U-HAUL HOLDING CO /NV/, 10-Q filed on 06 Aug 25
 | XBRL Documents
v3.25.2
Document and Entity Information - shares
 3 Months Ended
Jun. 30, 2025
Aug. 06, 2025
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Fiscal Period Focus Q1  
Document Period End Date Jun. 30, 2025  
Amendment Flag false  
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-11255  
Entity Tax Identification Number 88-0106815  
Entity address, address line one 5555 Kietzke Lane  
Entity address, address line two Ste 100  
Entity address, City or Town Reno  
Entity address, State or Province NV  
Entity address, postal zip code 89511  
City Area Code 775  
Local Phone Number 688-6300  
Entity Incorporation, State or Country Code NV  
Document Quarterly Report true  
Document Transition Report false  
Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL  
Entity Common Stock, Shares Outstanding   19,607,788
Title of 12(b) Security Common Stock, $0.25 par value  
Security Exchange Name NYSE  
Nonvoting Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL.B  
Entity Common Stock, Shares Outstanding   176,470,092
Title of 12(b) Security Series N Non-Voting Common Stock, $0.001 par value  
Security Exchange Name NYSE  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
ASSETS:    
Cash and cash equivalents $ 877,188 $ 988,828
Reinsurance recoverables and trade receivables, net 231,002 230,716
Inventories, net 173,299 163,132
Prepaid Expense 285,540 282,406
Fixed maturities - available for sale 2,521,166 2,479,498
Equity securities, at estimated fair value 65,609 65,549
Investments, other 681,692 678,254
Deferred policy acquisition costs, net 121,621 121,729
Other assets 130,993 126,732
Right of use Assets - Financing 85,661 138,698
Right of use Assets - Operating 44,048 46,025
Related Parties Amounts Due 40,473 45,003
Property, plant and equipment, at cost:    
Land 1,835,090 1,812,820
Buildings and improvements 9,885,198 9,628,271
Furniture and equipment 1,055,983 1,047,414
Property, plant and equipment (gross) 21,768,143 21,004,679
Less: Accumulated depreciation (6,178,067) (5,892,079)
Total property, plant and equipment 15,590,076 15,112,600
Total assets 20,848,368 20,479,170
Liabilities:    
Accounts payable and accrued expenses 901,083 820,900
Notes, loans and leases payable 7,249,877 7,193,857
Operating lease liability 44,918 46,973
Policy benefits and losses, claims and loss expenses payable 871,530 857,521
Liabilities from investment contracts 2,537,848 2,511,422
Other policyholders' funds and liabilities 12,618 7,539
Deferred income 65,179 52,895
Deferred Income Tax Liabilities, Net 1,504,547 1,489,920
Total liabilities 13,187,600 12,981,027
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (200,196) (229,314)
Retained earnings 8,065,393 7,931,886
Total stockholders' equity 7,660,768 7,498,143
Total liabilities and stockholders' equity 20,848,368 20,479,170
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued 0 0
Serial Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 0 0
Amerco Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Nonvoting Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 176 176
Common Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (525,653) (525,653)
Preferred Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (151,997) (151,997)
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 1,081,063 1,046,135
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 7,910,809 $ 7,470,039
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 2,443 $ 3,104
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,713,013 $ 2,708,562
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, issued 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
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenues:    
Self-moving equipment rentals $ 1,058,273 $ 1,014,332
Self-storage revenues 234,237 215,737
Self moving and self-storage products and service sales 98,188 96,591
Property management fees 9,582 9,495
Life insurance premiums 19,169 20,740
Property and casualty insurance premiums 21,738 21,229
Net investment and Interest income 35,211 37,125
Other revenue 154,072 133,241
Total revenues 1,630,470 1,548,490
Costs and expenses:    
Operating Costs and Expenses 826,749 789,757
Commission expenses 116,737 112,571
Cost of product sales 72,205 66,014
Benefits and losses 45,182 44,006
Amortization of deferred policy acquisition costs 4,917 4,646
Lease expense 4,874 5,605
Depreciation, net of (gains) losses on disposals 304,009 216,545
Net (gains) losses on disposal of real estate (1,617) 3,104
Costs and Expenses, Total 1,373,056 1,242,248
Earnings from operations 257,414 306,242
Other components of net periodic benefit costs (346) (372)
Interest Income, Other 10,669 18,235
Interest expense (82,330) (67,218)
Fees and amortization on early extinguishment of debt (26) (495)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 185,381 256,392
Income tax expense (43,050) (60,975)
Net earnings available to common stockholders $ 142,331 $ 195,417
Common Stock [Member]    
Costs and expenses:    
Basic and diluted earnings per common share $ 0.68 $ 0.95
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788
Nonvoting Common Stock [Member]    
Costs and expenses:    
Basic and diluted earnings per common share $ 0.73 $ 1
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]    
Costs and expenses:    
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880
v3.25.2
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Depreciation:    
Net of (gains) losses on sale of real and personal property $ (21,933) $ (7,768)
Related party:    
Related party, revenues, net of eliminations 9,582 9,495
Related party, costs and expenses, net of eliminations $ 32,100 $ 30,600
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Comprehensive income (loss) (pretax):    
Pretax earnings (loss) $ 185,381 $ 256,392
Comprehensive income (loss) (tax effect):    
Income tax expense (43,050) (60,975)
Comprehensive income (loss) (net of tax):    
Net earnings available to common stockholders 142,331 195,417
Other comprehensive income (loss):    
Foreign currency translation (pretax) 2,420 204
Foreign currency translation (net of tax) 2,420 204
Unrealized gain (loss) on investments (pretax) 34,487 7,465
Unrealized gain (loss) on investments (tax effect) (7,255) (2,052)
Unrealized gain (loss) on investments (net of tax) 27,232 5,413
Change in fair value of cash flow hedges, Pre-tax 6,350 2,526
Change in fair value of cash flow hedges, Tax (1,584) (621)
Change in fair value of cash flow hedges, (net of tax) 4,766 1,905
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 5,642 1,425
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 1,410 350
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax, Total 4,232 1,075
Other Comprehensive Income (Loss), before Tax 36,199 11,620
Other Comprehensive Income (Loss), Tax 7,081 3,023
Total other comprehensive income (loss) (net of tax) 29,118 8,597
Total comprehensive income (loss) (pretax) 221,580 244,772
Total comprehensive income (loss) (tax effect) (50,131) (57,952)
Total comprehensive income (loss) (net of tax) $ 171,449 $ 186,820
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance, beginning of period at Mar. 31, 2024 $ 7,172,445 $ 10,497 $ 462,548 $ (223,216) $ 7,600,090 $ 525,653 $ 151,997 $ 176
Cosolidated statement of change in equity                
Foreign currency translation 204     204        
Unrealized net gain (loss) on investments, net of tax 5,413     5,413        
Change in fair value of cash flow hedges 1,905     1,905        
Amounts reclassified into earnings on hedging activities 1,075     1,075        
Net Income (Loss) 195,417       195,417      
Series N Non-Voting Common Stock dividends paid (8,824)       (8,824)      
Net activity 177,996     8,597 186,593      
Balance, end of period at Jun. 30, 2024 7,350,441 10,497 462,548 (231,813) 7,786,683 525,653 151,997 176
Balance, beginning of period at Mar. 31, 2025 7,498,143 10,497 462,548 (229,314) 7,931,886 525,653 151,997 176
Cosolidated statement of change in equity                
Foreign currency translation 2,420     2,420        
Unrealized net gain (loss) on investments, net of tax 27,232     27,232        
Change in fair value of cash flow hedges 4,766     4,766        
Amounts reclassified into earnings on hedging activities 4,232     4,232        
Net Income (Loss) 142,331       142,331      
Series N Non-Voting Common Stock dividends paid (8,824)              
Net activity 162,625     29,118 133,507      
Balance, end of period at Jun. 30, 2025 $ 7,660,768 $ 10,497 $ 462,548 $ (200,196) $ 8,065,393 $ 525,653 $ 151,997 $ 176
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Common Stock, Dividends, Per Share, Declared   $ 0.05
Nonvoting Common Stock [Member]    
Common Stock, Dividends, Per Share, Declared $ 0.05  
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:    
Net Income (Loss) $ 142,331 $ 195,417
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 282,076 224,313
Amortization of premiums and accretion of discounts related to investments, net 4,231 4,253
Amortization of debt issuance costs 1,531 1,550
Interest credited to policyholders 21,022 19,507
Change in allowance for losses on trade receivables 462 2,052
Operating lease right-of-use asset amortization 2,264 2,623
Net gain on sale of real and personal property 21,933 7,768
Net losses on disposal of real estate (1,617) 3,104
Net (gains) losses on sales of fixed maturity securities 745 2,240
Net gains on equity securities 3,515 1,326
Deferred income taxes 7,345 22,927
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (635) (39,401)
Inventories and parts (10,163) (6,689)
Prepaid expenses (2,590) (2,142)
Capitalization of deferred policy acquisition costs 108 1,418
Other assets (3,645) (12,865)
Related party assets (1,601) (20,724)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 99,283 52,770
Policy benefits and losses, claims and loss expenses payable 8,348 2,095
Other policyholders' funds and liabilities 5,079 12,238
Deferred income 12,134 11,434
Related party liabilities 6,220 11,353
Net cash provided by operating activities 598,376 453,903
Cash flow from investing activities:    
Increase Decrease Escrow Deposits 550 691
Purchase of:    
Property, plant and equipment (916,571) (963,163)
Fixed maturity investments (101,170) (77,777)
Equity securities (160)  
Investments, other (62,137) (23,430)
Proceeds from sales and paydowns of:    
Property, plant and equipment 166,182 146,672
Fixed maturity investments 91,746 101,568
Equity securities 158 11
Investments, other 57,361 12,110
Net cash used by investing activities (764,041) (803,318)
Cash flow from financing activities:    
Borrowings from credit facilities 349,981 349,233
Principal repayments on credit facilities (286,581) (321,670)
Payment of debt issuance costs (1,286) (248)
Finance lease payments (11,359) (19,260)
Securitization deposits 109 99
Series N Non-Voting Common Stock dividends paid (8,824) (8,824)
Investment contract deposits 135,224 76,417
Investment contract withdrawals (129,820) (107,185)
Net cash provided by financing activities 47,444 (31,438)
Effects of exchange rate on cash 6,581 (530)
Increase (decrease) in cash and cash equivalents (111,640) (381,383)
Cash and cash equivalents at the beginning of period 988,828 1,534,544
Cash and cash equivalents at the end of period $ 877,188 $ 1,153,161
v3.25.2
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
Interest paid in cash $ 70,071 $ 62,835
Interest on derivatives (647) (1,453)
Income Taxes Paid, Net 1,695 3,623
Non-cash activities for right-of-use assets in exchange for lease liabilities 324 2,254
Non-cash accounts payable related to fixed assets $ 84,740 $ 74,248
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 142,331 $ 195,417
v3.25.2
Insider Trading Arrangements
 9 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation
 3 Months Ended
Jun. 30, 2025
Disclosure Text Block [Abstract]  
Basis of Presentation

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.

