretirement benefit cost

 

$

617

 

 

$

662

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

736

 

 

$

891

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,124

 

 

 

1,102

 

Other components

 

 

(8

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,116

 

 

 

1,094

 

Net periodic postretirement benefit cost

 

$

1,852

 

 

$

1,985

 
v3.25.0.1
Fair Value Measurements
 9 Months Ended
Dec. 31, 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 December 31, 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 December 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,617,126

 

 

$

—

 

 

$

2,617,126

 

 

$

—

 

Preferred stock

 

 

22,871

 

 

 

22,871

 

 

 

—

 

 

 

—

 

Common stock

 

 

44,796

 

 

 

44,796

 

 

 

—

 

 

 

—

 

Derivatives

 

 

14,631

 

 

 

8,333

 

 

 

6,298

 

 

 

—

 

Total

 

$

2,699,424

 

 

$

76,000

 

 

$

2,623,424

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

713

 

 

$

—

 

 

$

713

 

 

$

—

 

Embedded derivatives

 

 

8,912

 

 

 

—

 

 

 

—

 

 

 

8,912

 

Liabilities from investment contracts

 

 

2,495,885

 

 

 

—

 

 

 

—

 

 

 

2,495,885

 

Market risk benefits

 

 

13,428

 

 

 

—

 

 

 

—

 

 

 

13,428

 

Total

 

$

2,518,938

 

 

$

—

 

 

$

713

 

 

$

2,518,225

 

 

As of March 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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 $713.9 million and $1,173.6 million as of December 31, 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 tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of December 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

144,547

 

 

$

—

 

 

$

—

 

 

$

144,547

 

 

$

144,547

 

Mortgage loans, net

 

 

604,615

 

 

 

—

 

 

 

—

 

 

 

577,381

 

 

 

577,381

 

Other investments

 

 

12,682

 

 

 

—

 

 

 

—

 

 

 

12,682

 

 

 

12,682

 

Total

 

$

761,844

 

 

$

—

 

 

$

—

 

 

$

734,610

 

 

$

734,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,929,591

 

 

$

—

 

 

$

6,444,590

 

 

$

—

 

 

$

6,444,590

 

Total

 

$

6,929,591

 

 

$

—

 

 

$

6,444,590

 

 

$

—

 

 

$

6,444,590

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 

 

 
v3.25.0.1
Revenue Recognition
 9 Months Ended
Dec. 31, 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, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 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 third 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 $24.1 million and $21.7 million for the third quarters ended December 31, 2024 and 2023, respectively, and $75.8 million and $73.1 million for the nine months ended December 31, 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, $0.8 million and $49.2 million, respectively, was recognized as revenue for the third quarter and nine months ended December 31, 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:

 

 

 

Year Ending December 31,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,194

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

6,161

 

 

 

21,396

 

 

 

13,798

 

 

 

9,704

 

 

 

6,765

 

 

 

31,487

 

Total

 

$

11,355

 

 

$

21,396

 

 

$

13,798

 

 

$

9,704

 

 

$

6,765

 

 

$

31,487

 

 

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

Revenue Recognized in Accordance with Other Topics

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

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

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

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

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

81,773

 

 

$

73,785

 

Revenues recognized at a point in time:

 

 

83,703

 

 

 

85,732

 

Total revenues recognized under ASC 606

 

 

165,476

 

 

 

159,517

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,129,821

 

 

 

1,072,028

 

Insurance premium revenues recognized under ASC 944

 

 

52,725

 

 

 

50,512

 

Net investment and interest income recognized under other topics

 

 

40,536

 

 

 

57,457

 

Total revenues

 

$

1,388,558

 

 

$

1,339,514

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

307,740

 

 

$

283,468

 

Revenues recognized at a point in time:

 

 

304,810

 

 

 

315,084

 

Total revenues recognized under ASC 606

 

 

612,550

 

 

 

598,552

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,723,458

 

 

 

3,599,867

 

Insurance premium revenues recognized under ASC 944

 

 

143,693

 

 

 

144,476

 

Net investment and interest income recognized under other topics

 

 

115,455

 

 

 

186,787

 

Total revenues

 

$

4,595,156

 

 

$

4,529,682

 

 

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

v3.25.0.1
Allowance For Credit Losses
 9 Months Ended
Dec. 31, 2024
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

17. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two 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 the 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 6% and 5% as of December 31, 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 December 31, 2024 and March 31, 2024 was $7.6 million and $6.2 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $29.3 million and $29.3 million as of December 31, 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 December 31, 2024 and March 31, 2024. As of December 31, 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 December 31, 2024.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of December 31, 2024, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $4.1 million and $1.1 million as of December 31, 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 table 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

 

 

1,377

 

 

 

1,997

 

 

 

(369

)

 

 

3,005

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2024

 

$

7,613

 

 

$

3,049

 

 

$

448

 

 

$

11,110

 
v3.25.0.1
Income Taxes
 9 Months Ended
Dec. 31, 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 of the differences are temporary, 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 third quarter ended December 31, 2024 and 2023 was a provision of 24.9% and 23.5%, respectively and for the nine months ended December 31, 2024 and 2023 was a provision of 24.1% and 23.8%, 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 $13.3 million and $22.5 million for the quarters ended December 31, 2024 and 2023, respectively, and $70.8 million and $51.6 million for the nine months ended December 31, 2024 and 2023, respectively.

The Organisation for Economic Co-Operation and Development (the "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.
v3.25.0.1
Accounting Pronouncements
 9 Months Ended
Dec. 31, 2024
Text Block [Abstract]  
Accounting Pronouncements . Accounting Pronouncements

Adoption of New Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (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 do not anticipate the new standard will change our determination of segments upon adoption of 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 assessing the impact of this standard on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 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 renewable energy credit or certificate 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 U.S. 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.
v3.25.0.1
Deferred Policy Acquisition Costs, Net
 9 Months Ended
Dec. 31, 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 nine months ended December 31, 2024 and 2023.

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 

 

 

 

Nine months ended December 31, 2023

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

8,007

 

 

 

3,213

 

 

 

177

 

 

 

11,397

 

Amortization expense

 

 

(11,461

)

 

 

(6,586

)

 

 

(979

)

 

 

(19,026

)

Balance, end of period

 

$

51,942

 

 

$

63,581

 

 

$

5,311

 

 

$

120,834

 
v3.25.0.1
Policy Benefits and Losses, Claims and Loss Expenses Payable
 9 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

The following tables summarize the 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:

 

 

 

Nine months ended December 31,

 

 

 

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

 

 

(2,233

)

 

 

(584

)

Adjusted beginning of year balance

 

$

202,073

 

 

$

224,487

 

Issuances

 

 

7,353

 

 

 

6,692

 

Interest accrual

 

 

7,486

 

 

 

8,367

 

Net premium collected

 

 

(27,224

)

 

 

(29,812

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

189,688

 

 

$

209,734

 

Effect of changes in discount rate assumptions (AOCI)

 

 

3,322

 

 

 

(6,878

)

Balance, end of period

 

$

193,010

 

 

$

202,856

 

 

 

 

 

 

 

 

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

 

 

(4,279

)

 

 

(1,621

)

Adjusted beginning of year balance

 

$

509,834

 

 

$

532,067

 

Issuances

 

 

7,353

 

 

 

6,746

 

Interest accrual

 

 

18,888

 

 

 

19,830

 

Benefit payments

 

 

(39,689

)

 

 

(39,544

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

496,386

 

 

$

519,099

 

Effect of changes in discount rate assumptions (AOCI)

 

 

13,778

 

 

 

(19,397

)

Balance, end of period

 

$

510,164

 

 

$

499,702

 

End of period, LFPB net

 

 

317,153

 

 

 

296,846

 

Payout annuities and market risk benefits

 

 

24,752

 

 

 

31,048

 

Health insurance

 

 

11,598

 

 

 

11,621

 

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

 

 

24,527

 

 

 

23,724

 

Life DPL / Other life and health

 

 

8,941

 

 

 

9,556

 

LFPB flooring effect

 

 

52

 

 

 

274

 

Life insurance end of period balance

 

$

387,023

 

 

$

373,069

 

Moving and Storage balance

 

 

313,439

 

 

 

317,409

 

Property and Casualty balance

 

 

129,530

 

 

 

148,467

 

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

 

$

829,992

 

 

$

838,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

348,354

 

 

$

377,068

 

 

Discounted balance at original discount rate

 

$

270,029

 

 

$

291,900

 

 

Discounted balance at current discount rate

 

$

274,428

 

 

$

281,927

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

714,265

 

 

$

752,194

 

 

Discounted balance at original discount rate

 

$

496,385

 

 

$

519,099

 

 

Discounted balance at current discount rate

 

$

510,163

 

 

$

499,702

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.89

 

%

 

4.57

 

%

Mortality expected experience

 

 

5.43

 

%

 

5.07

 

%

Lapses actual experience

 

 

2.18

 

%

 

2.18

 

%

Lapses expected experience

 

 

2.72

 

%

 

2.64

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

37,561

 

 

$

39,979

 

 

Interest expense (2)

 

$

11,402

 

 

$

11,463

 

 

 

 

 

 

 

 

 

 

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

 

 

6.8

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

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

 

 

4.97

 

%

 

5.00

 

%

 

 

 

 

 

 

 

 

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

 

 

5.20

 

%

 

4.80

 

%

 

(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:

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,398,884

 

Deposits received

 

 

206,800

 

Surrenders and withdrawals

 

 

(265,999

)

Benefit payments

 

 

(29,136

)

Interest credited

 

 

52,594

 

Other

 

 

—

 

End of period

 

$

2,363,143

 

Weighted average credited rate

 

 

2.96

 

Cash surrender value

 

$

2,025,409

 
v3.25.0.1
Earnings Per Share (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

 

 

Nine months ended

 

 

 

December 31,

 

 

 

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

 

$

449,381

 

 

$

629,570

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(22,941

)

Undistributed earnings available to common stockholders

 

$

422,910

 

 

$

606,629

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

42,291

 

 

$

60,663

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

2.16

 

 

$

3.09

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

2.16

 

 

$

3.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

449,381

 

 

$

629,570

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(26,471

)

 

 

(22,941

)

Undistributed earnings available to common stockholders

 

$

422,910

 

 

$

606,629

 

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

 

$

380,619

 

 

