U-HAUL HOLDING CO /NV/, 10-K filed on 29 May 25
 | XBRL Documents
v3.25.1
Document and Entity Information - USD ($)
 12 Months Ended
Mar. 31, 2025
May 28, 2025
Sep. 30, 2024
Document and Entity Information [Abstract]      
Entity Registrant Name U-Haul Holding Company    
Entity Central Index Key 0000004457    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Current Fiscal Year End Date --03-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 6,465,575,520
Document Fiscal Year Focus 2025    
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Period End Date Mar. 31, 2025    
Amendment Flag false    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity File Number 001-11255    
Entity Tax Identification Number 88-0106815    
Entity Address Address Line 1 5555 Kietzke Lane    
Entity Address Address Line 2 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 Interactive Data Current Yes    
Entity Incorporation State Country Code NV    
Document Annual Report true    
Document Transition Report false    
Auditor Name Deloitte & Touche LLP    
Auditor Location Tempe    
Auditor Firm ID 34    
Nonvoting Common Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   176,470,092  
Security 12b Title Series N Non-Voting Common Stock, $0.001 par value    
Trading Symbol UHAL.B    
Security Exchange Name NYSE    
Common Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   19,607,788  
Security 12b Title Common stock, $0.25 par value    
Trading Symbol UHAL    
Security Exchange Name NYSE    
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
ASSETS:    
Cash and cash equivalents $ 988,828 $ 1,534,544
Reinsurance recoverables and trade receivables, net 230,716 215,908
Inventories, net 163,132 150,940
Prepaid expenses 282,406 246,082
Available For Sale Securities Debt Securities 2,479,498 2,442,504
Equity securities, at fair value 65,549 66,274
Investments, other 678,254 633,936
Deferred policy acquisition costs, net 121,729 121,224
Other assets 126,732 111,743
Right of use assets - financing, net 138,698 289,305
Right of use assets - operating, net 46,025 53,712
Related party assets 45,003 57,934
Property, plant and equipment, at cost:    
Land 1,812,820 1,670,033
Buildings and improvements 9,628,271 8,237,354
Furniture and equipment 1,047,414 1,003,770
Property, plant and equipment (gross) 21,004,679 18,185,784
Less: Accumulated depreciation (5,892,079) (5,051,132)
Total property, plant and equipment 15,112,600 13,134,652
Total assets 20,479,170 19,058,758
Liabilities    
Accounts payable and accrued expenses 820,900 783,084
Notes, loans and leases payable, net 7,193,857 6,271,362
Operating lease liabilities 46,973 55,032
Policy benefits and losses, claims and loss expenses payable 857,521 849,113
Trading Liabilities 2,511,422 2,411,352
Other policyholders' funds and liabilities 7,539 18,070
Deferred income 52,895 51,175
Deferred income taxes, net 1,489,920 1,447,125
Total liabilities 12,981,027 11,886,313
Commitments and contingencies (Notes 9 and 19)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss 229,314 223,216
Retained earnings 7,931,886 7,600,090
Total stockholders' equity 7,498,143 7,172,445
Total liabilities and stockholders' equity 20,479,170 19,058,758
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued
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:    
Rental trailers and other rental equipment 1,046,135 936,303
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Rental trailers and other rental equipment $ 7,470,039 $ 6,338,324
v3.25.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]    
Available for sale investments, allowance for credit loss, net $ 3,104 $ 1,052
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,708,562 $ 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
v3.25.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Revenues:      
Self-moving equipment rentals $ 3,725,524 $ 3,624,695 $ 3,877,917
Self-storage revenues 897,913 831,069 744,492
Self-moving and self-storage products and service sales 327,490 335,805 357,286
Property management fees 36,811 37,004 37,073
Life insurance premiums 83,707 89,745 99,149
Property and casualty insurance premiums 98,900 94,802 93,209
Net investment and Interest income 151,974 146,468 176,679
Other revenue 506,346 466,086 478,886
Total revenues 5,828,665 5,625,674 5,864,691
Costs and expenses:      
Operating expenses 3,275,471 3,126,471 3,024,547
Commission expenses 407,368 384,079 416,315
Cost of product sales 234,145 241,563 263,026
Benefits and losses 182,749 167,035 164,079
Amortization of deferred policy acquisition costs 18,333 24,238 27,924
Lease expense 20,503 32,654 30,829
Depreciation, net of (gains) losses on disposals 958,184 663,931 486,795
Net (gains) losses on disposal of real estate (15,758) (7,914) (5,596)
Costs and expenses, amount 5,112,511 4,647,885 4,419,111
Earnings from operations 716,154 977,789 1,445,580
Other components of net periodic benefit costs (1,488) (1,458) (1,216)
Other interest income 59,057 120,021 0
Interest expense (295,716) (256,175) (223,958)
Fees on early extinguishment of debt and costs of defeasance (495)   (1,009)
Total pretax earnings 477,512 840,177 1,219,397
Income tax expense (110,422) (211,470) (294,925)
Earnings available to common stockholders $ 367,090 $ 628,707 $ 924,472
Basic earnings per common share   $ 3.04  
Diluted earnings per common share   3.04  
Common Stock [Member]      
Costs and expenses:      
Basic earnings per common share $ 1.69 3.04 $ 5.54
Diluted earnings per common share $ 1.69 $ 3.04 $ 5.54
Weighted average common shares outstanding: basic 19,607,788 19,607,788 19,607,788
Weighted average common shares outstanding: diluted   19,607,788 19,607,788
Nonvoting Common Stock [Member]      
Costs and expenses:      
Basic earnings per common share $ 1.89 $ 3.22 $ 4.62
Diluted earnings per common share $ 1.89 $ 3.22 $ 4.62
Weighted average common shares outstanding: basic 176,470,092 176,470,092 176,470,092
Weighted average common shares outstanding: diluted 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 196,077,880 196,077,880 196,077,880
v3.25.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Depreciation:      
Net gains on disposal of personal property $ 13,749 $ 153,958 $ 247,084
Related party, revenues, net of eliminations 36,811 37,004 37,073
Related party, costs and expenses, net of eliminations $ 113,400 $ 90,100 $ 90,500
v3.25.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Comprehensive income (loss) (pretax):      
Pretax earnings $ 477,512 $ 840,177 $ 1,219,397
Comprehensive income (loss) (tax effect):      
Income tax expense 110,422 211,470 294,925
Comprehensive income (loss) (net of tax):      
Earnings available to common stockholders 367,090 628,707 924,472
Other comprehensive income (loss):      
Foreign currency translation (pretax) 3,833 2,832 782
Foreign currency translation (tax effect) 0    
Foreign currency translation (net of tax) 3,833 2,832 782
Unrealized gain (loss) on investments (pretax) 3,709 70,703 367,533
Unrealized gain (loss) on investments (tax effect) (1,146) (14,846) (78,056)
Unrealized gain (loss) on investments (net of tax) 2,563 55,857 289,477
Change in fair value cash flow hedges (pretax) 4,990 8,497 6,672
Change in fair value of cash flow hedges (tax effect) (1,285) (2,087) (1,639)
Change in fair value of cash flow hedges, (net of tax) 3,705 6,410 5,033
Postretirement benefit obligation gain (loss) (pretax) 2,065 1,849 2,772
Postretirement benefit obligation gain (loss) (tax effect) (507) (454) (681)
Postretirement benefit obligation gain (loss) (net of tax) 1,558 1,395 2,091
Amounts reclassified into earnings on hedging activities, pre-tax (13,455) (5,417) (772)
Amounts reclassified into earnings on hedging activities, tax 3,364 1,330 190
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax, Total 10,091 4,087 582
Other Comprehensive Income (Loss), before Tax, Total 6,524 78,464 359,643
Other Comprehensive Income (Loss), Tax, Total 426 16,057 75,926
Total other comprehensive income (loss) (net of tax) 6,098 62,407 283,717
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent, Total 470,988 918,641 859,754
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total 109,996 227,527 218,999
Total comprehensive income (loss) (net of tax) $ 360,992 $ 691,114 $ 640,755
v3.25.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance at Mar. 31, 2022 $ 5,897,161 $ 10,497 $ 453,819 $ 1,906 $ 6,112,401 $ 525,653 $ 151,997  
Consolidated statement of change in equity                
Common stock dividend     (176)         $ (176)
Foreign currency translation 782     782        
Unrealized net gain (loss) on investments, net of tax 289,477     289,477        
Change in fair value of cash flow hedges, net of tax 5,033     5,033        
Amounts reclassified into earnings on hedging activities, net (582)     (582)        
Change in post retirement benefit obligations 2,091     2,091        
Net Income (Loss) 924,472       924,472      
Common stock dividends (19,608)       (19,608)      
Series N Non-Voting Common Stock Dividends (14,117)       (14,117)      
Net activity 607,030   176 283,717 890,747     176
Balance at Mar. 31, 2023 6,504,191 10,497 453,643 285,623 7,003,148 525,653 151,997 176
Consolidated statement of change in equity                
Contribution from related party 8,905   8,905          
Foreign currency translation 2,832     2,832        
Unrealized net gain (loss) on investments, net of tax 55,857     55,857        
Change in fair value of cash flow hedges, net of tax 6,410     6,410        
Amounts reclassified into earnings on hedging activities, net (4,087)     (4,087)        
Change in post retirement benefit obligations 1,395     1,395        
Net Income (Loss) 628,707       628,707      
Series N Non-Voting Common Stock Dividends (31,765)       (31,765)      
Net activity 668,254   8,905 62,407 596,942      
Balance at Mar. 31, 2024 7,172,445 10,497 462,548 223,216 7,600,090 525,653 151,997 176
Consolidated statement of change in equity                
Foreign currency translation 3,833     3,833        
Unrealized net gain (loss) on investments, net of tax 2,563     2,563        
Change in fair value of cash flow hedges, net of tax 3,705     3,705        
Amounts reclassified into earnings on hedging activities, net (10,091)     (10,091)        
Change in post retirement benefit obligations 1,558     1,558        
Net Income (Loss) 367,090       367,090      
Series N Non-Voting Common Stock Dividends (35,294)       (35,294)      
Net activity 325,698     6,098 331,796      
Balance at Mar. 31, 2025 $ 7,498,143 $ 10,497 $ 462,548 $ 229,314 $ 7,931,886 $ 525,653 $ 151,997 $ 176
v3.25.1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Common stock dividends, per share     $ 1
Retained Earnings [Member]      
Non-voting common stock dividend per share declared $ 0.2 $ 0.18 $ 0.08
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash flow from operating activities:      
Net Income (Loss) $ 367,090 $ 628,707 $ 924,472
Adjustments to reconcile net earnings to cash provided by operations:      
Depreciation 971,933 817,889 733,879
Amortization of premiums and accretion of discounts related to investments, net 14,391 16,849 20,066
Amortization of debt issuance costs 5,703 6,712 7,087
Interest credited to policyholders 84,920 71,433 55,822
Provision for allowance (recoveries) for losses on trade receivables, net 1,101 2,447 4,860
Operating lease right-of-use asset amortization 10,558 23,926 22,432
Net gains on disposal of personal property (13,749) (153,958) (247,084)
Net (gains) losses on disposal of real estate 15,758 7,914 5,596
Net (gains) losses on sales of investments (2,180) (157) (8,300)
Net (gains) losses on equity investments (5,787) (5,741) (9,091)
Deferred income taxes, net 41,907 98,379 131,754
Net change in other operating assets and liabilities:      
Trade receivables and reinsurance recoverables (14,168) (29,011) (44,714)
Inventories and parts, net (12,259) (518) (7,265)
Prepaid expenses (37,038) (4,451) (5,575)
Capitalization of deferred policy acquisition costs (505) (7,239) (2,722)
Other assets and Right of use assets - operating, net (20,144) (9,889) (6,405)
Related party assets (12,657) (9,614) (544)
Accounts payable and accrued expenses and operating lease liabilties 14,400 10,697 34,263
Increase (Decrease) in Other Insurance Liabilities 21,754 39,204 15,182
Other policyholders' funds and liabilities 4,119 9,922 2,580
Deferred income 1,858 2,085 5,137
Related party liabilities 1,810 5,850 760
Net cash provided by operating activities 1,454,429 1,452,756 1,729,610
Cash flow from investing activities:      
Escrow deposits activity 3,978 2,983 9,298
Purchase of:      
Property, plant and equipment (3,452,481) (2,992,898) (2,723,901)
Fixed maturity securities available-for-sale (501,640) (344,166) (623,489)
Equity securities (1,819) (530) (4,932)
Investments other (173,522) (174,967) (213,264)
Proceeds from sale and paydowns of:      
Property, plant and equipment 662,358 739,178 701,331
Fixed maturity securities available-for-sale 439,430 672,121 271,092
Equity securities 11,147 1,417 1,286
Investments, other 121,628 50,489 161,194
Net cash used by investing activities (2,890,921) (2,046,373) (2,421,385)
Cash flow from financing activities:      
Borrowings from credit facilities 1,855,399 1,186,363 1,017,898
Principal repayments on credit facilities (852,395) (919,771) (801,994)
Payment of debt issuance costs (8,531) (4,082) (5,237)
Finance lease payments (73,303) (105,564) (124,188)
Securitization deposits (499) (319) (217)
Common stock dividends paid     (19,608)
Series N Non-Voting Common Stock Dividends (35,294) (31,765) (14,117)
Investment contract deposits 496,603 360,124 341,483
Investment contract withdrawals (487,866) (419,091) (334,659)
Net cash provided by financing activities 895,112 66,533 59,795
Effects of exchange rate on cash (4,336) 1,104 (11,633)
Increase (decrease) cash and cash equivalents (545,716) (525,980) (643,613)
Cash and cash equivalents at the beginning of period 1,534,544 2,060,524 2,704,137
Cash and cash equivalents at the end of period $ 988,828 $ 1,534,544 $ 2,060,524
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 367,090 $ 628,707 $ 924,472
v3.25.1
Insider Trading Arrangements
 12 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Basis of Presentation 1. Basis of Presentation

