U-HAUL HOLDING CO /NV/, 10-K filed on 27 May 26
 | XBRL Documents
v3.26.1
Document and Entity Information - USD ($)
 12 Months Ended
Mar. 31, 2026
May 27, 2026
Sep. 30, 2025
Document and Entity Information [Abstract]      
Entity Registrant Name U-Haul Holding Company    
Entity Central Index Key 0000004457    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Current Fiscal Year End Date --03-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 5,028,850,534
Document Fiscal Year Focus 2026    
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Period End Date Mar. 31, 2026    
Amendment Flag false    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity File Number 001-11255    
Entity Tax Identification Number 88-0106815    
Entity Address Address Line 1 5555 Kietzke Lane    
Entity Address Address Line 2 Ste. 100    
Entity Address City Or Town Reno    
Entity Address State Or Province NV    
Entity Address Postal Zip Code 89511    
City Area Code 775    
Local Phone Number 688-6300    
Entity Interactive Data Current Yes    
Entity Incorporation State Country Code NV    
Document Annual Report true    
Document Transition Report false    
Auditor Name Deloitte & Touche LLP    
Auditor Location Tempe    
Auditor Firm ID 34    
Cybersecurity Risk Management Processes Integrated [Flag] true    
Cybersecurity Risk Management Processes Integrated [Text Block] We take a cross-departmental approach to addressing cybersecurity risk, which includes input from senior management, our Cybersecurity Council (a taskforce comprised of representatives from primary corporate functions across our Moving and Storage, Property and Casualty Insurance, and Life Insurance subsidiaries), other team members, and oversight by the Board and its Audit & Cyber Committee.    
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company’s Director, Data Privacy & Security leads the IT security team and is responsible for coordinating and implementing our information security program.    
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Director, Data Privacy and Security also reports on cybersecurity matters to senior management and informs on such matters to the Audit & Cyber Committee of the Board.    
Cybersecurity Risk Management Third Party Engaged [Flag] true    
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true    
Voting Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   19,607,788  
Security 12b Title Common stock, $0.25 par value    
Trading Symbol UHAL    
Security Exchange Name NYSE    
Non-Voting Common Stock [Member]      
Document and Entity Information [Abstract]      
Entity Common Stock, Shares Outstanding   176,470,092  
Security 12b Title Series N Non-Voting Common Stock, $0.001 par value    
Trading Symbol UHAL.B    
Security Exchange Name NYSE    
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
ASSETS:    
Cash and cash equivalents $ 1,120,147 $ 988,828
Reinsurance recoverables and trade receivables, net 159,768 230,716
Inventories, net 178,155 163,132
Prepaid expenses 191,671 282,406
Available For Sale Securities Debt Securities 2,417,912 2,479,498
Equity securities, at fair value 14,976 65,549
Investments, other 706,314 678,254
Deferred policy acquisition costs, net 112,852 121,729
Other assets 127,202 126,732
Right of use assets - financing, net   138,698
Right of use assets - operating, net 40,188 46,025
Related party assets 53,159 45,003
Property, plant and equipment, at cost:    
Land 1,865,369 1,812,820
Buildings and improvements 10,542,945 9,628,271
Furniture and equipment 1,074,032 1,047,414
Property, plant and equipment (gross) 23,243,107 21,004,679
Less: Accumulated depreciation (6,862,662) (5,892,079)
Total property, plant and equipment 16,380,445 15,112,600
Total assets 21,502,789 20,479,170
Liabilities    
Accounts payable and accrued expenses 850,294 820,900
Notes, loans and leases payable, net 8,083,374 7,193,857
Operating lease liabilities 40,957 46,973
Policy benefits and losses, claims and loss expenses payable 939,874 857,521
Trading Liabilities 2,357,545 2,511,422
Other policyholders' funds and liabilities 2,899 7,539
Deferred income 56,614 52,895
Deferred income taxes, net 1,559,581 1,489,920
Total liabilities 13,891,138 12,981,027
Commitments and contingencies (Notes 9 and 19)
Stockholders' equity:    
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (163,640) (229,314)
Retained earnings 7,979,720 7,931,886
Total stockholders' equity 7,611,651 7,498,143
Total liabilities and stockholders' equity 21,502,789 20,479,170
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value, issued
Voting Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Nonvoting Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 176 176
Common Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (525,653) (525,653)
Preferred Stock in Treasury [Member]    
Stockholders' equity:    
Treasury stock, value (151,997) (151,997)
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Rental trailers and other rental equipment 1,206,253 1,046,135
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Rental trailers and other rental equipment $ 8,554,508 $ 7,470,039
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Debt Securities, Available-for-Sale [Abstract]    
Available for sale investments, allowance for credit loss, net $ 3,960 $ 3,104
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,558,342 $ 2,708,562
Voting Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 41,985,700 41,985,700
Common stock, shares, outstanding 19,607,788 19,607,788
Common stock, par or stated value per share $ 0.25 $ 0.25
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 176,470,092 176,470,092
Common stock, par or stated value per share $ 0.001 $ 0.001
Common Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 22,377,912 22,377,912
Preferred Stock in Treasury [Member]    
Treasury stock:    
Treasury Stock Common Shares 6,100,000 6,100,000
v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Revenues:      
Self-moving equipment rentals $ 3,811,921 $ 3,725,524 $ 3,624,695
Self-storage revenues 972,427 897,913 831,069
Self-moving and self-storage products and service sales 329,614 327,490 335,805
Property management fees 36,875 36,811 37,004
Life insurance premiums 80,977 83,707 89,745
Property and casualty insurance premiums 105,119 98,900 94,802
Net investment and Interest income 163,104 151,974 146,468
Other revenue 537,782 506,346 466,086
Total revenues 6,037,819 5,828,665 5,625,674
Costs and expenses:      
Operating expenses 3,415,362 3,275,471 3,126,471
Commission expenses 416,231 407,368 384,079
Cost of product sales 246,860 234,145 241,563
Benefits and losses 192,197 182,749 167,035
Amortization of deferred policy acquisition costs 19,652 18,333 24,238
Lease expense 19,264 20,503 32,654
Depreciation, net of (gains) losses on disposals 1,287,021 958,184 663,931
Net (gains) losses on disposal of real estate (8,611) (15,758) (7,914)
Costs and expenses, amount 5,605,198 5,112,511 4,647,885
Earnings from operations 432,621 716,154 977,789
Other components of net periodic benefit costs (1,383) (1,488) (1,458)
Other interest income 47,261 59,057 120,021
Interest expense (364,757) (295,716) (256,175)
Fees on early extinguishment of debt and costs of defeasance (1,108) (495)  
Total pretax earnings 112,634 477,512 840,177
Income tax expense (29,506) (110,422) (211,470)
Earnings available to common stockholders $ 83,128 $ 367,090 $ 628,707
Weighted average common shares outstanding: basic 196,077,880 196,077,880 196,077,880
Voting Stock [Member]      
Costs and expenses:      
Basic earnings per common share $ 0.24 $ 1.69 $ 3.04
Diluted earnings per common share $ 0.24 $ 1.69 $ 3.04
Weighted average common shares outstanding: basic 19,607,788 19,607,788 19,607,788
Weighted average common shares outstanding: diluted 19,607,788 19,607,788 19,607,788
Nonvoting Common Stock [Member]      
Costs and expenses:      
Basic earnings per common share $ 0.44 $ 1.89 $ 3.22
Diluted earnings per common share $ 0.44 $ 1.89 $ 3.22
Weighted average common shares outstanding: basic 176,470,092 176,470,092 176,470,092
Weighted average common shares outstanding: diluted 176,470,092 176,470,092 176,470,092
v3.26.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Depreciation:      
Net gains on disposal of personal property $ (103,888) $ 13,749 $ 153,958
Related party, revenues, net of eliminations 36,875 36,811 37,004
Related party, costs and expenses, net of eliminations $ 114,100 $ 113,400 $ 90,100
v3.26.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Comprehensive income (loss) (pretax):      
