U-HAUL HOLDING CO /NV/, 10-Q filed on 05 Nov 25
 | XBRL Documents
v3.25.3
Document and Entity Information - shares
 6 Months Ended
Sep. 30, 2025
Nov. 05, 2025
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Fiscal Period Focus Q2  
Document Period End Date Sep. 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, $0.001 par value  
Security Exchange Name NYSE  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
ASSETS:    
Cash and cash equivalents $ 1,082,820 $ 988,828
Reinsurance recoverables and trade receivables, net 175,634 230,716
Inventories, net 176,138 163,132
Prepaid Expense 316,220 282,406
Fixed maturities - available for sale 2,494,429 2,479,498
Equity securities, at estimated fair value 62,972 65,549
Investments, other 679,472 678,254
Deferred policy acquisition costs, net 119,117 121,729
Other assets 139,617 126,732
Right of use Assets - Financing 62,636 138,698
Right of use Assets - Operating 41,812 46,025
Related Parties Amounts Due 46,612 45,003
Property, plant and equipment, at cost:    
Land 1,846,211 1,812,820
Buildings and improvements 10,095,592 9,628,271
Furniture and equipment 1,061,416 1,047,414
Property, plant and equipment (gross) 22,407,924 21,004,679
Less: Accumulated depreciation (6,376,984) (5,892,079)
Total property, plant and equipment 16,030,940 15,112,600
Total assets 21,428,419 20,479,170
Liabilities:    
Accounts payable and accrued expenses 869,740 820,900
Notes, loans and leases payable 7,694,640 7,193,857
Operating lease liability 42,613 46,973
Policy benefits and losses, claims and loss expenses payable 900,302 857,521
Liabilities from investment contracts 2,518,603 2,511,422
Other policyholders' funds and liabilities 5,923 7,539
Deferred income 55,847 52,895
Deferred Income Tax Liabilities, Net 1,572,864 1,489,920
Total liabilities 13,660,532 12,981,027
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss 189,804 229,314
Retained earnings 8,162,120 7,931,886
Total stockholders' equity 7,767,887 7,498,143
Total liabilities and stockholders' equity 21,428,419 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 1,132,107 1,046,135
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 8,272,598 $ 7,470,039
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 4,573 $ 3,104
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,671,587 $ 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
Common stock, par or stated value per share $ 0.25 $ 0.25
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, outstanding   176,470,092
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
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Self-moving equipment rentals $ 1,110,477 $ 1,087,348 $ 2,168,750 $ 2,101,680
Self-storage revenues 246,299 224,519 480,536 440,256
Self moving and self-storage products and service sales 89,829 87,763 188,017 184,354
Property management fees 9,621 9,586 19,203 19,081
Life insurance premiums 18,370 20,488 37,539 41,228
Property and casualty insurance premiums 28,272 25,767 50,010 46,996
Net investment and Interest income 40,022 37,794 75,233 74,919
Other revenue 177,032 164,843 331,104 298,084
Total revenues 1,719,922 1,658,108 3,350,392 3,206,598
Costs and expenses:        
Operating Costs and Expenses 909,542 891,073 1,736,291 1,680,830
Commission expenses 121,811 119,008 238,548 231,579
Cost of product sales 67,625 62,250 139,830 128,264
Benefits and losses 48,178 44,392 93,360 88,398
Amortization of deferred policy acquisition costs 4,962 4,439 9,879 9,085
Lease expense 5,071 4,729 9,945 10,334
Depreciation, net of (gains) losses on disposals 340,608 227,270 644,617 443,815
Net (gains) losses on disposal of real estate 4,531 2,991 2,914 6,095
Costs and Expenses, Total 1,502,328 1,356,152 2,875,384 2,598,400
Earnings from operations 217,594 301,956 475,008 608,198
Other components of net periodic benefit costs (345) (372) (691) (744)
Interest Income, Other 10,015 16,131 20,684 34,366
Interest expense (90,305) (71,498) (172,635) (138,716)
Fees and amortization on early extinguishment of debt     (26) (495)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 136,959 246,217 322,340 502,609
Income tax expense (31,409) (59,419) (74,459) (120,394)
Earnings available to common stockholders $ 105,550 $ 186,798 $ 247,881 $ 382,215
Common Stock [Member]        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.49 $ 0.91 $ 1.17 $ 1.86
Weighted average common shares outstanding: basic and diluted 19,607,788 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]        
Costs and expenses:        
Earnings available to common stockholders $ 105,550 $ 186,798 $ 247,881 $ 382,215
Basic and diluted earnings per common share $ 0.54 $ 0.96 $ 1.27 $ 1.96
Weighted average common shares outstanding: basic and diluted 176,470,092 176,470,092 176,470,092 176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]        
Costs and expenses:        
Weighted average common shares outstanding: basic and diluted 196,077,880 196,077,880 196,077,880 196,077,880
v3.25.3
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Depreciation:        
Net of (gains) losses on sale of real and personal property $ 38,499 $ 17,555 $ (60,432) $ 25,323
Related party:        
Related party, revenues, net of eliminations 9,621 9,586 19,203 19,081
Related party, costs and expenses, net of eliminations $ 32,700 $ 900 $ 64,854 $ 63,422
v3.25.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 136,959 $ 246,217 $ 322,340 $ 502,609
Comprehensive income (loss) (tax effect):        
Income tax expense (31,409) (59,419) (74,459) (120,394)
Comprehensive income (loss) (net of tax):        
Earnings available to common stockholders 105,550 186,798 247,881 382,215
Other comprehensive income (loss):        
Foreign currency translation (pretax) 1,459 421 961 217
Foreign currency translation (net of tax) 1,459 421 961 217
Unrealized gain (loss) on investments (pretax) 15,451 4,014 49,938 11,479
Unrealized gain (loss) on investments (tax effect) (3,249) (18) (10,504) (2,034)
Unrealized gain (loss) on investments (net of tax) 12,202 4,032 39,434 9,445
Change in fair value of cash flow hedges, Pre-tax 441 2,312 5,909 214
Change in fair value of cash flow hedges (Tax) (112) (616) (1,472) (5)
Change in fair value of cash flow hedges, (net of tax) 329 1,696 4,437 209
Amounts reclassified into earnings on hedging activities, Pre-tax 906 9,479 4,736 10,904
Amounts reclassified into earnings on hedging activities (Tax) (226) (2,376) (1,184) (2,726)
Amounts reclassified into earnings on hedging activities, (net) 680 7,103 3,552 8,178
Other Comprehensive Income (Loss), before Tax 13,527 10,760 49,726 22,380
Other Comprehensive Income (Loss), Tax 3,135 1,742 10,216 4,765
Total other comprehensive income (loss) (net of tax) 10,392 9,018 39,510 17,615