$

545,966

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

2.16

 

 

$

3.09

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.15

 

 

$

0.13

 

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

 

$

2.31

 

 

$

3.22

 
v3.25.0.1
Investments (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Investments Debt Equity Securities [Abstract]  
Available for sale investments

 

 

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

 

$

141,224

 

 

$

371

 

 

$

(6,094

)

 

$

—

 

 

$

135,501

 

U.S. government agency mortgage-backed securities

 

 

86,443

 

 

 

229

 

 

 

(7,944

)

 

 

—

 

 

 

78,728

 

Obligations of states and political subdivisions

 

 

140,373

 

 

 

758

 

 

 

(5,468

)

 

 

—

 

 

 

135,663

 

Corporate securities

 

 

1,879,165

 

 

 

5,643

 

 

 

(111,690

)

 

 

(3,049

)

 

 

1,770,069

 

Mortgage-backed securities

 

 

529,735

 

 

 

2,979

 

 

 

(35,549

)

 

 

—

 

 

 

497,165

 

 

 

$

2,776,940

 

 

$

9,980

 

 

$

(166,745

)

 

$

(3,049

)

 

$

2,617,126

 

 

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

 

 

 

(Unaudited)

 

 

 

(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

 

 

 

December 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

 

 

$

—

 

 

 

$

—

 

 

 

$

99,405

 

 

 

$

(6,094

)

 

 

$

99,405

 

 

 

$

(6,094

)

U.S. government agency mortgage-backed securities

 

 

 

37,449

 

 

 

 

(210

)

 

 

 

22,153

 

 

 

 

(7,733

)

 

 

 

59,602

 

 

 

 

(7,943

)

Obligations of states and political subdivisions

 

 

 

23,020

 

 

 

 

(252

)

 

 

 

59,752

 

 

 

 

(5,216

)

 

 

 

82,772

 

 

 

 

(5,468

)

Corporate securities

 

 

 

120,515

 

 

 

 

(330

)

 

 

 

1,314,484

 

 

 

 

(111,361

)

 

 

 

1,434,999

 

 

 

 

(111,691

)

Mortgage-backed securities

 

 

 

64,236

 

 

 

 

(206

)

 

 

 

228,897

 

 

 

 

(35,343

)

 

 

 

293,133

 

 

 

 

(35,549

)

 

 

 

$

245,220

 

 

 

$

(998

)

 

 

$

1,724,691

 

 

 

$

(165,747

)

 

 

$

1,969,911

 

 

 

$

(166,745

)

 

 

 

 

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

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

211,754

 

 

$

210,698

 

 

$

266,357

 

 

$

266,578

 

Due after one year through five years

 

 

632,864

 

 

 

626,490

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

602,819

 

 

 

568,543

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

799,768

 

 

 

714,230

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,247,205

 

 

 

2,119,961

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

529,735

 

 

 

497,165

 

 

 

306,510

 

 

 

260,837

 

 

 

$

2,776,940

 

 

$

2,617,126

 

 

$

2,660,093

 

 

$

2,442,504

 
Available for sale equity investments

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

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

29,491

 

 

$

44,796

 

 

$

29,604

 

 

$

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,871

 

 

 

25,144

 

 

 

21,260

 

 

 

$

54,635

 

 

$

67,667

 

 

$

54,748

 

 

$

66,274

 
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

604,615

 

 

$

604,481

 

Short-term investments

 

 

—

 

 

 

997

 

Policy loans

 

 

11,682

 

 

 

11,229

 

Other investments

 

 

9,333

 

 

 

17,229

 

 

 

$

625,630

 

 

$

633,936

 

 

 
v3.25.0.1
Accounts Payable and Accrued Expense (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

179,471

 

$

 

240,053

 

Accrued expenses

 

 

619,981

 

 

 

543,031

 

 

$

 

799,452

 

$

 

783,084

 
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instruments [Abstract]    
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2025 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

December 31, 2024

 

 

March 31,
2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

6.03

 

%

 

2027

 

-

2037

 

 

5.42

 

%

 

$

268,857

 

 

$

277,767

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.16

 

%

 

 

2,167,983

 

 

 

2,284,853

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.92

 

%

 

2025

 

-

2031

 

 

5.12

 

%

 

 

120,554

 

 

 

70,454

 

Fleet loans (revolving credit) (b)

 

5.42

 

%

-

 

5.93

 

%

 

2027

 

-

2029

 

 

5.81

 

%

 

 

615,000

 

 

 

573,889

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.34

 

%

 

 

56,980

 

 

 

117,641

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2031

 

 

5.03

 

%

 

 

1,931,815

 

 

 

1,708,619

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,200,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2025

 

-

2049

 

 

6.32

 

%

 

 

68,402

 

 

 

70,815

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,929,591

 

 

 

6,304,038

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,604

)

 

 

(32,676

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

6,896,987

 

 

$

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) Certain loans have interest rate swaps fixing the rate for the relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.82% using the swap adjusted interest rate.

 

(c) Weighted average rates as of December 31, 2024.

 
 
Annual Maturities of Notes, Loans and Leases Payable

 

 

Years Ended December 31,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

527,358

 

 

$

938,448

 

 

$

1,056,361

 

 

$

670,110

 

 

$

758,767

 

 

$

2,978,547

 

 

$

6,929,591

 
 
Components of interest expense

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

80,760

 

 

$

71,061

 

Capitalized interest

 

 

(4,608

)

 

 

(4,006

)

Amortization of transaction costs

 

 

1,390

 

 

 

1,868

 

Interest expense resulting from cash flow hedges

 

 

(961

)

 

 

(1,473

)

Total interest expense

 

$

76,581

 

 

$

67,450

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

226,148

 

 

$

202,985

 

Capitalized interest

 

 

(11,188

)

 

 

(11,738

)

Amortization of transaction costs

 

 

4,229

 

 

 

4,711

 

Interest expense resulting from cash flow hedges

 

 

(3,892

)

 

 

(3,967

)

Total interest expense

 

$

215,297

 

 

$

191,991

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

80,760

 

 

$

71,061

 

Capitalized interest

 

 

(4,608

)

 

 

(4,006

)

Amortization of transaction costs

 

 

1,390

 

 

 

1,868

 

Interest expense resulting from cash flow hedges

 

 

(961

)

 

 

(1,473

)

Total interest expense

 

$

76,581

 

 

$

67,450

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

226,148

 

 

$

202,985

 

Capitalized interest

 

 

(11,188

)

 

 

(11,738

)

Amortization of transaction costs

 

 

4,229

 

 

 

4,711

 

Interest expense resulting from cash flow hedges

 

 

(3,892

)

 

 

(3,967

)

Total interest expense

 

$

215,297

 

 

$

191,991

 
Interest rates and company borrowings

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.05

 

%

 

6.64

 

%

Interest rate at the end of the quarter

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the quarter

 

$

765,000

 

 

$

710,000

 

 

Average amount outstanding during the quarter

 

$

745,272

 

 

$

669,372

 

 

Facility fees

 

$

214

 

 

$

259

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

6.43

 

%

 

6.47

 

%

Interest rate at the end of the period

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the period

 

$

765,000

 

 

$

715,000

 

 

Average amount outstanding during the period

 

$

665,376

 

 

$

641,941

 

 

Facility fees

 

$

793

 

 

$

830

 

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

6.05

 

%

 

6.64

 

%

Interest rate at the end of the quarter

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the quarter

 

$

765,000

 

 

$

710,000

 

 

Average amount outstanding during the quarter

 

$

745,272

 

 

$

669,372

 

 

Facility fees

 

$

214

 

 

$

259

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Nine months ended December 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

6.43

 

%

 

6.47

 

%

Interest rate at the end of the period

 

 

5.88

 

%

 

6.63

 

%

Maximum amount outstanding during the period

 

$

765,000

 

 

$

715,000

 

 

Average amount outstanding during the period

 

$

665,376

 

 

$

641,941

 

 

Facility fees

 

$

793

 

 

$

830

 

 
v3.25.0.1
Derivatives (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

6,298

 

 

$

8,392

 

Liabilities

 

$

713

 

 

$

—

 

Notional amount

 

$

379,007

 

 

$

297,867

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

 

 

Derivatives Fair Values as of

 

 

 

December 31, 2024

 

 

March 31, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

8,333

 

 

$

10,538

 

Notional amount

 

$

398,499

 

 

$

526,449

 
v3.25.0.1
Accumulated Other Comprehensive Loss (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Table Text Block Supplement [Abstract]    
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of September 30, 2024

 

$

(53,490

)

 

$

(186,328

)

 

$

(2,057

)

 

$

1,044

 

 

$

(240,831

)

Foreign currency translation

 

 

(3,929

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,929

)

Unrealized net gain on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

54,108

 

 

 

—

 

 

 

—

 

 

 

54,108

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,611

 

 

 

—

 

 

 

4,611

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,197

)

 

 

—

 

 

 

(1,197

)

Other comprehensive income (loss)

 

 

(3,929

)

 

 

54,108

 

 

 

3,414

 

 

 

—

 

 

 

53,593

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

 

 

 

 

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

 

 

(3,712

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,712

)

Unrealized net gain on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

44,663

 

 

 

—

 

 

 

—

 

 

 

44,663

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

4,402

 

 

 

—

 

 

 

4,402

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(9,375

)

 

 

—

 

 

 

(9,375

)

Other comprehensive income (loss)

 

 

(3,712

)

 

 

44,663

 

 

 

(4,973

)

 

 

—

 

 

 

35,978

 

Balance as of December 31, 2024

 

$

(57,419

)

 

$

(132,220

)

 

$

1,357

 

 

$

1,044

 

 

$

(187,238

)

 

 

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 September 30, 2023

 

$

(58,919

)

 

$

(225,693

)

 

$

9,299

 

 

$

(351

)

 

$

(275,664

)

Foreign currency translation

 

 

5,268

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,268

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

(32,785

)

 

 

—

 

 

 

—

 

 

 

(32,785

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,352

)

 

 

—

 

 

 

(4,352

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,109

)

 

 

—

 

 

 

(1,109

)

Other comprehensive income (loss)

 

 

5,268

 

 

 

(32,785

)

 

 

(5,461

)

 

 

—

 

 

 

(32,978

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

2,888

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,888

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

—

 

 

 

(25,738

)

 

 

—

 

 

 

—

 

 

 