Pretax earnings $ 112,634 $ 477,512 $ 840,177
Comprehensive income (loss) (tax effect):      
Income tax expense 29,506 110,422 211,470
Comprehensive income (loss) (net of tax):      
Earnings available to common stockholders 83,128 367,090 628,707
Other comprehensive income (loss):      
Foreign currency translation (pretax) 948 3,833 2,832
Foreign currency translation (net of tax) 948 3,833 2,832
Unrealized gain (loss) on investments (pretax) 82,859 3,709 70,703
Unrealized gain (loss) on investments (tax effect) (17,482) (1,146) (14,846)
Unrealized gain (loss) on investments (net of tax) 65,377 2,563 55,857
Change in fair value cash flow hedges (pretax) 4,456 4,990 8,497
Change in fair value of cash flow hedges (tax effect) (1,110) (1,285) (2,087)
Change in fair value of cash flow hedges, (net of tax) 3,346 3,705 6,410
Postretirement benefit obligation gain (loss) (pretax) 109 2,065 1,849
Postretirement benefit obligation gain (loss) (tax effect) (27) (507) (454)
Postretirement benefit obligation gain (loss) (net of tax) 82 1,558 1,395
Amounts reclassified into earnings on hedging activities, pre-tax (3,484) (13,455) (5,417)
Amounts reclassified into earnings on hedging activities, tax 871 3,364 1,330
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax, Total 2,613 10,091 4,087
Other Comprehensive Income (Loss), before Tax, Total 82,944 6,524 78,464
Other Comprehensive Income (Loss), Tax, Total 17,270 426 16,057
Total other comprehensive income (loss) (net of tax) 65,674 6,098 62,407
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent, Total 195,578 470,988 918,641
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total 46,776 109,996 227,527
Total comprehensive income (loss) (net of tax) $ 148,802 $ 360,992 $ 691,114
v3.26.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Balance at Mar. 31, 2023 $ 6,504,191 $ 10,497 $ 453,643 $ (285,623) $ 7,003,148 $ 525,653 $ 151,997 $ 176
Consolidated statement of change in equity                
Contribution from related party 8,905   8,905          
Foreign currency translation 2,832     2,832        
Unrealized net gain (loss) on investments, net of tax 55,857     55,857        
Change in fair value of cash flow hedges, net of tax 6,410     6,410        
Amounts reclassified into earnings on hedging activities, net (4,087)     (4,087)        
Change in post retirement benefit obligations 1,395     1,395        
Net Income (Loss) 628,707       628,707      
Series N Non-Voting Common Stock Dividends (31,765)       (31,765)      
Net activity 668,254   8,905 62,407 596,942      
Balance at Mar. 31, 2024 7,172,445 10,497 462,548 (223,216) 7,600,090 525,653 151,997 176
Consolidated statement of change in equity                
Foreign currency translation 3,833     3,833        
Unrealized net gain (loss) on investments, net of tax 2,563     2,563        
Change in fair value of cash flow hedges, net of tax 3,705     3,705        
Amounts reclassified into earnings on hedging activities, net (10,091)     (10,091)        
Change in post retirement benefit obligations 1,558     1,558        
Net Income (Loss) 367,090       367,090      
Series N Non-Voting Common Stock Dividends (35,294)       (35,294)      
Net activity 325,698     6,098 331,796      
Balance at Mar. 31, 2025 7,498,143 10,497 462,548 (229,314) 7,931,886 525,653 151,997 176
Consolidated statement of change in equity                
Foreign currency translation 948     948        
Unrealized net gain (loss) on investments, net of tax 65,377     65,377        
Change in fair value of cash flow hedges, net of tax 3,346     3,346        
Amounts reclassified into earnings on hedging activities, net (2,613)     (2,613)        
Change in post retirement benefit obligations 82     82        
Net Income (Loss) 83,128       83,128      
Series N Non-Voting Common Stock Dividends (35,294)       (35,294)      
Net activity 113,508     65,674 47,834      
Balance at Mar. 31, 2026 $ 7,611,651 $ 10,497 $ 462,548 $ (163,640) $ 7,979,720 $ 525,653 $ 151,997 $ 176
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities:      
Net Income (Loss) $ 83,128 $ 367,090 $ 628,707
Adjustments to reconcile net earnings to cash provided by operations:      
Depreciation 1,183,133 971,933 817,889
Amortization of premiums and accretion of discounts related to investments, net 17,843 14,391 16,849
Amortization of debt issuance costs 7,275 5,703 6,712
Interest credited to policyholders 96,532 84,920 71,433
Provision for allowance (recoveries) for losses on trade receivables, net (1,631) (1,101) 2,447
Operating lease right-of-use asset amortization 8,847 10,558 23,926
Net gains on disposal of personal property 103,888 (13,749) (153,958)
Net (gains) losses on disposal of real estate 8,611 15,758 7,914
Net (gains) losses on sales of investments 2,474 2,180 (157)
Net (gains) losses on equity investments (7,021) (5,787) (5,741)
Deferred income taxes, net 52,045 41,907 98,379
Net change in other operating assets and liabilities:      
Trade receivables and reinsurance recoverables 72,591 (14,168) (29,011)
Inventories and parts, net (15,019) (12,259) 518
Prepaid expenses 91,228 (37,038) (4,451)
Capitalization of deferred policy acquisition costs 8,877 (505) 7,239
Other assets and Right of use assets - operating, net (731) (20,144) 9,889
Related party assets (6,625) 12,657 (9,614)
Accounts payable and accrued expenses and operating lease liabilties 19,200 14,400 (10,697)
Increase (Decrease) in Other Insurance Liabilities 72,536 21,754 (39,204)
Other policyholders' funds and liabilities (4,639) (4,119) 9,922
Deferred income 3,639 1,858 (2,085)
Related party liabilities (1,597) (1,810) 5,850
Net cash provided by operating activities 1,794,584 1,454,429 1,452,756
Cash flow from investing activities:      
Escrow deposits activity 449 3,978 2,983
Purchase of:      
Property, plant and equipment (3,154,325) (3,452,481) (2,992,898)
Fixed maturity securities available-for-sale (315,098) (501,640) (344,166)
Equity securities (3,531) (1,819) (530)
Investments other (157,670) (173,522) (174,967)
Proceeds from sale and paydowns of:      
Property, plant and equipment 710,286 662,358 739,178
Fixed maturity securities available-for-sale 445,920 439,430 672,121
Equity securities 57,919 11,147 1,417
Investments, other 153,161 121,628 50,489
Net cash used by investing activities (2,262,889) (2,890,921) (2,046,373)
Cash flow from financing activities:      
Borrowings from credit facilities 2,023,578 1,855,399 1,186,363
Principal repayments on credit facilities (1,085,894) (852,395) (919,771)
Payment of debt issuance costs (13,358) (8,531) (4,082)
Finance lease payments (44,338) (73,303) (105,564)
Securitization deposits (345) (499) (319)
Series N Non-Voting Common Stock Dividends (35,294) (35,294) (31,765)
Investment contract deposits 279,834 496,603 360,124
Investment contract withdrawals (530,243) (487,866) (419,091)
Net cash provided by financing activities 594,630 895,112 66,533
Effects of exchange rate on cash 4,994 (4,336) 1,104
Increase (decrease) cash and cash equivalents 131,319 (545,716) (525,980)
Cash and cash equivalents at the beginning of period 988,828 1,534,544 2,060,524
Cash and cash equivalents at the end of period $ 1,120,147 $ 988,828 $ 1,534,544
v3.26.1
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]      
Interest paid in cash $ 361,194 $ 301,693 $ 268,765
Interest on derivatives 2,265 4,878 5,213
Income Taxes Paid, Net 116,759 95,391 68,623
Right-of-use assets in exchange for lease liabilities 3,078 3,224 25,024
Purchase of property, plant and equipment included in accounts payable $ 64,090 $ 76,183 $ 75,579
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure      
Net Income (Loss) $ 83,128 $ 367,090 $ 628,707
v3.26.1
Basis of Presentation
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Basis of Presentation 1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation, (“U-Haul Holding Company” or the "Company"), has a fiscal year that ends on the 31st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31st of December for each year that is referenced, which have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year consolidated financial statements does not materially affect the financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025, 2024 and 2023 correspond to fiscal 2026, 2025 and 2024 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure, see Note 3, Accounting Policies – Adoption of New Accounting Pronouncements, of the Notes to Consolidated Financial Statements.