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

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

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

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating 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 insurance products in other U-Haul®-related programs. ARCOA Risk Retention Group 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.
v3.25.2
Earnings Per Share
 3 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2025 and June 30, 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

142,331

 

 

$

195,417

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

133,507

 

 

$

186,593

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

13,351

 

 

$

18,659

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.68

 

 

$

0.95

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.68

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

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

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

142,331

 

 

$

195,417

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

133,507

 

 

$

186,593

 

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

 

$

120,156

 

 

$

167,934

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.68

 

 

$

0.95

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.05

 

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

 

$

0.73

 

 

$

1.00

 

 

 
v3.25.2
Investments
 3 Months Ended
Jun. 30, 2025
Investments Debt Equity Securities [Abstract]  
Investments

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $19.7 million and $21.5 million as of June 30, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

108,199

 

 

$

252

 

 

$

(6,629

)

 

$

—

 

 

$

101,822

 

U.S. government agency mortgage-backed securities

 

 

92,874

 

 

 

379

 

 

 

(8,348

)

 

 

—

 

 

 

84,905

 

Obligations of states and political subdivisions

 

 

135,370

 

 

 

392

 

 

 

(8,259

)

 

 

—

 

 

 

127,503

 

Corporate securities

 

 

1,759,338

 

 

 

2,657

 

 

 

(133,309

)

 

 

(2,443

)

 

 

1,626,243

 

Mortgage-backed securities

 

 

617,232

 

 

 

1,729

 

 

 

(38,268

)

 

 

—

 

 

 

580,693

 

 

 

$

2,713,013

 

 

$

5,409

 

 

$

(194,813

)

 

$

(2,443

)

 

$

2,521,166

 

 

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

 

 

 

(Unaudited)

 

 

 

(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

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2025 and March 31, 2025 were as follows:

 

 

 

June 30, 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

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,459

 

 

 

$

(2

)

 

 

$

95,657

 

 

 

$

(6,627

)

 

 

$

97,116

 

 

 

$

(6,629

)

U.S. government agency mortgage-backed securities

 

 

 

22,220

 

 

 

 

(143

)

 

 

 

20,748

 

 

 

 

(8,205

)

 

 

 

42,968

 

 

 

 

(8,348

)

Obligations of states and political subdivisions

 

 

 

41,243

 

 

 

 

(1,530

)

 

 

 

54,196

 

 

 

 

(6,729

)

 

 

 

95,439

 

 

 

 

(8,259

)

Corporate securities

 

 

 

229,829

 

 

 

 

(2,724

)

 

 

 

1,209,858

 

 

 

 

(130,475

)

 

 

 

1,439,687

 

 

 

 

(133,199

)

Mortgage-backed securities

 

 

 

137,864

 

 

 

 

(1,135

)

 

 

 

210,919

 

 

 

 

(37,133

)

 

 

 

348,783

 

 

 

 

(38,268

)

 

 

 

$

432,615

 

 

 

$

(5,534

)

 

 

$

1,591,378

 

 

 

$

(189,169

)

 

 

$

2,023,993

 

 

 

$

(194,703

)

 

 

 

 

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

 

 

 

 

(Unaudited)

 

 

 

 

(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

)

 

Gross proceeds from sales of securities were $2.4 million and $4.3 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. No material gross realized gains or losses were recognized.

 

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

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

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($0.7) million and $1.9 million net impairment charge recorded in the quarters ended June 30, 2025 and June 30, 2024, respectively.

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

213,405

 

 

$

212,060

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

535,496

 

 

 

525,630

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

618,977

 

 

 

573,337

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

727,903

 

 

 

629,446

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,095,781

 

 

 

1,940,473

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

617,232

 

 

 

580,693

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,713,013

 

 

$

2,521,166

 

 

$

2,708,562

 

 

$

2,479,498

 

 

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

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

30,051

 

 

$

43,843

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

21,766

 

 

 

25,144

 

 

 

22,136

 

 

 

$

55,195

 

 

$

65,609

 

 

$

55,252

 

 

$

65,549

 

 

 

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.

 

Investments, other

The carrying value of the other investments was as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

664,551

 

 

$

657,567

 

Policy loans

 

 

12,065

 

 

 

11,868

 

Other investments

 

 

5,076

 

 

 

8,819

 

 

 

$

681,692

 

 

$

678,254

 
v3.25.2
Accounts Payable and Accrued Expense
 3 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

297,570

 

$

 

263,280

 

Accrued expenses

 

 

603,513

 

 

 

557,620

 

 

$

 

901,083

 

$

 

820,900

 

 

Other Reserves

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 $376.0 million and $360.8 million of liabilities related to these programs as of June 30, 2025 and March 31, 2025, 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.
v3.25.2
Borrowings
 3 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net . Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2026 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.80

 

%

 

2027

 

-

2037

 

 

5.19

 

%

 

$

262,917

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.40

 

%

 

 

2,464,628

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2025

 

-

2031

 

 

5.33

 

%

 

 

117,564

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

5.18

 

%

-

 

5.68

 

%

 

2028

 

-

2030

 

 

5.61

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.39

 

%

 

 

32,979

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2032

 

 

5.13

 

%

 

 

2,006,472

 

 

 

1,963,644

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2025

 

-

2049

 

 

6.38

 

%

 

 

65,570

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,285,130

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,253

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

7,249,877

 

 

$

7,193,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(b) Certain loans have 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 June 30, 2025.

 

 

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

86,619

 

 

$

71,147

 

Capitalized interest

 

 

(5,294

)

 

 

(4,013

)

Amortization of transaction costs

 

 

1,532

 

 

 

1,509

 

Interest expense resulting from cash flow hedges

 

 

(527

)

 

 

(1,425

)

Total interest expense

 

$

82,330

 

 

$

67,218

 

 

 

Interest Rates

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.63

 

%

 

6.63

 

%

Interest rate at the end of the quarter

 

 

5.61

 

%

 

6.61

 

%

Maximum amount outstanding during the quarter

 

$

785,000

 

 

$

735,000

 

 

Average amount outstanding during the quarter

 

$

730,604

 

 

$

665,861

 

 

Facility fees

 

$

233

 

 

$

263

 

 
v3.25.2
Derivatives
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives . Derivatives

Cash Flow Hedges

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

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

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

3,331

 

 

$

4,381

 

Liabilities

 

$

546

 

 

$

777

 

Notional amount

 

$

374,767

 

 

$

376,887

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first three months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.8) million and ($1.9) million, respectively, net of taxes. During the first three months of fiscal 2026 and 2025, we reclassified $4.2 million and ($1.1) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2025, we expect to reclassify $2.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent

liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the quarters ended June 30, 2025 and June 30, 2024 were $1.4 million and $1.4 million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

5,078

 

 

$

8,819

 

Notional amount

 

$

297,871

 

 

$

326,218

 

 

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
v3.25.2
Accumulated Other Comprehensive Loss
 3 Months Ended
Jun. 30, 2025
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Loss . Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,420

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,420

 

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

 

 

—

 

 

 

27,232

 

 

 

—

 

 

 

—

 

 

 

27,232

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,766

)

 

 

—

 

 

 

(4,766

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

4,232

 

 

 

—

 

 

 

4,232

 

Other comprehensive income (loss)

 

 

2,420

 

 

 

27,232

 

 

 

(534

)

 

 

—

 

 

 

29,118

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(204

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(204

)

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

 

 

—

 

 

 

(5,413

)

 

 

—

 

 

 

—

 

 

 

(5,413

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,905

)

 

 

—

 

 

 

(1,905

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,075

)

 

 

—

 

 

 

(1,075

)

Other comprehensive income (loss)

 

 

(204

)

 

 

(5,413

)

 

 

(2,980

)

 

 

—

 

 

 

(8,597

)

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)

(a) Liability for future policy benefits
v3.25.2
Stockholders' Equity
 3 Months Ended
Jun. 30, 2025
Stockholders' Equity [Abstract]  
7. Stockholders' Equity . Dividends

The following table lists the dividends that have been declared and issued for the first quarters of fiscal years 2026 and 2025:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

June 4, 2025

 

$

0.05

 

 

June 16, 2025

 

June 27, 2025

June 5, 2024

 

$

0.05

 

 

June 17, 2024

 

June 28, 2024

 

As of June 30, 2025, no awards had been issued under the 2016 U-Haul Holding Company Stock Option Plan.
v3.25.2
Leases
 3 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases . Leases

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

 

 

 

As of June 30, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

71,558

 

 

$

71,558

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

48,468

 

 

 

—

 

 

 

48,468

 

Rental trucks

 

 

164,273

 

 

 

—

 

 

 

164,273

 

Right-of-use assets, gross

 

 

212,802

 

 

 

71,558

 

 

 

284,360

 

Less: Accumulated depreciation

 

 

(127,141

)

 

 

(27,510

)

 

 

(154,651

)

Right-of-use assets, net

 

$

85,661

 

 

$

44,048

 

 

$

129,709

 

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(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 June 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $33.0 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $53.0 million and $23.6 million for the as of June 30, 2025 and June 30, 2024, respectively.

 

 

 

Finance leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

0.4

 

 

0.6

 

 

Weighted average discount rate

 

 

4.4

 

%

 

4.4

 

%

 

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

24.8

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.6

 

%

 

For the quarters ended June 30, 2025 and June 30, 2024, cash paid for leases included in our operating cash flow activities were $4.9 million and $5.5 million, respectively, and our financing cash flow activities were $11.4 million and $19.3 million, respectively.

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

 

 

 

Quarters Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

4,874

 

 

$

5,605

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

3,521

 

 

$

9,833

 

Interest on lease liabilities

 

 

487

 

 

 

1,207

 

Total finance lease cost

 

$

4,008

 

 

$

11,040

 

 

The short-term lease costs for the first three months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2026 (9 months)

 

$

33,678

 

 

$

7,733

 

2027

 

 

—

 

 

 

8,320

 

2028

 

 

—

 

 

 

6,931

 

2029

 

 

—

 

 

 

5,240

 

2030

 

 

—

 

 

 

3,948

 

Thereafter

 

 

—

 

 

 

57,278

 

Total lease payments

 

 

33,678

 

 

 

89,450

 

Less: imputed interest

 

 

(699

)

 

 

(44,532

)

Present value of lease liabilities

 

$

32,979

 

 

$

44,918

 
v3.25.2
Contingencies
 3 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies . Contingencies

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company’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. The Company is aware of issues regarding hazardous substances on some of its subsidiaries' properties. The Company 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 the Company, 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 claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.
v3.25.2
Related Party Transactions
 3 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

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

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

Related Party Revenue

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,778

 

 

$

7,715

 

U-Haul management fee revenue from Mercury

 

 

1,804

 

 

 

1,780

 

 

 

$

9,582

 

 

$

9,495

 

 

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $9.3 million from the above-mentioned entities during the first three months of fiscal 2026 and 2025, 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.

Related Party Costs and Expenses

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

601

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,435

 

 

 

1,103

 

U-Haul commission expenses to Blackwater

 

 

23,571

 

 

 

22,695

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,492

 

 

 

6,128

 

 

 

$

32,137

 

 

$

30,568

 

 

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

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of June 30, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $9.6 million and $9.5 million, expenses of $2.1 million and $0.6 million and we received cash flows of $8.8 million and $8.6 million, respectively, during the first three months of fiscal 2026 and 2025. Revenues were $144.0 million and $138.9 million and commission expenses were $30.1 million and $28.8 million, respectively, related to the Dealer Agreements, during the first three months of fiscal 2026 and 2025.