U-Haul Holding Company, a Nevada Corporation, (“U-Haul Holding Company” or the "Company"), has a fiscal year that ends on the 31st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31st of December 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 consolidated financial statements does not materially affect the financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2024, 2023 and 2022 correspond to fiscal 2025, 2024 and 2023 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Please see Note 3, Accounting Policies – Adoption of New Accounting Pronouncements, of the Notes to Consolidated Financial Statements.

v3.25.1
Principles of Consolidation
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Principles of Consolidation

Note 2. Principles of Consolidation

We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation to absorb the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control.

A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary.

We will continue to monitor our relationships with the other entities, which could change based on facts and circumstances of any reconsideration events. Please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements.

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which are consolidated under the voting interest model. 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 and Reportable Segments

U-Haul Holding Company has three operating and reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage 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.

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 Safehaul protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty 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.

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.
v3.25.1
Accounting Policies
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Accounting Policies

Note 3. Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management’s most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management’s estimates.

Cash and Cash Equivalents

We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less.

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $100,000 CAD per account. As of March 31, 2025 and March 31, 2024, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength.

Investments

Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to accumulated other comprehensive income (loss) in stockholders’ equity. 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 market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements.

Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements.

Recognition of Investment Income. Interest income from fixed maturities and mortgage notes is 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.

Accrued Interest Receivable

Accrued interest receivables on available-for-sale securities totaled $29.4 million and $29.3 million as of March 31, 2025 and 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 are 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Derivative Financial Instruments

Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. We have elected to apply hedge accounting to our derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability) for the Moving and Storage segment and in investment, other for the Life segment. Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) (“AOCI”), upon the maturity of the hedge relationship, amounts remaining in AOCI are released to earnings. When the cash flow hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in interest expense over the remaining life. See Note 12, Derivatives, of the Notes to Consolidated Financial Statements.

Inventories and parts

Inventories and parts were as follows:

 

 

 

March 31,

 

 

 

2025

 

2024

 

 

 

(In thousands)

 

Truck and trailer parts and accessories (a)

$

 

149,268

 

$

 

145,383

 

Hitches and towing components (b)

 

 

43,330

 

 

 

34,495

 

Moving supplies and propane (b)

 

 

19,349

 

 

 

18,194

 

Subtotal

 

 

211,947

 

 

 

198,072

 

Less: LIFO reserves

 

 

(47,929

)

 

 

(46,331

)

Less: excess and obsolete reserves

 

 

(886

)

 

 

(801

)

Total

$

 

163,132

 

$

 

150,940

 

 

(a)
Primarily held for internal usage, including equipment manufacturing and repair
(b)
Primarily held for retail sales

Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower of cost or net realizable value.

Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 95% and 94% of the total inventories for March 31, 2025 and 2024, respectively. Had we utilized the first-in first-out method, stated inventory balances would have been $47.9 million and $46.3 million higher as of March 31, 2025 and 2024, respectively. In fiscal 2025, 2024 and 2023, the negative effect on income due to liquidation of a portion of the LIFO inventory was $0.3 million, $0.6 million and $1.6 million, respectively.

Property, Plant and Equipment

Our property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an

accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years, buildings and improvements 10-55 years and non-rental equipment 3-10 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $13.7 million, $154.0 million and $247.1 million during fiscal 2025, 2024 and 2023, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed.

We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally the subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives.

For our box truck fleet, we utilize an accelerated method of depreciation based upon the declining balances method (2.4 times declining balance). Thus, the book value of a rental truck is reduced under a double declining formula for the first seven years in which approximately 85% of the balance is depreciated. The remaining 15% is then reduced on a straight-line basis to a salvage value by the end of year fifteen. Comparatively, a standard straight-line approach would reduce the asset balance evenly over the life of the truck.

Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle. We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions.

Non-cash accounts payable related to fixed assets were $76.2 million and $75.6 million for fiscal 2025 and 2024, respectively.

Receivables

Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from reinsurers, less management’s estimate of expected losses.

Moving and Storage has two primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rentals of equipment. The Company rents equipment to corporate customers in which payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% and 5% as of March 31,

2025 and 2024, respectively. Management developed this estimate based on its knowledge of past experience. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category.

Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the reinsurer. The reinsurance recoverables have no allowance for credit losses due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a reinsurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies.

The allowance for expected credit losses on trade receivables were $5.1 million and $2.3 million as of March 31, 2025 and 2024, respectively.

Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible.

Policy Benefits and Losses, Claims and Loss Expenses Payable

Life Insurance

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately $368.9 million of the total liability for future policy benefits, or approximately 43% of the consolidated Policy Benefits and Losses, Claims and Loss Expenses Payable. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the "Transition Date" of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

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

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

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

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.

Property & Casualty

Property and Casualty Insurance’s liability for reported and unreported losses is based on Repwest’s historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from reinsurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the reinsured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from reinsurers on unpaid losses are charged or credited to expense in the periods in which they are made.

Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation. As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest from 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled.

On a regular basis, insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following:

• Claimant longevity;

• Cost trends associated with claimant treatments;

• Changes in ceding entity and third-party administrator reporting practices;

• Changes in environmental factors including legal and regulatory;

• Current conditions affecting claim settlements; and

• Future economic conditions, including inflation.

We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability. We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion.

Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development.

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $360.8 million and $318.9 million of liabilities related to these programs as of March 31, 2025 and 2024, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents.

U-Haul has operated a self-insurance program for general liability coverage related to risks arising from U-Haul's moving operations since 2002. The Company maintains excess of loss coverage with third-party insurers for losses in excess of specific limits.

Additionally, as of March 31, 2025 and 2024, the consolidated balance sheets include liabilities of $25.6 million and $20.4 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in accounts payable and accrued expenses on the consolidated balance sheets.

Liability from Investment Contracts

Liability from investment contracts represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder's account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for annuities and certain other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products. The consolidated balance sheets include $2,511.4 and $2,411.4 million of liabilities for these contracts as of March 31, 2025 and 2024, respectively.

Revenue Recognition

Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized when control transfers to the customer. Property and casualty insurance premiums are recognized as revenue over the policy periods. 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. Interest and investment income are recognized as earned.

Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements.

Leases

Lessor

We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842.

We combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The Company offers support equipment rentals which are deemed lease components. In connection with equipment and self-storage rentals, the Company also offers value added services such as insurance, which are deemed non-lease components. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements.

Lessee

We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, can have lease terms generally between 2 and 20 years, except for our easements which are indefinite in term, are included in ROU assets – operating, net and operating lease liabilities in our consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, with primarily 7-year terms are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Covenants include the Company’s responsibility for all maintenance and repairs during the term of the agreement. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions.

Our equipment sale/leaseback transactions consist primarily of 7-year terms with a right to repurchase the asset and do not qualify as a sale. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. Please see Note 18, Leases, of the Notes to Consolidated Financial Statements.

Advertising

All advertising costs are expensed as incurred. Advertising expenses were $15.3 million, $13.8 million and $11.1 million in fiscal 2025, 2024 and 2023, respectively and are included in operating expenses.

Deferred Policy Acquisition Costs

Deferred acquisition costs (“DAC") are directly related to the successful acquisition of new life insurance, annuity and health business, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts. These costs are not capitalized until they are incurred. Also recorded within DAC are sales inducements credited to policyholder account balances in the form of a premium bonus (“Sales Inducement Assets”). As of March 31, 2025 and 2024, the Sales Inducement Assets included with DAC amounted to $13.6 million and $14.9 million, respectively, on the consolidated balance sheet and amortization expense totaled $1.9 million, $2.9 million and $3.7 million for the periods ended March 31, 2025, 2024 and 2023, respectively.