v3.26.1
Principles of Consolidation
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Principles of Consolidation

Note 2. Principles of Consolidation

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

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

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

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which are consolidated under the voting interest model. Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

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

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating and Reportable Segments

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

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products, primarily to the senior market, through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.
v3.26.1
Accounting Policies
 12 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Accounting Policies

Note 3. Accounting Policies

Use of Estimates

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

Cash and Cash Equivalents

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

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $100,000 CAD per account. As of March 31, 2026 and March 31, 2025, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength.

Investments

Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to accumulated other comprehensive income (loss) in stockholders’ equity. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements.

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

Recognition of Investment Income. Interest income from fixed maturities and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

Accrued Interest Receivable

Accrued interest receivables on available-for-sale securities totaled $28.3 million and $29.4 million as of March 31, 2026 and 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 are 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Derivative Financial Instruments

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

Inventories and parts

Inventories and parts were as follows:

 

 

 

March 31,

 

 

 

2026

 

2025

 

 

 

(In thousands)

 

Truck and trailer parts and accessories (a)

$

 

167,253

 

$

 

149,268

 

Hitches and towing components (b)

 

 

44,687

 

 

 

43,330

 

Moving supplies and propane (b)

 

 

22,104

 

 

 

19,349

 

Subtotal

 

 

234,044

 

 

 

211,947

 

Less: LIFO reserves

 

 

(55,091

)

 

 

(47,929

)

Less: excess and obsolete reserves

 

 

(798

)

 

 

(886

)

Total

$

 

178,155

 

$

 

163,132

 

 

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

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

Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 95% of the total inventories for both March 31, 2026 and 2025. Had we utilized the first-in first-out method, stated inventory balances would have been $55.1 million and $47.9 million higher as of March 31, 2026 and 2025, respectively. In fiscal 2026, 2025 and 2024, the negative effect on income due to liquidation of a portion of the LIFO inventory was $0.3 million, $0.3 million and $0.6 million, respectively.

Property, Plant and Equipment

Our property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years, buildings and improvements 10-55 years and non-rental equipment 3-10 years. Routine maintenance costs are charged to operating expense as they are incurred. (Gains) and losses on dispositions of property, plant and equipment, other than real estate, are netted against depreciation expense when realized. The net amount of (gains) losses, netted against depreciation expense, were $103.9 million, ($13.7) million and ($154.0) million during fiscal 2026, 2025 and 2024, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed.

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

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

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

Receivables

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

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

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

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

depending on the assessment of risk. Management estimated the loss rate at approximately 3% and 4% as of March 31, 2026 and 2025, respectively. Management developed this estimate based on its knowledge of past experience. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category.

Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the reinsurer. The reinsurance recoverables allowance for credit losses are not material due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a reinsurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies.

The allowance for expected credit losses on trade receivables were $3.2 million and $5.1 million as of March 31, 2026 and 2025, respectively.

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

Policy Benefits and Losses, Claims and Loss Expenses Payable

Life Insurance

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately $369.7 million of the total liability for future policy benefits, or approximately 39% of the consolidated Policy Benefits and Losses, Claims and Loss Expenses Payable. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the "Transition Date" of April 1, 2021, due to the adoption of ASU 2018-12, and expected future experience. The liability is accrued as premium revenue are received and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

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

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

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

determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.

Property & Casualty

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

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

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

• Claimant longevity;

• Cost trends associated with claimant treatments;

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

• Changes in environmental factors including legal and regulatory;

• Current conditions affecting claim settlements; and

• Future economic conditions, including inflation.

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

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

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $453.4 million and $360.8 million of liabilities related to these programs as of March 31, 2026 and 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.

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

Additionally, as of March 31, 2026 and 2025, the consolidated balance sheets include liabilities of $29.6 million and $25.6 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in accounts payable and accrued expenses on the consolidated balance sheets.

Liability from Investment Contracts

Liability from investment contracts represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder's account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for annuities and certain other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products. The liability from investment contracts for annuity and interest sensitive life-type products is represented by policy account value. The consolidated balance sheets include $2,357.5 and $2,511.4 million of liabilities for these contracts as of March 31, 2026 and 2025, respectively.

Revenue Recognition

Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized when control transfers to the customer. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned.

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

Leases

Lessor

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

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

Lessee

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

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

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

The Company’s equipment sale-leaseback transactions primarily consist of seven-year arrangements with repurchase options that do not qualify for sale accounting under ASC 842. Consequently, the underlying assets remain on the consolidated balance sheets, and the related proceeds are recorded as financing liabilities. Pre-adoption transactions were previously accounted for as capital leases and reclassified as finance lease right-of-use assets and liabilities upon adoption. All such arrangements have been terminated, resulting in a zero balance as of the current fiscal year-end.

For these financing arrangements, interest expense is generally calculated using the Company’s incremental borrowing rate. However, in accordance with ASC 842-40-30-6, the rate is adjusted as necessary to prevent a built-in loss or gain at the conclusion of the arrangement. This adjustment ensures the carrying amount of the asset does not exceed the financial liability at the earlier of the lease term end or asset control transfer date, aligns with lender-agreed principal repayment structures, and causes the liability to amortize to zero. This methodology accurately reflects the substantive economics of the financing agreements. See Note 18, Leases, to the Notes to Consolidated Financial Statements for additional disclosures.

Advertising

All advertising costs are expensed as incurred. Advertising expenses were $17.1 million, $15.3 million and $13.8 million in fiscal 2026, 2025 and 2024, respectively, and are included in operating expenses.

Deferred Policy Acquisition Costs

Deferred acquisition costs (“DAC") are directly related to the successful acquisition of new life insurance, annuity and health business, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts. These costs are not capitalized until they are incurred. Also recorded within DAC are sales inducements credited to policyholder account balances in the form of a premium bonus (“Sales Inducement Assets”). As of March 31, 2026 and 2025, the Sales Inducement Assets included with DAC amounted to $12.2 million and $13.6 million, respectively, on the consolidated balance sheet and amortization expense totaled $2.0 million, $1.9 million and $2.9 million for the periods ended March 31, 2026, 2025 and 2024, respectively.

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

Environmental Costs

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

Income Taxes

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

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

Earnings Per Share

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

Comprehensive Income (Loss)

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

Debt Issuance Costs

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

Accounting Pronouncements

Adoption of New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU 2023-09 was effective and adopted by the Company for the period beginning April 1, 2025 and the Company applied this standard prospectively. The adoption of this standard did not require an implementation adjustment and did not impact the Company's consolidated net earnings available to common stockholders or cash flow. The adoption of ASU 2023-09 resulted in incremental disclosure. See Note 15, Provision for Taxes, for the updated disclosures.

Accounting Pronouncements Not Yet Adopted

In March 2024, the SEC issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and 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 and do not anticipate the adoption to be material to the 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.

 

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

 

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
v3.26.1
Earnings Per Share
 12 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share 4. Earnings Per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the 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 both the Voting Common Stock and the Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the years ending March 31, 2026, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock is as follows:

 

 

 

For the Year Ending

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,607,788

 

 

 

19,607,788

 

 

 

19,607,788

 

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

 

 

196,077,880

 

 

 

196,077,880

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

83,128

 

$

 

367,090

 

$

 

628,707

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(35,294

)

 

 

(35,294

)

 

 

(31,765

)

Undistributed earnings available to common stockholders

$

 

47,834

 

$

 

331,796

 

$

 

596,942

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

 

4,783

 

$

 

33,180

 

$

 

59,694

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

 

0.24

 

$

 

1.69

 

$

 

3.04

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

$

 

0.24

 

$

 

1.69

 

$

 

3.04

 
v3.26.1
Trade Receivables and Reinsurance Recoverables, Net
 12 Months Ended
Mar. 31, 2026
Reinsurance Disclosures [Abstract]  
Trade Receivables and Reinsurance Recoverables, Net

Note 5. Trade Receivables and Reinsurance Recoverables, Net

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

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Reinsurance recoverable

$

 

30,967

 

$

 

34,566

 

Trade accounts receivable

 

 

97,710

 

 

 

162,240

 

Paid losses recoverable

 

 

691

 

 

 

440

 

Accrued investment income

 

 

28,254

 

 

 

29,378

 

Premiums and agents' balances

 

 

1,056

 

 

 

4,078

 

Independent dealer receivable

 

 

449

 

 

 

336

 

Other receivables

 

 

3,874

 

 

 

4,760

 

 

 

 

163,001

 

 

 

235,798

 

Less: Allowance for credit losses

 

 

(3,233

)

 

 

(5,082

)

 

$

 

159,768

 

$

 

230,716

 
v3.26.1
Investments
 12 Months Ended
Mar. 31, 2026
Investments Debt Equity Securities [Abstract]  
Investments

Note 6. Investments

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

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The amortized cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $21.5 million for March 31, 2026 and 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of March 31, 2026 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

$

 

89,591

 

$

 

264

 

$

 

(4,818

)

$

 

—

 

$

 

85,037

 

U.S. government agency mortgage-backed securities

 

 

159,698

 

 

 

981

 

 

 

(7,554

)

 

 

—

 

 

 

153,125

 

Obligations of states and political subdivisions

 

 

141,136

 

 

 

605

 

 

 

(4,727

)

 

 

—

 

 

 

137,014

 