(25,738

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

2,823

 

 

 

—

 

 

 

2,823

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(2,992

)

 

 

—

 

 

 

(2,992

)

Other comprehensive income (loss)

 

 

2,888

 

 

 

(25,738

)

 

 

(169

)

 

 

—

 

 

 

(23,019

)

Balance as of December 31, 2023

 

$

(53,651

)

 

$

(258,478

)

 

$

3,838

 

 

$

(351

)

 

$

(308,642

)
v3.25.0.1
Dividends (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

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

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

December 4, 2024

 

$

0.05

 

 

December 16, 2024

 

December 27, 2024

August 15, 2024

 

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

 

 

0.05

 

 

June 17, 2024

 

June 28, 2024

December 6, 2023

 

 

0.05

 

 

December 18, 2023

 

December 29, 2023

August 17, 2023

 

 

0.04

 

 

September 19, 2023

 

September 29, 2023

June 7, 2023

 

 

0.04

 

 

June 20, 2023

 

June 30, 2023
v3.25.0.1
Leases (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Supplemental Balance Sheet Information Related to Leases

 

 

As of December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

82,384

 

 

$

82,384

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

66,083

 

 

 

—

 

 

 

66,083

 

Rental trucks

 

 

388,528

 

 

 

—

 

 

 

388,528

 

Right-of-use assets, gross

 

 

454,672

 

 

 

82,384

 

 

 

537,056

 

Less: Accumulated depreciation

 

 

(285,855

)

 

 

(33,884

)

 

 

(319,739

)

Right-of-use assets, net

 

$

168,817

 

 

$

48,500

 

 

$

217,317

 

 

 

 

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

 
 
Finance lease, Liability, to be Paid, Maturity

 

 

Finance leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

0.8

 

 

1

 

 

Weighted average discount rate

 

 

4.3

 

%

 

4.1

 

%
 
Lessee, Operating Lease, Liability, to be Paid, Maturity

 

 

Operating leases

 

 

 

 

December 31,

 

 

March 31,

 

 

 

 

2024

 

 

2024

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

23.2

 

 

21.9

 

 

Weighted average discount rate

 

 

4.6

 

%

 

4.6

 

%
 
Components of Lease Expense

 

 

Nine months ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

15,386

 

 

$

25,181

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

23,903

 

 

$

44,220

 

Interest on lease liabilities

 

 

3,048

 

 

 

5,600

 

Total finance lease cost

 

$

26,951

 

 

$

49,820

 

 

 

Nine months ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

15,386

 

 

$

25,181

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

23,903

 

 

$

44,220

 

Interest on lease liabilities

 

 

3,048

 

 

 

5,600

 

Total finance lease cost

 

$

26,951

 

 

$

49,820

 
Maturities of Lease Liabilities

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2025 (3 months)

 

$

47,013

 

 

$

3,234

 

2026

 

 

11,782

 

 

 

10,579

 

2027

 

 

—

 

 

 

8,164

 

2028

 

 

—

 

 

 

6,774

 

2029

 

 

—

 

 

 

5,184

 

Thereafter

 

 

—

 

 

 

61,191

 

Total lease payments

 

 

58,795

 

 

 

95,126

 

Less: imputed interest

 

 

(1,815

)

 

 

(45,583

)

Present value of lease liabilities

 

$

56,980

 

 

$

49,543

 

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2025 (3 months)

 

$

47,013

 

 

$

3,234

 

2026

 

 

11,782

 

 

 

10,579

 

2027

 

 

—

 

 

 

8,164

 

2028

 

 

—

 

 

 

6,774

 

2029

 

 

—

 

 

 

5,184

 

Thereafter

 

 

—

 

 

 

61,191

 

Total lease payments

 

 

58,795

 

 

 

95,126

 

Less: imputed interest

 

 

(1,815

)

 

 

(45,583

)

Present value of lease liabilities

 

$

56,980

 

 

$

49,543

 
v3.25.0.1
Related Party Transations (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Revenue [Abstract]    
Related Party Revenue

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,193

 

 

$

7,135

 

U-Haul management fee revenue from Mercury

 

 

1,676

 

 

 

3,003

 

 

 

$

8,869

 

 

$

10,138

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,713

 

 

$

22,585

 

U-Haul management fee revenue from Mercury

 

 

5,237

 

 

 

5,997

 

 

 

$

27,950

 

 

$

28,582

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,193

 

 

$

7,135

 

U-Haul management fee revenue from Mercury

 

 

1,676

 

 

 

3,003

 

 

 

$

8,869

 

 

$

10,138

 

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

22,713

 

 

$

22,585

 

U-Haul management fee revenue from Mercury

 

 

5,237

 

 

 

5,997

 

 

 

$

27,950

 

 

$

28,582

 
Related Party costs and expenses

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,176

 

 

 

877

 

U-Haul commission expenses to Blackwater

 

 

19,409

 

 

 

18,946

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

5,304

 

 

 

—

 

 

 

$

26,531

 

 

$

20,427

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,812

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

3,734

 

 

 

2,194

 

U-Haul commission expenses to Blackwater

 

 

66,538

 

 

 

65,684

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

17,755

 

 

 

—

 

 

 

$

89,953

 

 

$

69,690

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

604

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,176

 

 

 

877

 

U-Haul commission expenses to Blackwater

 

 

19,409

 

 

 

18,946

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

5,304

 

 

 

—

 

 

 

$

26,531

 

 

$

20,427

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,812

 

 

$

1,812

 

U-Haul printing expenses to Blackwater

 

 

3,734

 

 

 

2,194

 

U-Haul commission expenses to Blackwater

 

 

66,538

 

 

 

65,684

 

U-Haul lease expenses to Mercury

 

 

114

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

17,755

 

 

 

—

 

 

 

$

89,953

 

 

$

69,690

 
Related party assets

 

 

December 31,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

40,323

 

 

$

31,950

 

U-Haul receivable from Mercury

 

 

18,604

 

 

 

24,536

 

Other (a)

 

 

(879

)

 

 

1,448

 

 

 

$

58,048

 

 

$

57,934

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
 
v3.25.0.1
Consolidating Financial Information by Industry Segment (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Table Text Block Supplement [Abstract]    
Revenues and earnings by segment

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,296,556

 

 

$

38,141

 

 

$

56,762

 

 

$

(2,901

)

 

$

1,388,558

 

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

 

$

127,277

 

 

$

19,463

 

 

$

4,244

 

 

$

(252

)

 

$

150,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,260,677

 

 

$

29,303

 

 

$

52,715

 

 

$

(3,181

)

 

$

1,339,514

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

180,467

 

 

$

9,421

 

 

$

8,075

 

 

$

(375

)

 

$

197,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,339,360

 

 

$

97,780

 

 

$

166,668

 

 

$

(8,652

)

 

$

4,595,156

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

703,030

 

 

$

44,769

 

 

$

11,887

 

 

$

(756

)

 

$

758,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,285,768

 

 

$

88,994

 

 

$

163,918

 

 

$

(8,998

)

 

$

4,529,682

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

968,862

 

 

$

36,822

 

 

$

15,039

 

 

$

(1,122

)

 

$

1,019,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,296,556

 

 

$

38,141

 

 

$

56,762

 

 

$

(2,901

)

 

$

1,388,558

 

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

 

$

127,277

 

 

$

19,463

 

 

$

4,244

 

 

$

(252

)

 

$

150,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,260,677

 

 

$

29,303

 

 

$

52,715

 

 

$

(3,181

)

 

$

1,339,514

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

180,467

 

 

$

9,421

 

 

$

8,075

 

 

$

(375

)

 

$

197,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2024 were as follows:

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,339,360

 

 

$

97,780

 

 

$

166,668

 

 

$

(8,652

)

 

$

4,595,156

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

703,030

 

 

$

44,769

 

 

$

11,887

 

 

$

(756

)

 

$

758,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,285,768

 

 

$

88,994

 

 

$

163,918

 

 

$

(8,998

)

 

$

4,529,682

 

Total earnings from operations before equity in earnings of subsidiaries

 

$

968,862

 

 

$

36,822

 

 

$

15,039

 

 

$

(1,122

)

 

$

1,019,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

17,291,214

 

 

$

543,300

 

 

$

3,174,307

 

 

$

(678,656

)

 

$

20,330,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 
 
v3.25.0.1
Geographic Area Data (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Geographic Areas, Long-Lived Assets [Abstract]    
Summary of Geographic Area Data

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of gains on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (loss)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,273,821

 

 

$

65,693

 

 

$

1,339,514

 

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

 

 

176,864

 

 

 

3,523

 

 

 

180,387

 

Interest expense

 

 

66,772

 

 

 

678

 

 

 

67,450

 

Pretax earnings

 

 

125,531

 

 

 

4,242

 

 

 

129,773

 

Income tax expense

 

 

29,172

 

 

 

1,377

 

 

 

30,549

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,294,310

 

 

$

235,372

 

 

$

4,529,682

 

Depreciation and amortization, net of (gains) on disposals

 

 

486,262

 

 

 

3,668

 

 

 

489,930

 

Interest expense

 

 

189,900

 

 

 

2,091

 

 

 

191,991

 

Pretax earnings

 

 

801,045

 

 

 

25,471

 

 

 

826,516

 

Income tax expense

 

 

189,802

 

 

 

7,144

 

 

 

196,946

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,318,694

 

 

$

69,864

 

 

$

1,388,558

 

Depreciation and amortization, net of gains on disposals

 

 

242,717

 

 

 

11,225

 

 

 

253,942

 

Interest expense

 

 

76,138

 

 

 

443

 

 

 

76,581

 

Pretax earnings (loss)

 

 

89,456

 

 

 

(39

)

 

 

89,417

 

Income tax expense

 

 

22,180

 

 

 

71

 

 

 

22,251

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Quarter ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,273,821

 

 

$

65,693

 

 

$

1,339,514

 

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

 

 

176,864

 

 

 

3,523

 

 

 

180,387

 

Interest expense

 

 

66,772

 

 

 

678

 

 

 

67,450

 

Pretax earnings

 

 

125,531

 

 

 

4,242

 

 

 

129,773

 

Income tax expense

 

 

29,172

 

 

 

1,377

 

 

 

30,549

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,351,865

 

 

$

243,291

 

 

$

4,595,156

 

Depreciation and amortization, net of (gains) on disposals

 