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

Environmental Costs

Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management’s best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale.

Income Taxes

U-Haul Holding Company files a consolidated tax return with all of its legal U.S. subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements.

Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when it is more likely than not that the deferred tax assets will not be realized.

Earnings Per Share

See Note 4, Earnings Per Share, of the Notes to Consolidated Financial Statements.

Comprehensive Income (Loss)

Comprehensive income (loss), on a tax effected basis, consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations.

Debt Issuance Costs

We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.

Accounting Pronouncements

Adoption of New Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (the "FASB") issued accounting standards update ("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.

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 consolidated financial statements. We adopted ASU 2023-07 on the effective date for our first annual period beginning on April 1, 2024. Other than the revised presentation of our “Reportable Segment Information” footnote, the adoption of the accounting standard update has not had a material impact on our consolidated financial statements and disclosures.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In March 2024, the SEC issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll-forward of carbon offset and REC balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. The rule is effective for the Company for annual periods beginning January 1, 2027 and is to be applied prospectively. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. The Company cannot predict what, if any, changes in scope or timing may occur as a result of the pending litigation. The Company continues its assessment to prepare for the new rule.

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 ("ASU 2024-03"). 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.
v3.25.1
Earnings Per Share
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share 4. 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 years ending March 31, 2025, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock is as follows:

 

 

 

For the Year Ending

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

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

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

367,090

 

$

 

628,707

 

$

 

924,472

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(35,294

)

 

 

(31,765

)

 

 

(14,117

)

Undistributed earnings available to common stockholders

$

 

331,796

 

$

 

596,942

 

$

 

890,747

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

 

33,180

 

$

 

59,694

 

$

 

89,075

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

 

1.69

 

$

 

3.04

 

$

 

4.54

 

Dividends declared per share of Voting Common Stock

$

 

—

 

$

 

—

 

$

 

1.00

 

Basic and diluted earnings per share of Voting Common Stock

$

 

1.69

 

$

 

3.04

 

$

 

5.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

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

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90

%

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

367,090

 

$

 

628,707

 

$

 

924,472

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

 

 

(19,608

)

Non-Voting Common Stock dividends declared and paid

 

 

(35,294

)

 

 

(31,765

)

 

 

(14,117

)

Undistributed earnings available to common stockholders

$

 

331,796

 

$

 

596,942

 

$

 

890,747

 

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

$

 

298,616

 

$

 

537,248

 

$

 

801,672

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

 

1.69

 

$

 

3.04

 

$

 

4.54

 

Dividends declared per share of Non-Voting Common Stock

$

 

0.20

 

$

 

0.18

 

$

 

0.08

 

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

$

 

1.89

 

$

 

3.22

 

$

 

4.62

 
v3.25.1
Trade Receivables and Reinsurance Recoverables, Net
 12 Months Ended
Mar. 31, 2025
Reinsurance Disclosures [Abstract]  
Trade Receivables and Reinsurance Recoverables, Net

Note 5. Trade Receivables and Reinsurance Recoverables, Net

Reinsurance recoverables and trade receivables, net, were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Reinsurance recoverable

$

 

34,566

 

$

 

37,864

 

Trade accounts receivable

 

 

162,240

 

 

 

141,282

 

Paid losses recoverable

 

 

440

 

 

 

442

 

Accrued investment income

 

 

29,378

 

 

 

29,299

 

Premiums and agents' balances

 

 

4,078

 

 

 

1,086

 

Independent dealer receivable

 

 

336

 

 

 

415

 

Other receivables

 

 

4,760

 

 

 

11,756

 

 

 

 

235,798

 

 

 

222,144

 

Less: Allowance for credit losses

 

 

(5,082

)

 

 

(6,236

)

 

$

 

230,716

 

$

 

215,908

 
v3.25.1
Investments
 12 Months Ended
Mar. 31, 2025
Investments Debt Equity Securities [Abstract]  
Investments

Note 6. Investments

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.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The amortized cost of bonds on deposit with insurance regulatory authorities was $21.5 million and $23.1 million for March 31, 2025 and 2024, respectively.

Available-for-Sale Investments

Available-for-sale investments as of March 31, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

$

 

119,289

 

$

 

206

 

$

 

(8,353

)

$

 

—

 

$

 

111,142

 

U.S. government agency mortgage-backed securities

 

 

81,909

 

 

 

232

 

 

 

(8,712

)

 

 

—

 

 

 

73,429

 

Obligations of states and political subdivisions

 

 

137,280

 

 

 

272

 

 

 

(8,808

)

 

 

—

 

 

 

128,744

 

Corporate securities

 

 

1,807,605

 

 

 

1,623

 

 

 

(155,749

)

 

 

(3,104

)

 

 

1,650,375

 

Mortgage-backed securities

 

 

562,479

 

 

 

582

 

 

 

(47,253

)

 

 

—

 

 

 

515,808

 

 

$

 

2,708,562

 

$

 

2,915

 

$

 

(228,875

)

$

 

(3,104

)

$

 

2,479,498

 

 

Available-for-sale investments as of March 31, 2024 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

U.S. treasury securities and government obligations

$

 

191,070

 

$

 

2,123

 

$

 

(8,921

)

$

 

—

 

$

 

184,272

 

U.S. government agency mortgage-backed securities

 

 

48,067

 

 

 

250

 

 

 

(7,664

)

 

 

—

 

 

 

40,653

 

Obligations of states and political subdivisions

 

 

151,197

 

 

 

918

 

 

 

(7,533

)

 

 

—

 

 

 

144,582

 

Corporate securities

 

 

1,963,249

 

 

 

2,762

 

 

 

(152,799

)

 

 

(1,052

)

 

 

1,812,160

 

Mortgage-backed securities

 

 

306,510

 

 

 

34

 

 

 

(45,707

)

 

 

—

 

 

 

260,837

 

 

$

 

2,660,093

 

$

 

6,087

 

$

 

(222,624

)

$

 

(1,052

)

$

 

2,442,504

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2025 and March 31, 2024 are as follows:

 

 

 

 

March 31, 2025

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

 

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,760

 

 

 

$

(24

)

 

 

$

95,058

 

 

 

$

(8,329

)

 

 

$

96,818

 

 

 

$

(8,353

)

U.S. government agency mortgage-backed securities

 

 

 

36,871

 

 

 

 

(197

)

 

 

 

20,928

 

 

 

 

(8,515

)

 

 

 

57,799

 

 

 

 

(8,712

)

Obligations of states and political subdivisions

 

 

 

46,036

 

 

 

 

(1,628

)

 

 

 

52,903

 

 

 

 

(7,179

)

 

 

 

98,939

 

 

 

 

(8,807

)

Corporate securities

 

 

 

294,133

 

 

 

 

(5,822

)

 

 

 

1,239,884

 

 

 

 

(149,927

)

 

 

 

1,534,017

 

 

 

 

(155,749

)

Mortgage-backed securities

 

 

 

188,328

 

 

 

 

(3,911

)

 

 

 

217,020

 

 

 

 

(43,343

)

 

 

 

405,348

 

 

 

 

(47,254

)

 

 

 

$

567,128

 

 

 

$

(11,582

)

 

 

$

1,625,793

 

 

 

$

(217,293

)

 

 

$

2,192,921

 

 

 

$

(228,875

)

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

(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 $439.4 million, $667.0 million and $196.2 million in fiscal 2025, 2024 and 2023, respectively. Included in the fiscal 2025 and 2024 proceeds was $13.3 million and $106.5 million of proceeds from sales of available-for-sale investments. No material gross realized gains or losses were recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $2.1 million and $1.0 million net impairment charge reported in fiscal 2025 and 2024, respectively.

The amortized cost and fair value of available-for-sale investments by contractual maturity, were as follows:

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Due in one year or less

$

 

196,238

 

$

 

194,896

 

$

 

266,357

 

$

 

266,578

 

Due after one year through five years

 

 

591,589

 

 

 

576,204

 

 

 

748,338

 

 

 

723,903

 

Due after five years through ten years

 

 

611,788

 

 

 

558,430

 

 

 

614,890

 

 

 

564,422

 

Due after ten years

 

 

746,468

 

 

 

634,160

 

 

 

723,998

 

 

 

626,764

 

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

2,353,583

 

 

 

2,181,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

562,479

 

 

 

515,808

 

 

 

306,510

 

 

 

260,837

 

 

$

 

2,708,562

 

$

 

2,479,498

 

$

 

2,660,093

 

$

 

2,442,504

 

 

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

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Common stocks

$

 

30,108

 

$

 

43,413

 

$

 

29,604

 

$

 

45,014

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

22,136

 

 

 

25,144

 

 

 

21,260

 

 

$

 

55,252

 

$

 

65,549

 

$

 

54,748

 

$

 

66,274

 

 

Investments, other

The carrying value of other investments were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Mortgage loans, net

$

 

657,567

 

$

 

604,481

 

Policy loans

 

 

11,868

 

 

 

11,229

 

Other investments

 

 

8,819

 

 

 

18,226

 

 

$

 

678,254

 

$

 

633,936

 

 

Mortgage loans are carried at the unpaid balance, less an allowance for expected losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 3.5% to 7.7% with maturities between 2025 and 2036. The allowance for expected losses was $0.4 million for both March 31, 2025 and 2024. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2025. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area.

Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value.

Other equity investments are carried at cost and assessed for impairment.