Corporate securities

 

 

1,603,317

 

 

 

6,556

 

 

 

(101,450

)

 

 

(2,304

)

 

 

1,506,119

 

Mortgage-backed securities

 

 

564,600

 

 

 

4,113

 

 

 

(30,440

)

 

 

(1,656

)

 

 

536,617

 

 

$

 

2,558,342

 

$

 

12,519

 

$

 

(148,989

)

$

 

(3,960

)

$

 

2,417,912

 

 

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

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross Unrealized Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

$

 

119,289

 

$

 

206

 

$

 

(8,353

)

$

 

—

 

$

 

111,142

 

U.S. government agency mortgage-backed securities

 

 

81,909

 

 

 

232

 

 

 

(8,712

)

 

 

—

 

 

 

73,429

 

Obligations of states and political subdivisions

 

 

137,280

 

 

 

272

 

 

 

(8,808

)

 

 

—

 

 

 

128,744

 

Corporate securities

 

 

1,807,605

 

 

 

1,623

 

 

 

(155,749

)

 

 

(3,104

)

 

 

1,650,375

 

Mortgage-backed securities

 

 

562,479

 

 

 

582

 

 

 

(47,253

)

 

 

—

 

 

 

515,808

 

 

$

 

2,708,562

 

$

 

2,915

 

$

 

(228,875

)

$

 

(3,104

)

$

 

2,479,498

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2026 and March 31, 2025 are as follows:

 

 

 

 

March 31, 2026

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

 

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

416

 

 

 

$

(6

)

 

 

$

78,168

 

 

 

$

(4,812

)

 

 

$

78,584

 

 

 

$

(4,818

)

U.S. government agency mortgage-backed securities

 

 

 

13,210

 

 

 

 

(91

)

 

 

 

19,076

 

 

 

 

(7,463

)

 

 

 

32,286

 

 

 

 

(7,554

)

Obligations of states and political subdivisions

 

 

 

23,352

 

 

 

 

(101

)

 

 

 

60,108

 

 

 

 

(4,626

)

 

 

 

83,460

 

 

 

 

(4,727

)

Corporate securities

 

 

 

108,413

 

 

 

 

(564

)

 

 

 

1,045,121

 

 

 

 

(100,886

)

 

 

 

1,153,534

 

 

 

 

(101,450

)

Mortgage-backed securities

 

 

 

24,272

 

 

 

 

(2,280

)

 

 

 

193,493

 

 

 

 

(28,160

)

 

 

 

217,765

 

 

 

 

(30,440

)

 

 

 

$

169,663

 

 

 

$

(3,042

)

 

 

$

1,395,966

 

 

 

$

(145,947

)

 

 

$

1,565,629

 

 

 

$

(148,989

)

 

 

 

 

 

March 31, 2025

 

 

 

 

Less than or equal to 1 year

 

 

 

Greater than 1 year

 

 

 

Total

 

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

Fair Value

 

 

 

Unrealized Losses

 

 

 

 

 

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

1,760

 

 

 

$

(24

)

 

 

$

95,058

 

 

 

$

(8,329

)

 

 

$

96,818

 

 

 

$

(8,353

)

U.S. government agency mortgage-backed securities

 

 

 

36,871

 

 

 

 

(197

)

 

 

 

20,928

 

 

 

 

(8,515

)

 

 

 

57,799

 

 

 

 

(8,712

)

Obligations of states and political subdivisions

 

 

 

46,036

 

 

 

 

(1,628

)

 

 

 

52,903

 

 

 

 

(7,179

)

 

 

 

98,939

 

 

 

 

(8,807

)

Corporate securities

 

 

 

294,133

 

 

 

 

(5,822

)

 

 

 

1,239,884

 

 

 

 

(149,927

)

 

 

 

1,534,017

 

 

 

 

(155,749

)

Mortgage-backed securities

 

 

 

188,328

 

 

 

 

(3,911

)

 

 

 

217,020

 

 

 

 

(43,343

)

 

 

 

405,348

 

 

 

 

(47,254

)

 

 

 

$

567,128

 

 

 

$

(11,582

)

 

 

$

1,625,793

 

 

 

$

(217,293

)

 

 

$

2,192,921

 

 

 

$

(228,875

)

 

Gross proceeds from sales of securities were $9.8 million, $13.3 million and $106.5 million in fiscal 2026, 2025 and 2024, respectively. No material gross realized gains or losses were recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.9 million and $2.1 million net impairment charge reported in fiscal 2026 and 2025, respectively.

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

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Due in one year or less

$

 

133,150

 

$

 

132,947

 

$

 

196,238

 

$

 

194,896

 

Due after one year through five years

 

 

589,615

 

 

 

578,918

 

 

 

591,589

 

 

 

576,204

 

Due after five years through ten years

 

 

526,745

 

 

 

500,476

 

 

 

611,788

 

 

 

558,430

 

Due after ten years

 

 

744,232

 

 

 

668,954

 

 

 

746,468

 

 

 

634,160

 

 

 

 

1,993,742

 

 

 

1,881,295

 

 

 

2,146,083

 

 

 

1,963,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

564,600

 

 

 

536,617

 

 

 

562,479

 

 

 

515,808

 

 

$

 

2,558,342

 

$

 

2,417,912

 

$

 

2,708,562

 

$

 

2,479,498

 

 

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

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(In thousands)

 

Common stocks

$

 

9,099

 

$

 

9,089

 

$

 

30,108

 

$

 

43,413

 

Non-redeemable preferred stocks

 

 

9,000

 

 

 

5,887

 

 

 

25,144

 

 

 

22,136

 

 

$

 

18,099

 

$

 

14,976

 

$

 

55,252

 

$

 

65,549

 

 

Investments, other

The carrying value of other investments were as follows:

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Mortgage loans, net

$

 

667,169

 

$

 

657,567

 

Policy loans

 

 

12,633

 

 

 

11,868

 

Other investments

 

 

26,512

 

 

 

8,819

 

 

$

 

706,314

 

$

 

678,254

 

 

Mortgage loans are carried at the unpaid balance, less an allowance for expected losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 3.5% to 12.0% with maturities between 2026 and 2035. The allowance for expected losses was $0.4 million for both March 31, 2026 and 2025. These loans represent first lien mortgages or mezzanine loans held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2026. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area.

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

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

Policy loans are carried at their unpaid balance.
v3.26.1
Other Assets
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Other Assets

Note 7. Other Assets

Other assets were as follows:

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Deposits (debt-related)

$

 

27,825

 

$

 

30,472

 

Other real estate

 

 

40,532

 

 

 

41,271

 

Deposits (real estate related)

 

 

58,845

 

 

 

54,989

 

 

$

 

127,202

 

$

 

126,732

 
v3.26.1
Accounts Payable and Accrued Expense
 12 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Accounts Payable and Accrued Expense

Note 8. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses were as follows:

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Accounts payable

$

 

238,840

 

$

 

263,280

 

Accrued expenses

 

 

611,454

 

 

 

557,620

 

 

$

 

850,294

 

$

 

820,900

 

 
v3.26.1
Net Investment and Interest Income
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Net Investment and Interest Income

Note 9. Net Investment and Interest Income

Net investment and interest income, were as follows:

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Fixed maturities

$

 

123,336

 

$

 

113,304

 

$

 

105,089

 

Policy loans

 

 

874

 

 

 

819

 

 

 

669

 

Mortgage loans

 

 

46,099

 

 

 

36,117

 

 

 

28,599

 

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

 

 

1,055

 

 

 

10,161

 

 

 

20,377

 

Investment income

 

 

171,364

 

 

 

160,401

 

 

 

154,734

 

Less: Investment expenses

 

 

(8,260

)

 

 

(8,427

)

 

 

(8,266

)

Net investment and interest income

$

 

163,104

 

$

 

151,974

 

$

 

146,468

 
v3.26.1
Borrowings
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings

Note 10. 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)

 

March 31, 2026

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.14

 

%

2027

-

2037

 

4.71

 

%

$

 

254,007

 

$

 

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

2026

-

2042

 

4.75

 

%

 

 

2,950,201

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

2027

 

—

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

2026

-

2033

 

5.40

 

%

 

 

145,660

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

4.92

 

%

-

 

5.02

 

%

2028

-

2030

 

4.95

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

—

 

%

-

 

—

 

%

 

-

 

 

—

 

%

 

 

—

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

2026

-

2033

 

5.21

 

%

 

 

2,376,704

 

 

 

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

 

%

2026

-

2049

 

6.44

 

%

 

 

63,377

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

8,124,949

 

$

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,575

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

$

 

8,083,374

 

$

 

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 a portion of the rate for relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.05% using the swap adjusted interest rate.
(c)
Weighted average rates as of March 31, 2026

Real Estate Backed Loans

Real Estate Loan

Certain subsidiaries of Real Estate and U-Haul Co. of Florida are borrowers under real estate loans. These loans require monthly or quarterly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans are secured by various properties owned by the borrowers. The interest rates, per the provisions of $180.9 million of these loans, are the applicable secured overnight funding rate (“SOFR”) plus the applicable margins and a credit spread adjustment of 0.10%. As of March 31, 2026, the applicable SOFR was between 3.66% and 3.67% and the applicable margin was between 0.65% and 1.38%, the sum of which, including the credit spread, was between 4.41% and 5.14%. The remaining $73.1 million of these loans was fixed with an interest rate of 4.30%. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026.