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

Related Party Assets

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

28,470

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

13,351

 

 

 

12,517

 

Other (a)

 

 

(1,348

)

 

 

4,044

 

 

 

$

40,473

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.2
Reportable Segment Information
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

Our Chief Executive Officers 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 processes 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 vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended June 30, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,553,859

 

$

 

29,721

 

$

 

50,094

 

$

 

(3,204

)

(b,c)

$

 

1,630,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

305,034

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

305,034

 

Equipment maintenance and repair expenses

 

 

193,945

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

193,945

 

Other operating expenses

 

 

81,971

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

81,971

 

Other segment items

 

 

233,232

 

 

 

12,260

 

 

 

2,785

 

 

 

(2,478

)

(b,c)

 

 

245,799

 

Operating expenses

 

 

814,182

 

 

 

12,260

 

 

 

2,785

 

 

 

(2,478

)

 

 

 

826,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

116,737

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

116,737

 

Cost of product sales

 

 

72,205

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

72,205

 

Benefits and losses

 

 

—

 

 

 

5,499

 

 

 

39,683

 

 

 

—

 

 

 

 

45,182

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,917

 

 

 

—

 

 

 

 

4,917

 

Lease expense

 

 

5,465

 

 

 

74

 

 

 

33

 

 

 

(698

)

(b)

 

 

4,874

 

Depreciation, net of (gains) losses on disposal

 

 

304,009

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

304,009

 

Net (gains) losses on disposal of real estate

 

 

(1,617

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,617

)

Total costs and expenses

 

 

1,310,981

 

 

 

17,833

 

 

 

47,418

 

 

 

(3,176

)

 

 

 

1,373,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

242,878

 

 

 

11,888

 

 

 

2,676

 

 

 

(28

)

 

 

 

257,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

11,504

 

 

 

—

 

 

 

—

 

 

 

(11,504

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

254,382

 

 

 

11,888

 

 

 

2,676

 

 

 

(11,532

)

 

 

 

257,414

 

Other components of net periodic benefit costs

 

 

(346

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(346

)

Other interest income

 

 

10,765

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

10,669

 

Interest expense

 

 

(82,358

)

 

 

—

 

 

 

(96

)

 

 

124

 

(b)

 

 

(82,330

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(26

)

Pretax earnings

 

 

182,417

 

 

 

11,888

 

 

 

2,580

 

 

 

(11,504

)

 

 

 

185,381

 

Income tax expense

 

 

(40,086

)

 

 

(2,468

)

 

 

(496

)

 

 

—

 

 

 

 

(43,050

)

Net earnings available to common stockholders

$

 

142,331

 

$

 

9,420

 

$

 

2,084

 

$

 

(11,504

)

 

$

 

142,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 quarter ended June 30, 2024 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,469,161

 

$

 

28,178

 

$

 

53,749

 

$

 

(2,598

)

(b,c)

$

 

1,548,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

284,855

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

284,855

 

Equipment maintenance and repair expenses

 

 

188,749

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

188,749

 

Other operating expenses

 

 

64,736

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

64,736

 

Other segment items

 

 

231,456

 

 

 

11,630

 

 

 

10,072

 

 

 

(1,741

)

(b,c)

 

 

251,417

 

Operating expenses

 

 

769,796

 

 

 

11,630

 

 

 

10,072

 

 

 

(1,741

)

 

 

 

789,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

112,571

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

112,571

 

Cost of product sales

 

 

66,014

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

66,014

 

Benefits and losses

 

 

—

 

 

 

4,959

 

 

 

39,047

 

 

 

—

 

 

 

 

44,006

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,646

 

 

 

—

 

 

 

 

4,646

 

Lease expense

 

 

6,073

 

 

 

106

 

 

 

31

 

 

 

(605

)

(b)

 

 

5,605

 

Depreciation, net of (gains) losses on disposal

 

 

216,545

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

216,545

 

Net (gains) losses on disposal of real estate

 

 

3,104

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

3,104

 

Total costs and expenses

 

 

1,174,103

 

 

 

16,695

 

 

 

53,796

 

 

 

(2,346

)

 

 

 

1,242,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

295,058

 

 

 

11,483

 

 

 

(47

)

 

 

(252

)

 

 

 

306,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

9,018

 

 

 

—

 

 

 

—

 

 

 

(9,018

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

304,076

 

 

 

11,483

 

 

 

(47

)

 

 

(9,270

)

 

 

 

306,242

 

Other components of net periodic benefit costs

 

 

(372

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(372

)

Other interest income

 

 

18,355

 

 

 

—

 

 

 

—

 

 

 

(120

)

(b)

 

 

18,235

 

Interest expense

 

 

(67,470

)

 

 

—

 

 

 

(120

)

 

 

372

 

(b)

 

 

(67,218

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

254,094

 

 

 

11,483

 

 

 

(167

)

 

 

(9,018

)

 

 

 

256,392

 

Income tax expense

 

 

(58,677

)

 

 

(2,377

)

 

 

79

 

 

 

—

 

 

 

 

(60,975

)

Net earnings available to common stockholders

$

 

195,417

 

$

 

9,106

 

$

 

(88

)

$

 

(9,018

)

 

$

 

195,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 in 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 for the quarters ended June 30, 2025 and 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the quarter ended June 30, 2025

 

$

916,571

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

916,571

 

Gross capital expenditures for the quarter ended June 30, 2024

 

$

963,163

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

963,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by reportable segment as of June 30, 2025 and March 31, 2025 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of June 30, 2025

 

$

17,858,535

 

 

$

545,984

 

 

$

3,134,650

 

 

$

(690,801

)

 

$

20,848,368

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

 

 

 
v3.25.2
Geographic Area Data
 3 Months Ended
Jun. 30, 2025
Segments, Geographical Areas [Abstract]  
Geographic Area Data

13. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,543,342

 

 

$

87,128

 

 

$

1,630,470

 

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

 

 

296,413

 

 

 

10,896

 

 

 

307,309

 

Interest expense

 

 

81,851

 

 

 

479

 

 

 

82,330

 

Pretax earnings

 

 

180,092

 

 

 

5,289

 

 

 

185,381

 

Income tax expense

 

 

41,353

 

 

 

1,697

 

 

 

43,050

 

Identifiable assets

 

 

19,891,368

 

 

 

957,000

 

 

 

20,848,368

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,467,693

 

 

$

80,797

 

 

$

1,548,490

 

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

 

 

219,412

 

 

 

4,883

 

 

 

224,295

 

Interest expense

 

 

66,749

 

 

 

469

 

 

 

67,218

 

Pretax earnings

 

 

247,318

 

 

 

9,074

 

 

 

256,392

 

Income tax expense

 

 

58,377

 

 

 

2,598

 

 

 

60,975

 

Identifiable assets

 

 

18,454,865

 

 

 

850,562

 

 

 

19,305,427

 
v3.25.2
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2025
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

14. Employee Benefit Plans

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

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

245

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

371

 

 

 

375

 

Other components

 

 

(25

)

 

 

(3

)

Total other components of net periodic benefit costs

 

 

346

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

515

 

 

$

617

 
v3.25.2
Fair Value Measurements
 3 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. Fair Value Measurements

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

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

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

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

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

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

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

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of June 30, 2025 and March 31, 2025, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

 

As of June 30, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,521,166

 

 

$

—

 

 

$

2,521,166

 

 

$

—

 

Preferred stock

 

 

21,766

 

 

 

21,766

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,843

 

 

 

43,843

 

 

 

—

 

 

 

—

 

Derivatives

 

 

8,409

 

 

 

5,078

 

 

 

3,331

 

 

 

—

 

Total

 

$

2,595,184

 

 

$

70,687

 

 

$

2,524,497

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

546

 

 

$

—

 

 

$

546

 

 

$

—

 

Embedded derivatives

 

 

6,389

 

 

 

—

 

 

 

—

 

 

 

6,389

 

Market risk benefits

 

 

13,197

 

 

 

—

 

 

 

—

 

 

 

13,197

 

Total

 

$

20,132

 

 

$

—

 

 

$

546

 

 

$

19,586

 

 

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 

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 $600.0 million and $700.0 million as of June 30, 2025 and March 31, 2025, 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 June 30, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

196,736

 

 

$

—

 

 

$

—

 

 

$

196,736

 

 

$

196,736

 

Mortgage loans, net

 

 

664,551

 

 

 

—

 

 

 

—

 

 

 

657,019

 

 

 

657,019

 

Other investments

 

 

12,063

 

 

 

—

 

 

 

—

 

 

 

12,063

 

 

 

12,063

 

Total

 

$

873,350

 

 

$

—

 

 

$

—

 

 

$

865,818

 

 

$

865,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

7,285,130

 

 

$

—

 

 

$

6,739,456

 

 

$

—

 

 

$

6,739,456

 

Liabilities from investment contracts

 

 

2,531,459

 

 

 

—

 

 

 

—

 

 

 

2,471,703

 

 

 

2,471,703

 

Total

 

$

9,816,589

 

 

$

—

 

 

$

6,739,456

 

 

$

2,471,703

 

 

$

9,211,159

 

 

 

 

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

 

 

 
v3.25.2
Revenue Recognition
 3 Months Ended
Jun. 30, 2025
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

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

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of June 30, 2025 and March 31, 2025.

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

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2026 did not have a material effect on our financial statements.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box 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 for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $50.3 million was recognized as revenue for the quarter ended June 30, 2025.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases, because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

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

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

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

 

 

 

Years Ending June 30,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

6,718

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

16,705

 

 

 

17,575

 

 

 

10,449

 

 

 

7,271

 

 

 

5,363

 

 

 

26,404

 

Total

 

$

23,423

 

 

$

17,575

 

 

$

10,449

 

 

$

7,271

 

 

$

5,363

 

 

$

26,404

 

 

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 table, revenue is disaggregated by timing of revenue recognition:

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

115,869

 

 

$

100,175

 

Revenues recognized at a point in time:

 

 

116,187

 

 

 

113,725

 

Total revenues recognized under ASC 606

 

 

232,056

 

 

 

213,900

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,320,869

 

 

 

1,254,317

 

Insurance premium revenues recognized under ASC 944

 

 

42,334

 

 

 

43,148

 

Net investment and interest income recognized under other topics

 

 

35,211

 

 

 

37,125

 

Total revenues

 

$

1,630,470

 

 

$

1,548,490

 

 

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

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

v3.25.2
Allowance For Credit Losses
 3 Months Ended
Jun. 30, 2025
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

17. Allowance for Credit Losses

Trade Receivables

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

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

We believe that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted

changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of June 30, 2025 and March 31, 2025. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2025 and March 31, 2025 was $5.5 million and $5.1 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.9 million and $29.4 million as of June 30, 2025 and March 31, 2025, respectively, and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that is 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

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

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

There were no delinquent commercial mortgage loans as of June 30, 2025 and March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of June 30, 2025.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of June 30, 2025, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $1.0 million and $4.1 million as of June 30, 2025 and March 31, 2025, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

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

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 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

 

Provision for (reversal of) credit losses

 

 

3,555

 

 

 

(661

)

 

 

—

 

 

 

2,894

 

Write-offs against allowance

 

 

(3,105

)

 

 

—

 

 

 

—

 

 

 

(3,105

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2025

 

$

5,532

 

 

$

2,443

 

 

$

448

 

 

$

8,423

 
v3.25.2
Income Taxes
 3 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the quarters ended June 30, 2025 and June 30, 2024 was a provision of 23.2% and 23.8%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods.