Insurance policy loans are carried at their unpaid balance.
v3.25.1
Other Assets
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Other Assets

Note 7. Other Assets

Other assets were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deposits (debt-related)

$

 

30,472

 

$

 

27,712

 

Other real estate

 

 

41,271

 

 

 

67,946

 

Deposits (real estate related)

 

 

54,989

 

 

 

16,085

 

 

$

 

126,732

 

$

 

111,743

 
v3.25.1
Accounts Payable and Accrued Expense
 12 Months Ended
Mar. 31, 2025
Text Block [Abstract]  
Accounts Payable and Accrued Expense

Note 8. Accounts Payable and Accrued Expense

Accounts payable and accrued expenses were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accounts payable

$

 

263,280

 

$

 

240,053

 

Accrued expenses

 

 

557,620

 

 

 

543,031

 

 

$

 

820,900

 

$

 

783,084

 
v3.25.1
Net Investment and Interest Income
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Net Investment and Interest Income

Note 9. Net Investment and Interest Income

Net investment and interest income, were as follows:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Fixed maturities

$

 

113,304

 

$

 

105,089

 

$

 

171,814

 

Insurance policy loans

 

 

819

 

 

 

669

 

 

 

869

 

Mortgage loans

 

 

36,117

 

 

 

28,599

 

 

 

23,854

 

Short-term, amounts held by ceding reinsurers, net and other investments

 

 

10,161

 

 

 

20,377

 

 

 

(11,523

)

Investment income

 

 

160,401

 

 

 

154,734

 

 

 

185,014

 

Less: investment expenses

 

 

(8,427

)

 

 

(8,266

)

 

 

(8,335

)

Net investment and interest income

$

 

151,974

 

$

 

146,468

 

$

 

176,679

 
v3.25.1
Borrowings
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

Note 10. 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)

 

March 31, 2025

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loan (amortizing term) (a)

 

4.30

 

%

-

 

5.80

 

%

2027

 

2037

 

5.18

 

%

$

 

265,887

 

$

 

277,767

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

2026

-

2042

 

4.37

 

%

 

 

2,437,769

 

 

 

2,284,853

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

2027

 

—

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

2025

-

2031

 

5.29

 

%

 

 

125,839

 

 

 

70,454

 

Fleet loans (revolving credit) (b)

 

5.17

 

%

-

 

5.67

 

%

2027

-

2029

 

5.62

 

%

 

 

625,000

 

 

 

573,889

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

2025

-

2026

 

4.39

 

%

 

 

44,338

 

 

 

117,641

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

2025

-

2031

 

5.09

 

%

 

 

1,963,644

 

 

 

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

 

6.35

 

%

 

 

66,864

 

 

 

70,815

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

7,229,341

 

$

 

6,304,038

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,484

)

 

 

(32,676

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

$

 

7,193,857

 

$

 

6,271,362

 

 

(a)
Certain loans have interest rate swaps fixing the rate 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 an interest rate swap fixing the rate for relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.68% using the swap adjusted interest rate.
(c)
Weighted average rates as of March 31, 2025

Real Estate Backed Loans

Real Estate Loan

Certain subsidiaries of Real Estate and U-Haul Co. of Florida are borrowers under real estate loans. These loans require monthly or quarterly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans are secured by various properties owned by the borrowers. The interest rates, per the provisions of $189.4 million of these loans, are the applicable secured overnight funding rate (“SOFR”) plus the applicable margins and a credit spread adjustment of 0.10%. As of March 31, 2025, the applicable SOFR was 4.32% and the applicable margin was between 0.65% and 1.38%, the sum of which, including the credit spread, was between 5.07% and 5.80%. The remaining $76.5 million of these loans was fixed with an interest rate of 4.30%. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025.

Senior Mortgages

Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70% and 6.05%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025. There are limited restrictions regarding our use of the funds.

Real Estate Loans (Revolving Credit)

U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of March 31, 2025, the maximum credit commitment is $465.0 million. As of March 31, 2025, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025. There is a 0.25% fee charged for unused capacity.

Fleet Loans

Rental Truck Amortizing Loans

The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.61% and 6.02%. All of our rental truck amortizing loans are collateralized by the rental equipment purchased. The majority of these loans are funded at 70%, but some may be funded at 100%. U-Haul Holding Company, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025. The net book value of the corresponding rental equipment was $234.7 million and $155.8 million as of March 31, 2025 and 2024, respectively.

Rental Truck Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $635.0 million. The aggregate outstanding balance for these revolvers as of March 31, 2025 was $625.0 million. The interest rates, per the provision of the loan agreements, are SOFR plus the applicable margin and a credit spread adjustment of 0.10%. As of March 31, 2025, SOFR was between 4.32% and 4.35% and the margin was between 0.75% and 1.25%, the sum of which, including the credit spread, was between 5.17% and 5.67%. Of the $625.0 million outstanding, $187.5 million was fixed with an interest rate between 4.36% and 4.71%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $918.2 million and $756.5 million as of March 31, 2025 and 2024, respectively.

Finance Leases

The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms with interest rates ranging from 2.89% to 5.01%. All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $138.7 million and $289.3 million as of March 31, 2025 and March 31, 2024, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2025. The default provisions of the loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025.

Finance Liabilities

Finance liabilities represent our rental equipment financing transactions, and we assess if these sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, these sale-leasebacks are accounted for as a financial liability and the leased assets are capitalized at cost. Our finance liabilities have an average term of seven (7) years and interest rates ranging from 1.60% to 6.80%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $2,420.7 million and $1,989.8 million as of March 31, 2025 and March 31, 2024, respectively. The default provisions of the loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2025.

Private Placements

In September 2021, U-Haul Holding Company entered into a note purchase agreement to issue $600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes consist of four tranches each totaling $150.0 million and funded in September 2021. The fixed interest rates range between 2.43% and 2.78% with maturities between 2029 and 2033. Interest is payable semiannually. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2025.

In December 2021, U-Haul Holding Company entered into a note purchase agreement to issue $600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes consist of three tranches each totaling $100.0 million and two tranches each totaling $150.0 million. The fixed interest rates range between 2.55% and 2.88% with maturities between 2030 and 2035. Interest is payable semiannually. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2025.

On August 21, 2024, U-Haul Holding Company 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2025.

Other Obligations

In February 2011, U-Haul Holding Company and U.S. Bank Trust Company, NA, as successor in interest to U.S. Bank National Association (the “Trustee”), entered into the U-Haul Investors Club Indenture. U-Haul Holding Company and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes”). The U-Notes are secured by various types of collateral, including, but not limited to, certain rental equipment and real estate. U-Notes are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries.

As of March 31, 2025, the aggregate outstanding principal balance of the U-Notes issued was $68.4 million, of which $1.5 million is held by our insurance subsidiaries and eliminated in consolidation, and $20.5 million is held by related parties. Interest rates range between 1.50% and 8.00% and maturity dates range between 2025 and 2049.

Oxford is a member of the Federal Home Loan Bank ("FHLB") and, as such, the FHLB has made deposits with Oxford. As of December 31, 2024, the deposits had an aggregate balance of $85.0 million for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between March 31, 2025 and April 2, 2029. As of December 31, 2024, available-for-sale investments held with the FHLB totaled $213.4 million, of which $187.0 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within liabilities from investment contracts on the consolidated financial statements.

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 March 31, 2025 for the next five years and thereafter are as follows:

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

 

(In thousands)

 

Notes, loans and finance leases payable, secured

$

 

649,579

 

$

 

990,706

 

$

 

1,045,061

 

$

 

723,145

 

$

 

774,600

 

$

 

3,046,250

 

$

 

7,229,341

 
v3.25.1
Interest on Borrowings
 12 Months Ended
Mar. 31, 2025
Interest Expense, Borrowings [Abstract]  
Interest on Borrowings

Note 11. Interest on Notes, Loans and Finance Leases Payable, net

Interest Expense

Components of interest expense include the following:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Interest expense

$

 

308,925

 

$

 

269,941

 

$

 

229,559

 

Capitalized interest

 

 

(14,427

)

 

 

(14,482

)

 

 

(11,814

)

Amortization of transaction costs

 

 

5,658

 

 

 

6,131

 

 

 

6,987

 

Interest expense resulting from cash flow hedges

 

 

(4,440

)

 

 

(5,415

)

 

 

(774

)

Total interest expense

 

 

295,716

 

 

 

256,175

 

 

 

223,958

 

 

Interest paid in cash amounted to $301.7 million, $268.7 million and $225.8 million for fiscal 2025, 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($4.9) million, ($5.2) million and ($0.8) million, for fiscal 2025, 2024 and 2023, respectively.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Years Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the year

 

 

6.23

 

%

 

6.51

 

%

 

3.93

 

%

Interest rate at year end

 

 

5.62

 

%

 

6.61

 

%

 

5.89

 

%

Maximum amount outstanding during the year

$

 

765,000

 

$

 

715,000

 

$

 

1,105,000

 

 

Average amount outstanding during the year

$

 

652,215

 

$

 

631,653

 

$

 

824,211

 

 

Facility fees

$

 

1,083

 

$

 

1,139

 

$

 

733

 

 
v3.25.1
Derivatives
 12 Months Ended
Mar. 31, 2025
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives

Note 12. Derivatives

 

Cash Flow Hedges

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in SOFR swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges

 

 

 

 

 

 

Assets

$

 

4,381

 

$

 

8,392

 

Liabilities

$

 

777

 

$

 

—

 

Notional amount

$

 

376,887

 

$

 

297,867

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During fiscal years 2025, 2024 and 2023, we recognized an increase (decrease) in the fair value of our cash flow hedges of $3.7, $6.4 million and $5.0 million, respectively, net of taxes. During fiscal years 2025, 2024 and 2023, we reclassified ($10.1) million, ($4.1) million and ($0.8) million, respectively, from AOCI to interest expense, net of tax. As of March 31, 2025, we expect to reclassify $2.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

 

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other, on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy.

 

 

 

Derivatives Fair Values as of

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments

 

 

 

 

 

 

Assets

$

 

8,819

 

$

 

10,538

 

Notional amount

$

 

326,218

 

$

 

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 changes 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.
v3.25.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 13. Accumulated Other Comprehensive Income (Loss)

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

 

 

 

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 Income (Loss)

 

 

 

 

 

 

 

(In thousands)

 

Balance as of March 31, 2022

$

 

(55,757

)

$

 

56,737

 

$

 

(444

)

$

 

(2,442

)

$

 

(1,906

)

Foreign currency translation

 

 

(782

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(782

)

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

 

 

—

 

 

 

(289,477

)

 

 

—

 

 

 

—

 

 

 

(289,477

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

5,033

 

 

 

—

 

 

 

5,033

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(582

)

 

 

—

 

 

 

(582

)

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,091

 

 

 

2,091

 

Other comprehensive income (loss)

 

 

(782

)

 

 

(289,477

)

 

 

4,451

 

 

 

2,091

 

 

 

(283,717

)

Balance as of March 31, 2023

$

 

(56,539

)

$

 

(232,740

)

$

 

4,007

 

$

 

(351

)

$

 

(285,623

)

Foreign currency translation

 

 

2,832

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,832

 

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

 

 

—

 

 

 

55,857

 

 

 

—

 

 

 

—

 

 

 

55,857

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

6,410

 

 

 

—

 

 

 

6,410

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(4,087

)

 

 

—

 

 

 

(4,087

)

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,395

 

 

 

1,395

 

Other comprehensive income (loss)

 

 

2,832

 

 

 

55,857

 

 

 

2,323

 

 

 

1,395

 

 

 

62,407

 

Balance as of March 31, 2024

$

 

(53,707

)

$

 

(176,883

)

$

 

6,330

 

$

 

1,044

 

$

 

(223,216

)

Foreign currency translation

 

 

(3,833

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,833

)

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

 

 

—

 

 

 

2,563

 

 

 

—

 

 

 

—

 

 

 

2,563

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

3,705

 

 

 

—

 

 

 

3,705

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(10,091

)

 

 

—

 

 

 

(10,091

)

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,558

 

 

 

1,558

 

Other comprehensive income (loss)

 

 

(3,833

)

 

 

2,563

 

 

 

(6,386

)

 

 

1,558

 

 

 

(6,098

)

Balance as of March 31, 2025

$

 

(57,540

)

$

 

(174,320

)

$

 

(56

)

$

 

2,602

 

$

 

(229,314

)

(a) Liability for future policy benefits
v3.25.1
Stockholders' Equity
 12 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 14. Stockholders’ Equity

The following table lists the dividends that have been declared and issued for fiscal years 2025 and 2024.