Senior Mortgages

Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70% and 6.05%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026. There are limited restrictions regarding our use of the funds.

Real Estate Loans (Revolving Credit)

U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of March 31, 2026, the maximum credit commitment is $465.0 million. As of March 31, 2026, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026. There is a 0.25% fee charged for unused capacity.

Fleet Loans

Rental Truck Amortizing Loans

The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.61% and 6.02%. All of our rental truck amortizing loans are collateralized by the rental equipment purchased. The majority of these loans are funded at 70%, but some may be funded at 100%. U-Haul Holding Company is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026. The net book value of the corresponding rental equipment was $228.6 million and $234.7 million as of March 31, 2026 and 2025, respectively.

Rental Truck Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $635.0 million. The aggregate outstanding balance for these revolvers as of March 31, 2026 was $635.0 million. The interest rates, per the provision of the loan agreements, are SOFR plus the applicable margin and a credit spread adjustment of 0.10% on certain loans. As of March 31, 2026, SOFR was 3.67% and the margin was between 1.15% and 1.25%, the sum of which, including the credit spread, was between 4.92% and 5.02%. Of the $635.0 million outstanding, $87.5 million was fixed with an interest rate of 4.36%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $710.7 million and $918.2 million as of March 31, 2026 and 2025, respectively.

Finance Leases

The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements were generally seven (7) year terms. All of our finance leases were collateralized by our rental fleet. The net book value of the corresponding rental equipment was $138.7 million as of March 31, 2025. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2026. The finance leases were paid off as of March 31, 2026.

Finance Liabilities

Finance liabilities represent our rental equipment financing transactions, and we assess if these sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, these sale-leasebacks are accounted for as a financial liability and the leased assets are capitalized at cost. Our finance liabilities have an average term of seven (7) years and interest rates ranging from 1.60% to 6.80%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $3,020.6 million and $2,420.7 million as of March 31, 2026 and March 31, 2025, respectively. The default provisions of the loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with all financial covenants as of March 31, 2026.

Private Placements

In September 2021, U-Haul Holding Company entered into a note purchase agreement to issue $600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes consist of four tranches each totaling $150.0 million and funded in September 2021. The fixed interest rates range between 2.43% and 2.78% with maturities between 2029 and 2033. Interest is payable semiannually. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2026.

In December 2021, U-Haul Holding Company entered into a note purchase agreement to issue $600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes consist of three tranches each totaling $100.0 million and two tranches each totaling $150.0 million. The fixed interest rates range between 2.55% and 2.88% with maturities between 2030 and 2035. Interest is payable semiannually. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2026.

On August 21, 2024, U-Haul Holding Company entered into a Note Purchase Agreement (the "Note Purchase Agreement") in connection with the private placement of our senior unsecured notes (the "Notes"). Under the Note Purchase Agreement, we sold an aggregate $500 million of the Notes, consisting of $100 million aggregate principal amount of our 5.86% Senior Notes, Series A due August 21, 2032, $100 million aggregate principal amount of our 5.91% Senior Notes, Series B due August 21, 2033, $100 million aggregate principal amount of our 5.95% Senior Notes, Series C due August 21, 2034, and $200 million aggregate principal amount of our 6.00% Senior Notes, Series D due August 21, 2035, each with maturities between 2032 and 2035. Interest is payable semiannually. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2026.

Other Obligations

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

As of March 31, 2026, the aggregate outstanding principal balance of the U-Notes issued was $64.8 million, of which $1.4 million is held by our insurance subsidiaries and eliminated in consolidation, and $19.3 million is held by related parties. Interest rates range between 1.50% and 8.00% and maturity dates range between 2026 and 2049.

Oxford is a member of the Federal Home Loan Bank ("FHLB") and, as such, the FHLB has made deposits with Oxford. As of December 31, 2025, the deposits had an aggregate balance of $85.0 million for which Oxford pays fixed interest rates between 3.93% and 4.52% with maturities between March 31, 2026 and April 2, 2029. As of December 31, 2025, available-for-sale investments held with the FHLB totaled $179.2 million, of which $156.3 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits are included within liabilities from investment contracts on the consolidated financial statements.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of March 31, 2026 for the next five years and thereafter are as follows:

 

 

 

Years Ended March 31,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

Total

 

 

 

(In thousands)

 

Notes, loans and finance leases payable, secured

$

 

904,041

 

$

 

1,134,628

 

$

 

863,717

 

$

 

1,091,207

 

$

 

921,833

 

$

 

3,209,523

 

$

 

8,124,949

 
v3.26.1
Interest on Borrowings
 12 Months Ended
Mar. 31, 2026
Interest Expense, Borrowings [Abstract]  
Interest on Borrowings

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

Interest Expense

Components of interest expense include the following:

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Interest expense

$

 

371,394

 

$

 

308,925

 

$

 

269,941

 

Capitalized interest

 

 

(11,897

)

 

 

(14,427

)

 

 

(14,482

)

Amortization of transaction costs

 

 

6,943

 

 

 

5,658

 

 

 

6,131

 

Interest expense resulting from cash flow hedges

 

 

(1,683

)

 

 

(4,440

)

 

 

(5,415

)

Total interest expense

 

 

364,757

 

 

 

295,716

 

 

 

256,175

 

 

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Years Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the year

 

 

5.40

 

%

 

6.23

 

%

 

6.51

 

%

Interest rate at year end

 

 

4.96

 

%

 

5.62

 

%

 

6.61

 

%

Maximum amount outstanding during the year

$

 

785,000

 

$

 

765,000

 

$

 

715,000

 

 

Average amount outstanding during the year

$

 

683,493

 

$

 

652,215

 

$

 

631,653

 

 

Facility fees

$

 

1,055

 

$

 

1,083

 

$

 

1,139

 

 
v3.26.1
Derivatives
 12 Months Ended
Mar. 31, 2026
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives

Note 12. 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:

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges

 

 

 

 

 

 

Assets

$

 

2,449

 

$

 

4,381

 

Liabilities

$

 

256

 

$

 

777

 

Notional amount

$

 

268,407

 

$

 

376,887

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During fiscal years 2026, 2025 and 2024, we recognized an increase (decrease) in the fair value of our cash flow hedges of ($3.3) million, $3.7 million and $6.4 million, respectively, net of taxes. During fiscal years 2026, 2025 and 2024, we reclassified $2.6 million, ($10.1) million and ($4.1) million, respectively, from AOCI to interest expense, net of tax. As of March 31, 2026, we expect to reclassify $0.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

 

Economic Hedges

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

 

 

 

Derivatives Fair Values as of

 

 

 

March 31, 2026

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments

 

 

 

 

 

 

Assets

$

 

26,512

 

$

 

8,819

 

Liabilities

$

 

17,630

 

$

 

—

 

Notional amount

$

 

310,104

 

$

 

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 changes in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. Net gains recognized in net investment and interest income for fiscal year 2026 and 2025 were $4.6 million and $3.8 million, respectively.
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 13. Accumulated Other Comprehensive Loss

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

 

 

 

Foreign Currency Translation

 

 

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

 

 

Fair Value of Cash Flow Hedges

 

 

Postretirement Benefit Obligation Net Loss

 

 

Accumulated Other Comprehensive Loss

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2023

$

 

(56,539

)

$

 

(232,740

)

$

 

4,007

 

$

 

(351

)

$

 

(285,623

)

Foreign currency translation

 

 

2,832

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,832

 

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

 

 

—

 

 

 

55,857

 

 

 

—

 

 

 

—

 

 

 

55,857

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

6,410

 

 

 

—

 

 

 

6,410

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(4,087

)

 

 

—

 

 

 

(4,087

)

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,395

 

 

 

1,395

 

Other comprehensive income (loss)

 

 

2,832

 