Total comprehensive income (loss) (pretax) 150,486 235,457 372,066 480,229
Total comprehensive income (loss) (tax effect) (34,544) (57,677) (84,675) (115,629)
Total comprehensive income (loss) (net of tax) $ 115,942 $ 177,780 $ 287,391 $ 364,600
v3.25.3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance, beginning of period at Mar. 31, 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 217     217          
Unrealized net gain (loss) on investments, net of tax 9,445     9,445          
Change in fair value of cash flow hedges 209     209          
Amounts reclassified into earnings on hedging activities, (net) 8,178     8,178          
Net Income (Loss) 382,215       382,215     $ 382,215  
Series N Non-Voting Common Stock dividends paid (17,647)       (17,647)        
Net activity 346,953     17,615 364,568        
Balance, end of period at Sep. 30, 2024 7,519,398 10,497 462,548 (240,831) 7,964,658 525,653 151,997   176
Balance, beginning of period at Jun. 30, 2024 7,350,441 10,497 462,548 (231,813) 7,786,683 525,653 151,997   176
Cosolidated statement of change in equity                  
Foreign currency translation 421     421          
Unrealized net gain (loss) on investments, net of tax 4,032     4,032          
Change in fair value of cash flow hedges 1,696     1,696          
Amounts reclassified into earnings on hedging activities, (net) 7,103     7,103          
Net Income (Loss) 186,798       186,798     186,798  
Series N Non-Voting Common Stock dividends paid (8,823)       (8,823)        
Net activity 168,957     9,018 177,975        
Balance, end of period at Sep. 30, 2024 7,519,398 10,497 462,548 (240,831) 7,964,658 525,653 151,997   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 961     961          
Unrealized net gain (loss) on investments, net of tax 39,434     39,434          
Change in fair value of cash flow hedges 4,437     4,437          
Amounts reclassified into earnings on hedging activities, (net) 3,552     3,552          
Net Income (Loss) 247,881       247,881     247,881  
Series N Non-Voting Common Stock dividends paid (17,647)       (17,647)        
Net activity 269,744     39,510 230,234        
Balance, end of period at Sep. 30, 2025 7,767,887 10,497 462,548 (189,804) 8,162,120 525,653 151,997   176
Balance, beginning of period at Jun. 30, 2025 7,660,768 10,497 462,548 (200,196) 8,065,393 525,653 151,997   176
Cosolidated statement of change in equity                  
Foreign currency translation 1,459     1,459          
Unrealized net gain (loss) on investments, net of tax 12,202     12,202          
Change in fair value of cash flow hedges 329     329          
Amounts reclassified into earnings on hedging activities, (net) 680     680          
Net Income (Loss) 105,550       105,550     $ 105,550  
Series N Non-Voting Common Stock dividends paid (8,823)       (8,823)        
Net activity 107,119     10,392 96,727        
Balance, end of period at Sep. 30, 2025 $ 7,767,887 $ 10,497 $ 462,548 $ (189,804) $ 8,162,120 $ 525,653 $ 151,997   $ 176
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flow from operating activities:    
Net Income (Loss) $ 247,881 $ 382,215
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 584,185 469,138
Amortization of premiums and accretion of discounts related to investments, net 9,182 7,073
Amortization of debt issuance costs 3,434 2,880
Interest credited to policyholders 47,809 37,584
Change in allowance for losses on trade receivables (1,423) 1,811
Operating lease right-of-use asset amortization 4,553 5,297
Net gain on sale of real and personal property 60,432 (25,323)
Net losses on disposal of real estate 2,914 6,095
Net (gains) losses on sales of fixed maturity securities 3,029 (84)
Net gains on equity securities (126) (3,069)
Deferred income taxes 72,387 60,089
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables 56,525 (1,661)
Inventories and parts (13,004) (6,653)
Prepaid expenses (33,534) (33,317)
Capitalization of deferred policy acquisition costs 2,612 105
Other assets (13,028) (13,412)
Related party assets (3,143) (4,833)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 80,415 103,331
Policy benefits and losses, claims and loss expenses payable 36,096 1,784
Other policyholders' funds and liabilities (1,615) 10,025
Deferred income 2,873 2,818
Related party liabilities 1,542 6,045
Net cash provided by operating activities 1,149,996 984,278
Cash flow from investing activities:    
Increase Decrease Escrow Deposits 581 4,808
Purchase of:    
Property, plant and equipment (1,914,502) (1,927,002)
Fixed maturity investments (159,726) (227,330)
Equity securities (3,458) (610)
Investments, other (84,265) (62,859)
Proceeds from sales and paydowns of:    
Property, plant and equipment 386,058 364,824
Fixed maturity investments 186,042 200,821
Equity securities 6,704 10,606
Investments, other 85,240 48,491
Net cash used by investing activities (1,497,326) (1,597,867)
Cash flow from financing activities:    
Borrowings from credit facilities 951,543 972,428
Principal repayments on credit facilities (425,838) (443,431)
Payment of debt issuance costs (5,808) (3,922)
Finance lease payments (24,693) (39,259)
Securitization deposits 224 189
Series N Non-Voting Common Stock dividends paid (17,647) (17,647)
Investment contract deposits 181,834 226,771
Investment contract withdrawals (222,462) (184,544)
Net cash provided by financing activities 437,153 510,585
Effects of exchange rate on cash 4,169 4,099
Increase (decrease) in cash and cash equivalents 93,992 (98,905)
Cash and cash equivalents at the beginning of period 988,828 1,534,544
Cash and cash equivalents at the end of period $ 1,082,820 $ 1,435,639
v3.25.3
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
Interest paid in cash $ 172,300 $ 142,198
Interest on derivatives 1,326 2,966
Income taxes, net 2,906 57,519
Right-of-use assets in exchange for lease liabilities 260 3,068
Purchase of property, plant and equipment included in accounts payable $ 70,615 $ 70,729
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 105,550 $ 186,798 $ 247,881 $ 382,215
v3.25.3
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
v3.25.3
Basis of Presentation
 6 Months Ended
Sep. 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 second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June 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's three operating and reportable segments 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.
v3.25.3
Earnings Per Share
 6 Months Ended
Sep. 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 Company's 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 the 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 the 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 the Voting Common Stock and the Non-Voting Common Stock.