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

March 5, 2025

$

 

0.05

 

 

March 17, 2025

 

March 28, 2025

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

March 6, 2024

$

 

0.05

 

 

March 18, 2024

 

March 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 March 31, 2025, no awards had been issued under the 2016 U-Haul Holding Company Stock Option Plan.
v3.25.1
Provision for Taxes
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Provision for Taxes

Note 15. Provision for Taxes

Earnings before taxes and the provision for taxes consisted of the following:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Pretax earnings:

 

 

 

 

U.S.

$

 

468,152

 

$

 

816,238

 

$

 

1,179,738

 

Non-U.S.

 

9,360

 

 

 

23,939

 

 

 

39,659

 

Total pretax earnings

$

 

477,512

 

$

 

840,177

 

$

 

1,219,397

 

 

 

 

 

 

 

 

 

 

 

Current provision

 

 

 

 

 

 

 

 

 

Federal

$

 

56,474

 

$

 

66,356

 

$

 

115,171

 

State

 

 

8,413

 

 

 

44,707

 

 

 

42,121

 

Non-U.S.

 

 

141

 

 

 

254

 

 

 

5,150

 

 

 

 

65,028

 

 

 

111,317

 

 

 

162,442

 

Deferred provision

 

 

 

 

 

 

 

 

 

Federal

 

 

36,070

 

 

 

88,549

 

 

 

114,355

 

State

 

 

6,357

 

 

 

6,542

 

 

 

14,077

 

Non-U.S.

 

 

2,967

 

 

 

5,062

 

 

 

4,051

 

 

 

 

45,394

 

 

 

100,153

 

 

 

132,483

 

 

 

 

 

 

 

 

 

 

 

Provision for income tax expense

$

 

110,422

 

$

 

211,470

 

$

 

294,925

 

 

 

 

 

 

 

 

 

 

 

Income taxes paid

$

 

95,391

 

$

 

68,623

 

$

 

145,680

 

 

The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:

 

 

 

Years Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

(In percentages)

 

 

Statutory federal income tax rate

 

21.00

 

%

 

21.00

 

%

 

21.00

 

%

Increase (reduction) in rate resulting from:

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

2.47

 

%

 

4.78

 

%

 

3.56

 

%

Foreign rate differential

 

 

0.24

 

%

 

0.03

 

%

 

0.08

 

%

Federal tax credits

 

 

(0.80

)

%

 

(0.58

)

%

 

(0.48

)

%

Tax-exempt income

 

 

(0.06

)

%

 

(0.04

)

%

 

(0.08

)

%

Dividend received deduction

 

 

(0.01

)

%

 

(0.01

)

%

 

(0.01

)

%

Other

 

 

0.28

 

%

 

(0.01

)

%

 

0.15

 

%

Effective income tax rate

 

 

23.12

 

%

 

25.17

 

%

 

24.22

 

%

 

Significant components of our deferred tax assets and liabilities were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

(In thousands)

 

Benefit of tax net operating loss, interest and credit carryforwards

$

 

45,140

 

$

 

36,978

 

Accrued expenses

 

 

120,725

 

 

 

108,512

 

Policy benefit and losses, claims and loss expenses payable, net

 

 

36,072

 

 

 

33,736

 

Unrealized losses on investments

 

 

35,272

 

 

 

32,856

 

Capitalized expenditures

 

 

12,241

 

 

 

8,969

 

Operating leases

 

 

9,849

 

 

 

11,521

 

Other

 

 

540

 

 

 

—

 

Total deferred tax assets

$

 

259,839

 

$

 

232,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Property, plant and equipment

$

 

1,728,789

 

$

 

1,655,074

 

Operating leases

 

 

9,628

 

 

 

11,214

 

Deferred policy acquisition costs

 

 

11,342

 

 

 

10,709

 

Other

 

 

—

 

 

 

2,700

 

Total deferred tax liabilities

 

 

1,749,759

 

 

 

1,679,697

 

Net deferred tax liability

$

 

1,489,920

 

$

 

1,447,125

 

 

The NOL, interest and credit carry-forwards in the above table are primarily attributable to state NOLs. As of March 31, 2025 and 2024, we had state NOLs of $816.8 million and $628.9 million, respectively, that will expire between fiscal 2026 and 2045 for most jurisdictions, if not utilized.

On March 3, 2021, the IRS notified us that our federal income tax returns for the tax years March 31, 2014, 2015, 2016, 2018 and 2019 were selected for examination. The examination eventually expanded to include all years March 31, 2012 through March 31, 2021. The examination was completed and report finalized in March 2024. As a result, we are owed $129 million which is reflected in prepaid expense, plus interest of $19.0 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is currently under review by the Joint Committee on Taxation.

No additional income taxes have been provided for any remaining undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable.

We account for uncertainty in income taxes by recognizing the tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits and expenses recognized in the consolidated financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

A reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period are as follows:

 

 

 

Unrecognized Tax Benefits

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Unrecognized tax benefits beginning balance

$

 

81,976

 

$

 

58,107

 

Additions based on tax positions related to the current year

 

 

7,215

 

 

 

10,202

 

Reductions for tax positions of prior years

 

 

(5,594

)

 

 

(27,536

)

Additions for tax provisions of prior years

 

 

—

 

 

 

41,203

 

Unrecognized tax benefits ending balance

$

 

83,597

 

$

 

81,976

 

 

Included in the balance of unrecognized tax benefits as of March 31, 2025 and March 31, 2024 are $66.0 million and $64.8 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate.

We recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expenses. As of March 31, 2025 and 2024, the amount of interest accrued on unrecognized tax benefits was $13.3 million and $9.6 million, respectively, net of tax. During the current year, we recorded a benefit from interest in the amount of $3.7 million, net of tax. At March 31, 2025 and 2024, the amount of penalties accrued on unrecognized tax benefits was $21.8 million and $20.2 million. During the current year, we recorded expense from penalties in the amount of $1.6 million. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within 12 months of the reporting date.

We file income tax returns in the U.S. federal jurisdiction, and various states and Canadian jurisdictions. While the Company has ongoing audits in various state jurisdictions, there have been no proposed or anticipated adjustments that would materially impact the consolidated financial statements. Our tax years remain open for examination by federal authorities for three years, state authorities for three to four years and Canadian authorities for four years.

The Canadian government has issued draft Pillar Two legislation (Global Minimum Tax Act), on June 20, 2024, that includes the Income Inclusion Rule and Qualified Domestic Minimum Top-Up Tax. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which we operate are above the 15% minimum tax rate. We will continue to evaluate the legislation but do not expect the rules to have an impact on the income tax provision or cash taxes.

v3.25.1
Employee Benefit Plans
 12 Months Ended
Mar. 31, 2025
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 16. Employee Benefit Plans

Profit Sharing Plans

We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2025, 2024 or 2023.

We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986.

ESOP Plan

We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2021 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $30.2 million, $23.9 million

and $22.1 million for fiscal 2025, 2024 and 2023, respectively, which are included in operating expenses in the consolidated statements of operations.

In fiscal 2025, 2024 and 2023, the Company made non-leveraged contributions of $30.2 million, $23.9 million and $22.1 million, respectively to the Plan Trust. During fiscal 2025 and 2024 and 2023 ESOP purchased for allocation 469,998, 365,544 and 424,484, respectively of non-leveraged Non-Voting Common Stock shares.

Shares held by the ESOP were as follows:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Allocated shares - Voting Common Stock

 

 

733

 

 

 

777

 

Allocated shares - Non-Voting Common Stock

 

 

7,845

 

 

 

7,778

 

 

Post Retirement and Post Employment Benefits

We provide a health reimbursement benefit to our eligible U.S. employees and their legal spouses upon retirement from the Company. For retirees between the ages of 62-64 with 35 or more years of full-time service, or ages 65 or higher with 25 or more years of full-time service or who were born in 1960 or earlier and hired in 2005 or earlier with 20 years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $20,000 lifetime maximum per covered person. Reimbursements are for amounts requested that are paid out of pocket after Medicare and any other medical policies in force.

In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $3,000 plus $100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures.

The components of net periodic post retirement benefit cost were as follows:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Service cost for benefits earned during the period

 

$

982

 

$

 

1,188

 

$

 

1,326

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,499

 

 

 

1,469

 

 

 

1,148

 

Other components

 

 

(11

)

 

 

(11

)

 

 

68

 

Total other components of net periodic benefit costs

 

 

1,488

 

 

 

1,458

 

 

 

1,216

 

Net periodic postretirement benefit cost

 

$

2,470

 

$

 

2,646

 

$

 

2,542

 

 

The fiscal 2025 and fiscal 2024 post retirement benefit liability included the following components:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Beginning of year

$

 

28,326

 

$

 

28,770

 

Service cost for benefits earned during the period

 

 

982

 

 

 

1,188

 

Interest cost on accumulated post retirement benefit

 

 

1,499

 

 

 

1,469

 

Net benefit payments and expense

 

 

(1,327

)

 

 

(1,240

)

Actuarial gain

 

 

(496

)

 

 

(1,861

)

Prior service credit

 

 

(1,579

)

 

 

—

 

Accumulated postretirement benefit obligation

 

 

27,405

 

 

 

28,326

 

 

 

 

 

 

 

 

Current liabilities

 

 

1,790

 

 

 

1,741

 

Non-current liabilities

 

 

25,614

 

 

 

26,585

 

 

 

 

 

 

 

 

Total post retirement benefit liability recognized in statement of financial position

 

 

27,404

 

 

 

28,326

 

Components included in accumulated other comprehensive income (loss):

 

 

 

 

 

 

Unrecognized net loss

 

 

3,449

 

 

 

1,385

 

Cumulative net periodic benefit cost (in excess of employer contribution)

$

 

30,853

 

$

 

29,711

 

 

The discount rate assumptions in computing the information above were as follows:

 

 

 

Years Ended March 31,

 

 

2025

2024

2023

 

 

(In percentages)

 

 

Accumulated postretirement benefit obligation

 

 

5.45

 

%

 

5.34

 

%

 

5.08

 

%

 

In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2025 was 5.8% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2047. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2024 (and used to measure the fiscal 2025 net periodic benefit cost) was 5.9% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2047.