 

 

55,857

 

 

 

2,323

 

 

 

1,395

 

 

 

62,407

 

Balance as of March 31, 2024

$

 

(53,707

)

$

 

(176,883

)

$

 

6,330

 

$

 

1,044

 

$

 

(223,216

)

Foreign currency translation

 

 

(3,833

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,833

)

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

 

 

—

 

 

 

2,563

 

 

 

—

 

 

 

—

 

 

 

2,563

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

3,705

 

 

 

—

 

 

 

3,705

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(10,091

)

 

 

—

 

 

 

(10,091

)

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,558

 

 

 

1,558

 

Other comprehensive income (loss)

 

 

(3,833

)

 

 

2,563

 

 

 

(6,386

)

 

 

1,558

 

 

 

(6,098

)

Balance as of March 31, 2025

$

 

(57,540

)

$

 

(174,320

)

$

 

(56

)

$

 

2,602

 

$

 

(229,314

)

Foreign currency translation

 

 

948

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

948

 

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

 

 

—

 

 

 

65,377

 

 

 

—

 

 

 

—

 

 

 

65,377

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(3,346

)

 

 

—

 

 

 

(3,346

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

2,613

 

 

 

—

 

 

 

2,613

 

Change in post retirement benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

82

 

 

 

82

 

Other comprehensive income (loss)

 

 

948

 

 

 

65,377

 

 

 

(733

)

 

 

82

 

 

 

65,674

 

Balance as of March 31, 2026

$

 

(56,592

)

$

 

(108,943

)

$

 

(789

)

$

 

2,684

 

$

 

(163,640

)

(a) Liability for future policy benefits
v3.26.1
Stockholders' Equity
 12 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 14. Dividends

The following table lists the dividends that have been declared and issued for fiscal years 2026 and 2025.

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

March 4, 2026

$

 

0.05

 

 

March 16, 2026

 

March 27, 2026

December 3, 2025

$

 

0.05

 

 

December 15, 2025

 

December 30, 2025

August 21, 2025

$

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

$

 

0.05

 

 

June 16, 2025

 

June 27, 2025

March 5, 2025

$

 

0.05

 

 

March 17, 2025

 

March 28, 2025

December 4, 2024

$

 

0.05

 

 

December 16, 2024

 

December 27, 2024

August 15, 2024

$

 

0.05

 

 

September 16, 2024

 

September 27, 2024

June 5, 2024

$

 

0.05

 

 

June 17, 2024

 

June 28, 2024

 

As of March 31, 2026, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.
v3.26.1
Provision for Taxes
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Provision for Taxes

Note 15. Provision for Taxes

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

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Pretax earnings:

 

 

 

 

U.S.

$

 

113,117

 

$

 

468,152

 

$

 

816,238

 

Non-U.S.

 

(483

)

 

 

9,360

 

 

 

23,939

 

Total pretax earnings

$

 

112,634

 

$

 

477,512

 

$

 

840,177

 

 

 

 

 

 

 

 

 

 

 

Current provision

 

 

 

 

 

 

 

 

 

Federal

$

 

(39,722

)

$

 

56,474

 

$

 

66,356

 

State

 

 

17,041

 

 

 

8,413

 

 

 

44,707

 

Non-U.S.

 

 

2,102

 

 

 

141

 

 

 

254

 

 

 

 

(20,579

)

 

 

65,028

 

 

 

111,317

 

Deferred provision

 

 

 

 

 

 

 

 

 

Federal

 

 

54,532

 

 

 

36,070

 

 

 

88,549

 

State

 

 

(2,940

)

 

 

6,357

 

 

 

6,542

 

Non-U.S.

 

 

(1,507

)

 

 

2,967

 

 

 

5,062

 

 

 

 

50,085

 

 

 

45,394

 

 

 

100,153

 

 

 

 

 

 

 

 

 

 

 

Provision for income tax expense

$

 

29,506

 

$

 

110,422

 

$

 

211,470

 

 

 

 

 

Year Ended March 31,

 

 

 

2026

 

 

 

 

 

Income taxes paid (net of income tax refunds received)

 

(In thousands)

 

Federal

$

 

(119,367

)

State

 

 

2,957

 

Non-U.S

 

 

(349

)

Total

$

 

(116,759

)

 

 

 

 

 

 

Years Ended March 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Income taxes paid (net of income tax refunds received)

$

 

95,391

 

$

 

68,623

 

 

Income taxes paid in each state did not exceed 5% of total taxes paid during the year ended March 31, 2026.

 

We have adopted the changes issued by FASB in ASU 2023-09. These changes modify the rules on income tax disclosures, and require the disclosure of specific categories in the rate reconciliation, income taxes paid to federal, state, and foreign jurisdictions, and income from continuing operations before income taxes in domestic and foreign jurisdictions. As such, we have updated the income tax disclosure presentation for the year ended March 31, 2026 on a prospective basis to reflect the new guidance.

 

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

 

 

 

Year Ended March 31,

 

 

2026

 

 

(In thousands, except for percentages)

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Rate

 

 

Statutory federal income tax rate

$

 

23,653

 

 

21.00

 

%

Increase (reduction) in rate resulting from:

 

 

 

 

 

 

 

State and local taxes, net of federal benefit

 

 

1,490

 

 

 

1.32

 

%

Foreign tax effects

 

 

(203

)

 

 

(0.18

)

%

Federal tax credits:

 

 

 

 

 

 

 

Work opportunity tax credit

 

 

(2,478

)

 

 

(2.20

)

%

Research and development credit

 

 

(2,858

)

 

 

(2.54

)

%

Other credits

 

 

(587

)

 

 

(0.52

)

%

Nontaxable or nondeductible items

 

 

(336

)

 

 

(0.30

)

%

Changes in unrecognized tax benefits

 

 

10,277

 

 

 

9.13

 

%

Other

 

 

548

 

 

 

0.49

 

%

Effective income tax rate

$

 

29,506

 

 

 

26.20

 

%

 

During the year ended March 31, 2026, state taxes in Arizona, Florida and Texas made up the majority (greater than 50%) of the tax effect of the state and local income tax category.

 

As previously disclosed for the years ended March 31, 2025 and 2024, prior to adoption of ASU 2023-09, the difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:

 

Years Ended March 31,

 

 

 

2025

 

2024

 

 

 

(In percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statutory federal income tax rate

 

21.00

 

%

 

 

 

21.00

 

%

Increase (reduction) in rate resulting from:

 

 

 

 

 

 

 

 

State and local taxes, net of federal benefit

 

2.47

 

%

 

 

 

4.78

 

%

Foreign rate differentials

 

0.24

 

%

 

 

 

0.03

 

%

Federal tax credits

 

(0.80

)

%

 

 

 

(0.58

)

%

Tax-exempt income

 

(0.06

)

%

 

 

 

(0.04

)

%

Dividends received deduction

 

(0.01

)

%

 

 

 

(0.01

)

%

Other

 

0.28

 

%

 

 

 

(0.01

)

%

Effective income tax rate

 

23.12

 

%

 

 

 

25.17

 

%

 

Deferred tax assets and liabilities are comprised as follows:

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Deferred tax assets:

 

(In thousands)

 

Benefit of tax net operating loss, interest and credit carryforwards

$

 

293,309

 

$

 

45,140

 

Accrued expenses

 

 

147,816

 

 

 

120,725

 

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

 

 

37,006

 

 

 

36,072

 

Unrealized losses on investments

 

 

18,397

 

 

 

35,272

 

Capitalized expenditures

 

 

—

 

 

 

12,241

 

Operating leases

 

 

8,546

 

 

 

9,849

 

Other

 

 

—

 

 

 

540

 

Total deferred tax assets

$

 

505,074

 

$

 

259,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Property, plant and equipment

$

 

2,044,657

 

$

 

1,728,789

 

Operating leases

 

 

8,369

 

 

 

9,628

 

Deferred policy acquisition costs

 

 

8,911

 

 

 

11,342

 

Other

 

 

2,718

 

 

 

—

 

Total deferred tax liabilities

 

 

2,064,655

 

 

 

1,749,759

 

Net deferred tax liability

$

 

1,559,581

 

$

 

1,489,920

 

 

The net operating loss ("NOL") and credit carry-forwards in the above table are primarily attributable to $1,076.0 million of federal NOLs and $1,155.0 million of state NOLs. The federal NOLs as of March 31, 2026 have an indefinite life, but are subject to utilization limitations of 80% of taxable income. As of March 31, 2026 and 2025, we had state NOLs of $1,155.0 million and $816.8 million, respectively, that will expire between fiscal 2027 and 2046 for most jurisdictions, if not utilized. There is also $3.8 million of federal credit carryforwards and $3.9 million of state credit carryforwards. The federal credit carryovers will expire in fiscal year 2047 if they are not used. Whereas the state credit carryovers will expire between fiscal years 2031 and 2037.