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

 

 

 

For the Quarters Ended

 

 

 

September 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

 

$

105,550

 

 

$

186,798

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

96,727

 

 

$

177,975

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

9,673

 

 

$

17,798

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.49

 

 

$

0.91

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.49

 

 

$

0.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

105,550

 

 

$

186,798

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

96,727

 

 

$

177,975

 

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

 

$

87,054

 

 

$

160,178

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.49

 

 

$

0.91

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

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

 

$

0.54

 

 

$

0.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The calculation of basic and diluted earnings per share for the six months ended September 30, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

Six months ended

 

 

 

September 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

 

$

247,881

 

 

$

382,215

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,647

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

230,234

 

 

$

364,568

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

23,023

 

 

$

36,457

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

1.17

 

 

$

1.86

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

1.17

 

 

$

1.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

247,881

 

 

$

382,215

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,647

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

230,234

 

 

$

364,568

 

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

 

$

207,211

 

 

$

328,111

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

1.17

 

 

$

1.86

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.10

 

 

 

0.10

 

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

 

$

1.27

 

 

$

1.96

 

 

 

 

 

 

 

 
v3.25.3
Investments
 6 Months Ended
Sep. 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 $21.0 million and $21.5 million as of September 30, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 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

 

$

106,730

 

 

$

262

 

 

$

(6,012

)

 

$

—

 

 

$

100,980

 

U.S. government agency mortgage-backed securities

 

 

79,463

 

 

 

513

 

 

 

(7,532

)

 

 

—

 

 

 

72,444

 

Obligations of states and political subdivisions

 

 

130,669

 

 

 

413

 

 

 

(8,297

)

 

 

—

 

 

 

122,785

 

Corporate securities

 

 

1,737,046

 

 

 

3,268

 

 

 

(120,702

)

 

 

(4,573

)

 

 

1,615,039

 

Mortgage-backed securities

 

 

617,679

 

 

 

2,672

 

 

 

(37,170

)

 

 

—

 

 

 

583,181

 

 

 

$

2,671,587

 

 

$

7,128

 

 

$

(179,713

)

 

$

(4,573

)

 

$

2,494,429

 

 

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 September 30, 2025 and March 31, 2025 were as follows:

 

 

 

September 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

 

 

$

—

 

 

 

$

—

 

 

 

$

94,669

 

 

 

$

(6,012

)

 

 

$

94,669

 

 

 

$

(6,012

)

U.S. government agency mortgage-backed securities

 

 

 

10,695

 

 

 

 

(46

)

 

 

 

19,921

 

 

 

 

(7,486

)

 

 

 

30,616

 

 

 

 

(7,532

)

Obligations of states and political subdivisions

 

 

 

41,058

 

 

 

 

(1,439

)

 

 

 

53,467

 

 

 

 

(6,858

)

 

 

 

94,525

 

 

 

 

(8,297

)

Corporate securities

 

 

 

186,091

 

 

 

 

(1,651

)

 

 

 

1,181,934

 

 

 

 

(119,051

)

 

 

 

1,368,025

 

 

 

 

(120,702

)

Mortgage-backed securities

 

 

 

89,344

 

 

 

 

(2,352

)

 

 

 

197,422

 

 

 

 

(34,818

)

 

 

 

286,766

 

 

 

 

(37,170

)

 

 

 

$

327,188

 

 

 

$

(5,488

)

 

 

$

1,547,413

 

 

 

$

(174,225

)

 

 

$

1,874,601

 

 

 

$

(179,713

)

 

 

 

 

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 $14.0 million for the first six months ended September 30, 2025 and September 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 $1.5 million and $1.8 million net impairment charge recorded in the first six months ended September 30, 2025 and 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:

 

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

201,627

 

 

$

200,792

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

571,477

 

 

 

560,967

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

580,086

 

 

 

540,400

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

700,718

 

 

 

609,089

 

 

 

746,468

 

 

 

634,160

 

 

 

 

2,053,908

 

 

 

1,911,248

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

617,679

 

 

 

583,181

 

 

 

562,479

 

 

 

515,808

 

 

 

$

2,671,587

 

 

$

2,494,429

 

 

$

2,708,562

 

 

$

2,479,498

 

 

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

 

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

32,938

 

 

$

47,289

 

 

$

30,108

 

 

$

43,413

 

Non-redeemable preferred stocks

 

 

19,103

 

 

 

15,683

 

 

 

25,144

 

 

 

22,136

 

 

 

$

52,041

 

 

$

62,972

 

 

$

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:

 

 

 

September 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

659,736

 

 

$

657,567

 

Policy loans

 

 

12,079

 

 

 

11,868

 

Other investments

 

 

7,657

 

 

 

8,819

 

 

 

$

679,472

 

 

$

678,254

 

 

 
v3.25.3
Accounts Payable and Accrued Expense
 6 Months Ended
Sep. 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:

 

 

September 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

274,199

 

$

 

263,280

 

Accrued expenses

 

 

595,541

 

 

 

557,620

 

 

$

 

869,740

 

$

 

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 $404.0 million and $360.8 million of liabilities related to these programs as of September 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.
v3.25.3
Borrowings
 6 Months Ended
Sep. 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)

 

September 30, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.76

 

%

 

2027

 

-

2037

 

 

5.18

 

%

 

$

259,947

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.57

 

%

 

 

2,742,397

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2025

 

-

2031

 

 

5.38

 

%

 

 

109,779

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

5.17

 

%

-

 

5.67

 

%

 

2028

 

-

2030

 

 

5.54

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.34

 

%

 

 

19,645

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2033

 

 

5.17

 

%

 

 

2,201,380

 

 

 

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

 

 

6.41

 

%

 

 

64,357

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,732,505

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,865

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

7,694,640

 

 

$

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) A certain loan has an interest rate swap fixing the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for this loan was 5.54% using the swap adjusted interest rate.

 

(c) Weighted average rates as of September 30, 2025.

 

 

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of September 30, 2025 for the next five years and thereafter are as follows:

 

 

 

Years Ended September 30,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

883,790

 

 

$

1,054,945

 

 

$

791,194

 

 

$

900,366

 

 

$

1,020,030

 

 

$

3,082,180

 

 

$

7,732,505

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

89,854

 

 

$

74,241

 

Capitalized interest

 

 

(558

)

 

 

(2,567

)

Amortization of transaction costs

 

 

1,571

 

 

 

1,330

 

Interest expense resulting from cash flow hedges

 

 

(562

)

 

 

(1,506

)

Total interest expense

 

$

90,305

 

 

$

71,498

 

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

176,473

 

 

$

145,388

 

Capitalized interest

 

 

(5,852

)

 

 

(6,580

)

Amortization of transaction costs

 

 

3,103

 

 

 

2,839

 

Interest expense resulting from cash flow hedges

 

 

(1,089

)

 

 

(2,931

)

Total interest expense

 

$

172,635

 

 

$

138,716

 

 

Interest Rates

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended September 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.62

 

%

 

6.60

 

%

Interest rate at the end of the quarter

 

 

5.60

 

%

 

6.55

 

%

Maximum amount outstanding during the quarter

 

$

635,000

 

 

$

585,000

 

 

Average amount outstanding during the quarter

 

$

635,000

 

 

$

585,000

 

 

Facility fees

 

$

297

 

 

$

316

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Six months ended September 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

5.62

 

%

 

6.62

 

%

Interest rate at the end of the period

 

 

5.60

 

%

 

6.55

 

%

Maximum amount outstanding during the period

 

$

785,000

 

 

$

735,000

 

 

Average amount outstanding during the period

 

$

682,541

 

 

$

625,209

 

 

Facility fees

 

$

531

 

 

$

579

 

 

 

 
v3.25.3
Derivatives
 6 Months Ended
Sep. 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

 

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

2,647

 

 

$

4,381

 

Liabilities

 

$

436

 

 

$

777

 

Notional amount

 

$

272,647

 

 

$

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 six months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $4.4 million and $0.2 million, respectively, net of taxes. During the first six months of fiscal 2026 and 2025, we reclassified ($3.6) million and $8.2 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2025, we expect to reclassify $2.5 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first six months of September 30, 2025 and 2024 were $5.9 million and $6.5 million, respectively.