 

688,729

 

 

 

24,208

 

 

 

712,937

 

Interest expense

 

 

213,811

 

 

 

1,486

 

 

 

215,297

 

Pretax earnings

 

 

573,375

 

 

 

18,651

 

 

 

592,026

 

Income tax expense

 

 

137,269

 

 

 

5,376

 

 

 

142,645

 

Identifiable assets

 

 

19,416,798

 

 

 

913,367

 

 

 

20,330,165

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

 

$

4,294,310

 

 

$

235,372

 

 

$

4,529,682

 

Depreciation and amortization, net of (gains) on disposals

 

 

486,262

 

 

 

3,668

 

 

 

489,930

 

Interest expense

 

 

189,900

 

 

 

2,091

 

 

 

191,991

 

Pretax earnings

 

 

801,045

 

 

 

25,471

 

 

 

826,516

 

Income tax expense

 

 

189,802

 

 

 

7,144

 

 

 

196,946

 

Identifiable assets

 

 

18,225,204

 

 

 

777,372

 

 

 

19,002,576

 
v3.25.0.1
Employee Benefit Plans (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Compensation and Retirement Disclosure [Abstract]    
Components of Net Periodic Post Retirement Benefit Cost

 

 

Quarter ended December 31,

 

 

 

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

 

 

374

 

 

 

367

 

Other components

 

 

(2

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

372

 

 

 

365

 

Net periodic postretirement benefit cost

 

$

617

 

 

$

662

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

736

 

 

$

891

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,124

 

 

 

1,102

 

Other components

 

 

(8

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,116

 

 

 

1,094

 

Net periodic postretirement benefit cost

 

$

1,852

 

 

$

1,985

 

 

 

Quarter ended December 31,

 

 

 

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

 

 

374

 

 

 

367

 

Other components

 

 

(2

)

 

 

(2

)

Total other components of net periodic benefit costs

 

 

372

 

 

 

365

 

Net periodic postretirement benefit cost

 

$

617

 

 

$

662

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

736

 

 

$

891

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,124

 

 

 

1,102

 

Other components

 

 

(8

)

 

 

(8

)

Total other components of net periodic benefit costs

 

 

1,116

 

 

 

1,094

 

Net periodic postretirement benefit cost

 

$

1,852

 

 

$

1,985

 
v3.25.0.1
Fair Value Measurements (Table Text Block)
 9 Months Ended
Dec. 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 December 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,617,126

 

 

$

—

 

 

$

2,617,126

 

 

$

—

 

Preferred stock

 

 

22,871

 

 

 

22,871

 

 

 

—

 

 

 

—

 

Common stock

 

 

44,796

 

 

 

44,796

 

 

 

—

 

 

 

—

 

Derivatives

 

 

14,631

 

 

 

8,333

 

 

 

6,298

 

 

 

—

 

Total

 

$

2,699,424

 

 

$

76,000

 

 

$

2,623,424

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

713

 

 

$

—

 

 

$

713

 

 

$

—

 

Embedded derivatives

 

 

8,912

 

 

 

—

 

 

 

—

 

 

 

8,912

 

Liabilities from investment contracts

 

 

2,495,885

 

 

 

—

 

 

 

—

 

 

 

2,495,885

 

Market risk benefits

 

 

13,428

 

 

 

—

 

 

 

—

 

 

 

13,428

 

Total

 

$

2,518,938

 

 

$

—

 

 

$

713

 

 

$

2,518,225

 

 

As of March 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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 December 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

144,547

 

 

$

—

 

 

$

—

 

 

$

144,547

 

 

$

144,547

 

Mortgage loans, net

 

 

604,615

 

 

 

—

 

 

 

—

 

 

 

577,381

 

 

 

577,381

 

Other investments

 

 

12,682

 

 

 

—

 

 

 

—

 

 

 

12,682

 

 

 

12,682

 

Total

 

$

761,844

 

 

$

—

 

 

$

—

 

 

$

734,610

 

 

$

734,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

6,929,591

 

 

$

—

 

 

$

6,444,590

 

 

$

—

 

 

$

6,444,590

 

Total

 

$

6,929,591

 

 

$

—

 

 

$

6,444,590

 

 

$

—

 

 

$

6,444,590

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2024

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 
v3.25.0.1
Revenue Recognition (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue From Contract With Customer [Abstract]    
Next five years and thereafter revenue

 

 

Year Ending December 31,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,194

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

6,161

 

 

 

21,396

 

 

 

13,798

 

 

 

9,704

 

 

 

6,765

 

 

 

31,487

 

Total

 

$

11,355

 

 

$

21,396

 

 

$

13,798

 

 

$

9,704

 

 

$

6,765

 

 

$

31,487

 
 
Disaggregation Of Revenue

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

81,773

 

 

$

73,785

 

Revenues recognized at a point in time:

 

 

83,703

 

 

 

85,732

 

Total revenues recognized under ASC 606

 

 

165,476

 

 

 

159,517

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,129,821

 

 

 

1,072,028

 

Insurance premium revenues recognized under ASC 944

 

 

52,725

 

 

 

50,512

 

Net investment and interest income recognized under other topics

 

 

40,536

 

 

 

57,457

 

Total revenues

 

$

1,388,558

 

 

$

1,339,514

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

307,740

 

 

$

283,468

 

Revenues recognized at a point in time:

 

 

304,810

 

 

 

315,084

 

Total revenues recognized under ASC 606

 

 

612,550

 

 

 

598,552

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,723,458

 

 

 

3,599,867

 

Insurance premium revenues recognized under ASC 944

 

 

143,693

 

 

 

144,476

 

Net investment and interest income recognized under other topics

 

 

115,455

 

 

 

186,787

 

Total revenues

 

$

4,595,156

 

 

$

4,529,682

 

 

 

Quarter ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

81,773

 

 

$

73,785

 

Revenues recognized at a point in time:

 

 

83,703

 

 

 

85,732

 

Total revenues recognized under ASC 606

 

 

165,476

 

 

 

159,517

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,129,821

 

 

 

1,072,028

 

Insurance premium revenues recognized under ASC 944

 

 

52,725

 

 

 

50,512

 

Net investment and interest income recognized under other topics

 

 

40,536

 

 

 

57,457

 

Total revenues

 

$

1,388,558

 

 

$

1,339,514

 

 

 

 

Nine months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

307,740

 

 

$

283,468

 

Revenues recognized at a point in time:

 

 

304,810

 

 

 

315,084

 

Total revenues recognized under ASC 606

 

 

612,550

 

 

 

598,552

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

3,723,458

 

 

 

3,599,867

 

Insurance premium revenues recognized under ASC 944

 

 

143,693

 

 

 

144,476

 

Net investment and interest income recognized under other topics

 

 

115,455

 

 

 

186,787

 

Total revenues

 

$

4,595,156

 

 

$

4,529,682

 
v3.25.0.1
Allowance For Credit Losses (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Allowance For Credit Loss [Abstract]  
Reserve Allowance for Various Credit Loss

The following table 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

 

 

1,377

 

 

 

1,997

 

 

 

(369

)

 

 

3,005

 

Write-offs against allowance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of December 31, 2024

 

$

7,613

 

 

$

3,049

 

 

$

448

 

 

$

11,110

 
v3.25.0.1
Accounting Pronouncements (Table Text Block)
 9 Months Ended
Dec. 31, 2024
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables . Accounting Pronouncements

Adoption of New Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (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 do not anticipate the new standard will change our determination of segments upon adoption of 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 assessing the impact of this standard on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 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 renewable energy credit or certificate 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 U.S. 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.
v3.25.0.1
Deferred Policy Acquisition Costs, Net (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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 nine months ended December 31, 2024 and 2023.

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 

 

 

 

Nine months ended December 31, 2023

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

8,007

 

 

 

3,213

 

 

 

177

 

 

 

11,397

 

Amortization expense

 

 

(11,461

)

 

 

(6,586

)

 

 

(979

)

 

 

(19,026

)

Balance, end of period

 

$

51,942

 

 

$

63,581

 

 

$

5,311

 

 

$

120,834

 

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2024 and 2023.

 

 

 

Nine months ended December 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

12,561

 

 

 

2,716

 

 

 

92

 

 

 

15,369

 

Amortization expense

 

 

(6,679

)

 

 

(6,260

)

 

 

(639

)

 

 

(13,578

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

60,629

 

 

$

58,882

 

 

$

3,504

 

 

$

123,015

 

 

 

 

Nine months ended December 31, 2023

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

55,396

 

 

$

66,954

 

 

$

6,113

 

 

$

128,463

 

Capitalization

 

 

8,007

 

 

 

3,213

 

 

 

177

 

 

 

11,397

 

Amortization expense

 

 

(11,461

)

 

 

(6,586

)

 

 

(979

)

 

 

(19,026

)

Balance, end of period

 

$

51,942

 

 

$

63,581

 

 

$

5,311

 

 

$

120,834

 
v3.25.0.1
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Insurance [Abstract]    
Present Value Expected Net Premiums and Expected Future Policy Benefits

The following tables summarize the 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:

 

 

 

Nine months ended December 31,

 

 

 

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

 

 

(2,233

)

 

 

(584

)

Adjusted beginning of year balance

 

$

202,073

 

 

$

224,487

 

Issuances

 

 

7,353

 

 

 

6,692

 

Interest accrual

 

 

7,486

 

 

 

8,367

 

Net premium collected

 

 

(27,224

)

 

 

(29,812

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

189,688

 

 

$

209,734

 

Effect of changes in discount rate assumptions (AOCI)

 

 

3,322

 

 

 

(6,878

)

Balance, end of period

 

$

193,010

 

 

$

202,856

 

 

 

 

 

 

 

 

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

 

 

(4,279

)

 

 

(1,621

)

Adjusted beginning of year balance

 

$

509,834

 

 

$

532,067

 

Issuances

 

 

7,353

 

 

 

6,746

 

Interest accrual

 

 

18,888

 

 

 

19,830

 

Benefit payments

 

 

(39,689

)

 

 

(39,544

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

496,386

 

 

$

519,099

 

Effect of changes in discount rate assumptions (AOCI)

 

 

13,778

 

 

 

(19,397

)

Balance, end of period

 

$

510,164

 

 

$

499,702

 

End of period, LFPB net

 

 

317,153

 

 

 

296,846

 