The IRS completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal year 2026, we received $2.4 million related to this examination. We received another $117.0 million related to this examination during the fourth quarter of fiscal 2026. We are owed $10.0 million which is reflected in prepaid expense, plus

interest of $2.0 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS.

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

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

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

 

 

 

Unrecognized Tax Benefits

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Unrecognized tax benefits beginning balance

$

 

83,597

 

$

 

81,976

 

Additions based on tax positions related to the current year

 

 

1,765

 

 

 

7,215

 

Reductions for tax positions of prior years

 

 

(6,097

)

 

 

(5,594

)

Additions for tax provisions of prior years

 

 

13,558

 

 

 

—

 

Unrecognized tax benefits ending balance

$

 

92,823

 

$

 

83,597

 

 

Included in the balance of unrecognized tax benefits as of March 31, 2026 and March 31, 2025 are $73.3 million and $66.0 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate.

We recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expenses. As of March 31, 2026 and 2025, the amount of interest accrued on unrecognized tax benefits was $19.3 million and $13.3 million, respectively, net of tax. During the current year, we recorded a benefit from interest in the amount of $6.0 million, net of tax. As of March 31, 2026 and 2025, the amount of penalties accrued on unrecognized tax benefits was $24.8 million and $21.8 million. As of March 31, 2026 and 2025, we recorded expense from penalties in the amount of $3.0 million and $1.6 million, respectively.

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

The Canadian government 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, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for this year. We will continue to evaluate such legislation.

 

On July 4, 2025, the One Big Beautiful Bill ("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 the newly enacted legislation does not have a material impact on our effective tax rate.
v3.26.1
Employee Benefit Plans
 12 Months Ended
Mar. 31, 2026
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 16. Employee Benefit Plans

Profit Sharing Plans

We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2026, 2025 or 2024.

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

ESOP Plan

We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2021 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $31.6 million, $30.2 million and $23.9 million for fiscal 2026, 2025 and 2024, respectively, which are included in operating expenses in the consolidated statements of operations.

In fiscal 2026, 2025 and 2024, the Company made non-leveraged contributions of $31.6 million, $30.2 million and $23.9 million, respectively to the Plan Trust. During fiscal 2026 and 2025 and 2024 ESOP purchased for allocation 665,589, 469,998 and 365,544, respectively, of non-leveraged Non-Voting Common Stock shares.

Shares held by the ESOP were as follows:

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Allocated shares - Voting Common Stock

 

 

682

 

 

 

733

 

Allocated shares - Non-Voting Common Stock

 

 

7,999

 

 

 

7,845

 

 

Post Retirement and Post Employment Benefits

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

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

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

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Service cost for benefits earned during the period

 

$

677

 

$

 

982

 

$

 

1,188

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

1,484

 

 

 

1,499

 

 

 

1,469

 

Other components

 

 

(101

)

 

 

(11

)

 

 

(11

)

Total other components of net periodic benefit costs

 

 

1,383

 

 

 

1,488

 

 

 

1,458

 

Net periodic postretirement benefit cost

 

$

2,060

 

$

 

2,470

 

$

 

2,646

 

 

 

 

 

 

 

 

 

 

 

The fiscal 2026 and fiscal 2025 post retirement benefit liability included the following components:

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Beginning of year

$

 

27,405

 

$

 

28,326

 

Service cost for benefits earned during the period

 

 

677

 

 

 

982

 

Interest cost on accumulated post retirement benefit

 

 

1,484

 

 

 

1,499

 

Net benefit payments and expense

 

 

(1,399

)

 

 

(1,327

)

Actuarial gain

 

 

(210

)

 

 

(496

)

Prior service credit

 

 

—

 

 

 

(1,579

)

Accumulated postretirement benefit obligation

 

 

27,957

 

 

 

27,405

 

 

 

 

 

 

 

 

Current liabilities

 

 

1,903

 

 

 

1,790

 

Non-current liabilities

 

 

26,053

 

 

 

25,614

 

 

 

 

 

 

 

 

Total post retirement benefit liability recognized in statement of financial position

 

 

27,956

 

 

 

27,404

 

Components included in accumulated other comprehensive income (loss):

 

 

 

 

 

 

Unrecognized net loss

 

 

3,557

 

 

 

3,449

 

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

$

 

31,513

 

$

 

30,853

 

 

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

 

 

 

Years Ended March 31,

 

 

2026

2025

2024

 

 

(In percentages)

 

 

Accumulated postretirement benefit obligation

 

 

5.57

 

%

 

5.45

 

%

 

5.34

 

%

 

In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2026 was 5.8% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2047. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2025 (and used to measure the fiscal 2026 net periodic benefit cost) was 5.8% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2047.

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

Future net benefit payments are expected as follows:

 

 

 

Future Net Benefit Payments

 

 

 

(In thousands)

 

Year-ended:

 

 

 

2027

$

 

1,902

 

2028

 

 

2,107

 

2029

 

 

2,302

 

2030

 

 

2,501

 

2031

 

 

2,708

 

2032 Through 2036

 

 

13,472

 

Total

$

 

24,992

 
v3.26.1
Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 17. Fair Value Measurements

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

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

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

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

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

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

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

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of March 31, 2026 and March 31, 2025, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of March 31, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

 

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

$

 

2,417,912

 

$

 

—

 

$

 

2,417,912

 

$

 

—

 

Preferred stock

 

 

5,887

 

 

 

5,887

 

 

 

—

 

 

 

—

 

Common stock

 

 

9,089

 

 

 

9,089

 

 

 

—

 

 

 

—

 

Derivatives

 

 

28,961

 

 

 

26,512

 

 

 

2,449

 

 

 

—

 

Total

$

 

2,461,849

 

$

 

41,488

 

$

 

2,420,361

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

 

17,886

 

$

 

17,630

 

$

 

256

 

$

 

—

 

Embedded derivatives

 

 

8,937

 

 

 

—

 

 

 

—

 

 

 

8,937

 

Market risk benefits

 

 

12,113

 

 

 

—

 

 

 

—

 

 

 

12,113

 

Total

$

 

38,936

 

$

 

17,630

 

$

 

256

 

$

 

21,050

 

 

 

As of March 31, 2025

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturities - available for sale

$

 

2,479,498

 

$

 

—

 

$

 

2,479,498

 

$

 

—

 

Preferred stock

 

 

22,136

 

 

 

22,136

 

 

 

—

 

 

 

—

 

Common stock

 

 

43,413

 

 

 

43,413

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,200

 

 

 

8,819

 

 

 

4,381

 

 

 

—

 

Total

$

 

2,558,247

 

$

 

74,368

 

$

 

2,483,879

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

$

 

777

 

$

 

—

 

$

 

777

 

$

 

—

 

Embedded derivatives

 

 

8,693

 

 

 

—

 

 

 

—

 

 

 

8,693

 

Market risk benefits

 

 

13,432

 

 

 

—

 

 

 

—

 

 

 

13,432

 

Total

$

 

22,902

 

$

 

—

 

$

 

777

 

$

 

22,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $830.4 million and $700.0 million as of March 31, 2026 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 March 31, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade receivables, net

$

 

128,110

 

$

 

—

 

$

 

—

 

$

 

128,110

 

$

 

128,110

 

Mortgage loans, net

 

 

667,169

 

 

 

—

 

 

 

—

 

 

 

664,968

 

 

 

664,968

 

Policy loans

 

 

12,633

 

 

 

—

 

 

 

—

 

 

 

12,633

 

 

 

12,633

 

Total

$

 

807,912

 

$

 

—

 

$

 

—

 

$

 

805,711

 

$

 

805,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance leases payable

$

 

8,124,949

 

$

 

—

 

$

 

7,363,642

 

$

 

—

 

$

 

7,363,642

 

Liabilities from investment contracts

 

 

2,348,608

 

 

 

—

 

 

 

—

 

 

 

2,314,586

 

 

 

2,314,586

 

Total

$

 

10,473,557

 

$

 

—

 

$

 

7,363,642

 

$

 

2,314,586

 

$

 

9,678,228

 

 
v3.26.1
Leases
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

Note 18. Leases

We have lease agreements with lease and non-lease components, which are not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease right-of-use ("ROU") assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. These leases, which are comprised primarily of storage rental locations, can have lease terms generally between 2 and 20 years. Covenants include the Company’s responsibility for all maintenance and repairs during the term of the agreement.