 

 

 

Derivatives Fair Values as of

 

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

7,657

 

 

$

8,819

 

Notional amount

 

$

285,821

 

 

$

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.
v3.25.3
Accumulated Other Comprehensive Loss
 6 Months Ended
Sep. 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 (a)
Discount
Rates

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

Foreign currency translation

 

 

(1,459

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,459

)

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

 

 

—

 

 

 

12,202

 

 

 

—

 

 

 

—

 

 

 

12,202

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

329

 

 

 

—

 

 

 

329

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(680

)

 

 

—

 

 

 

(680

)

Other comprehensive income (loss)

 

 

(1,459

)

 

 

12,202

 

 

 

(351

)

 

 

—

 

 

 

10,392

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2024

 

$

(53,911

)

 

$

(182,296

)

 

$

3,350

 

 

$

1,044

 

 

$

(231,813

)

Foreign currency translation

 

 

421

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

421

 

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

 

 

—

 

 

 

(4,032

)

 

 

—

 

 

 

—

 

 

 

(4,032

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

1,696

 

 

 

—

 

 

 

1,696

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(7,103

)

 

 

—

 

 

 

(7,103

)

Other comprehensive income (loss)

 

 

421

 

 

 

(4,032

)

 

 

(5,407

)

 

 

—

 

 

 

(9,018

)

Balance as of September 30, 2024

 

$

(53,490

)

 

$

(186,328

)

 

$

(2,057

)

 

$

1,044

 

 

$

(240,831

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

961

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

961

 

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

 

 

—

 

 

 

39,434

 

 

 

—

 

 

 

—

 

 

 

39,434

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,437

)

 

 

—

 

 

 

(4,437

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

3,552

 

 

 

—

 

 

 

3,552

 

Other comprehensive income (loss)

 

 

961

 

 

 

39,434

 

 

 

(885

)

 

 

—

 

 

 

39,510

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2024

 

$

(53,707

)

 

$

(176,883

)

 

$

6,330

 

 

$

1,044

 

 

$

(223,216

)

Foreign currency translation

 

 

217

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217

 

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

 

 

—

 

 

 

(9,445

)

 

 

—

 

 

 

—

 

 

 

(9,445

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(209

)

 

 

—

 

 

 

(209

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(8,178

)

 

 

—

 

 

 

(8,178

)

Other comprehensive income (loss)

 

 

217

 

 

 

(9,445

)

 

 

(8,387

)

 

 

—

 

 

 

(17,615

)

Balance as of September 30, 2024

 

$

(53,490

)

 

$

(186,328

)

 

$

(2,057

)

 

$

1,044

 

 

$

(240,831

)

(a) Liability for future policy benefits
v3.25.3
Stockholders' Equity
 6 Months Ended
Sep. 30, 2025
Stockholders' Equity [Abstract]  
7. Stockholders' Equity . Dividends

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

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

August 21, 2025

$

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

 

 

0.05

 

 

June 16, 2025

 

June 27, 2025

August 15, 2024

 

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

 

 

0.05

 

 

June 17, 2024

 

June 28, 2024

 

As of September 30, 2025, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.
v3.25.3
Leases
 6 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases . Leases

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

 

 

 

As of September 30, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Buildings and improvements

 

$

—

 

 

$

71,694

 

 

$

71,694

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

24,343

 

 

 

—

 

 

 

24,343

 

Rental trucks

 

 

149,219

 

 

 

—

 

 

 

149,219

 

Right-of-use assets, gross

 

 

173,623

 

 

 

71,694

 

 

 

245,317

 

Less: Accumulated depreciation

 

 

(110,987

)

 

 

(29,882

)

 

 

(140,869

)

Right-of-use assets, net

 

$

62,636

 

 

$

41,812

 

 

$

104,448

 

 

 

 

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 September 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $19.6 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 $76.1 million and $80.5 million for the as of September 30, 2025 and September 30, 2024, respectively.

 

 

 

Finance leases

 

 

 

 

September 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

0.3

 

 

0.6

 

 

Weighted average discount rate

 

 

4.3

 

%

 

4.4

 

%

 

 

 

Operating leases

 

 

 

 

September 30,

 

 

March 31,

 

 

 

 

2025

 

 

2025

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

25.7

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.6

 

%

 

For the six months ended September 30, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $9.5 million and $10.6 million, respectively, and our financing cash flow activities were $24.7 million and $39.3 million, respectively.

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

 

 

 

Six months ended

 

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

9,945

 

 

$

10,334

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

5,979

 

 

$

17,630

 

Interest on lease liabilities

 

 

849

 

 

 

2,219

 

Total finance lease cost

 

$

6,828

 

 

$

19,849

 

 

The short-term lease costs for the first six 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 (6 months)

 

$

19,980

 

 

$

4,739

 

2027

 

 

—

 

 

 

8,267

 

2028

 

 

—

 

 

 

6,998

 

2029

 

 

—

 

 

 

5,309

 

2030

 

 

—

 

 

 

4,018

 

Thereafter

 

 

—

 

 

 

57,283

 

Total lease payments

 

 

19,980

 

 

 

86,614

 

Less: imputed interest

 

 

(335

)

 

 

(44,001

)

Present value of lease liabilities

 

$

19,645

 

 

$

42,613

 
v3.25.3
Contingencies
 6 Months Ended
Sep. 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 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.
v3.25.3
Related Party Transactions
 6 Months Ended
Sep. 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 September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,830

 

 

$

7,805

 

U-Haul management fee revenue from Mercury

 

 

1,791

 

 

 

1,781

 

 

 

$

9,621

 

 

$

9,586

 

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

15,608

 

 

$

15,520

 

U-Haul management fee revenue from Mercury

 

 

3,595

 

 

 

3,561

 

 

 

$

19,203

 

 

$

19,081

 

 

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 $19.4 million and $19.5 million from the above-mentioned entities during the first six 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 September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

601

 

 

$

604

 

U-Haul printing expenses to Blackwater

 

 

1,445

 

 

 

1,455

 

U-Haul commission expenses to Blackwater

 

 

24,194

 

 

 

24,434

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,439

 

 

 

6,323

 

 

 

$

32,717

 

 

$

32,854

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,202

 

 

$

1,208

 

U-Haul printing expenses to Blackwater

 

 

2,880

 

 

 

2,558

 

U-Haul commission expenses to Blackwater

 