Payout annuities and market risk benefits

 

 

24,752

 

 

 

31,048

 

Health insurance

 

 

11,598

 

 

 

11,621

 

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

 

 

24,527

 

 

 

23,724

 

Life DPL / Other life and health

 

 

8,941

 

 

 

9,556

 

LFPB flooring effect

 

 

52

 

 

 

274

 

Life insurance end of period balance

 

$

387,023

 

 

$

373,069

 

Moving and Storage balance

 

 

313,439

 

 

 

317,409

 

Property and Casualty balance

 

 

129,530

 

 

 

148,467

 

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

 

$

829,992

 

 

$

838,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

348,354

 

 

$

377,068

 

 

Discounted balance at original discount rate

 

$

270,029

 

 

$

291,900

 

 

Discounted balance at current discount rate

 

$

274,428

 

 

$

281,927

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

714,265

 

 

$

752,194

 

 

Discounted balance at original discount rate

 

$

496,385

 

 

$

519,099

 

 

Discounted balance at current discount rate

 

$

510,163

 

 

$

499,702

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.89

 

%

 

4.57

 

%

Mortality expected experience

 

 

5.43

 

%

 

5.07

 

%

Lapses actual experience

 

 

2.18

 

%

 

2.18

 

%

Lapses expected experience

 

 

2.72

 

%

 

2.64

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

37,561

 

 

$

39,979

 

 

Interest expense (2)

 

$

11,402

 

 

$

11,463

 

 

 

 

 

 

 

 

 

 

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

 

 

6.8

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

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

 

 

4.97

 

%

 

5.00

 

%

 

 

 

 

 

 

 

 

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

 

 

5.20

 

%

 

4.80

 

%

The following tables summarize the 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:

 

 

 

Nine months ended December 31,

 

 

 

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

 

 

(2,233

)

 

 

(584

)

Adjusted beginning of year balance

 

$

202,073

 

 

$

224,487

 

Issuances

 

 

7,353

 

 

 

6,692

 

Interest accrual

 

 

7,486

 

 

 

8,367

 

Net premium collected

 

 

(27,224

)

 

 

(29,812

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

189,688

 

 

$

209,734

 

Effect of changes in discount rate assumptions (AOCI)

 

 

3,322

 

 

 

(6,878

)

Balance, end of period

 

$

193,010

 

 

$

202,856

 

 

 

 

 

 

 

 

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

 

 

(4,279

)

 

 

(1,621

)

Adjusted beginning of year balance

 

$

509,834

 

 

$

532,067

 

Issuances

 

 

7,353

 

 

 

6,746

 

Interest accrual

 

 

18,888

 

 

 

19,830

 

Benefit payments

 

 

(39,689

)

 

 

(39,544

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

496,386

 

 

$

519,099

 

Effect of changes in discount rate assumptions (AOCI)

 

 

13,778

 

 

 

(19,397

)

Balance, end of period

 

$

510,164

 

 

$

499,702

 

End of period, LFPB net

 

 

317,153

 

 

 

296,846

 

Payout annuities and market risk benefits

 

 

24,752

 

 

 

31,048

 

Health insurance

 

 

11,598

 

 

 

11,621

 

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

 

 

24,527

 

 

 

23,724

 

Life DPL / Other life and health

 

 

8,941

 

 

 

9,556

 

LFPB flooring effect

 

 

52

 

 

 

274

 

Life insurance end of period balance

 

$

387,023

 

 

$

373,069

 

Moving and Storage balance

 

 

313,439

 

 

 

317,409

 

Property and Casualty balance

 

 

129,530

 

 

 

148,467

 

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

 

$

829,992

 

 

$

838,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended December 31,

 

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

348,354

 

 

$

377,068

 

 

Discounted balance at original discount rate

 

$

270,029

 

 

$

291,900

 

 

Discounted balance at current discount rate

 

$

274,428

 

 

$

281,927

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

714,265

 

 

$

752,194

 

 

Discounted balance at original discount rate

 

$

496,385

 

 

$

519,099

 

 

Discounted balance at current discount rate

 

$

510,163

 

 

$

499,702

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.89

 

%

 

4.57

 

%

Mortality expected experience

 

 

5.43

 

%

 

5.07

 

%

Lapses actual experience

 

 

2.18

 

%

 

2.18

 

%

Lapses expected experience

 

 

2.72

 

%

 

2.64

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

37,561

 

 

$

39,979

 

 

Interest expense (2)

 

$

11,402

 

 

$

11,463

 

 

 

 

 

 

 

 

 

 

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

 

 

6.8

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

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

 

 

4.97

 

%

 

5.00

 

%

 

 

 

 

 

 

 

 

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

 

 

5.20

 

%

 

4.80

 

%
Balance Changes Liabilities Investment Contracts

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

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,398,884

 

Deposits received

 

 

206,800

 

Surrenders and withdrawals

 

 

(265,999

)

Benefit payments

 

 

(29,136

)

Interest credited

 

 

52,594

 

Other

 

 

—

 

End of period

 

$

2,363,143

 

Weighted average credited rate

 

 

2.96

 

Cash surrender value

 

$

2,025,409

 

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

 

 

 

Nine months ended December 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

389,848

 

Surrenders and withdrawals

 

 

(290,875

)

Benefit payments

 

 

(27,130

)

Interest credited

 

 

58,290

 

Other

 

 

5,455

 

End of period

 

$

2,546,940

 

Weighted average credited rate

 

 

3.35

 

Cash surrender value

 

$

2,257,207

 

 

 

 

Nine months ended December 31, 2023

 

 

 

 

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,398,884

 

Deposits received

 

 

206,800

 

Surrenders and withdrawals

 

 

(265,999

)

Benefit payments

 

 

(29,136

)

Interest credited

 

 

52,594

 

Other

 

 

—

 

End of period

 

$

2,363,143

 

Weighted average credited rate

 

 

2.96

 

Cash surrender value

 