Post-employment benefits provided by us, other than upon retirement, are not material.

Future net benefit payments are expected as follows:

 

 

 

Future Net Benefit Payments

 

 

 

(In thousands)

 

Year-ended:

 

 

 

2026

$

 

1,789

 

2027

 

 

2,010

 

2028

 

 

2,211

 

2029

 

 

2,387

 

2030

 

 

2,596

 

2031 Through 2035

 

 

13,158

 

Total

$

 

24,151

 

 
v3.25.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 17. 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 pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of March 31, 2025 and March 31, 2024, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

$

 

2,479,498

 

$

 

—

 

$

 

2,479,498

 

$

 

—

 

Preferred stock

 

 

22,136

 

 

 

22,136

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,413

 

 

 

43,413

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,200

 

 

 

8,819

 

 

 

4,381

 

 

 

—

 

Total

$

 

2,558,247

 

$

 

74,368

 

$

 

2,483,879

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

 

777

 

$

 

—

 

$

 

777

 

$

 

—

 

Embedded derivatives

 

 

8,693

 

 

 

—

 

 

 

—

 

 

 

8,693

 

Market risk benefits

 

 

13,432

 

 

 

—

 

 

 

—

 

 

 

13,432

 

Total

$

 

22,902

 

$

 

—

 

$

 

777

 

$

 

22,125

 

 

 

As of March 31, 2024

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

$

 

2,442,504

 

$

 

—

 

$

 

2,442,446

 

$

 

58

 

Preferred stock

 

 

21,260

 

 

 

21,260

 

 

 

—

 

 

 

—

 

Common stock

 

 

45,014

 

 

 

45,014

 

 

 

—

 

 

 

—

 

Derivatives

 

 

18,930

 

 

 

10,538

 

 

 

8,392

 

 

 

—

 

Total

$

 

2,527,708

 

$

 

76,812

 

$

 

2,450,838

 

$

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivatives

 

$

9,300

 

 

$

—

 

 

$

—

 

 

$

9,300

 

Market risk benefits

 

 

13,400

 

 

 

—

 

 

 

—

 

 

 

13,400

 

Total

 

$

22,700

 

 

$

—

 

 

$

—

 

 

$

22,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $700.0 million and $1,173.6 million as of March 31, 2025 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.

The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.

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 March 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

$

 

195,710

 

$

 

—

 

$

 

—

 

$

 

195,710

 

$

 

195,710

 

Mortgage loans, net

 

 

657,567

 

 

 

—

 

 

 

—

 

 

 

639,162

 

 

 

639,162

 

Other investments

 

 

11,868

 

 

 

—

 

 

 

—

 

 

 

11,868

 

 

 

11,868

 

Total

$

 

865,145

 

$

 

—

 

$

 

—

 

$

 

846,740

 

$

 

846,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

$

 

7,229,341

 

$

 

—

 

$

 

6,703,510

 

$

 

—

 

$

 

6,703,510

 

Liabilities from investment contracts

 

 

2,502,729

 

 

 

—

 

 

 

—

 

 

 

2,436,537

 

 

 

2,436,537

 

Total

$

 

9,732,070

 

$

 

—

 

$

 

6,703,510

 

$

 

2,436,537

 

$

 

9,140,047

 

 
v3.25.1
Leases
 12 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

Note 18. Leases

We have lease agreements with lease and non-lease components, which are not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease right-of-use ("ROU") assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. These leases, which are comprised

primarily of storage rental locations, can have lease terms generally between 2 and 20 years. Covenants include the Company’s responsibility for all maintenance and repairs during the term of the agreement.

Our equipment sale/leaseback transactions do not qualify as a sale. Equipment leases prior to adoption of ASC 842 were recorded as capital leases and classified as finance lease ROU assets and liabilities upon adoption. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms are generally 7 years, may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements for additional information.

The following table shows the components of our ROU assets, net:

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

 

Operating

 

 

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

 

—

 

 

$

 

71,330

 

 

$

 

71,330

 

Furniture and equipment

 

 

61

 

 

 

 

—

 

 

 

 

61

 

Rental trailers and other rental equipment

 

 

58,071

 

 

 

 

—

 

 

 

 

58,071

 

Rental trucks

 

309,475

 

 

 

 

—

 

 

 

 

309,475

 

Right-of-use assets, gross

 

367,607

 

 

 

 

71,330

 

 

 

 

438,937

 

Less: Accumulated depreciation

 

(228,909

)

 

 

 

(25,305

)

 

 

 

(254,214

)

Right-of-use assets, net

$

 

138,698

 

 

$

 

46,025

 

 

$

 

184,723

 

 

 

 

As of March 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(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 March 31, 2025 and 2024, we had finance lease liabilities for the ROU assets, net of $44.3 million and $117.6 million, respectively, included in notes, loans and finance leases payable, net.

 

 

 

Financing leases

 

 

 

 

March 31,

 

 

 

 

2025

 

 

 

2024

 

 

Weighted average remaining lease term (years)

 

 

0.6

 

 

 

 

1

 

 

Weighted average discount rate

 

 

4.4

 

%

 

 

4.1

 

%

 

 

 

Operating leases

 

 

 

 

March 31,

 

 

 

 

2025

 

 

 

2024

 

 

Weighted average remaining lease term (years)

 

 

24.1

 

 

 

 

21.9

 

 

Weighted average discount rate

 

 

4.6

 

%

 

 

4.6

 

%

 

For fiscal years 2025, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $20.8 million, $33.8 million and $32.1 million, respectively, and our financing cash flow activities were $73.3 million, $105.6 million and $124.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.2 million, $48.8 million and $9.5 million for fiscal years 2025, 2024 and 2023, respectively.

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

 

 

 

Twelve Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

$

 

22,907

 

$

 

34,609

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

$

 

29,014

 

$

 

55,085

 

Interest on lease liabilities

 

 

3,666

 

 

 

6,990

 

Total finance lease cost

$

 

32,680

 

$

 

62,075

 

 

The short-term lease costs for fiscal years 2025 and 2024 were not material.

 

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2026

$

 

45,531

 

$

 

10,586

 

2027

 

 

—

 

 

 

8,171

 

2028

 

 

—

 

 

 

6,805

 

2029

 

 

—

 

 

 

5,220

 

2030

 

 

—

 

 

 

3,949

 

Thereafter

 

 

—

 

 

 

57,276

 

Total lease payments

 

 

45,531

 

 

 

92,007

 

Less: imputed interest

 

 

(1,193

)

 

 

(45,034

)

Present value of lease liabilities

$

 

44,338

 

$

 

46,973

 
v3.25.1
Contingencies
 12 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

Note 19. 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 two unique passwords were compromised and 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 management’s opinion, none of such other litigation and claims will have a material effect on our financial position and results of operations.
v3.25.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 20. 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 Revenues

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

$

 

29,903

 

$

 

29,702

 

$

 

29,825

 

U-Haul management fee revenue from Mercury

 

 

6,908

 

 

 

7,302

 

 

 

7,248

 

 

$

 

36,811

 

$

 

37,004

 

$

 

37,073

 

 

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 $37.1 million, $37.2 million and $37.0 million from the above-mentioned entities during fiscal 2025, 2024 and 2023, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

During the fourth quarter of fiscal 2024, Mercury exercised their 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 fiscal 2025 that will continue going forward as a result of this transaction. Self-moving and self-storage products and service sales along with the associated cost of product 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. 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.

From an operational standpoint our customers will not recognize any changes to the services they receive from these locations.

Related Party Costs and Expenses

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

$

 

2,416

 

$

 

2,416

 

$

 

2,416

 

U-Haul printing expenses to Blackwater

 

 

4,624

 

 

 

3,681

 

 

 

—

 

U-Haul commission expenses to Blackwater

 

 

83,685

 

 

 

82,095

 

 

 

88,067

 

U-Haul lease expenses to Mercury

 

 

152

 

 

 

25

 

 

 

—

 

U-Haul commission expenses to Mercury

 

 

22,530

 

 

 

1,893

 

 

 

—

 

 

$

 

113,407

 

$

 

90,110

 

$

 

90,483

 

 

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 March 31, 2025, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries 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 $36.8 million, $29.7 million and $29.8 million, expenses of $7.2 million, $2.4 million and $2.4 million and cash flows of $34.5 million, $27.3 million and $27.4 million during fiscal 2025, 2024 and 2023, respectively. Revenues were $512.8 million, $384.5 million and $418.9 million and commission expenses were $106.2 million, $82.1 million and $88.1 million, respectively, related to Dealer Agreements for fiscal 2025, 2024 and 2023.

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

We determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater or in Mercury.

Related Party Assets

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

$

 

28,442

 

$

 

31,950

 

U-Haul receivable from Mercury

 

 

12,517

 

 

 

24,536

 

Other (a)

 

 

4,044

 

 

 

1,448

 

 

$

 

45,003

 

$

 

57,934

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.1
Reportable Segment Information
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]

Note 21. Reportable Segment Information

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting process and as a basis for making decisions about allocating capital and other resources to each segment.

U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:

 

•
Moving and Storage 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.

 

•
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 Safehaul protection packages to U-Haul customers.