 

47,765

 

 

 

47,129

 

U-Haul lease expenses to Mercury

 

 

76

 

 

 

76

 

U-Haul commission expenses to Mercury

 

 

12,931

 

 

 

12,451

 

 

 

$

64,854

 

 

$

63,422

 

 

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 September 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 $19.2 million and $19.1 million, expenses of $4.2 million and $3.8 million and we received cash flows of $18.1 million and $18.2 million, respectively, during the first six months of fiscal 2026 and 2025. Revenues were $291.9 million and $289.6 million and commission expenses were $60.7 million and $59.6 million, respectively, related to the Dealer Agreements, during the first six 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

 

 

September 30,

 

 

March 31,

 

 

 

2025

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

31,213

 

 

$

28,442

 

U-Haul receivable from Mercury

 

 

14,285

 

 

 

12,517

 

Other (a)

 

 

1,114

 

 

 

4,044

 

 

 

$

46,612

 

 

$

45,003

 

 

(a)
Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.25.3
Consolidating Financial Information by Industry Segment
 6 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting 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 September 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

$

 

1,632,827

 

$

 

35,891

 

$

 

54,113

 

$

 

(2,909

)

(b,c)

$

 

1,719,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

322,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

322,687

 

Equipment maintenance and repair expenses

 

 

223,772

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

223,772

 

Other operating expenses

 

 

91,844

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

91,844

 

Other segment items

 

 

256,922

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

(b,c)

 

 

271,239

 

Operating expenses

 

 

895,225

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

 

 

 

909,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

121,811

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

121,811

 

Cost of product sales

 

 

67,625

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

67,625

 

Benefits and losses

 

 

—

 

 

 

5,737

 

 

 

42,441

 

 

 

—

 

 

 

 

48,178

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,962

 

 

 

—

 

 

 

 

4,962

 

Lease expense

 

 

5,587

 

 

 

76

 

 

 

48

 

 

 

(640

)

(b)

 

 

5,071

 

Depreciation, net of (gains) losses on disposal

 

 

340,608

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

340,608

 

Net (gains) losses on disposal of real estate

 

 

4,531

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

4,531

 

Total costs and expenses

 

 

1,435,387

 

 

 

18,737

 

 

 

51,085

 

 

 

(2,881

)

 

 

 

1,502,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

197,440

 

 

 

17,154

 

 

 

3,028

 

 

 

(28

)

 

 

 

217,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

16,001

 

 

 

—

 

 

 

—

 

 

 

(16,001

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

213,441

 

 

 

17,154

 

 

 

3,028

 

 

 

(16,029

)

 

 

 

217,594

 

Other components of net periodic benefit costs

 

 

(345

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(345

)

Other interest income

 

 

10,111

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

10,015

 

Interest expense

 

 

(90,333

)

 

 

—

 

 

 

(96

)

 

 

124

 

(b)

 

 

(90,305

)

Fees on early extinguishment of debt and costs of defeasance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Pretax earnings

 

 

132,874

 

 

 

17,154

 

 

 

2,932

 

 

 

(16,001

)

 

 

 

136,959

 

Income tax expense

 

 

(27,324

)

 

 

(3,515

)

 

 

(570

)

 

 

—

 

 

 

 

(31,409

)

Net earnings available to common stockholders

$

 

105,550

 

$

 

13,639

 

$

 

2,362

 

$

 

(16,001

)

 

$

 

105,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 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 September 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

$

 

1,573,643

 

$

 

31,461

 

$

 

56,157

 

$

 

(3,153

)

(b,c)

$

 

1,658,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

311,009

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

311,009

 

Equipment maintenance and repair expenses

 

 

213,413

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

213,413

 

Other operating expenses

 

 

68,731

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

68,731

 

Other segment items

 

 

282,662

 

 

 

11,875

 

 

 

5,278

 

 

 

(1,895

)

(b,c)

 

 

297,920

 

Operating expenses

 

 

875,815

 

 

 

11,875

 

 

 

5,278

 

 

 

(1,895

)

 

 

 

891,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

119,008

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

119,008

 

Cost of product sales

 

 

62,250

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

62,250

 

Benefits and losses

 

 

—

 

 

 

5,672

 

 

 

38,720

 

 

 

—

 

 

 

 

44,392

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,439

 

 

 

—

 

 

 

 

4,439

 

Lease expense

 

 

5,614

 

 

 

91

 

 

 

30

 

 

 

(1,006

)

(b)

 

 

4,729

 

Depreciation, net of (gains) losses on disposal

 

 

227,270

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

227,270

 

Net (gains) losses on disposal of real estate

 

 

2,991

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,991

 

Total costs and expenses

 

 

1,292,948

 

 

 

17,638

 

 

 

48,467

 

 

 

(2,901

)

 

 

 

1,356,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

280,695

 

 

 

13,823

 

 

 

7,690

 

 

 

(252

)

 

 

 

301,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

17,006

 

 

 

—

 

 

 

—

 

 

 

(17,006

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

297,701

 

 

 

13,823

 

 

 

7,690

 

 

 

(17,258

)

 

 

 

301,956

 

Other components of net periodic benefit costs

 

 

(372

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(372

)

Other interest income

 

 

16,251

 

 

 

—

 

 

 

—

 

 

 

(120

)

(b)

 

 

16,131

 

Interest expense

 

 

(71,750

)

 

 

—

 

 

 

(120

)

 

 

372

 

(b)

 

 

(71,498

)

Fees on early extinguishment of debt and costs of defeasance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Pretax earnings

 

 

241,830

 

 

 

13,823

 

 

 

7,570

 

 

 

(17,006

)

 

 

 

246,217

 

Income tax expense

 

 

(55,032

)

 

 

(2,844

)

 

 

(1,543

)

 

 

—

 

 

 

 

(59,419

)

Net earnings available to common stockholders

$

 

186,798

 

$

 

10,979

 

$

 

6,027

 

$

 

(17,006

)

 

$

 

186,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 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

$

 

3,186,686

 

$

 

65,612

 

$

 

104,207

 

$

 

(6,113

)

(b,c)

$

 

3,350,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

627,721

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

627,721

 

Equipment maintenance and repair expenses

 

 

417,717

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

417,717

 

Other operating expenses

 

 

173,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

173,815

 

Other segment items

 

 

490,154

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

(b,c)

 

 

517,038

 

Operating expenses

 

 

1,709,407

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

 

 

 

1,736,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

238,548

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

238,548

 

Cost of product sales

 

 

139,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

139,830

 

Benefits and losses

 

 

—

 

 

 

11,236

 

 

 

82,124

 

 

 

—

 

 

 

 

93,360

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

9,879

 

 

 

—

 

 

 

 

9,879

 

Lease expense

 

 

11,052

 

 

 

150

 

 

 

81

 

 

 

(1,338

)

(b)

 

 

9,945

 

Depreciation, net of (gains) losses on disposal

 