The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. 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, we do not expect the Pillar Two rules to have an impact on the income tax provision or cash taxes. We will continue to evaluate such legislation.

Subsequent to June 30, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law on July 4, 2025. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We are currently evaluating the tax provisions of OBBB and the impact to our financial statements.
v3.25.2
Accounting Pronouncements
 3 Months Ended
Jun. 30, 2025
Text Block [Abstract]  
Accounting Pronouncements

19. Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure, ("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 United States Securities and Exchange Commission ("SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

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.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.25.2
Deferred Policy Acquisition Costs, Net
 3 Months Ended
Jun. 30, 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 quarters ended June 30, 2025 and June 30, 2024:

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

2,318

 

 

 

876

 

 

 

34

 

 

 

3,228

 

Amortization expense

 

 

(2,187

)

 

 

(2,200

)

 

 

(259

)

 

 

(4,646

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

54,878

 

 

$

61,102

 

 

$

3,826

 

 

$

119,806

 
v3.25.2
Policy Benefits and Losses, Claims and Loss Expenses Payable
 3 Months Ended
Jun. 30, 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 expense payable.

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(912

)

 

 

(367

)

Adjusted beginning of year balance

 

$

184,596

 

 

$

203,939

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

2,225

 

 

 

2,493

 

Net premium collected

 

 

(8,602

)

 

 

(9,221

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

179,945

 

 

$

199,213

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(579

)

 

 

(2,480

)

Balance, end of period

 

$

179,366

 

 

$

196,733

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

(336

)

 

 

(464

)

Adjusted beginning of year balance

 

$

490,639

 

 

$

513,649

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

5,915

 

 

 

6,279

 

Benefit payments

 

 

(16,748

)

 

 

(14,142

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

481,532

 

 

$

507,788

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(984

)

 

 

(4,331

)

Balance, end of period

 

$

480,548

 

 

$

503,457

 

End of period, LFPB net

 

 

301,182

 

 

 

306,724

 

Payout annuities and market risk benefits

 

 

24,063

 

 

 

24,569

 

Health insurance

 

 

9,736

 

 

 

13,189

 

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

 

 

27,301

 

 

 

30,916

 

Life DPL / Other life and health

 

 

8,668

 

 

 

9,408

 

LFPB flooring effect

 

 

—

 

 

 

69

 

Life Insurance end of period balance

 

 

370,950

 

 

 

384,875

 

Moving and Storage balance

 

 

376,877

 

 

 

327,497

 

Property and Casualty Insurance balance

 

 

123,703

 

 

 

129,489

 

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

 

 

871,530

 

 

$

841,861

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

332,228

 

 

$

358,097

 

 

Discounted balance at original discount rate

 

$

256,950

 

 

$

278,118

 

 

Discounted balance at current discount rate

 

$

256,112

 

 

$

274,345

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

692,712

 

 

$

732,006

 

 

Discounted balance at original discount rate

 

$

481,531

 

 

$

507,787

 

 

Discounted balance at current discount rate

 

$

480,547

 

 

$

503,456

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.99

 

%

 

5.49

 

%

Mortality expected experience

 

 

5.80

 

%

 

5.35

 

%

Lapses actual experience

 

 

2.17

 

%

 

1.92

 

%

Lapses expected experience

 

 

3.14

 

%

 

2.73

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

11,967

 

 

$

12,538

 

 

Interest expense (2)

 

$

3,690

 

 

$

3,786

 

 

 

 

 

 

 

 

 

 

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

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

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

 

 

4.91

 

%

 

4.98

 

%

 

 

 

 

 

 

 

 

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

 

 

4.53

 

%

 

4.97

 

%

 

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

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

 

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

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 

 

Quarter ended June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

76,417

 

Surrenders and withdrawals

 

 

(94,440

)

Benefit payments

 

 

(12,745

)

Interest credited

 

 

19,507

 

Other

 

 

6,373

 

End of period

 

$

2,406,464

 

Weighted average credited rate

 

 

3.27

 

Cash surrender value

 

$

2,084,896

 

 
v3.25.2
Earnings Per Share (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2025 and June 30, 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

142,331

 

 

$

195,417

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

133,507

 

 

$

186,593

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

13,351

 

 

$

18,659

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.68

 

 

$

0.95

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.68

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,470,092

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

196,077,880

 

 

 

196,077,880

 

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

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

142,331

 

 

$

195,417

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,824

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

133,507

 

 

$

186,593

 

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

 

$

120,156

 

 

$

167,934

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.68

 

 

$

0.95

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.05

 

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

 

$

0.73

 

 

$

1.00

 

 

 
v3.25.2
Investments (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of June 30, 2025 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

108,199

 

 

$

252

 

 

$

(6,629

)

 

$

—

 

 

$

101,822

 

U.S. government agency mortgage-backed securities

 

 

92,874

 

 

 

379

 

 

 

(8,348

)

 

 

—

 

 

 

84,905

 

Obligations of states and political subdivisions

 

 

135,370

 

 

 

392

 

 

 

(8,259

)

 

 

—

 

 

 

127,503

 

Corporate securities

 

 

1,759,338

 

 

 

2,657

 

 

 

(133,309

)

 

 

(2,443

)

 

 

1,626,243

 

Mortgage-backed securities

 

 

617,232

 

 

 

1,729

 

 

 

(38,268

)

 

 

—

 

 

 

580,693

 

 

 

$

2,713,013

 

 

$

5,409

 

 

$

(194,813

)

 

$

(2,443

)

 

$

2,521,166

 

 

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

 

 

 

(Unaudited)

 

 

 

(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, unrealized losses, fair value

 

 

 

June 30, 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

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,459

 

 

 

$

(2

)

 

 

$

95,657

 

 

 

$

(6,627

)

 

 

$

97,116

 

 

 

$

(6,629

)

U.S. government agency mortgage-backed securities

 

 

 

22,220

 

 

 

 

(143

)

 

 

 

20,748

 

 

 

 

(8,205

)

 

 

 

42,968

 

 

 

 

(8,348

)

Obligations of states and political subdivisions

 

 

 

41,243

 

 

 

 

(1,530

)

 

 

 

54,196

 

 

 

 

(6,729

)

 

 

 

95,439

 

 

 

 

(8,259

)

Corporate securities

 

 

 

229,829

 

 

 

 

(2,724

)

 

 

 

1,209,858

 

 

 

 

(130,475

)

 

 

 

1,439,687

 

 

 

 

(133,199

)

Mortgage-backed securities

 

 

 

137,864

 

 

 

 

(1,135

)

 

 

 

210,919

 

 

 

 

(37,133

)

 

 

 

348,783

 

 

 

 

(38,268

)

 

 

 

$

432,615

 

 

 

$

(5,534

)

 

 

$

1,591,378

 

 

 

$

(189,169

)

 

 

$

2,023,993

 

 

 

$

(194,703

)

 

 

 

 

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

 

 

 

 

(Unaudited)

 

 

 

 

(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

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

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

213,405

 

 

$

212,060

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

535,496

 

 

 

525,630

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

618,977

 

 

 

573,337

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

727,903

 

 

 

629,446

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,095,781

 

 

 

1,940,473

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

617,232

 

 

 

580,693

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,713,013

 

 

$

2,521,166

 

 

$

2,708,562

 

 

$

2,479,498

 
Available for sale equity investments

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

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

30,051

 

 

$

43,843

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

25,144

 

 

 

21,766

 

 

 

25,144

 

 

 

22,136

 

 

 

$

55,195

 

 

$

65,609

 

 

$

55,252

 

 

$

65,549

 

 

 

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.
Carrying value of Investments, other

The carrying value of the other investments was as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

664,551

 

 

$

657,567

 

Policy loans

 

 

12,065

 

 

 

11,868

 

Other investments

 

 

5,076

 

 

 

8,819

 

 

 

$

681,692

 

 

$

678,254

 
v3.25.2
Accounts Payable and Accrued Expense (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

297,570

 

$

 

263,280

 

Accrued expenses

 

 

603,513

 

 

 

557,620

 

 

$

 

901,083

 

$

 

820,900

 

 

Other Reserves

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 $376.0 million and $360.8 million of liabilities related to these programs as of June 30, 2025 and March 31, 2025, 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.
v3.25.2
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2026 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.80

 

%

 

2027

 

-

2037

 

 

5.19

 

%

 

$

262,917

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.40

 

%

 

 

2,464,628

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2025

 

-

2031

 

 

5.33

 

%

 

 

117,564

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

5.18

 

%

-

 

5.68

 

%

 

2028

 

-

2030

 

 

5.61

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.39

 

%

 

 

32,979

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2032

 

 

5.13

 

%

 

 

2,006,472

 

 

 

1,963,644

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2025

 

-

2049

 

 

6.38

 

%

 

 

65,570

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,285,130

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,253

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

7,249,877

 

 

$

7,193,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(b) Certain loans have 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 June 30, 2025.

 
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

86,619

 

 

$

71,147

 

Capitalized interest

 

 

(5,294

)

 

 

(4,013

)

Amortization of transaction costs

 

 

1,532

 

 

 

1,509

 

Interest expense resulting from cash flow hedges

 

 

(527

)

 

 

(1,425

)

Total interest expense

 

$

82,330

 

 

$

67,218

 
Interest rates and company borrowings

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.63

 

%

 

6.63

 

%

Interest rate at the end of the quarter

 

 

5.61

 

%

 

6.61

 

%

Maximum amount outstanding during the quarter

 

$

785,000

 

 

$

735,000

 

 

Average amount outstanding during the quarter

 

$

730,604

 

 

$

665,861

 

 

Facility fees

 

$

233

 

 

$

263

 

 
v3.25.2
Derivatives (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

3,331

 

 

$

4,381

 

Liabilities

 

$

546

 

 

$

777

 

Notional amount

 

$

374,767

 

 

$

376,887

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

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

5,078

 

 

$

8,819

 

Notional amount

 

$

297,871

 

 

$

326,218

 
v3.25.2
Accumulated Other Comprehensive Loss (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Table Text Block Supplement [Abstract]    
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,420

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,420

 

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

 

 

—

 

 

 

27,232

 

 

 

—

 

 

 

—

 

 

 

27,232

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,766

)

 

 

—

 

 

 

(4,766

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

4,232

 

 

 

—

 

 

 

4,232

 

Other comprehensive income (loss)

 

 

2,420

 

 

 

27,232

 

 

 

(534

)

 

 

—

 

 

 

29,118

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(204

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(204

)

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

 

 

—

 

 

 

(5,413

)

 

 

—

 

 

 

—

 

 

 

(5,413

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,905

)

 

 

—

 

 

 

(1,905

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,075

)

 

 

—

 

 

 

(1,075

)

Other comprehensive income (loss)

 

 

(204

)

 

 

(5,413

)

 

 

(2,980

)

 

 

—

 

 

 

(8,597

)

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)

(a) Liability for future policy benefits

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

(204

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(204

)

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

 

 

—

 

 

 

(5,413

)

 

 

—

 

 

 

—

 

 

 

(5,413

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,905

)

 

 

—

 