 

•
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.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

 

We track revenues separately, but do not report any separate measure of the profitability for rental equipment rentals, 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 net earnings available to common stockholders by reportable segment for the year ended March 31, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,492,774

 

$

 

125,164

 

$

 

221,869

 

$

 

(11,142

)

(b,c)

$

 

5,828,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,191,084

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,191,084

 

Equipment maintenance and repair expenses

 

 

785,592

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

785,592

 

Other operating expenses

 

 

278,450

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

278,450

 

Other segment items

 

 

953,514

 

 

 

47,729

 

 

 

26,331

 

 

 

(7,229

)

(b,c)

 

 

1,020,345

 

Operating expenses

 

 

3,208,640

 

 

 

47,729

 

 

 

26,331

 

 

 

(7,229

)

 

 

 

3,275,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

407,368

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

407,368

 

Cost of product sales

 

 

234,145

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

234,145

 

Benefits and losses

 

 

—

 

 

 

22,313

 

 

 

160,436

 

 

 

—

 

 

 

 

182,749

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

18,333

 

 

 

—

 

 

 

 

18,333

 

Lease expense

 

 

22,907

 

 

 

377

 

 

 

127

 

 

 

(2,908

)

(b)

 

 

20,503

 

Depreciation, net of (gains) losses on disposal

 

 

958,184

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

958,184

 

Net (gains) losses on disposal of real estate

 

 

15,758

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

15,758

 

Total costs and expenses

 

 

4,847,002

 

 

 

70,419

 

 

 

205,227

 

 

 

(10,137

)

 

 

 

5,112,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

645,772

 

 

 

54,745

 

 

 

16,642

 

 

 

(1,005

)

 

 

 

716,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

55,280

 

 

 

—

 

 

 

—

 

 

 

(55,280

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

701,052

 

 

 

54,745

 

 

 

16,642

 

 

 

(56,285

)

 

 

 

716,154

 

Other components of net periodic benefit costs

 

 

(1,488

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,488

)

Other interest income

 

 

59,489

 

 

 

—

 

 

 

—

 

 

 

(432

)

(b)

 

 

59,057

 

Interest expense

 

 

(296,721

)

 

 

—

 

 

 

(432

)

 

 

1,437

 

(b)

 

 

(295,716

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

461,837

 

 

 

54,745

 

 

 

16,210

 

 

 

(55,280

)

 

 

 

477,512

 

Income tax expense

 

 

(94,747

)

 

 

(11,693

)

 

 

(3,982

)

 

 

—

 

 

 

 

(110,422

)

Net earnings available to common stockholders

$

 

367,090

 

$

 

43,052

 

$

 

12,228

 

$

 

(55,280

)

 

$

 

367,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2024 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,294,928

 

$

 

123,085

 

$

 

219,202

 

$

 

(11,541

)

(b,c)

$

 

5,625,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,134,334

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,134,334

 

Equipment maintenance and repair expenses

 

 

828,725

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

828,725

 

Other operating expenses

 

 

213,423

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

213,423

 

Other segment items

 

 

890,210

 

 

 

48,332

 

 

 

19,594

 

 

 

(8,147

)

(b,c)

 

 

949,989

 

Operating expenses

 

 

3,066,692

 

 

 

48,332

 

 

 

19,594

 

 

 

(8,147

)

 

 

 

3,126,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

384,079

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

384,079

 

Cost of product sales

 

 

241,563

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

241,563

 

Benefits and losses

 

 

—

 

 

 

11,878

 

 

 

155,157

 

 

 

—

 

 

 

 

167,035

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

24,238

 

 

 

—

 

 

 

 

24,238

 

Lease expense

 

 

34,609

 

 

 

366

 

 

 

61

 

 

 

(2,382

)

(b)

 

 

32,654

 

Depreciation, net of (gains) losses on disposal

 

 

663,931

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

663,931

 

Net (gains) losses on disposal of real estate

 

 

7,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

7,914

 

Total costs and expenses

 

 

4,398,788

 

 

 

60,576

 

 

 

199,050

 

 

 

(10,529

)

 

 

 

4,647,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

896,140

 

 

 

62,509

 

 

 

20,152

 

 

 

(1,012

)

 

 

 

977,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

65,109

 

 

 

—

 

 

 

—

 

 

 

(65,109

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

961,249

 

 

 

62,509

 

 

 

20,152

 

 

 

(66,121

)

 

 

 

977,789

 

Other components of net periodic benefit costs

 

 

(1,458

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,458

)

Other interest income

 

 

120,501

 

 

 

—

 

 

 

—

 

 

 

(480

)

(b)

 

 

120,021

 

Interest expense

 

 

(257,187

)

 

 

—

 

 

 

(480

)

 

 

1,492

 

(b)

 

 

(256,175

)

Pretax earnings

 

 

823,105

 

 

 

62,509

 

 

 

19,672

 

 

 

(65,109

)

 

 

 

840,177

 

Income tax expense

 

 

(194,398

)

 

 

(12,931

)

 

 

(4,141

)

 

 

—

 

 

 

 

(211,470

)

Net earnings available to common stockholders

$

 

628,707

 

$

 

49,578

 

$

 

15,531

 

$

 

(65,109

)

 

$

 

628,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2023 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,567,714

 

$

 

103,512

 

$

 

206,100

 

$

 

(12,635

)

(b,c)

$

 

5,864,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,084,220

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,084,220

 

Equipment maintenance and repair expenses

 

 

795,758

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

795,758

 

Other operating expenses

 

 

196,522

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

196,522

 

Other segment items

 

 

890,482

 

 

 

45,035

 

 

 

21,115

 

 

 

(8,585

)

(b,c)

 

 

948,047

 

Operating expenses

 

 

2,966,982

 

 

 

45,035

 

 

 

21,115

 

 

 

(8,585

)

 

 

 

3,024,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

416,315

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

416,315

 

Cost of product sales

 

 

263,026

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

263,026

 

Benefits and losses

 

 

—

 

 

 

21,535

 

 

 

142,544

 

 

 

—

 

 

 

 

164,079

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

27,924

 

 

 

—

 

 

 

 

27,924

 

Lease expense

 

 

32,878

 

 

 

372

 

 

 

108

 

 

 

(2,529

)

(b)

 

 

30,829

 

Depreciation, net of (gains) losses on disposal

 

 

486,795

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

486,795

 

Net (gains) losses on disposal of real estate

 

 

5,596

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

5,596

 

Total costs and expenses

 

 

4,171,592

 

 

 

66,942

 

 

 

191,691

 

 

 

(11,114

)

 

 

 

4,419,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

1,396,122

 

 

 

36,570

 

 

 

14,409

 

 

 

(1,521

)

 

 

 

1,445,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

41,201

 

 

 

—

 

 

 

—

 

 

 

(41,201

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

1,437,323

 

 

 

36,570

 

 

 

14,409

 

 

 

(42,722

)

 

 

 

1,445,580

 

Other components of net periodic benefit costs

 

 

(1,216

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,216

)

Other interest income

 

 

(224,999

)

 

 

—

 

 

 

(480

)

 

 

1,521

 

(b)

 

 

(223,958

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(1,009

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,009

)

Pretax earnings

 

 

1,210,099

 

 

 

36,570

 

 

 

13,929

 

 

 

(41,201

)

 

 

 

1,219,397

 

Income tax expense

 

 

(285,627

)

 

 

(6,815

)

 

 

(2,483

)

 

 

—

 

 

 

 

(294,925

)

Net earnings available to common stockholders

$

 

924,472

 

$

 

29,755

 

$

 

11,446

 

$

 

(41,201

)

 

$

 

924,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

Gross capital expenditures by reportable segment as of March 31, 2025, 2024 and 2023 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures as of March 31, 2025

 

$

3,457,124

 

 

$

-

 

 

$

-

 

 

$

(4,643

)

 

$

3,452,481

 

Gross capital expenditures as of March 31, 2024

 

$

2,992,898

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,992,898

 

Gross capital expenditures as of March 31, 2023

 

$

2,726,967

 

 

$

-

 

 

$

-

 

 

$

(3,066

)

 

$

2,723,901

 

 

Total assets by reportable segment as of March 31, 2025, 2024 and 2023 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

Total assets as of March 31, 2024

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 

Total assets as of March 31, 2023

 

$

15,211,493

 

 

$

459,897

 

 

$

2,891,574

 

 

$

(462,230

)

 

$

18,100,734

 
v3.25.1
Financial Information by Geographic Area Data
 12 Months Ended
Mar. 31, 2025
Segments, Geographical Areas [Abstract]  
Financial Information by Geographic Area

Note 22. Financial Information by Geographic Area

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,530,009

 

$

 

298,656

 

$

 

5,828,665

 

Depreciation and amortization, net of gains on disposal

 

 

956,858

 

 

 

35,417

 

 

 

992,275

 

Interest expense

 

 

293,712

 

 

 

2,004

 

 

 

295,716

 

Pretax earnings

 

 

468,152

 

 

 

9,360

 

 

 

477,512

 

Income tax expense

 

 

107,314

 

 

 

3,108

 

 

 

110,422

 

Identifiable assets

 

 

19,564,233

 

 

 

914,937

 

 

 

20,479,170

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,337,502

 

$

 

288,172

 

$

 

5,625,674

 

Depreciation and amortization, net of gains on disposal

 

 

690,429

 

 

 

5,654

 

 

 

696,083

 

Interest expense

 

 

253,388

 

 

 

2,787

 

 

 

256,175

 

Pretax earnings

 

 

816,238

 

 

 

23,939

 

 

 

840,177

 

Income tax expense

 

 

206,154

 

 

 

5,316

 

 

 

211,470

 

Identifiable assets

 

 

18,256,637

 

 

 

802,121

 

 

 

19,058,758

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,570,264

 

$

 

294,427

 

$

 

5,864,691

 

Depreciation and amortization, net of gains on disposal

 

 

514,043

 

 

 

6,272

 

 

 

520,315

 

Interest expense

 

 

221,008

 

 

 

2,950

 

 

 

223,958

 

Pretax earnings

 

 

1,179,738

 

 

 

39,659

 

 

 

1,219,397

 

Income tax expense

 

 

285,724

 

 

 

9,201

 

 

 

294,925

 

Identifiable assets

 

 

17,429,101

 

 

 

671,633

 

 

 

18,100,734

 
v3.25.1
Revenue Recognition
 12 Months Ended
Mar. 31, 2025
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

Note 23. Revenue Recognition

Revenue Recognized in Accordance with ASC 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 entered 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 or liabilities for both fiscal 2025 and 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 for hitches 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. 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 consolidated financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided, see Note 20, Related Party Transactions of the Notes to Consolidated Financial Statements. 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.

Other revenue consists of various other 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 portable moving and storage units 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 consisting of access to a marketplace 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 $130.1 and $119.7 million for the years ended March 31, 2025 and 2024, respectively.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the $51.2 million and $52.3 million recorded as unearned revenues as of March 31, 2024 and 2023, $49.6 million and $51.2 million, respectively was recognized as revenue for the years ended March 31, 2025 and 2024, respectively.

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 18, 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 and these are included in self-storage revenues.

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 Ended March 31,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

$

 

5,029

 

$

 

—

 

$

 

—

 

$

 

—

 

$

 

—

 

$

 

—

 

Property lease revenues

 

 

22,346

 

 

 

14,248

 

 

 

10,162

 

 

 

7,148

 

 

 

5,279

 

 

 

26,688

 

Total

$

 

27,375

 

$

 

14,248

 

$

 

10,162

 

$

 

7,148

 

$

 

5,279

 

$

 

26,688

 

 

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, the revenue is disaggregated by timing of revenue recognition:

 

 

 

Years Ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Revenues recognized over time

$

 

344,401

 

$

 

312,659

 

$

 

320,822

 

Revenues recognized at a point in time

 

 

390,592

 

 

 

401,743

 

 

 

425,584

 

Total revenues recognized under ASC 606

$

 

734,993

 

$

 

714,402

 

$

 

746,406

 

 

 

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

$

 

4,753,584

 

$

 

4,575,486

 

$

 

4,744,746

 

Insurance premium revenues recognized under ASC 944

 

 

188,114

 

 

 

189,318

 

 

 

196,860

 

Net investment and interest income recognized under other topics

 

 

151,974

 

 

 

146,468

 

 

 

176,679

 

Total revenues

$

 

5,828,665

 

$

 

5,625,674

 

$

 

5,864,691

 

 

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

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

v3.25.1
Allowance for Credit Losses
 12 Months Ended
Mar. 31, 2025
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

Note 24. Allowance for Credit Losses

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 March 31, 2025 and March 31, 2024. As of March 31, 2025 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 March 31, 2025.