 

644,617

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

644,617

 

Net (gains) losses on disposal of real estate

 

 

2,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,914

 

Total costs and expenses

 

 

2,746,368

 

 

 

36,570

 

 

 

98,503

 

 

 

(6,057

)

 

 

 

2,875,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

440,318

 

 

 

29,042

 

 

 

5,704

 

 

 

(56

)

 

 

 

475,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

27,505

 

 

 

—

 

 

 

—

 

 

 

(27,505

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

467,823

 

 

 

29,042

 

 

 

5,704

 

 

 

(27,561

)

 

 

 

475,008

 

Other components of net periodic benefit costs

 

 

(691

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(691

)

Other interest income

 

 

20,876

 

 

 

—

 

 

 

—

 

 

 

(192

)

(b)

 

 

20,684

 

Interest expense

 

 

(172,691

)

 

 

—

 

 

 

(192

)

 

 

248

 

(b)

 

 

(172,635

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(26

)

Pretax earnings

 

 

315,291

 

 

 

29,042

 

 

 

5,512

 

 

 

(27,505

)

 

 

 

322,340

 

Income tax expense

 

 

(67,410

)

 

 

(5,983

)

 

 

(1,066

)

 

 

—

 

 

 

 

(74,459

)

Net earnings available to common stockholders

$

 

247,881

 

$

 

23,059

 

$

 

4,446

 

$

 

(27,505

)

 

$

 

247,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 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 six months ended September 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

$

 

3,042,804

 

$

 

59,639

 

$

 

109,906

 

$

 

(5,751

)

(b,c)

$

 

3,206,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

595,864

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

595,864

 

Equipment maintenance and repair expenses

 

 

402,162

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

402,162

 

Other operating expenses

 

 

133,467

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

133,467

 

Other segment items

 

 

514,118

 

 

 

23,505

 

 

 

15,350

 

 

 

(3,636

)

(b,c)

 

 

549,337

 

Operating expenses

 

 

1,645,611

 

 

 

23,505

 

 

 

15,350

 

 

 

(3,636

)

 

 

 

1,680,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

231,579

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

231,579

 

Cost of product sales

 

 

128,264

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

128,264

 

Benefits and losses

 

 

—

 

 

 

10,631

 

 

 

77,767

 

 

 

—

 

 

 

 

88,398

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

9,085

 

 

 

—

 

 

 

 

9,085

 

Lease expense

 

 

11,687

 

 

 

197

 

 

 

61

 

 

 

(1,611

)

(b)

 

 

10,334

 

Depreciation, net of (gains) losses on disposal

 

 

443,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

443,815

 

Net (gains) losses on disposal of real estate

 

 

6,095

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

6,095

 

Total costs and expenses

 

 

2,467,051

 

 

 

34,333

 

 

 

102,263

 

 

 

(5,247

)

 

 

 

2,598,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

575,753

 

 

 

25,306

 

 

 

7,643

 

 

 

(504

)

 

 

 

608,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

26,024

 

 

 

—

 

 

 

—

 

 

 

(26,024

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

601,777

 

 

 

25,306

 

 

 

7,643

 

 

 

(26,528

)

 

 

 

608,198

 

Other components of net periodic benefit costs

 

 

(744

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(744

)

Other interest income

 

 

34,606

 

 

 

—

 

 

 

—

 

 

 

(240

)

(b)

 

 

34,366

 

Interest expense

 

 

(139,220

)

 

 

—

 

 

 

(240

)

 

 

744

 

(b)

 

 

(138,716

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

495,924

 

 

 

25,306

 

 

 

7,403

 

 

 

(26,024

)

 

 

 

502,609

 

Income tax expense

 

 

(113,709

)

 

 

(5,221

)

 

 

(1,464

)

 

 

—

 

 

 

 

(120,394

)

Net earnings available to common stockholders

$

 

382,215

 

$

 

20,085

 

$

 

5,939

 

$

 

(26,024

)

 

$

 

382,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 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 September 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 September 30, 2025

 

$

997,931

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

997,931

 

Gross capital expenditures for the quarter ended September 30, 2024

 

$

963,839

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

963,839

 

 

 

Gross capital expenditures by reportable segment for the six months ended September 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 six months ended September 30, 2025

 

$

1,914,502

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,914,502

 

Gross capital expenditures for the six months ended September 30, 2024

 

$

1,927,002

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,927,002

 

 

 

Total assets by reportable segment as of September 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 September 30, 2025

 

$

18,460,371

 

 

$

562,065

 

 

$

3,120,354

 

 

$

(714,371

)

 

$

21,428,419

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

 

 
v3.25.3
Geographic Area Data
 6 Months Ended
Sep. 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 September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,621,719

 

 

$

98,203

 

 

$

1,719,922

 

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

 

 

336,450

 

 

 

13,651

 

 

 

350,101

 

Interest expense

 

 

89,450

 

 

 

855

 

 

 

90,305

 

Pretax earnings

 

 

130,251

 

 

 

6,708

 

 

 

136,959

 

Income tax expense

 

 

29,526

 

 

 

1,883

 

 

 

31,409

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,565,478

 

 

$

92,630

 

 

$

1,658,108

 

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

 

 

226,600

 

 

 

8,100

 

 

 

234,700

 

Interest expense

 

 

70,924

 

 

 

574

 

 

 

71,498

 

Pretax earnings

 

 

236,601

 

 

 

9,616

 

 

 

246,217

 

Income tax expense

 

 

56,712

 

 

 

2,707

 

 

 

59,419

 

Identifiable assets

 

 

19,238,854

 

 

 

887,697

 

 

 

20,126,551

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Six Months ended September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,165,061

 

 

$

185,331

 

 

$

3,350,392

 

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

 

 

632,863

 

 

 

24,547

 

 

 

657,410

 

Interest expense

 

 

171,301

 

 

 

1,334

 

 

 

172,635

 

Pretax earnings

 

 

310,343

 

 

 

11,997

 

 

 

322,340

 

Income tax expense

 

 

70,879

 

 

 

3,580

 

 

 

74,459

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 

 

 

 

 

 

 

 

 

 

 

Six Months ended September 30, 2024

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,033,171

 

 

$

173,427

 

 

$

3,206,598

 

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

 

 

446,012

 

 

 

12,983

 

 

 

458,995

 

Interest expense

 

 

137,673

 

 

 

1,043

 

 

 

138,716

 

Pretax earnings

 

 

483,919

 

 

 

18,690

 

 

 

502,609

 

Income tax expense

 

 

115,089

 

 

 

5,305

 

 

 

120,394

 

Identifiable assets

 

 

19,238,854

 

 

 

887,697

 

 

 

20,126,551

 
v3.25.3
Employee Benefit Plans
 6 Months Ended
Sep. 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 September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

169

 

 

$

246

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

370

 

 

 

375

 

Other components

 

 

(25

)

 

 

(3

)