 

 

(1,905

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(1,075

)

 

 

—

 

 

 

(1,075

)

Other comprehensive income (loss)

 

 

(204

)

 

 

(5,413

)

 

 

(2,980

)

 

 

—

 

 

 

(8,597

)

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)
v3.25.2
Stockholders' Equity (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

The following table lists the dividends that have been declared and issued for the first quarters of fiscal years 2026 and 2025:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

June 4, 2025

 

$

0.05

 

 

June 16, 2025

 

June 27, 2025

June 5, 2024

 

$

0.05

 

 

June 17, 2024

 

June 28, 2024
v3.25.2
Leases (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

 

 

As of June 30, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

71,558

 

 

$

71,558

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

48,468

 

 

 

—

 

 

 

48,468

 

Rental trucks

 

 

164,273

 

 

 

—

 

 

 

164,273

 

Right-of-use assets, gross

 

 

212,802

 

 

 

71,558

 

 

 

284,360

 

Less: Accumulated depreciation

 

 

(127,141

)

 

 

(27,510

)

 

 

(154,651

)

Right-of-use assets, net

 

$

85,661

 

 

$

44,048

 

 

$

129,709

 

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(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

 
Summary of Weighted-average remaining lease terms and Discount rates

 

 

Finance leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

0.4

 

 

0.6

 

 

Weighted average discount rate

 

 

4.4

 

%

 

4.4

 

%

 

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

24.8

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.6

 

%
Components of Lease Expense

 

 

Quarters Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

4,874

 

 

$

5,605

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

3,521

 

 

$

9,833

 

Interest on lease liabilities

 

 

487

 

 

 

1,207

 

Total finance lease cost

 

$

4,008

 

 

$

11,040

 
Maturities of Lease Liabilities

 

 

Finance leases

 

 

Operating leases

 

 

 

(Unaudited)

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2026 (9 months)

 

$

33,678

 

 

$

7,733

 

2027

 

 

—

 

 

 

8,320

 

2028

 

 

—

 

 

 

6,931

 

2029

 

 

—

 

 

 

5,240

 

2030

 

 

—

 

 

 

3,948

 

Thereafter

 

 

—

 

 

 

57,278

 

Total lease payments

 

 

33,678

 

 

 

89,450

 

Less: imputed interest

 

 

(699

)

 

 

(44,532

)

Present value of lease liabilities

 

$

32,979

 

 

$

44,918

 
v3.25.2
Related Party Transations (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Related Party Revenue [Abstract]  
Related Party Revenue

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,778

 

 

$

7,715

 

U-Haul management fee revenue from Mercury

 

 

1,804

 

 

 

1,780

 

 

 

$

9,582

 

 

$

9,495

 
Related Party costs and expenses

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

601

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,435

 

 

 

1,103

 

U-Haul commission expenses to Blackwater

 

 

23,571

 

 

 

22,695

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,492

 

 

 

6,128

 

 

 

$

32,137

 

 

$

30,568

 
Related party assets

 

 

June 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

28,470

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

13,351

 

 

 

12,517

 

Other (a)

 

 

(1,348

)

 

 

4,044

 

 

 

$

40,473

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.2
Reportable Segment Information (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Table Text Block Supplement [Abstract]  
Revenues and earnings by segment

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the quarter ended June 30, 2025

 

$

916,571

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

916,571

 

Gross capital expenditures for the quarter ended June 30, 2024

 

$

963,163

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

963,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment

Total assets by reportable segment as of June 30, 2025 and March 31, 2025 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of June 30, 2025

 

$

17,858,535

 

 

$

545,984

 

 

$

3,134,650

 

 

$

(690,801

)

 

$

20,848,368

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

 

 

 
v3.25.2
Geographic Area Data (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Geographic Areas, Long-Lived Assets [Abstract]  
Summary of Geographic Area Data

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,543,342

 

 

$

87,128

 

 

$

1,630,470

 

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

 

 

296,413

 

 

 

10,896

 

 

 

307,309

 

Interest expense

 

 

81,851

 

 

 

479

 

 

 

82,330

 

Pretax earnings

 

 

180,092

 

 

 

5,289

 

 

 

185,381

 

Income tax expense

 

 

41,353

 

 

 

1,697

 

 

 

43,050

 

Identifiable assets

 

 

19,891,368

 

 

 

957,000

 

 

 

20,848,368

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,467,693

 

 

$

80,797

 

 

$

1,548,490

 

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

 

 

219,412

 

 

 

4,883

 

 

 

224,295

 

Interest expense

 

 

66,749

 

 

 

469

 

 

 

67,218

 

Pretax earnings

 

 

247,318

 

 

 

9,074

 

 

 

256,392

 

Income tax expense

 

 

58,377

 

 

 

2,598

 

 

 

60,975

 

Identifiable assets

 

 

18,454,865

 

 

 

850,562

 

 

 

19,305,427

 
v3.25.2
Employee Benefit Plans (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Post Retirement Benefit Cost

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

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

245

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

371

 

 

 

375

 

Other components

 

 

(25

)

 

 

(3

)

Total other components of net periodic benefit costs

 

 

346

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

515

 

 

$

617

 
v3.25.2
Fair Value Measurements (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of June 30, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,521,166

 

 

$

—

 

 

$

2,521,166

 

 

$

—

 

Preferred stock

 

 

21,766

 

 

 

21,766

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,843

 

 

 

43,843

 

 

 

—

 

 

 

—

 

Derivatives

 

 

8,409

 

 

 

5,078

 

 

 

3,331

 

 

 

—

 

Total

 

$

2,595,184

 

 

$

70,687

 

 

$

2,524,497

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

546

 

 

$

—

 

 

$

546

 

 

$

—

 

Embedded derivatives

 

 

6,389

 

 

 

—

 

 

 

—

 

 

 

6,389

 

Market risk benefits

 

 

13,197

 

 

 

—

 

 

 

—

 

 

 

13,197

 

Total

 

$

20,132

 

 

$

—

 

 

$

546

 

 

$

19,586

 

 

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 
Financial Instruments, Carrying and Estimated fair values

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of June 30, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

196,736

 

 

$

—

 

 

$

—

 

 

$

196,736

 

 

$

196,736

 

Mortgage loans, net

 

 

664,551

 

 

 

—

 

 

 

—

 

 

 

657,019

 

 

 

657,019

 

Other investments

 

 

12,063

 

 

 

—

 

 

 

—

 

 

 

12,063

 

 

 

12,063

 

Total

 

$

873,350

 

 

$

—

 

 

$

—

 

 

$

865,818

 

 

$

865,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

7,285,130

 

 

$

—

 

 

$

6,739,456

 

 

$

—

 

 

$

6,739,456

 

Liabilities from investment contracts

 

 

2,531,459

 

 

 

—

 

 

 

—

 

 

 

2,471,703

 

 

 

2,471,703

 

Total

 

$

9,816,589

 

 

$

—

 

 

$

6,739,456

 

 

$

2,471,703

 

 

$

9,211,159

 

 

 

 

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

 
v3.25.2
Revenue Recognition (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Revenue From Contract With Customer [Abstract]  
Next five years and thereafter revenue

 

 

Years Ending June 30,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

6,718

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

16,705

 

 

 

17,575

 

 

 

10,449

 

 

 

7,271

 

 

 

5,363

 

 

 

26,404

 

Total

 

$

23,423

 

 

$

17,575

 

 

$

10,449

 

 

$

7,271

 

 

$

5,363

 

 

$

26,404

 
Disaggregation Of Revenue

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

115,869

 

 

$

100,175

 

Revenues recognized at a point in time:

 

 

116,187

 

 

 

113,725

 

Total revenues recognized under ASC 606

 

 

232,056

 

 

 

213,900

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,320,869

 

 

 

1,254,317

 

Insurance premium revenues recognized under ASC 944

 

 

42,334

 

 

 

43,148

 

Net investment and interest income recognized under other topics

 

 

35,211

 

 

 

37,125

 

Total revenues

 

$

1,630,470

 

 

$

1,548,490

 
v3.25.2
Allowance For Credit Losses (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Allowance For Credit Loss [Abstract]  
Reserve Allowance for Various Credit Loss

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

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 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

 

Provision for (reversal of) credit losses

 

 

3,555

 

 

 

(661

)

 

 

—

 

 

 

2,894

 

Write-offs against allowance

 

 

(3,105

)

 

 

—

 

 

 

—

 

 

 

(3,105

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2025

 

$

5,532

 

 

$

2,443

 

 

$

448

 

 

$

8,423

 
v3.25.2
Accounting Pronouncements (Table Text Block)
 3 Months Ended
Jun. 30, 2025
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables

19. Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure, ("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 United States Securities and Exchange Commission ("SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

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.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.25.2
Deferred Policy Acquisition Costs, Net (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Compensation and Retirement Disclosure [Abstract]    
Schedule of Deferred Policy Acquisition Costs

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2025 and June 30, 2024:

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

2,318

 

 

 

876

 

 

 

34

 

 

 

3,228

 

Amortization expense

 

 

(2,187

)

 

 

(2,200

)

 

 

(259

)

 

 

(4,646

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

54,878

 

 

$

61,102

 

 

$

3,826

 

 

$

119,806

 

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2025 and June 30, 2024:

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 

 

 

 

Quarter ended June 30, 2024

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

54,747

 

 

$

62,426

 

 

$

4,051

 

 

$

121,224

 

Capitalization

 

 

2,318

 

 

 

876

 

 

 

34

 

 

 

3,228

 

Amortization expense

 

 

(2,187

)

 

 

(2,200

)

 

 

(259

)

 

 

(4,646

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

54,878

 

 

$

61,102

 

 

$

3,826

 

 

$

119,806

 
v3.25.2
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Insurance [Abstract]    
Present Value Expected Net Premiums and Expected Future Policy Benefits

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

 

 

 

Quarter ended June 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(912

)

 

 

(367

)

Adjusted beginning of year balance

 

$

184,596

 

 

$

203,939

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

2,225

 

 

 

2,493

 

Net premium collected

 

 

(8,602

)

 

 

(9,221

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

179,945

 

 

$

199,213

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(579

)

 

 

(2,480

)

Balance, end of period

 

$

179,366

 

 

$

196,733

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

(336

)

 

 

(464

)

Adjusted beginning of year balance

 

$

490,639

 

 

$

513,649

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

5,915

 

 

 

6,279

 

Benefit payments

 

 

(16,748

)

 

 

(14,142

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

481,532

 

 

$

507,788

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(984

)

 

 

(4,331

)

Balance, end of period

 

$

480,548

 

 

$

503,457

 

End of period, LFPB net

 

 

301,182

 

 

 

306,724

 

Payout annuities and market risk benefits

 

 

24,063

 

 

 

24,569

 

Health insurance

 

 

9,736

 

 

 

13,189

 

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

 

 

27,301

 

 

 

30,916

 

Life DPL / Other life and health

 

 

8,668

 

 

 

9,408

 

LFPB flooring effect

 

 

—

 

 

 

69

 

Life Insurance end of period balance

 

 

370,950

 

 

 

384,875

 

Moving and Storage balance

 

 

376,877

 

 

 

327,497

 

Property and Casualty Insurance balance

 

 

123,703

 

 

 

129,489

 

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

 

 

871,530

 

 

$

841,861

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

332,228

 