Reinsurance Recoverables

Reinsurance recoverable on paid and unpaid benefits was less than 1% of the total assets as of March 31, 2025 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premiums receivables were $4.1 million and $1.1 million as of March 31, 2025 and 2024, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t 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

 

 

Fixed Maturity Securities

 

 

Investments, other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

10,534

 

 

 

2,052

 

 

 

(369

)

 

 

12,217

 

Write-offs against allowance

 

 

(11,688

)

 

 

—

 

 

 

—

 

 

 

(11,688

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2025

$

 

5,082

 

$

 

3,104

 

$

 

448

 

$

 

8,634

 

 
v3.25.1
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable
 12 Months Ended
Mar. 31, 2025
Disclosure Text Block [Abstract]  
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

Note 25. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis.

 

 

 

Direct
Amount (a)

 

 

Ceded to
Other
Companies

 

 

Assumed
from Other
Companies

 

 

Net
Amount (a)

 

Percentage
of
Amount
Assumed to
Net

 

 

 

 

(In thousands)

 

 

Year ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

857,756

 

$

 

47

 

$

 

246,552

 

$

 

1,104,261

 

 

22

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

46,038

 

$

 

—

 

$

 

4,519

 

$

 

50,557

 

 

9

 

%

Accident and health

 

 

32,239

 

 

 

84

 

 

 

590

 

 

 

32,745

 

 

2

 

%

Annuity

 

 

254

 

 

 

—

 

 

 

151

 

 

 

405

 

 

37

 

%

Property and casualty

 

 

98,900

 

 

 

—

 

 

 

—

 

 

 

98,900

 

 

—

 

%

Total

$

 

177,431

 

$

 

84

 

$

 

5,260

 

$

 

182,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

909,894

 

$

 

48

 

$

 

278,445

 

$

 

1,188,291

 

 

23

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

49,184

 

$

 

1

 

$

 

4,183

 

$

 

53,366

 

 

8

 

%

Accident and health

 

 

35,324

 

 

 

95

 

 

 

844

 

 

 

36,073

 

 

2

 

%

Annuity

 

 

157

 

 

 

—

 

 

 

149

 

 

 

306

 

 

49

 

%

Property and casualty

 

 

94,802

 

 

 

—

 

 

 

—

 

 

 

94,802

 

 

—

 

%

Total

$

 

179,467

 

$

 

96

 

$

 

5,176

 

$

 

184,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

970,454

 

$

 

48

 

$

 

304,891

 

$

 

1,275,297

 

 

24

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

52,298

 

$

 

1

 

$

 

4,181

 

$

 

56,478

 

 

7

 

%

Accident and health

 

 

41,354

 

 

 

152

 

 

 

983

 

 

 

42,185

 

 

2

 

%

Annuity

 

 

80

 

 

 

—

 

 

 

406

 

 

 

486

 

 

84

 

%

Property and casualty

 

 

96,242

 

 

 

—

 

 

 

—

 

 

 

96,242

 

 

—

 

%

Total

$

 

189,974

 

$

 

153

 

$

 

5,570

 

$

 

195,391

 

 

 

 

 

(a)
Balances are reported net of inter-segment transactions.

Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Unpaid losses and loss adjustment expense

$

 

125,605

 

$

 

131,192

 

Reinsurance losses payable

 

 

1,247

 

 

 

1,287

 

Total

$

 

126,852

 

$

 

132,479

 

 

Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Balance at January 1

$

 

131,192

 

$

 

151,874

 

$

 

159,162

 

Less: reinsurance recoverable

 

 

36,188

 

 

 

41,329

 

 

 

47,394

 

Net balance at January 1

 

 

95,004

 

 

 

110,545

 

 

 

111,768

 

Incurred related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

30,293

 

 

 

25,396

 

 

 

27,570

 

Prior years

 

 

(7,663

)

 

 

(13,153

)

 

 

(5,828

)

Total incurred

 

 

22,630

 

 

 

12,243

 

 

 

21,742

 

Paid related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

10,221

 

 

 

9,414

 

 

 

10,572

 

Prior years

 

 

14,177

 

 

 

18,369

 

 

 

12,393

 

Total paid

 

 

24,398

 

 

 

27,783

 

 

 

22,965

 

Net balance at December 31

 

 

93,236

 

 

 

95,004

 

 

 

110,545

 

Plus: reinsurance recoverable

 

 

32,369

 

 

 

36,188

 

 

 

41,329

 

Balance at December 31

$

 

125,605

 

$

 

131,192

 

$

 

151,874

 

 

The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $32.4 million, $36.2 million and $41.3 million for fiscal 2025, 2024 and 2023, respectively) decreased by $5.6 million, $20.7 million and $7.3 million for fiscal 2025, 2024 and 2023, respectively. The prior period favorable development for fiscal 2025 was driven primarily by excess workers’ compensation claims, supplemental liability claims and commercial automobile claims. The prior period favorable development for fiscal 2024 and 2023 were driven primarily by excess workers’ compensation claims. These changes are a result of ongoing analysis of claims emergence patterns and loss trends.

To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses.

The information about property and casualty incurred and paid loss and loss adjustment expense development for fiscal 2019 through 2025 and the average annual percentage payout of incurred claims by age as of fiscal 2025, is presented as supplementary information. Claims data for fiscal 2019 through 2024 is unaudited. Claims data for fiscal 2025 is audited.

 

Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred-but-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not-Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development

 

 

Number of

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

on Reported

 

 

Reported

 

Year

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

Claims

 

 

Claims

 

 

 

(In thousands, except claim counts)

 

 

 

 

2019

 

 

19,580

 

 

 

18,386

 

 

 

18,027

 

 

 

17,157

 

 

 

16,819

 

 

 

16,856

 

 

 

16,885

 

 

 

—

 

 

 

12,221

 

2020

 

 

 

 

 

22,138

 

 

 

26,316

 

 

 

27,316

 

 

 

27,831

 

 

 

27,793

 

 

 

25,766

 

 

 

481

 

 

 

12,042

 

2021

 

 

 

 

 

 

 

 

20,671

 

 

 

17,485

 

 

 

17,107

 

 

 

14,561

 

 

 

14,005

 

 

 

—

 

 

 

11,556

 

2022

 

 

 

 

 

 

 

 

 

 

 

28,982

 

 

 

25,337

 

 

 

24,484

 

 

 

22,404

 

 

 

2,000

 

 

 

14,200

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,570

 

 

 

28,436

 

 

 

27,698

 

 

 

3,540

 

 

 

13,176

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,396

 

 

 

25,611

 

 

 

5,912

 

 

 

14,073

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,293

 

 

 

9,993

 

 

 

12,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

21,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents paid claims development as of fiscal 2025 net of reinsurance. Claims data for fiscal 2019 through 2024 is unaudited. Claims data for fiscal 2025 is audited.

 

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

 

 

 

 

 

 

 

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

2019

 

 

8,838

 

 

 

12,689

 

 

 

15,150

 

 

 

16,766

 

 

 

16,809

 

 

 

16,851

 

 

 

16,885

 

2020

 

 

 

 

 

7,366

 

 

 

14,737

 

 

 

19,215

 

 

 

21,598

 

 

 

25,122

 

 

 

25,239

 

2021

 

 

 

 

 

 

 

 

7,665

 

 

 

11,114

 

 

 

12,521

 

 

 

13,510

 

 

 

14,005

 

2022

 

 

 

 

 

 

 

 

 

 

 

11,040

 

 

 

14,831

 

 

 

16,829

 

 

 

18,550

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,572

 

 

 

18,444

 

 

 

22,266

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,414

 

 

 

14,336

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

121,503

 

 

 

All outstanding liabilities before 2019, net of reinsurance

 

 

 

 

 

 

52,077

 

 

 

Liabilities for claims and claim adjustment expenses, net of reinsurance

 

 

 

93,236

 

 

 

 

 

 

 

 

 

 

The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:

 

 

 

March 31, 2025

 

 

 

(In thousands)

 

Liabilities for unpaid Property and Casualty claims

 

 

 

and claim adjustment expenses, net of reinsurance

$

 

93,236

 

 

 

 

 

Total reinsurance recoverable on unpaid

 

 

 

Property and Casualty claims

$

 

32,369

 

 

 

 

 

Total gross liability for unpaid Property and Casualty

 

 

 

claims and claim adjustment expense

$

 

125,605

 

 

The following is supplementary information about average historical claims duration as of March 31, 2025. The following is unaudited.

 

Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance

 

 

(In percentages)

 

 

Years

 

1

 

 

2

 

 

3

 

 

4

 

 

5

 

 

6

 

 

7

 

 

Property and Casualty Insurance

 

 

41.9

 

%

 

23.4

 

%

 

12.9

 

%

 

8.4

 

%

 

5.8

 

%

 

0.4

 

%

 

0.2

 

%
v3.25.1
Deferred Policy Acquisition Costs, Net
 12 Months Ended
Mar. 31, 2025
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 periods ended March 31, 2025 and 2024.

 

 

 

Year Ended March 31, 2025

 

 

 

Deferred Annuities

 

 

Life
Insurance

 

 

Health Insurance

 

 

Total

 

 

 

 

 

 

 

(In thousands)

 

Balance, beginning of year

$

 

54,748

 

$

 

62,425

 

$

 

4,051

 

$

 

121,224

 

Capitalization

 

 

15,033

 

 

 

3,689

 

 

 

116

 

 

 

18,838

 

Amortization expense

 

 

(9,301

)

 

 

(8,128

)

 

 

(904

)

 

 

(18,333

)

Balance, end of period

$

 

60,480

 

$

 

57,986

 

$

 

3,263

 

$

 

121,729

 

 

 

 

Year Ended March 31, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

 

 

 

 

(In thousands)

 

Balance, beginning of year

$

 

55,396

 

$

 

66,954

 

$

 

6,113

 

$

 

128,463

 

Capitalization

 

 

12,753

 

 

 

4,030

 

 

 

216

 

 

 

16,999

 

Amortization expense

 

 

(13,401

)

 

 

(8,559

)

 

 

(2,278

)

 

 

(24,238

)

Balance, end of period

$

 

54,748

 

$

 

62,425

 

$

 

4,051

 

$

 

121,224

 
v3.25.1
Policy Benefits and Losses, Claims and Loss Expenses Payable
 12 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

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

 

 

 

Year Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

(In thousands)

 

Present value of expected net premiums