$

2,025,409

 
v3.25.0.1
Earnings Per Share (Narratives) (Details) - $ / shares
Dec. 31, 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%  
v3.25.0.1
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share Diluted Other Disclosures [Abstract]          
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00%   10.00% 10.00%
Net earnings available to common shareholders $ 67,166 $ 99,224   $ 449,381 $ 629,570
Non-Voting Common Stock dividends declared       (26,471) (22,941)
Undistributed earnings available to common stockholders       $ 42,291 $ 60,663
Undistributed earnings per share, common stock       $ 2.16 $ 3.09
Common Stock [Member]          
Earnings Per Share Diluted Other Disclosures [Abstract]          
Weighted Average Number Of Shares Outstanding Basic 19,607,788 19,607,788   19,607,788 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00%   10.00% 10.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (8,823)      
Undistributed earnings available to common stockholders 58,342 90,401   $ 422,910 $ 606,629
Undistributed earnings available to common stockholders, participating securities $ 5,834 $ 9,040      
Undistributed earnings per share, common stock $ 0.3 $ 0.46      
Income Loss From Continuing Operations Per Basic Share, Total $ 0.3 $ 0.46 $ 2.16 $ 2.16 $ 3.09
Nonvoting Common Stock [Member]          
Earnings Per Share Diluted Other Disclosures [Abstract]          
Weighted Average Number Of Shares Outstanding Basic 176,470,092 176,470,092   176,470,092 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00%   90.00% 90.00%
Net earnings available to common shareholders $ 67,166 $ 99,224   $ 449,381 $ 629,570
Non-Voting Common Stock dividends declared (8,824) (8,823)   (26,471) (22,941)
Undistributed earnings available to common stockholders 58,342 90,401   422,910 606,629
Undistributed earnings available to common stockholders, participating securities $ 52,508 $ 81,361   $ 380,619 $ 545,966
Undistributed earnings per share, common stock $ 0.3 $ 0.46   $ 2.16 $ 3.09
Dividends declared per share, distributed 0.05 0.05   0.15 0.13
Income Loss From Continuing Operations Per Basic Share, Total $ 0.35 $ 0.51   $ 2.31 $ 3.22
Nonvoting Common Stock [Member] | Common Stock [Member]          
Earnings Per Share Diluted Other Disclosures [Abstract]          
Weighted Average Number Of Shares Outstanding Basic 196,077,880 196,077,880   196,077,880 196,077,880
v3.25.0.1
Investments (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 20.2   $ 23.1
Available-for-sale Securities [Abstract]      
Gross realized gains on sales of Treasuries 318.6 $ 448.9  
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) 2.0 0.4  
Matured or Redeemed Securities      
Available-for-sale Securities [Abstract]      
Available for sale securities, gross realized losses 0.5 1.1  
Moving and Storage Treasuries      
Available-for-sale Securities [Abstract]      
Gross realized gains on sales of Treasuries 73.0 225.0  
Corporate securities [Member]      
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains $ 2.3 $ 1.5  
v3.25.0.1
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,776,940 $ 2,660,093
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 9,980 6,087
Gross unrealized losses more than 12 months (166,745) (222,624)
Allowance for expected credit loss (3,049) (1,052)
Available for sale investments, estimated market value 2,617,126 2,442,504
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 141,224 191,070
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 371 2,123
Gross unrealized losses more than 12 months (6,094) (8,921)
Available for sale investments, estimated market value 135,501 184,272
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 86,443 48,067
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 229 250
Gross unrealized losses more than 12 months (7,944) (7,664)
Available for sale investments, estimated market value 78,728 40,653
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 140,373 151,197
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 758 918
Gross unrealized losses more than 12 months (5,468) (7,533)
Available for sale investments, estimated market value 135,663 144,582
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,879,165 1,963,249
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 5,643 2,762
Gross unrealized losses more than 12 months (111,690) (152,799)
Allowance for expected credit loss (3,049) (1,052)
Available for sale investments, estimated market value 1,770,069 1,812,160
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 529,735 306,510
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 2,979 34
Gross unrealized losses more than 12 months (35,549) (45,707)
Available for sale investments, estimated market value $ 497,165 $ 260,837
v3.25.0.1
Investments - (Available-for-sale investments with unrealized losses) (Details) - External Credit Rating, Investment Grade [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 245,220 $ 147,901
Fair Value, Twelve Months or Longer 1,724,691 1,950,719
Fair Value, Total 1,969,911 2,098,620
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (998) (1,516)
Unrealized Loss, Twelve Months or Longer (165,747) (221,108)
Unrealized Loss, Total (166,745) (222,624)
US Treasury, Government and Corporate Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   1,888
Fair Value, Twelve Months or Longer 99,405 103,336
Fair Value, Total 99,405 105,224
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (13)
Unrealized Loss, Twelve Months or Longer (6,094) (8,908)
Unrealized Loss, Total (6,094) (8,921)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 37,449  
Fair Value, Twelve Months or Longer 22,153 23,711
Fair Value, Total 59,602 23,711
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (210)  
Unrealized Loss, Twelve Months or Longer (7,733) (7,664)
Unrealized Loss, Total (7,943) (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 23,020 10,492
Fair Value, Twelve Months or Longer 59,752 80,082
Fair Value, Total 82,772 90,574
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (252) (222)
Unrealized Loss, Twelve Months or Longer (5,216) (7,311)
Unrealized Loss, Total (5,468) (7,533)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 120,515 132,513
Fair Value, Twelve Months or Longer 1,314,484 1,495,167
Fair Value, Total 1,434,999 1,627,680
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (330) (1,258)
Unrealized Loss, Twelve Months or Longer (111,361) (151,541)
Unrealized Loss, Total (111,691) (152,799)
Collateralized Mortgage Backed Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 64,236 3,008
Fair Value, Twelve Months or Longer 228,897 248,423
Fair Value, Total 293,133 251,431
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (206) (23)
Unrealized Loss, Twelve Months or Longer (35,343) (45,684)
Unrealized Loss, Total $ (35,549) $ (45,707)
v3.25.0.1
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,776,940 $ 2,660,093
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,617,126 2,442,504
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 211,754 266,357
Due after one year through five years 632,864 748,338
Due after five years through ten years 602,819 614,890
Due after ten years 799,768 723,998
Amortized cost 2,247,205 2,353,583
Available-for-sale securities, fair value:    
Due in one year or less 210,698 266,578
Due after one year through five years 626,490 723,903
Due after five years through ten years 568,543 564,422
Due after ten years 714,230 626,764
Available for sale investments, estimated market value 2,119,961 2,181,667
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 529,735 306,510
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 497,165 $ 260,837
v3.25.0.1
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 54,635 $ 54,748
Estimated market value, equity investments 67,667 66,274
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 29,491 29,604
Estimated market value, equity investments 44,796 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 $ 22,871 $ 21,260
v3.25.0.1
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 577,381 $ 579,767
Investments other, amount 625,630 633,936
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 604,615 604,481
Short-term investments   997
Policy loans 11,682 11,229
Other equity investments 9,333 17,229
Investments other, amount $ 625,630 $ 633,936
v3.25.0.1
Accounts Payable and Accrued Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Payables and Accruals [Abstract]    
Accounts payable $ 179,471 $ 240,053
Accrued expenses 619,981 543,031
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 799,452 $ 783,084
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract]          
Notes, loans and leases payable, gross $ 6,444,590   $ 6,444,590   $ 5,850,346
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]          
Interest paid in cash 65,000 $ 800 207,200 $ 191,400  
Interest paid (received) in cash on derivative contracts 1,200 $ 1,500 4,200 $ 3,800  
Private Placement          
Long-Term Debt, Unclassified [Abstract]          
Notes, loans and leases payable, gross 1,700,000   $ 1,700,000   $ 1,200,000
Private Placement | U-Haul Holding Company          
Long-Term Debt, Unclassified [Abstract]          
Debt Issuance Date     Aug. 21, 2024    
Notes, loans and leases payable, gross 500,000   $ 500,000    
Debt Instrument, Frequency of Periodic Payment     Interest is payable semiannually    
Private Placement | U-Haul Holding Company | Series A, amount          
Long-Term Debt, Unclassified [Abstract]          
Borrowings under Guaranteed Investment Agreements $ 100,000   $ 100,000    
Debt instrument, interest rate, stated percentage 5.86%   5.86%    
Senior note, maturity date     Aug. 21, 2032    
Private Placement | U-Haul Holding Company | Series B, amount          
Long-Term Debt, Unclassified [Abstract]          
Borrowings under Guaranteed Investment Agreements $ 100,000   $ 100,000    
Debt instrument, interest rate, stated percentage 5.91%   5.91%    
Senior note, maturity date     Aug. 21, 2033    
Private Placement | U-Haul Holding Company | Series C, amount          
Long-Term Debt, Unclassified [Abstract]          
Borrowings under Guaranteed Investment Agreements $ 100,000   $ 100,000    
Debt instrument, interest rate, stated percentage 5.95%   5.95%    
Senior note, maturity date     Aug. 21, 2034    
Private Placement | U-Haul Holding Company | Series D, amount          
Long-Term Debt, Unclassified [Abstract]          
Borrowings under Guaranteed Investment Agreements $ 200,000   $ 200,000    
Debt instrument, interest rate, stated percentage 6.00%   6.00%    
Senior note, maturity date     Aug. 21, 2035    
Private Placement | U-Haul Holding Company | Minimum [Member]          
Long-Term Debt, Unclassified [Abstract]          
Maturity Year     2032    
Private Placement | U-Haul Holding Company | Maximum [Member]          
Long-Term Debt, Unclassified [Abstract]          
Maturity Year     2035    
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 6,444,590 $ 5,850,346
Notes, loans and finance/capital leases payable 6,929,591 6,304,038
Less: Debt issuance costs (32,604) (32,676)
Total notes, loans and finance/capital leases payable, net $ 6,896,987 6,271,362
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.42%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 268,857 277,767
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 6.03%  
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 $ 2,167,983 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 5.12%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 120,554 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 5.92%  
Fleet loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.81%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2029  
Debt Instrument Carrying Amount $ 615,000 573,889
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.42%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.93%  
Capital Leases (rental equipment) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.34%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2026  
Debt Instrument Carrying Amount $ 56,980 117,641
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.89%  
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 5.03%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 1,931,815 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 3.62%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2035  
Debt Instrument Carrying Amount $ 1,700,000 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 6.00%  
Other obligations    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.32%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 68,402 $ 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%  
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 6,444,590 $ 5,850,346
Participating Mortgages [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 4.10% 4.10%
Participating Mortgages [Member] | Minimum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 2.72% 2.72%
Participating Mortgages [Member] | Maximum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 2.86% 2.86%