 

$

358,097

 

 

Discounted balance at original discount rate

 

$

256,950

 

 

$

278,118

 

 

Discounted balance at current discount rate

 

$

256,112

 

 

$

274,345

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

692,712

 

 

$

732,006

 

 

Discounted balance at original discount rate

 

$

481,531

 

 

$

507,787

 

 

Discounted balance at current discount rate

 

$

480,547

 

 

$

503,456

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.99

 

%

 

5.49

 

%

Mortality expected experience

 

 

5.80

 

%

 

5.35

 

%

Lapses actual experience

 

 

2.17

 

%

 

1.92

 

%

Lapses expected experience

 

 

3.14

 

%

 

2.73

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

11,967

 

 

$

12,538

 

 

Interest expense (2)

 

$

3,690

 

 

$

3,786

 

 

 

 

 

 

 

 

 

 

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

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

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

 

 

4.91

 

%

 

4.98

 

%

 

 

 

 

 

 

 

 

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

 

 

4.53

 

%

 

4.97

 

%
 
Balance Changes Liabilities Investment Contracts

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

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 

 

Quarter ended June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

76,417

 

Surrenders and withdrawals

 

 

(94,440

)

Benefit payments

 

 

(12,745

)

Interest credited

 

 

19,507

 

Other

 

 

6,373

 

End of period

 

$

2,406,464

 

Weighted average credited rate

 

 

3.27

 

Cash surrender value

 

$

2,084,896

 

 

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

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 

 

Quarter ended June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

76,417

 

Surrenders and withdrawals

 

 

(94,440

)

Benefit payments

 

 

(12,745

)

Interest credited

 

 

19,507

 

Other

 

 

6,373

 

End of period

 

$

2,406,464

 

Weighted average credited rate

 

 

3.27

 

Cash surrender value

 

$

2,084,896

 