Total other components of net periodic benefit costs

 

 

345

 

 

 

372

 

Net periodic postretirement benefit cost

 

$

514

 

 

$

618

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

338

 

 

$

491

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

741

 

 

 

750

 

Other components

 

 

(50

)

 

 

(6

)

Total other components of net periodic benefit costs

 

 

691

 

 

 

744

 

Net periodic postretirement benefit cost

 

$

1,029

 

 

$

1,235

 
v3.25.3
Fair Value Measurements
 6 Months Ended
Sep. 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 September 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 September 30, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,494,429

 

 

$

—

 

 

$

2,494,429

 

 

$

—

 

Preferred stock

 

 

15,683

 

 

 

15,683

 

 

 

—

 

 

 

—

 

Common stock

 

 

47,289

 

 

 

47,289

 

 

 

—

 

 

 

—

 

Derivatives

 

 

10,304

 

 

 

7,657

 

 

 

2,647

 

 

 

—

 

Total

 

$

2,567,705

 

 

$

70,629

 

 

$

2,497,076

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

436

 

 

$

—

 

 

$

436

 

 

$

—

 

Embedded derivatives

 

 

8,593

 

 

 

—

 

 

 

—

 

 

 

8,593

 

Market risk benefits

 

 

12,220

 

 

 

—

 

 

 

—

 

 

 

12,220

 

Total

 

$

21,249

 

 

$

—

 

 

$

436

 

 

$

20,813

 

 

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 $786.7 million and $700.0 million as of September 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 September 30, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

142,292

 

 

$

—

 

 

$

—

 

 

$

142,292

 

 

$

142,292

 

Mortgage loans, net

 

 

659,736

 

 

 

—

 

 

 

—

 

 

 

656,403

 

 

 

656,403

 

Policy loans

 

 

12,079

 

 

 

—

 

 

 

—

 

 

 

12,079

 

 

 

12,079

 

Total

 

$

814,107

 

 

$

—

 

 

$

—

 

 

$

810,774

 

 

$

810,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

 

$

7,732,505

 

 

$

—

 

 

$

7,201,046

 

 

$

—

 

 

$

7,201,046

 

Liabilities from investment contracts

 

 

2,510,010

 

 

 

—

 

 

 

—

 

 

 

2,461,369

 

 

 

2,461,369

 

Total

 

$

10,242,515

 

 

$

—

 

 

$

7,201,046

 

 

$

2,461,369

 

 

$

9,662,415

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2025

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

195,710

 

 

$

—

 

 

$

—

 

 

$

195,710

 

 

$

195,710

 

Mortgage loans, net

 

 

657,567

 

 

 

—

 

 

 

—

 

 

 

639,162

 

 

 

639,162

 

Policy loans

 

 

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

 

 

 
v3.25.3
Revenue Recognition
 6 Months Ended
Sep. 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 September 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 second 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, $1.3 million

and $51.7 million, respectively, was recognized as revenue for the second quarter and six months ended September 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 September 30,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,276

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

10,525

 

 

 

17,433

 

 

 

10,937

 

 

 

7,961

 

 

 

5,964

 

 

 

28,496

 

Total

 

$

15,801

 

 

$

17,433

 

 

$

10,937

 

 

$

7,961

 

 

$

5,964

 

 

$

28,496

 

 

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

Revenue Recognized in Accordance with Other Topics

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

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

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

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

 

 

 

Quarter ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

134,942

 

 

$

125,792

 

Revenues recognized at a point in time:

 

 

109,890

 

 

 

107,382

 

Total revenues recognized under ASC 606

 

 

244,832

 

 

 

233,174

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,386,690

 

 

 

1,339,320

 

Insurance premium revenues recognized under ASC 944

 

 

48,378

 

 

 

47,820

 

Net investment and interest income recognized under other topics

 

 

40,022

 

 

 

37,794

 

Total revenues

 

$

1,719,922

 

 

$

1,658,108

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

250,811

 

 

$

225,967

 

Revenues recognized at a point in time:

 

 

226,077

 

 

 

221,107

 

Total revenues recognized under ASC 606

 

 

476,888

 

 

 

447,074

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

2,707,559

 

 

 

2,593,637

 

Insurance premium revenues recognized under ASC 944

 

 

90,712

 

 

 

90,968

 

Net investment and interest income recognized under other topics

 

 

75,233

 

 

 

74,919

 

Total revenues

 

$

3,350,392

 

 

$

3,206,598

 

 

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

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

v3.25.3
Allowance For Credit Losses
 6 Months Ended
Sep. 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 September 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 September 30, 2025 and March 31, 2025 was $3.6 million and $5.1 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $29.1 million and $29.4 million as of September 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 September 30, 2025 and March 31, 2025. As of September 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 September 30, 2025.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of September 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 September 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

 

 

2,951

 

 

 

1,469

 

 

 

—

 

 

 

4,420

 

Write-offs against allowance

 

 

(4,385

)

 

 

—

 

 

 

—

 

 

 

(4,385

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of September 30, 2025

 

$

3,648

 

 

$

4,573

 

 

$

448

 

 

$

8,669

 
v3.25.3
Income Taxes
 6 Months Ended
Sep. 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 second quarters ended September 30, 2025 and 2024 was a provision of 22.9% and 24.1%, respectively and for the six months ended September 30, 2025 and 2024 was a provision of 23.1% and 24.0%, 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.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. 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 have evaluated the tax provisions of OBBB and the impact to our financial statements, and we do not expect the newly enacted legislation to have a material impact on our effective tax rate.

 
v3.25.3
Accounting Pronouncements
 6 Months Ended
Sep. 30, 2025
Text Block [Abstract]  
Accounting Pronouncements . Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("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.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project. 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.
v3.25.3
Deferred Policy Acquisition Costs, Net
 6 Months Ended
Sep. 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 six month periods ended September 30, 2025 and 2024:

 

 

 

Six Months Ended September 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

 

 

5,474

 

 

 

1,747

 

 

 

46

 

 

 

7,267

 

Amortization expense

 

 

(5,552

)

 

 

(3,893

)

 

 

(434

)

 

 

(9,879

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

60,402

 

 

$

55,840

 

 

$

2,875

 

 

$

119,117

 

 

 

 

Six Months Ended September 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

 

 

7,351

 

 

 

1,774

 

 

 

65

 

 

 

9,190

 

Amortization expense

 

 

(4,366

)

 

 

(4,281

)

 

 

(438

)

 

 

(9,085

)

Other, including Experience Adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance, end of period

 

$

57,732

 

 

$

59,919

 

 

$

3,678

 

 

$

121,329

 
v3.25.3
Policy Benefits and Losses, Claims and Loss Expenses Payable
 6 Months Ended
Sep. 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.