Equipment Trust Certificate [Member]    
Debt instruments, interest rate, effective percentage:    
Weighted average interest rate 5.82% 5.82%
Equipment Trust Certificate [Member] | Minimum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 4.36% 4.36%
Equipment Trust Certificate [Member] | Maximum [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 4.71% 4.71%
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Long-term debt, by Maturity:  
2025 $ 527,358
2026 938,448
2027 1,056,361
2028 670,110
2029 758,767
Thereafter 2,978,547
Notes, loans and finance leases payable, sum $ 6,929,591
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interest expense, borrowings:        
Interest expense $ 80,760 $ 71,061 $ 226,148 $ 202,985
Capitalized interest (4,608) (4,006) (11,188) (11,738)
Amortization of transaction costs 1,390 1,868 4,229 4,711
Interest expense resulting from derivatives 961 1,473 3,892 3,967
Total interest expense $ 76,581 $ 67,450 $ 215,297 $ 191,991
v3.25.0.1
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interest and debt expense:        
Weighted average interest rate during the quarter 6.05% 6.64% 6.43% 6.47%
Interest rate at quarter end 5.88% 6.63% 5.88% 6.63%
Maximum amount outstanding during the quarter $ 765,000 $ 710,000 $ 765,000 $ 715,000
Average amount outstanding during the quarter 745,272 669,372 665,376 641,941
Facility fees $ 214 $ 259 $ 793 $ 830
v3.25.0.1
Derivatives (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent [Abstract]        
Interest expense $ 76,581 $ 67,450 $ 215,297 $ 191,991
Investment Income, Net     5,000 4,600
Decrease, fair value, cash flow hedges        
AOCI Attributable to Parent [Abstract]        
Interest expense     4,400 2,800
Reclassified AOCI        
AOCI Attributable to Parent [Abstract]        
Interest expense     9,400 $ 3,000
Reclassification net gains Interest Rate Contracts        
AOCI Attributable to Parent [Abstract]        
Interest expense     $ 3,300  
v3.25.0.1
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 713  
Interest Rate Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 6,298 $ 8,392
Derivative Notional Amount $ 379,007 $ 297,867
v3.25.0.1
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 713  
Equity Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 8,333 $ 10,538
Derivative Notional Amount $ 398,499 $ 526,449
v3.25.0.1
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2024     $ 223,216  
Foreign currency translation $ 3,929 $ 5,268 3,712 $ 2,888
Unrealized net gain on investments 54,108 32,785 44,663 25,738
Change in fair value of cash flow hedges 4,611 4,352 4,402 2,823
Amount reclassified from AOCI 1,197 1,109 9,375 2,992
Other comprehensive income (loss) 53,593 32,978 35,978 23,019
Balance as of December 31, 2024 187,238   187,238  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2024 53,490 58,919 53,707 56,539
Foreign currency translation 3,929 5,268 3,712 2,888
Other comprehensive income (loss) 3,929 5,268 3,712 2,888
Balance as of December 31, 2024 57,419 53,651 57,419 53,651
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2024 186,328 225,693 176,883 232,740
Unrealized net gain on investments 54,108 32,785 44,663 25,738
Other comprehensive income (loss) 54,108 32,785 44,663 25,738
Balance as of December 31, 2024 132,220 258,478 132,220 258,478
Fair Market Value of Cash Flow Hedges [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2024 2,057 9,299 6,330 4,007
Change in fair value of cash flow hedges 4,611 4,352 4,402 2,823
Amount reclassified from AOCI 1,197 1,109 9,375 2,992
Other comprehensive income (loss) 3,414 5,461 4,973 169
Balance as of December 31, 2024 1,357 3,838 1,357 3,838
Postretirement Benefit Obligation Gain [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Balance as of March 31, 2024 1,044 351 1,044 351
Balance as of December 31, 2024 1,044 351 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, 2024 240,831 275,664 223,216 285,623
Foreign currency translation 3,929 5,268 3,712 2,888
Unrealized net gain on investments 54,108 32,785 44,663 25,738
Change in fair value of cash flow hedges 4,611 4,352 4,402 2,823
Amount reclassified from AOCI 1,197 1,109 9,375 2,992
Other comprehensive income (loss) 53,593 32,978 35,978 23,019
Balance as of December 31, 2024 $ 187,238 $ 308,642 $ 187,238 $ 308,642
v3.25.0.1
Dividends - Summary of Dividends Declared (Details) - Nonvoting Common Stock [Member]
 9 Months Ended
Dec. 31, 2024
$ / shares
Current Year, Ordinary Dividend, Quarter one  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 05, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 17, 2024
Dividends Payable, Date to be Paid Jun. 28, 2024
Current Year, Ordinary Dividend, Quarter two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 15, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Sep. 16, 2024
Dividends Payable, Date to be Paid Sep. 27, 2024
Current Year, Ordinary Dividend, Quarter three  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Dec. 04, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Dec. 16, 2024
Dividends Payable, Date to be Paid Dec. 27, 2024
Prior Year, Ordinary Dividend, Quarter one  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 07, 2023
Dividend paid, amount per share $ 0.04
Dividends Payable, Date of Record Jun. 20, 2023
Dividends Payable, Date to be Paid Jun. 30, 2023
Prior Year, Ordinary Dividend, Quarter two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 17, 2023
Dividend paid, amount per share $ 0.04
Dividends Payable, Date of Record Sep. 19, 2023
Dividends Payable, Date to be Paid Sep. 29, 2023
Prior Year, Ordinary Dividend, Quarter three  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Dec. 06, 2023
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Dec. 18, 2023
Dividends Payable, Date to be Paid Dec. 29, 2023
v3.25.0.1
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Leases [Abstract]      
Right Of Use Asset Obtained In Exchange For Operating Lease Liability $ 57,000    
Right Of Use Asset Obtained In Exchange For Finance Lease Liability     $ 117,600
Cash paid for operating leases 15,700 $ 17,500  
Cash paid for finance leases 60,661 86,166  
Operating Lease Payments $ 3,100 $ 17,900  
v3.25.0.1
Leases (Components of our right-of-use assets) (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Finance Lease [Abstract]    
Buildings and Improvements $ 82,384 $ 79,317,000
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 66,083 114,607,000
Rental trucks 388,528 607,521,000
Right-of-use assets, gross 537,056 801,506,000
Less: Accumulated depreciation (319,739) (458,489,000)
Right of use assets, net 217,317 343,017,000
Finance Lease [Member]    
Finance Lease [Abstract]    
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 66,083 114,607,000
Rental trucks 388,528 607,521,000
Right-of-use assets, gross 454,672 722,189,000
Less: Accumulated depreciation (285,855) (432,884,000)
Right of use assets, net 168,817 289,305,000
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 82,384 79,317,000
Right-of-use assets, gross 82,384 79,317,000
Less: Accumulated depreciation (33,884) (25,605,000)
Right of use assets, net $ 48,500 $ 53,712,000
v3.25.0.1
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 0.8 1
Finance Lease Weighted Average Discount Rate Percent 4.30% 4.10%
v3.25.0.1
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 23.2 21.9
Operating Lease Weighted Average Discount Rate Percent 4.60% 4.60%
v3.25.0.1
Leases (Components Of Lease Expense) (Details) - USD ($)
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease cost:    
Operating lease costs $ 15,386 $ 25,181,000
Finance lease cost:    
Amortization of right of use assets 23,903 44,220,000
Interest on lease liabilities 3,048 5,600,000
Total finance lease cost $ 26,951 $ 49,820,000
v3.25.0.1
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Operating Lease Liabilities Payments Due [Abstract]    
Operating lease liability $ 49,543 $ 55,032
Finance Leases    
Finance Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 47,013  
2026 11,782  
Total lease payments 58,795  
Less: imputed interest (1,815)  
Financing lease liability 56,980  
Operating Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 11,355  
2026 21,396  
2027 13,798  
2028 9,704  
2029 6,765  
Thereafter 31,487  
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 3,234  
2026 10,579  
2027 8,164  
2028 6,774  
2029 5,184  
Thereafter 61,191  
Total lease payments 95,126  
Less: imputed interest (45,583)  
Operating lease liability $ 49,543  
v3.25.0.1
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sac Holdings [Member]    
Related party costs and expenses:    
Commission expenses, generated from dealer agreement with related parties $ 5.7 $ 1.8
Cash flow, related party 26.5 20.9
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]    
Property Management Fee [Abstract]    
Property Management Fee Revenue $ 28.5 25.0
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:    
Revenue generated by the dealer agreement from related parties $ 408.6 305.2
Commission expenses, generated from dealer agreement with related parties 84.3  
Payments For Purchase Of Other Assets 1   0.7
Various Subsidiaries of Amerco [Member]    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties $ 28.0 $ 22.6
v3.25.0.1
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Related party transactions:        
Management fee revenue $ 8,869 $ 10,138 $ 27,950 $ 28,582
Blackwater [Member]        
Related party transactions:        
Management fee revenue 7,193 7,135 22,713 22,585
Mercury [Member]        
Related party transactions:        
Management fee revenue $ 1,676 $ 3,003 $ 5,237 $ 5,997
v3.25.0.1
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Related party cost and expense:        
Costs and Expenses, Related Party $ 26,500 $ 20,400 $ 89,953 $ 69,690
Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 26,531 20,427    
Lease expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 604 604 1,812 1,812
Lease expenses | Mercury [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 38   114  
Printing expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 1,176 877 3,734 2,194
Commission expenses | Blackwater [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party 19,409 $ 18,946 66,538 $ 65,684
Commission expenses | Mercury [Member]        
Related party cost and expense:        
Costs and Expenses, Related Party $ 5,304   $ 17,755  
v3.25.0.1
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Related Party Transaction [Line Items]    
Related party assets $ 58,048 $ 57,934
Blackwater [Member]    
Related Party Transaction [Line Items]    
Related party assets 40,323 31,950
Mercury [Member]    
Related Party Transaction [Line Items]    
Related party assets 18,604 24,536
Insurance Group [Member]    
Related Party Transaction [Line Items]    
Related party assets $ 879 $ 1,448
v3.25.0.1
Contingencies (Narratives) (Details) - Settled Lawsuit - Data Security Breach
$ in Millions
 9 Months Ended
Dec. 31, 2024
USD ($)
Loss Contingency, Settlement [Abstract]  
Location of Court, Litigation U.S. District Court for the District of Arizona
Litigation settlement, amount $ 5.1
Amount paid by Insurer $ 5.1
Settlement Date Oct. 25, 2024
v3.25.0.1
Consolidating Financial Information by Operating Segment - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues [Abstract]        
Revenues $ 1,388,558 $ 1,339,514 $ 4,595,156 $ 4,529,682
Earnings from operations before equity in earnings of subsidiaries, total 150,732 197,588 758,930 1,019,601
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues [Abstract]        
Revenues 1,296,556 1,260,677 4,339,360 4,285,768
Earnings from operations before equity in earnings of subsidiaries, total 127,277 180,467 703,030 968,862
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues [Abstract]        
Revenues 38,141 29,303 97,780 88,994
Earnings from operations before equity in earnings of subsidiaries, total 19,463 9,421 44,769 36,822
Operating Segments [Member] | Life Insurance [Member]        
Revenues [Abstract]        
Revenues 56,762 52,715 166,668 163,918
Earnings from operations before equity in earnings of subsidiaries, total 4,244 8,075 11,887 15,039
Intersegment Eliminations [Member]        
Revenues [Abstract]        
Revenues 2,901 3,181 8,652 8,998
Earnings from operations before equity in earnings of subsidiaries, total $ 252 $ 375 $ 756 $ 1,122
v3.25.0.1
Consolidating Financial Information by Operating Segment - (Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets [Abstract]      
Total assets $ 20,330,165 $ 19,058,758 $ 19,002,576
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 17,291,214 16,149,748  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 543,300 501,566  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 3,174,307 2,990,903  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ 678,656 $ 583,459  
v3.25.0.1
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Quarter ended:          
Total revenues $ 1,388,558 $ 1,339,514 $ 4,595,156 $ 4,529,682  
Depreciation and amortization, net of (gains) losses on disposals 253,942 180,387 712,937 489,930  
Interest expense 76,581 67,450 215,297 191,991  