 
v3.25.2
Earnings Per Share (Narratives) (Details) - $ / shares
Jun. 30, 2025
Mar. 31, 2025
Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.25  
Allocation of common stock available to share holders 10.00%  
Nonvoting Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.001 $ 0.001
Allocation of common stock available to share holders 90.00%  
v3.25.2
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share Diluted Other Disclosures [Abstract]    
Net earnings available to common shareholders $ 142,331 $ 195,417
Undistributed earnings available to common stockholders $ 133,507 $ 186,593
Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 19,607,788 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (8,824)
Undistributed earnings available to common stockholders $ 13,351 $ 18,659
Undistributed earnings per share, common stock $ 0.68 $ 0.95
Income Loss From Continuing Operations Per Basic Share, Total $ 0.68 $ 0.95
Nonvoting Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 176,470,092 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00%
Non-Voting Common Stock dividends declared $ (8,824) $ (8,824)
Undistributed earnings available to common stockholders, participating securities $ 120,156 $ 167,934
Undistributed earnings per share, common stock $ 0.68 $ 0.95
Dividends declared per share, distributed 0.05 0.05
Income Loss From Continuing Operations Per Basic Share, Total $ 0.73 $ 1
Nonvoting Common Stock [Member] | Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 196,077,880 196,077,880
v3.25.2
Investments (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 19.7   $ 21.5
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 2.4 $ 4.3  
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) $ 0.7 $ 0.9  
v3.25.2
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,713,013 $ 2,708,562
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 5,409 2,915
Gross unrealized losses more than 12 months (194,813) (228,875)
Allowance for expected credit loss (2,443) (3,104)
Available for sale investments, estimated market value 2,521,166 2,479,498
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 108,199 119,289
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 252 206
Gross unrealized losses more than 12 months (6,629) (8,353)
Available for sale investments, estimated market value 101,822 111,142
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 92,874 81,909
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 379 232
Gross unrealized losses more than 12 months (8,348) (8,712)
Available for sale investments, estimated market value 84,905 73,429
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 135,370 137,280
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 392 272
Gross unrealized losses more than 12 months (8,259) (8,808)
Available for sale investments, estimated market value 127,503 128,744
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,759,338 1,807,605
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 2,657 1,623
Gross unrealized losses more than 12 months (133,309) (155,749)
Allowance for expected credit loss (2,443) (3,104)
Available for sale investments, estimated market value 1,626,243 1,650,375
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 617,232 562,479
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,729 582
Gross unrealized losses more than 12 months (38,268) (47,253)
Available for sale investments, estimated market value $ 580,693 $ 515,808
v3.25.2
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 432,615  
Fair Value, Twelve Months or Longer 1,591,378  
Fair Value, Total 2,023,993  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (5,534)  
Unrealized Loss, Twelve Months or Longer (189,169)  
Unrealized Loss, Total (194,703)  
External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   $ 567,128
Fair Value, Twelve Months or Longer   1,625,793
Fair Value, Total   2,192,921
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (11,582)
Unrealized Loss, Twelve Months or Longer   (217,293)
Unrealized Loss, Total   (228,875)
US Treasury, Government and Corporate Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 97,116  
US Treasury, Government and Corporate Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 1,459 1,760
Fair Value, Twelve Months or Longer 95,657 95,058
Fair Value, Total   96,818
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (2) (24)
Unrealized Loss, Twelve Months or Longer (6,627) (8,329)
Unrealized Loss, Total (6,629) (8,353)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 22,220  
Fair Value, Total 42,968  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (143)  
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   36,871
Fair Value, Twelve Months or Longer 20,748 20,928
Fair Value, Total   57,799
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (197)
Unrealized Loss, Twelve Months or Longer (8,205) (8,515)
Unrealized Loss, Total (8,348) (8,712)
US States and Political Subdivisions Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 95,439  
US States and Political Subdivisions Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 41,243 46,036
Fair Value, Twelve Months or Longer 54,196 52,903
Fair Value, Total   98,939
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (1,530) (1,628)
Unrealized Loss, Twelve Months or Longer (6,729) (7,179)
Unrealized Loss, Total (8,259) (8,807)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 1,439,687  
Corporate Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 229,829 294,133
Fair Value, Twelve Months or Longer 1,209,858 1,239,884
Fair Value, Total   1,534,017
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (2,724) (5,822)
Unrealized Loss, Twelve Months or Longer (130,475) (149,927)
Unrealized Loss, Total (133,199) (155,749)
Collateralized Mortgage Backed Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 348,783  
Collateralized Mortgage Backed Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 137,864 188,328
Fair Value, Twelve Months or Longer 210,919 217,020
Fair Value, Total   405,348
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (1,135) (3,911)
Unrealized Loss, Twelve Months or Longer (37,133) (43,343)
Unrealized Loss, Total $ (38,268) $ (47,254)
v3.25.2
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,713,013 $ 2,708,562
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,521,166 2,479,498
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 213,405 196,238
Due after one year through five years 535,496 591,589
Due after five years through ten years 618,977 611,788
Due after ten years 727,903 746,468
Amortized cost 2,095,781 2,146,083
Available-for-sale securities, fair value:    
Due in one year or less 212,060 194,896
Due after one year through five years 525,630 576,204
Due after five years through ten years 573,337 558,430
Due after ten years 629,446 634,160
Available for sale investments, estimated market value 1,940,473 1,963,690
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 617,232 562,479
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 580,693 $ 515,808
v3.25.2
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 55,195 $ 55,252
Estimated market value, equity investments 65,609 65,549
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 30,051 30,108
Estimated market value, equity investments 43,843 43,413
Nonredeemable Preferred Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 25,144 25,144
Estimated market value, equity investments $ 21,766 $ 22,136
v3.25.2
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net $ 657,019 $ 639,162
Investments other, amount 681,692 678,254
Other Investments [Member]    
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]    
Mortgage loans, net 664,551 657,567
Policy loans 12,065 11,868
Other equity investments 5,076 8,819
Investments other, amount $ 681,692 $ 678,254
v3.25.2
Accounts Payable and Accrued Expense and Other Reserves (Narratives) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Liabilities [Abstract]    
Self-Insurance Liabilities $ 376.0 $ 360.8
v3.25.2
Accounts Payable and Accrued Expense and Other Reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Payables and Accruals [Abstract]    
Accounts payable $ 297,570 $ 263,280
Accrued expenses 603,513 557,620
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 901,083 $ 820,900
v3.25.2
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]    
Interest paid in cash $ 70,071 $ 62,835
v3.25.2
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 6,739,456 $ 6,703,510
Notes, loans and finance/capital leases payable 7,285,130 7,229,341
Less: Debt issuance costs (35,253) (35,484)
Total notes, loans and finance/capital leases payable, net $ 7,249,877 7,193,857
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.19%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 262,917 265,887
Real estate loan (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.30%  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.80%  
Senior mortgages    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.40%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 2,464,628 2,437,769
Senior mortgages | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.70%  
Senior mortgages | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.05%  
Real estate loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.33%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 117,564 125,839
Fleet loans (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.61%  
Fleet loans (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.02%  
Fleet loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.61%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2028  
Debt instrument, maturity year range, end 2030  
Debt Instrument Carrying Amount $ 635,000 625,000
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.18%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.68%  
Capital Leases (rental equipment) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.39%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2026  
Debt Instrument Carrying Amount $ 32,979 44,338
Capital Leases (rental equipment) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.89%  
Capital Leases (rental equipment) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 5.01%  
Finance capital lease [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.13%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2032  
Debt Instrument Carrying Amount $ 2,006,472 1,963,644
Finance capital lease [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.60%  
Finance capital lease [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.80%  
Private Placement    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 3.62%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2035  
Debt Instrument Carrying Amount $ 1,700,000 1,700,000
Private Placement | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.43%  
Private Placement | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.00%  
Other obligations    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.38%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2025  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 65,570 $ 66,864
Other obligations | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.50%  
Other obligations | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
v3.25.2
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details)
Jun. 30, 2025
Participating Mortgages [Member]  
Debt instruments, interest rate, effective percentage:  
Weighted average interest rate 4.10%
Participating Mortgages [Member] | Minimum [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 2.72%
Participating Mortgages [Member] | Maximum [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 2.86%
Equipment Trust Certificate [Member]  
Debt instruments, interest rate, effective percentage:  
Weighted average interest rate 5.68%
Equipment Trust Certificate [Member] | Minimum [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 4.36%
Equipment Trust Certificate [Member] | Maximum [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 4.71%
v3.25.2
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Interest expense, borrowings:    
Interest expense $ 86,619 $ 71,147
Capitalized interest (5,294) (4,013)
Amortization of transaction costs 1,532 1,509
Interest expense resulting from derivatives 527 1,425
Total interest expense $ 82,330 $ 67,218
v3.25.2
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Interest and debt expense:    
Weighted average interest rate during the quarter 5.63% 6.63%
Interest rate at quarter end 5.61% 6.61%
Maximum amount outstanding during the quarter $ 785,000 $ 735,000
Average amount outstanding during the quarter 730,604 665,861
Facility fees $ 233 $ 263
v3.25.2
Derivatives (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent [Abstract]    
Investment Income, Net $ 1.4 $ 1.4
Decrease, fair value, cash flow hedges    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 4.8 1.9
Reclassified AOCI    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 4.2 $ 1.1
Reclassification net gains Interest Rate Contracts    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments $ 2.8  
v3.25.2
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 546 $ 777
Interest Rate Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 3,331 4,381
Derivative Notional Amount $ 374,767 $ 376,887
v3.25.2
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 546 $ 777
Equity Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 5,078 8,819
Derivative Notional Amount $ 297,871 $ 326,218
v3.25.2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance $ 7,498,143  
Foreign currency translation 2,420 $ 204
Unrealized net gain on investments 27,232 5,413
Change in fair value of cash flow hedges 4,766 1,905
Amounts reclassified into earnings on hedging activities 4,232 1,075
Other comprehensive income (loss) 29,118 8,597
Equity, Attributable to Parent, Ending Balance 7,660,768  
Foreign Currency Translation [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (57,540) (53,707)
Foreign currency translation 2,420 204
Other comprehensive income (loss) 2,420 204
Equity, Attributable to Parent, Ending Balance (55,120) (53,911)
Unrealized Net Gain on Investments [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (174,320) (176,883)
Unrealized net gain on investments 27,232 5,413
Other comprehensive income (loss) 27,232 5,413
Equity, Attributable to Parent, Ending Balance (147,088) (182,296)
Fair Value of Cash Flow Hedges    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (56) 6,330
Change in fair value of cash flow hedges 4,766 1,905
Amounts reclassified into earnings on hedging activities 4,232 1,075
Other comprehensive income (loss) 534 2,980
Equity, Attributable to Parent, Ending Balance (590) 3,350
Postretirement Benefit Obligation Gain [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance 2,602 1,044
Equity, Attributable to Parent, Ending Balance 2,602 1,044
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (229,314) (223,216)
Foreign currency translation 2,420 204
Unrealized net gain on investments 27,232 5,413
Change in fair value of cash flow hedges 4,766 1,905
Amounts reclassified into earnings on hedging activities 4,232 1,075
Equity, Attributable to Parent, Ending Balance $ (200,196) $ (231,813)
v3.25.2
Stockholders' Equity - Summary of Dividends Declared (Details) - Nonvoting Common Stock [Member]
 3 Months Ended
Jun. 30, 2025
$ / shares
Current Year, Ordinary Dividend, Quarter One  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 04, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 16, 2025
Dividends Payable, Date to be Paid Jun. 27, 2025
Prior Year, Ordinary Dividend, Quarter One  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 05, 2024
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 17, 2024
Dividends Payable, Date to be Paid Jun. 28, 2024
v3.25.2
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Leases [Abstract]      
Right Of Use Asset Obtained In Exchange For Operating Lease Liability $ 53,000 $ 23,600  
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 33,000   $ 44,300
Cash paid for operating leases 4,900 5,500  
Cash paid for finance leases $ 11,359 $ 19,260  
v3.25.2
Leases (Components of our right-of-use assets) (Details) - USD ($)
Jun. 30, 2025
Mar. 31, 2025
Finance Lease [Abstract]    
Buildings and Improvements $ 71,558 $ 71,330,000
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 48,468 58,071,000
Rental trucks 164,273 309,475,000
Right-of-use assets, gross 284,360 438,937,000
Less: Accumulated depreciation (154,651) (254,214,000)
Right of use assets, net 129,709 184,723,000
Finance Lease [Member]    
Finance Lease [Abstract]    
Furniture and equipment 61 61,000
Rental trailers and other rental equipment 48,468 58,071,000
Rental trucks 164,273 309,475,000
Right-of-use assets, gross 212,802 367,607,000
Less: Accumulated depreciation (127,141) (228,909,000)
Right of use assets, net 85,661 138,698,000
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements 71,558 71,330,000
Right-of-use assets, gross 71,558 71,330,000
Less: Accumulated depreciation (27,510) (25,305,000)
Right of use assets, net $ 44,048 $ 46,025,000
v3.25.2
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 12 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]    
Remaining Lease Term Finance Lease Weighted Average 0.6  
Finance Lease Weighted Average Discount Rate Percent 4.40% 4.40%
v3.25.2
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 12 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 24.1  
Operating Lease Weighted Average Discount Rate Percent 4.60% 4.70%
v3.25.2
Leases (Components Of Lease Expense) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Lease cost:    
Operating lease costs $ 4,874 $ 5,605,000
Finance lease cost:    
Amortization of right of use assets 3,521 9,833,000
Interest on lease liabilities 487 1,207,000
Total finance lease cost $ 4,008 $ 11,040,000
v3.25.2
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Operating Lease Liabilities Payments Due [Abstract]    
Operating lease liability $ 44,918 $ 46,973
Finance Leases    
Finance Lease Liabilities Payments Due [Abstract]    
2025 (9 months) 33,678  
Total lease payments 33,678  
Less: imputed interest (699)  
Financing lease liability 32,979  
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2026 (9 months) 7,733  
2027 8,320  
2028 6,931  
2029 5,240  
2030 3,948  
Thereafter 57,278  
Total lease payments 89,450  
Less: imputed interest (44,532)  
Operating lease liability $ 44,918  
v3.25.2
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Property Management Fee [Abstract]    
Property Management Fee Revenue $ 9.4 $ 0.3
Sac Holdings [Member]    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 9.6 9.5
Commission expenses, generated from dealer agreement with related parties 2.1 0.6
Private Mini [Member]    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 144.0 138.9
Commission expenses, generated from dealer agreement with related parties $ 30.1 28.8
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]    
Property Management Fee [Abstract]    
Management fee rate 4.00%  
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]    