 

 

 

Six months ended September 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

 

 

(2,922

)

 

 

—

 

Effect of actual variances from expected experience

 

 

(1,044

)

 

 

(715

)

Adjusted beginning of year balance

 

$

181,542

 

 

$

203,591

 

Issuances

 

 

2,410

 

 

 

4,780

 

Interest accrual

 

 

4,403

 

 

 

4,998

 

Net premium collected

 

 

(16,776

)

 

 

(18,397

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

171,579

 

 

$

194,972

 

Effect of changes in discount rate assumptions (AOCI)

 

 

298

 

 

 

(4,091

)

Balance, end of period

 

$

171,877

 

 

$

190,881

 

 

 

 

 

 

 

 

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

 

 

(3,887

)

 

 

—

 

Effect of actual variances from expected experiences

 

 

(731

)

 

 

(1,393

)

Adjusted beginning of year balance

 

$

486,357

 

 

$

512,720

 

Issuances

 

 

2,410

 

 

 

4,780

 

Interest accrual

 

 

11,797

 

 

 

12,587

 

Benefit payments

 

 

(30,450

)

 

 

(26,560

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

470,114

 

 

$

503,527

 

Effect of changes in discount rate assumptions (AOCI)

 

 

1,269

 

 

 

(10,313

)

Balance, end of period

 

$

471,383

 

 

$

493,214

 

End of period, LFPB net

 

 

299,511

 

 

 

302,332

 

Payout annuities and market risk benefits

 

 

22,818

 

 

 

24,448

 

Health insurance

 

 

10,179

 

 

 

17,238

 

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

 

 

28,229

 

 

 

28,952

 

Life DPL / Other life and health

 

 

8,214

 

 

 

9,553

 

LFPB flooring effect

 

 

—

 

 

 

176

 

Life Insurance end of period balance

 

$

368,951

 

 

$

382,699

 

Moving and Storage balance

 

 

404,844

 

 

 

318,669

 

Property and Casualty Insurance balance

 

 

126,507

 

 

 

132,264

 

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

 

$

900,302

 

 

$

833,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended September 30,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

319,669

 

 

$

350,890

 

 

Discounted balance at original discount rate

 

$

247,543

 

 

$

272,992

 

 

Discounted balance at current discount rate

 

$

248,018

 

 

$

266,964

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

675,928

 

 

$

723,862

 

 

Discounted balance at original discount rate

 

$

470,113

 

 

$

503,526

 

 

Discounted balance at current discount rate

 

$

471,382

 

 

$

493,213

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

7.15

 

%

 

5.06

 

%

Mortality expected experience

 

 

6.67

 

%

 

5.44

 

%

Lapses actual experience

 

 

2.31

 

%

 

1.90

 

%

Lapses expected experience

 

 

3.12

 

%

 

2.73

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

23,444

 

 

$

25,043

 

 

Interest expense (2)

 

$

7,394

 

 

$

7,589

 

 

 

 

 

 

 

 

 

 

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

 

%

 

4.97

 

%

 

 

 

 

 

 

 

 

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

 

 

4.37

 

%

 

5.13

 

%

 

(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:

 

 

 

Six Months Ended September 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

181,834

 

Surrenders and withdrawals

 

 

(205,014

)

Benefit payments

 

 

(17,448

)

Interest credited

 

 

47,809

 

Other

 

 

—

 

End of period

 

$

2,518,603

 

Weighted average credited rate

 

 

3.80

 

Cash surrender value

 

$

2,210,645

 

 

 

 

Six Months Ended September 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,411,352

 

Deposits received

 

 

226,771

 

Surrenders and withdrawals

 

 

(164,919

)

Benefit payments

 

 

(19,625

)

Interest credited

 

 

37,584

 

Other

 

 

5,868

 

End of period

 

$

2,497,031

 

Weighted average credited rate

 

 

3.29

 

Cash surrender value

 

$

2,172,013

 
v3.25.3
Earnings Per Share (Table Text Block)
 6 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

 

 

For the Quarters Ended

 

 

 

September 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

 

$

105,550

 

 

$

186,798

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

96,727

 

 

$

177,975

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

9,673

 

 

$

17,798

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.49

 

 

$

0.91

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.49

 

 

$

0.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

105,550

 

 

$

186,798

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,823

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

96,727

 

 

$

177,975

 

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

 

$

87,054

 

 

$

160,178

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.49

 

 

$

0.91

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

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

 

$

0.54

 

 

$

0.96

 
v3.25.3
Investments (Table Text Block)
 6 Months Ended
Sep. 30, 2025
Investments Debt Equity Securities [Abstract]  
Available for sale investments

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

106,730

 

 

$

262

 

 

$

(6,012

)

 

$

—

 

 

$

100,980

 

U.S. government agency mortgage-backed securities

 

 

79,463

 

 

 

513

 

 

 

(7,532

)

 

 

—

 

 

 

72,444

 

Obligations of states and political subdivisions

 

 

130,669

 

 

 

413

 

 

 

(8,297

)

 

 

—

 

 

 

122,785

 

Corporate securities

 

 

1,737,046

 

 

 

3,268

 

 

 

(120,702

)

 

 

(4,573

)

 

 

1,615,039

 

Mortgage-backed securities

 

 

617,679

 

 

 

2,672

 

 

 

(37,170

)

 

 

—

 

 

 

583,181

 

 

 

$

2,671,587

 

 

$

7,128

 

 

$

(179,713

)

 

$

(4,573

)

 

$

2,494,429

 
Available for sale investments, unrealized losses, fair value

 

 

 

September 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

 

 

$

—

 

 

 

$

—

 

 

 

$

94,669

 

 

 

$

(6,012

)

 

 

$

94,669

 

 

 

$

(6,012

)

U.S. government agency mortgage-backed securities

 

 

 

10,695

 

 

 

 

(46

)

 

 

 

19,921

 

 

 

 

(7,486

)

 

 

 

30,616

 

 

 

 

(7,532

)

Obligations of states and political subdivisions

 

 

 

41,058

 

 

 

 

(1,439

)

 

 

 

53,467

 

 

 

 

(6,858

)

 

 

 

94,525

 

 

 

 

(8,297

)

Corporate securities

 

 

 

186,091

 

 

 

 

(1,651

)

 

 

 

1,181,934

 

 

 

 

(119,051

)

 

 

 

1,368,025

 

 

 

 

(120,702

)

Mortgage-backed securities

 

 

 

89,344

 

 

 

 

(2,352

)

 

 

 

197,422

 

 

 

 

(34,818

)

 

 

 

286,766

 

 

 

 

(37,170

)

 

 

 

$

327,188

 

 

 

$

(5,488

)

 

 

$

1,547,413

 

 

 

$

(174,225

)

 

 

$

1,874,601

 

 

 

$

(179,713

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

 

 

September 30, 2025

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

201,627

 

 

$

200,792

 

 

$

196,238

 

 

$

194,896

 

Due after one year through five years

 

 

571,477

 

 

 

560,967

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

580,086

 

 

 

540,400

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

700,718

 

 

 

609,089