Pretax earnings 89,417 129,773 592,026 826,516  
Income tax expense 22,251 30,549 142,645 196,946  
Identifiable assets 20,330,165 19,002,576 20,330,165 19,002,576 $ 19,058,758
United States [Member]          
Quarter ended:          
Total revenues 1,318,694 1,273,821 4,351,865 4,294,310  
Depreciation and amortization, net of (gains) losses on disposals 242,717 176,864 688,729 486,262  
Interest expense 76,138 66,772 213,811 189,900  
Pretax earnings 89,456 125,531 573,375 801,045  
Income tax expense 22,180 29,172 137,269 189,802  
Identifiable assets 19,416,798 18,225,204 19,416,798 18,225,204  
Canada [Member]          
Quarter ended:          
Total revenues 69,864 65,693 243,291 235,372  
Depreciation and amortization, net of (gains) losses on disposals 11,225 3,523 24,208 3,668  
Interest expense 443 678 1,486 2,091  
Pretax earnings 39 4,242 18,651 25,471  
Income tax expense 71 1,377 5,376 7,144  
Identifiable assets $ 913,367 $ 777,372 $ 913,367 $ 777,372  
v3.25.0.1
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 245 $ 297 $ 736 $ 891
Other components of net periodic benefit costs:        
Interest cost on accumulated postretirement benefit 374 367 1,124 1,102
Other components 2 2 8 8
Total other components of net periodic benefit costs 372 365 1,116 1,094
Net periodic postretirement benefit cost $ 617 $ 662 $ 1,852 $ 1,985
v3.25.0.1
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value $ 1,017,398 $ 1,534,544
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 6,444,590 5,850,346
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalents, at Carrying Value 713,900 1,173,600
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value $ 6,929,591 $ 6,304,038
v3.25.0.1
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Assets:    
Fixed maturities - available for sale $ 2,617,126 $ 2,442,504
Preferred stock 22,871 21,260
Common stock 44,796 45,014
Derivatives 14,631 18,930
Total 2,518,938 2,527,708
Liabilities:    
Derivatives 713  
Guaranteed residual values of TRAC leases 8,912 9,300
Liabilities from investment contracts 2,495,885 2,290,096
Market risk benefits 13,428 13,400
Total 2,699,424 2,312,796
Level 1 [Member]    
Assets:    
Preferred stock 22,871 21,260
Common stock 44,796 45,014
Derivatives 8,333 10,538
Total   76,812
Liabilities:    
Total 76,000  
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,617,126 2,442,446
Derivatives 6,298 8,392
Total   2,450,838
Liabilities:    
Derivatives 713  
Total 2,623,424  
Level 3 [Member]    
Assets:    
Fixed maturities - available for sale   58
Total 2,518,225 58
Liabilities:    
Guaranteed residual values of TRAC leases 8,912 9,300
Liabilities from investment contracts 2,495,885 2,290,096
Market risk benefits $ 13,428 13,400
Total   $ 2,312,796
v3.25.0.1
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Assets    
Receivables, Fair Value Disclosure $ 144,547 $ 177,602
Mortgage loans, net 577,381 579,767
Other investments 12,682 18,917
Total 734,610 776,286
Liabilities    
Notes, loans and leases payable, gross 6,444,590 5,850,346
Total 6,444,590 5,850,346
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 6,444,590 5,850,346
Total 6,444,590 5,850,346
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure 144,547 177,602
Mortgage loans, net 577,381 579,767
Other investments 12,682 18,917
Total 734,610 776,286
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 144,547 177,602
Mortgage loans, net 604,615 604,481
Other investments 12,682 18,917
Total 761,844 801,000
Liabilities    
Notes, loans and leases payable, gross 6,929,591 6,304,038
Total $ 6,929,591 $ 6,304,038
v3.25.0.1
Revenue Recognition (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Lessee Lease Description [Line Items]          
Operating lease income $ 24.1 $ 21.7 $ 75.8 $ 73.1  
Deferred Revenue, Revenue Recognized     $ 49.2   $ 0.8
v3.25.0.1
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) $ 5,194
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) 6,161
2026 21,396
2027 13,798
2028 9,704
2029 6,765
Thereafter 31,487
Customer and Property Tenant Revenue Long Term  
Operating Lease Liabilities Payments Due [Abstract]  
2025 (9 months) 11,355
2026 21,396
2027 13,798
2028 9,704
2029 6,765
Thereafter $ 31,487
v3.25.0.1
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues [Abstract]        
Total revenues $ 1,388,558 $ 1,339,514 $ 4,595,156 $ 4,529,682
Insurance premium revenues recognized under ASC 944        
Revenues [Abstract]        
Total revenues 52,725 50,512 143,693 144,476
Net investment and interest income recognized under other topics        
Revenues [Abstract]        
Total revenues 40,536 57,457 115,455 186,787
Revenues recognized under ASC 842        
Revenues [Abstract]        
Total revenues 1,129,821 1,072,028 3,723,458 3,599,867
Revenues recognized under ASC 606        
Revenues [Abstract]        
Total revenues 165,476 159,517 612,550 598,552
Revenues recognized over time:        
Revenues [Abstract]        
Total revenues 81,773 73,785 307,740 283,468
Revenues recognized at a point in time:        
Revenues [Abstract]        
Total revenues $ 83,703 $ 85,732 $ 304,810 $ 315,084
v3.25.0.1
Allowance for Credit Losses (Narratives) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Financing Receivable Impaired [Line Items]    
Percentage of estimated gain loss 6.00% 5.00%
Paid and unpaid percentage 1.00%  
Allowance for expected credit losses $ 7.6 $ 6.2
Available for sale securities, accrued interest receivable 29.3 29.3
Premiums Receivable Gross $ 4.1  
Commercial Real Estate Portfolio Segment [Member]    
Financing Receivable Impaired [Line Items]    
Premiums Receivable Gross   $ 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 the 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.  
v3.25.0.1
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 8,105 $ 6,407
Transition adjustment current expected credit losses 3,005 1,698
December 31, 2023 11,110 8,105
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 6,236 3,789
Transition adjustment current expected credit losses 1,377 2,447
December 31, 2023 7,613 6,236
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 1,052 2,101
Transition adjustment current expected credit losses 1,997 1,049
December 31, 2023 3,049 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
v3.25.0.1
Income Taxes (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]            
Income taxes paid, federal 24.90% 23.50%     24.10% 23.80%
Income Taxes paid, state and local     21.00% 21.00%    
Income Taxes Paid, cash $ 13.3 $ 22.5     $ 70.8 $ 51.6
v3.25.0.1
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Mar. 31, 2023
Statements Adjusted [Abstract]            
Assets $ 20,330,165   $ 19,058,758 $ 19,002,576    
Liabilities 12,698,832   11,886,313      
Stockholders Equity Including Portion Attributable To Noncontrolling Interest $ 7,631,333 $ 7,519,398 $ 7,172,445 $ 7,087,801 $ 7,030,378 $ 6,504,191
v3.25.0.1
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net $ 123,015 $ 121,224  
Assets 20,330,165 19,058,758 $ 19,002,576
Policy benefits and losses, claims and loss expenses payable 829,992 849,113  
Deferred Income Tax Liabilities, Net 1,507,604 1,447,125  
Total liabilities 12,698,832 11,886,313  
Accumulated other comprehensive loss 187,238 223,216  
Retained earnings 8,023,000 7,600,090  
Stockholders' Equity Attributable to Parent 7,631,333 7,172,445  
Liabilities and Equity $ 20,330,165 $ 19,058,758  
v3.25.0.1
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net $ 123,015 $ 121,224  
Assets 20,330,165 19,058,758 $ 19,002,576
Policy benefits and losses, claims and loss expenses payable 829,992 849,113  
Deferred Income Tax Liabilities, Net 1,507,604 1,447,125  
Total liabilities 12,698,832 11,886,313  
Accumulated other comprehensive loss (187,238) (223,216)  
Retained earnings 8,023,000 7,600,090  
Stockholders' Equity Attributable to Parent 7,631,333 7,172,445  
Liabilities and Equity 20,330,165 19,058,758  
Operating Segments [Member] | Life Insurance [Member]      
Statements Adjusted [Abstract]      
Assets $ 3,174,307 $ 2,990,903  
v3.25.0.1
Accounting Pronouncements (Deferred Acquisition Costs) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Adjusted balance, beginning of year April 1, 2021 $ 829,992 $ 838,945
v3.25.0.1
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 121,224 $ 128,463
Capitalization 15,369 11,397
Amortization expense (13,578) (19,026)
Balance, end of year 123,015 120,834
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 54,747 55,396
Capitalization 12,561 8,007
Amortization expense (6,679) (11,461)
Balance, end of year 60,629 51,942
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 62,426 66,954
Capitalization 2,716 3,213
Amortization expense (6,260) (6,586)
Balance, end of year 58,882 63,581
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 4,051 6,113
Capitalization 92 177
Amortization expense (639) (979)
Balance, end of year $ 3,504 $ 5,311
v3.25.0.1
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - Life Insurance Segment [Member] - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 522,122 $ 530,983    
Beginning balance at original discount rate 514,113 533,688    
Effect of actual variances from expected variances     $ 2,233 $ 584
Adjust beginning of year balance     $ 509,834 $ 532,067
Issuances 7,353 6,692    
Interest accrual 7,486 8,367    
Net premium collected 27,224 29,812    
Ending balance at original discount rate 189,688 209,734    
Effect of changes in discount rate assumptions (AOCI) 3,322 6,878    
Balance, end of period $ 193,010 $ 202,856    
v3.25.0.1
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 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 $ 829,992 $ 838,945    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 313,439 317,409    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 129,530 148,467    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 205,389 223,118    
Beginning balance at original discount rate 204,306 225,071    
Effect of actual variances from expected experience     $ 4,279 $ 1,621
Adjusted beginning of year balance     $ 202,073 $ 224,487
Issuances 7,353 6,746    
Interest accrual 18,888 19,830    
Net premium collected 39,689 39,544    
Ending balance at original discount rate 496,386 519,099    
Effect of changes in discount rate assumptions (AOCI) 13,778 19,397    
Balance, end of the year 510,164 499,702    
End of period, LFPB, net 317,153 296,846    
Life Insurance Segment [Member] | Oxford        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 387,023 373,069    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 24,752 31,048    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 11,598 11,621    
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 24,527 23,724    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 8,941 9,556    
LFPB flooring effect        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits $ 52 $ 274    
v3.25.0.1
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Interest expense $ 76,581,000 $ 67,450,000 $ 215,297,000 $ 191,991,000
Life Insurance Segment [Member] | Oxford        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Gross premiums $ 37,561,000 $ 39,979,000 37,561,000 39,979,000
Interest expense     $ 11,402,000 $ 11,463,000
Expected future lifetime (persistency) of policies in force (years) 6 years 9 months 18 days 6 years 10 months 24 days 6 years 9 months 18 days 6 years 10 months 24 days
Weighted average original interest rate of the liability for future policy benefits 4.97% 5.00% 4.97% 5.00%
Weighted average current interest rate of the liability for future policy benefits 5.20% 4.80% 5.20% 4.80%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance $ 348,354,000 $ 377,068,000 $ 348,354,000 $ 377,068,000
Discounted balance at original discount rate 270,029,000 291,900,000 270,029,000 291,900,000
Discounted balance at current discount rate 274,428,000 281,927,000 274,428,000 281,927,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance 714,265,000 752,194,000 714,265,000 752,194,000
Discounted balance at original discount rate 496,385,000 519,099,000 496,385,000 519,099,000
Discounted balance at current discount rate $ 510,163,000 $ 499,702,000 $ 510,163,000 $ 499,702,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0489 0.0457 0.0489 0.0457
Life Insurance Segment [Member] | Oxford | Mortality expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0543 0.0507 0.0543 0.0507
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0218 0.0218 0.0218 0.0218
Life Insurance Segment [Member] | Oxford | Lapses expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0272 0.0264 0.0272 0.0264
v3.25.0.1
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Deferred Fixed Annuity [Member] - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,411,352 $ 2,398,884
Deposits received 389,848 206,800
Surrenders and withdrawals (290,875) (265,999)
Benefit payments (27,130) (29,136)
Interest credited 58,290 52,594
Other 5,455  
End of period $ 2,546,940 $ 2,363,143
Weighted average credited rate 3.35% 2.96%
Cash surrender value $ 2,257,207 $ 2,025,409