Property Management Fee [Abstract]    
Management fee rate 10.00%  
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]    
Related party costs and expenses:    
Cash flow, related party $ 8.8 $ 0.6
v3.25.2
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Related party transactions:    
Management fee revenue $ 9,582 $ 9,495
Blackwater [Member]    
Related party transactions:    
Management fee revenue 7,778 7,715
Mercury [Member]    
Related party transactions:    
Management fee revenue $ 1,804 $ 1,780
v3.25.2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Related party cost and expense:    
Costs and Expenses, Related Party $ 32,100 $ 30,600
Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 32,137 30,568
Lease expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 601 604
Lease expenses | Mercury [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 38 38
Printing expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 1,435 1,103
Commission expenses | Blackwater [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party 23,571 22,695
Commission expenses | Mercury [Member]    
Related party cost and expense:    
Costs and Expenses, Related Party $ 6,492 $ 6,128
v3.25.2
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Related Party Transaction [Line Items]    
Related party assets $ 40,473 $ 45,003
Blackwater [Member]    
Related Party Transaction [Line Items]    
Related party assets 28,470 28,442
Mercury [Member]    
Related Party Transaction [Line Items]    
Related party assets 13,351 12,517
Insurance Group [Member]    
Related Party Transaction [Line Items]    
Related party assets $ 1,348 $ 4,044
v3.25.2
Reportable Segment Information - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenues [Abstract]    
Revenues $ 1,630,470 $ 1,548,490
Operating Expenses [Abstract]    
Personnel expenses 305,034 284,855
Equipment maintenance and repair expenses 193,945 188,749
Other operating expenses 81,971 64,736
Other segment items 245,799 251,417
Operating Expenses, Total 826,749 789,757
Operating Costs and Expenses [Abstract]    
Commission expenses 116,737 112,571
Cost of product sales 72,205 66,014
Benefits and losses 45,182 44,006
Amortization of deferred policy acquisition costs 4,917 4,646
Lease expense 4,874 5,605
Depreciation, net of (gains) losses on disposals 304,009 216,545
Net (gains) losses on disposal of real estate 1,617 3,104
Costs and Expenses 1,373,056 1,242,248
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 257,414 306,242
Earnings from operations 257,414 306,242
Other components of net periodic benefit costs (346) (372)
Other interest income 10,669 18,235
Interest expense 82,330 67,218
Fees and amortization on early extinguishment of debt (26) (495)
Pretax earnings 185,381 256,392
Income tax expense 43,050 60,975
Net earnings available to common stockholders 142,331 195,417
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Revenues [Abstract]    
Revenues 1,553,859 1,469,161
Operating Expenses [Abstract]    
Personnel expenses 305,034 284,855
Equipment maintenance and repair expenses 193,945 188,749
Other operating expenses 81,971 64,736
Other segment items 233,232 231,456
Operating Expenses, Total 814,182 769,796
Operating Costs and Expenses [Abstract]    
Commission expenses 116,737 112,571
Cost of product sales 72,205 66,014
Lease expense 5,465 6,073
Depreciation, net of (gains) losses on disposals 304,009 216,545
Net (gains) losses on disposal of real estate 1,617 3,104
Costs and Expenses 1,310,981 1,174,103
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 242,878 295,058
Equity in earnings of subsidiaries 11,504 9,018
Earnings from operations 254,382 304,076
Other components of net periodic benefit costs (346) (372)
Other interest income 10,765 18,355
Interest expense (82,358) 67,470
Fees and amortization on early extinguishment of debt 26 (495)
Pretax earnings 182,417 254,094
Income tax expense 40,086 58,677
Net earnings available to common stockholders 142,331 195,417
Operating Segments [Member] | Property and Casualty Insurance [Member]    
Revenues [Abstract]    
Revenues 29,721 28,178
Operating Expenses [Abstract]    
Other segment items 12,260 11,630
Operating Expenses, Total 12,260 11,630
Operating Costs and Expenses [Abstract]    
Benefits and losses 5,499 4,959
Lease expense 74 106
Costs and Expenses 17,833 16,695
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 11,888 11,483
Earnings from operations 11,888 11,483
Pretax earnings 11,888 11,483
Income tax expense 2,468 2,377
Net earnings available to common stockholders 9,420 9,106
Operating Segments [Member] | Life Insurance [Member]    
Revenues [Abstract]    
Revenues 50,094 53,749
Operating Expenses [Abstract]    
Other segment items 2,785 10,072
Operating Expenses, Total 2,785 10,072
Operating Costs and Expenses [Abstract]    
Benefits and losses 39,683 39,047
Amortization of deferred policy acquisition costs 4,917 4,646
Lease expense 33 31
Costs and Expenses 47,418 53,796
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 2,676 47
Earnings from operations 2,676 47
Interest expense 96 120
Pretax earnings 2,580 167
Income tax expense 496 79
Net earnings available to common stockholders 2,084 88
Intersegment Eliminations [Member]    
Revenues [Abstract]    
Revenues 3,204 2,598
Operating Expenses [Abstract]    
Other segment items 2,478 1,741
Operating Expenses, Total 2,478 1,741
Operating Costs and Expenses [Abstract]    
Lease expense 698 605
Costs and Expenses 3,176 2,346
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 28 252
Equity in earnings of subsidiaries 11,504 9,018
Earnings from operations 11,532 9,270
Other interest income 96 120
Interest expense 124 372
Pretax earnings 11,504 9,018
Net earnings available to common stockholders $ 11,504 $ 9,018
v3.25.2
Reportable Segment Information - (Gross Capital Expenditures) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information, Additional Information [Abstract]    
Gross capital expenditures $ 916,571 $ 963,163
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Segment Reporting Information, Additional Information [Abstract]    
Gross capital expenditures $ 916,571 $ 963,163
v3.25.2
Reportable Segment Information - (Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Assets [Abstract]      
Total assets $ 20,848,368 $ 20,479,170 $ 19,305,427
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 17,858,535 17,522,952  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 545,984 535,032  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 3,134,650 3,066,907  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ 690,801 $ 645,721  
v3.25.2
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Quarter ended:      
Total revenues $ 1,630,470 $ 1,548,490  
Depreciation and amortization, net of (gains) losses on disposals 307,309 224,295  
Interest expense 82,330 67,218  
Pretax earnings 185,381 256,392  
Income tax expense 43,050 60,975  
Identifiable assets 20,848,368 19,305,427 $ 20,479,170
United States [Member]      
Quarter ended:      
Total revenues 1,543,342 1,467,693  
Depreciation and amortization, net of (gains) losses on disposals 296,413 219,412  
Interest expense 81,851 66,749  
Pretax earnings 180,092 247,318  
Income tax expense 41,353 58,377  
Identifiable assets 19,891,368 18,454,865  
Canada [Member]      
Quarter ended:      
Total revenues 87,128 80,797  
Depreciation and amortization, net of (gains) losses on disposals 10,896 4,883  
Interest expense 479 469  
Pretax earnings 5,289 9,074  
Income tax expense 1,697 2,598  
Identifiable assets $ 957,000 $ 850,562  
v3.25.2
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Postemployment Benefits [Abstract]    
Service cost for benefits earned during the period $ 169 $ 245
Other components of net periodic benefit costs:    
Interest cost on accumulated postretirement benefit 371 375
Other components 25 3
Total other components of net periodic benefit costs 346 372
Net periodic postretirement benefit cost $ 515 $ 617
v3.25.2
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 877,188 $ 988,828
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 600,000 $ 700,000
v3.25.2
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Assets:    
Fixed maturities - available for sale $ 2,521,166 $ 2,479,498
Preferred stock 21,766 22,136
Common stock 43,843 43,413
Derivatives 8,409 13,200
Total 2,595,184 2,558,247
Liabilities:    
Derivative Liability, Notional Amount 546 777
Guaranteed residual values of TRAC leases 6,389 8,693
Market risk benefits 13,197 13,432
Total 20,132 22,902
Level 1 [Member]    
Assets:    
Preferred stock 21,766 22,136
Common stock 43,843 43,413
Derivatives 5,078 8,819
Total 70,687 74,368
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,521,166 2,479,498
Derivatives 3,331 4,381
Total 2,524,497 2,483,879
Liabilities:    
Derivative Liability, Notional Amount 546 777
Total 546 777
Level 3 [Member]    
Liabilities:    
Guaranteed residual values of TRAC leases 6,389 8,693
Market risk benefits 13,197 13,432
Total $ 19,586 $ 22,125
v3.25.2
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Assets    
Receivables, Fair Value Disclosure $ 196,736 $ 195,710
Mortgage loans, net 657,019 639,162
Other investments 12,063 11,868
Total 865,818 846,740
Liabilities    
Notes, loans and leases payable, gross 6,739,456 6,703,510
Liabilities Related to Investment Contracts, Fair Value Disclosure 2,471,703 2,436,537
Financial Liabilities Fair Value Disclosure, Total 9,211,159 9,140,047
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 6,739,456 6,703,510
Financial Liabilities Fair Value Disclosure, Total 6,739,456 6,703,510
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure 196,736 195,710
Mortgage loans, net 657,019 639,162
Other investments 12,063 11,868
Total 865,818 846,740
Liabilities    
Liabilities Related to Investment Contracts, Fair Value Disclosure   2,436,537
Financial Liabilities Fair Value Disclosure, Total   2,436,537
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 196,736 195,710
Mortgage loans, net 664,551 657,567
Other investments 12,063 11,868
Total 873,350 865,145
Liabilities    
Notes, loans and leases payable, gross 7,285,130 7,229,341
Liabilities Related to Investment Contracts, Fair Value Disclosure 2,531,459 2,502,729
Financial Liabilities Fair Value Disclosure, Total $ 9,816,589 $ 9,732,070
v3.25.2
Revenue Recognition (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Lessee Lease Description [Line Items]  
Payments received from customers, income recognized $ 50.3
v3.25.2
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
USD ($)
Operating Lease Liabilities Payments Due [Abstract]  
2026 $ 23,423
2027 17,575
2028 10,449
2029 7,271
2030 5,363
Thereafter 26,404
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2026 6,718
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2026 16,705
2027 17,575
2028 10,449
2029 7,271
2030 5,363
Thereafter $ 26,404
v3.25.2
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 232,056 $ 213,900
Total revenues 1,630,470 1,548,490
Revenues recognized under ASC 842    
Revenues [Abstract]    
Total revenues 1,320,869 1,254,317
Revenues recognized under ASC 944    
Revenues [Abstract]    
Total revenues 42,334 43,148
Revenues recognized under ASC 320    
Revenues [Abstract]    
Total revenues 35,211 37,125
Revenues recognized over time:    
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax 115,869 100,175
Revenues recognized at a point in time:    
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 116,187 $ 113,725
v3.25.2
Allowance for Credit Losses (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Financing Receivable Impaired [Line Items]      
Percentage of estimated gain loss 4.00%    
Paid and unpaid percentage   1.00%  
Allowance for expected credit losses $ 5.5   $ 5.1
Available for sale securities, accrued interest receivable 28.9   29.4
Commercial Real Estate Portfolio Segment [Member]      
Financing Receivable Impaired [Line Items]      
Premiums Receivable Gross $ 1.0   $ 0.1
Credit card receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term The Company rents equipment to corporate customers for which payment terms are 30 days.    
Accrued interest receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.    
v3.25.2
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 8,634 $ 8,105
Transition adjustment current expected credit losses 2,894 12,217
Write-offs against allowance 3,105 11,688
December 31, 2023 8,423 8,634
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 5,082 6,236
Transition adjustment current expected credit losses 3,555 10,534
Write-offs against allowance 3,105 11,688
December 31, 2023 5,532 5,082
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,104 1,052
Transition adjustment current expected credit losses 661 2,052
December 31, 2023 2,443 3,104
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 448 817
Transition adjustment current expected credit losses   369
December 31, 2023 $ 448 $ 448
v3.25.2
Income Taxes (Narratives) (Details)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]    
Income taxes paid, federal 21.00% 21.00%
Income Taxes paid, state and local 23.20% 23.80%
v3.25.2
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statements Adjusted [Abstract]        
Assets $ 20,848,368 $ 20,479,170 $ 19,305,427  
Liabilities 13,187,600 12,981,027    
Stockholders Equity Including Portion Attributable To Noncontrolling Interest $ 7,660,768 $ 7,498,143 $ 7,350,441 $ 7,172,445
v3.25.2
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net $ 121,621 $ 121,729  
Assets 20,848,368 20,479,170 $ 19,305,427
Policy benefits and losses, claims and loss expenses payable 871,530 857,521  
Deferred Income Tax Liabilities, Net 1,504,547 1,489,920  
Total liabilities 13,187,600 12,981,027  
Accumulated other comprehensive loss (200,196) (229,314)  
Retained earnings 8,065,393 7,931,886  
Stockholders' Equity Attributable to Parent 7,660,768 7,498,143  
Liabilities and Equity $ 20,848,368 $ 20,479,170  
v3.25.2
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Statements Adjusted [Abstract]      
Deferred policy acquisition costs, net $ 121,621 $ 121,729  
Assets 20,848,368 20,479,170 $ 19,305,427
Policy benefits and losses, claims and loss expenses payable 871,530 857,521  
Deferred Income Tax Liabilities, Net 1,504,547 1,489,920  
Total liabilities 13,187,600 12,981,027  
Accumulated other comprehensive loss 200,196 229,314  
Retained earnings 8,065,393 7,931,886  
Stockholders' Equity Attributable to Parent 7,660,768 7,498,143  
Liabilities and Equity 20,848,368 20,479,170  
Operating Segments [Member] | Life Insurance [Member]      
Statements Adjusted [Abstract]      
Assets $ 3,134,650 $ 3,066,907  
v3.25.2
Accounting Pronouncements (Deferred Acquisition Costs) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]    
Adjusted balance, beginning of year April 1, 2021 $ 871,530 $ 841,861
v3.25.2
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 121,729 $ 121,224
Capitalization 4,809 3,228
Amortization expense (4,917) (4,646)
Balance, end of year 121,621 119,806
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 60,480 54,747
Capitalization 3,847 2,318
Amortization expense (2,739) (2,187)
Balance, end of year 61,588 54,878
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 57,986 62,426
Capitalization 938 876
Amortization expense (1,951) (2,200)
Balance, end of year 56,973 61,102
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 3,263 4,051
Capitalization 24 34
Amortization expense (227) (259)
Balance, end of year $ 3,060 $ 3,826
v3.25.2
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - Life Insurance Segment [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 182,658 $ 205,389    
Beginning balance at original discount rate 185,508 204,306    
Effect of actual variances from expected variances     $ 336 $ 464
Adjust beginning of year balance     $ 184,596 $ 203,939
Issuances 1,726 2,002    
Interest accrual 2,225 2,493    
Net premium collected 8,602 9,221    
Ending balance at original discount rate 179,945 199,213    
Effect of changes in discount rate assumptions (AOCI) 579 2,480    
Balance, end of period $ 179,366 $ 196,733    
v3.25.2
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense $ 871,530 $ 841,861    
Oxford | Life Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 370,950 384,875    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 376,877 327,497    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 123,703 129,489    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 482,805 522,122    
Beginning balance at original discount rate 490,975 514,113    
Effect of actual variances from expected experience     $ 912 $ 367
Adjusted beginning of year balance     $ 490,639 $ 513,649
Issuances 1,726 2,002    
Interest accrual 5,915 6,279    
Net premium collected 16,748 14,142    
Ending balance at original discount rate 481,532 507,788    
Effect of changes in discount rate assumptions (AOCI) 984 4,331    
Balance, end of the year 480,548 503,457    
End of period, LFPB, net 301,182 306,724    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 24,063 24,569    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 9,736 13,189    
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 27,301 30,916    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits $ 8,668 9,408    
LFPB flooring effect        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits   $ 69    
v3.25.2
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Interest expense $ 82,330,000 $ 67,218,000
Life Insurance Segment [Member] | Oxford    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Gross premiums 11,967,000 12,538,000
Interest expense $ 3,690,000 $ 3,786,000
Expected future lifetime (persistency) of policies in force (years) 6 years 8 months 12 days 6 years 9 months 18 days
Weighted average original interest rate of the liability for future policy benefits 4.91% 4.98%
Weighted average current interest rate of the liability for future policy benefits 4.53% 4.97%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance $ 332,228,000 $ 358,097,000
Discounted balance at original discount rate 256,950,000 278,118,000
Discounted balance at current discount rate 256,112,000 274,345,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance 692,712,000 732,006,000
Discounted balance at original discount rate 481,531,000 507,787,000
Discounted balance at current discount rate $ 480,547,000 $ 503,456,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0699 0.0549
Life Insurance Segment [Member] | Oxford | Mortality expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.058 0.0535
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0217 0.0192
Life Insurance Segment [Member] | Oxford | Lapses expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0314 0.0273
v3.25.2
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Life Insurance - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,511,422 $ 2,411,352
Deposits received 135,224 76,417
Surrenders and withdrawals (121,531) (94,440)
Benefit payments (8,289) (12,745)
Interest credited 21,022 19,507
Other   6,373
End of period $ 2,537,848 $ 2,406,464
Weighted average credited rate 3.33% 3.27%
Cash surrender value $ 2,217,636 $ 2,084,896