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

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

 

 

 

As of March 31, 2026

 

 

 

Finance

 

 

 

Operating

 

 

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

 

—

 

 

$

 

64,151

 

 

$

 

64,151

 

Furniture and equipment

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Rental trailers and other rental equipment

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Rental trucks

 

—

 

 

 

 

—

 

 

 

 

—

 

Right-of-use assets, gross

 

—

 

 

 

 

64,151

 

 

 

 

64,151

 

Less: Accumulated depreciation

 

—

 

 

 

 

(23,963

)

 

 

 

(23,963

)

Right-of-use assets, net

$

 

—

 

 

$

 

40,188

 

 

$

 

40,188

 

 

 

 

As of March 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

$

 

—

 

$

 

71,330

 

$

 

71,330

 

Furniture and equipment

 

 

61

 

 

 

—

 

 

 

61

 

Rental trailers and other rental equipment

 

 

58,071

 

 

 

—

 

 

 

58,071

 

Rental trucks

 

 

309,475

 

 

 

—

 

 

 

309,475

 

Right-of-use assets, gross

 

 

367,607

 

 

 

71,330

 

 

 

438,937

 

Less: Accumulated depreciation

 

 

(228,909

)

 

 

(25,305

)

 

 

(254,214

)

Right-of-use assets, net

$

 

138,698

 

$

 

46,025

 

$

 

184,723

 

 

As of March 31, 2026 and 2025, we had finance lease liabilities for the ROU assets, net of $0.0 million and $44.3 million, respectively, included in notes, loans and finance leases payable, net.

 

 

 

Financing leases

 

 

 

 

March 31,

 

 

 

 

2026

 

 

 

2025

 

 

Weighted average remaining lease term (years)

 

 

—

 

 

 

 

0.6

 

 

Weighted average discount rate

 

 

—

 

%

 

 

4.4

 

%

 

 

 

Operating leases

 

 

 

 

March 31,

 

 

 

 

2026

 

 

 

2025

 

 

Weighted average remaining lease term (years)

 

 

26.0

 

 

 

 

24.1

 

 

Weighted average discount rate

 

 

4.7

 

%

 

 

4.6

 

%

 

For fiscal years 2026, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $17.6 million, $20.8 million and $33.8 million, respectively, and our financing cash flow activities were $44.3 million, $73.3 million and $105.6 million, respectively.

 

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

 

 

 

Twelve Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

$

 

21,547

 

$

 

22,907

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

$

 

8,193

 

$

 

29,014

 

Interest on lease liabilities

 

 

1,183

 

 

 

3,666

 

Total finance lease cost

$

 

9,376

 

$

 

32,680

 

 

The short-term lease costs for fiscal years 2026 and 2025 were not material.

 

Maturities of lease liabilities were as follows:

 

 

 

Finance leases

 

 

Operating leases

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2027

$

 

—

 

$

 

9,487

 

2028

 

 

—

 

 

 

7,786

 

2029

 

 

—

 

 

 

5,391

 

2030

 

 

—

 

 

 

4,102

 

2031

 

 

—

 

 

 

3,606

 

Thereafter

 

 

—

 

 

 

53,757

 

Total lease payments

 

 

—

 

 

 

84,129

 

Less: imputed interest

 

 

—

 

 

 

(43,172

)

Present value of lease liabilities

$

 

—

 

$

 

40,957

 
v3.26.1
Contingencies
 12 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

Note 19. 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 management’s opinion, none of such other claims and litigation will have a material effect on our financial position and results of operations.
v3.26.1
Related Party Transactions
 12 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

Note 20. Related Party Transactions

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

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

Related Party Revenues

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

$

 

29,987

 

$

 

29,903

 

$

 

29,702

 

U-Haul management fee revenue from Mercury

 

 

6,888

 

 

 

6,908

 

 

 

7,302

 

 

$

 

36,875

 

$

 

36,811

 

$

 

37,004

 

 

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 $36.9 million, $37.1 million and $37.2 million from the above-mentioned entities during fiscal 2026, 2025 and 2024, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

Related Party Costs and Expenses

 

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

$

 

2,403

 

$

 

2,416

 

$

 

2,416

 

U-Haul printing expenses to Blackwater

 

 

5,761

 

 

 

4,624

 

 

 

3,681

 

U-Haul commission expenses to Blackwater

 

 

83,053

 

 

 

83,685

 

 

 

82,095

 

U-Haul lease expenses to Mercury

 

 

152

 

 

 

152

 

 

 

25

 

U-Haul commission expenses to Mercury

 

 

22,775

 

 

 

22,530

 

 

 

1,893

 

 

$

 

114,144

 

$

 

113,407

 

$

 

90,110

 

 

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

 

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

As of March 31, 2026, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $36.9 million, $36.8 million and $29.7 million, expenses of $8.3 million, $7.2 million and $2.4 million and cash flows of $34.4 million, $34.5 million and $27.3 million during fiscal 2026, 2025 and 2024, respectively. Revenues were $506.8 million, $512.8 million and $384.5 million and commission expenses were $105.8 million, $106.2 million and $82.1 million, respectively, related to Dealer Agreements for fiscal 2026, 2025 and 2024.

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

Related Party Assets

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

$

 

36,307

 

$

 

28,442

 

U-Haul receivable from Mercury

 

 

14,972

 

 

 

12,517

 

Other (a)

 

 

1,880

 

 

 

4,044

 

 

$

 

53,159

 

$

 

45,003

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.26.1
Reportable Segment Information
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]

Note 21. Reportable Segment Information

 

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

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 year ended March 31, 2026 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,686,690

 

$

 

141,202

 

$

 

221,753

 

$

 

(11,826

)

(b,c)

$

 

6,037,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,252,529

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,252,529

 

Equipment maintenance and repair expenses

 

 

815,069

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

815,069

 

Other operating expenses

 

 

354,874

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

354,874

 

Other segment items

 

 

933,721

 

 

 

51,201

 

 

 

16,971

 

 

 

(9,003

)

(b,c)

 

 

992,890

 

Operating expenses

 

 

3,356,193

 

 

 

51,201

 

 

 

16,971

 

 

 

(9,003

)

 

 

 

3,415,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

416,231

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

416,231

 

Cost of product sales

 

 

246,860

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

246,860

 

Benefits and losses

 

 

—

 

 

 

22,506

 

 

 

169,691

 

 

 

—

 

 

 

 

192,197

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

19,652

 

 

 

—

 

 

 

 

19,652

 

Lease expense

 

 

21,547

 

 

 

298

 

 

 

131

 

 

 

(2,712

)

(b)

 

 

19,264

 

Depreciation, net of (gains) losses on disposal

 

 

1,287,021

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,287,021

 

Net (gains) losses on disposal of real estate

 

 

8,611

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

8,611

 

Total costs and expenses

 

 

5,336,463

 

 

 

74,005

 

 

 

206,445

 

 

 

(11,715

)

 

 

 

5,605,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

350,227

 

 

 

67,197

 

 

 

15,308

 

 

 

(111

)

 

 

 

432,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

63,004

 

 

 

—

 

 

 

—

 

 

 

(63,004

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

413,231

 

 

 

67,197

 

 

 

15,308

 

 

 

(63,115

)

 

 

 

432,621

 

Other components of net periodic benefit costs

 

 

(1,383

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,383

)

Other interest income

 

 

47,597

 

 

 

—

 

 

 

—

 

 

 

(336

)

(b)

 

 

47,261

 

Interest expense

 

 

(364,868

)

 

 

—

 

 

 

(336

)

 

 

447

 

(b)

 

 

(364,757

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(1,108

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,108

)

Pretax earnings

 

 

93,469

 

 

 

67,197

 

 

 

14,972

 

 

 

(63,004

)

 

 

 

112,634

 

Income tax expense

 

 

(10,341

)

 

 

(16,186

)

 

 

(2,979

)

 

 

—

 

 

 

 

(29,506

)

Net earnings available to common stockholders

$

 

83,128

 

$

 

51,011

 

$

 

11,993

 

$

 

(63,004

)

 

$

 

83,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the year ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,492,774

 

$

 

125,164

 

$

 

221,869

 

$

 

(11,142

)

(b,c)

$

 

5,828,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,191,084

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,191,084

 

Equipment maintenance and repair expenses

 

 

785,592

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

785,592

 

Other operating expenses

 

 

278,450

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

278,450

 

Other segment items

 

 

953,514

 

 

 

47,729

 

 

 

26,331

 

 

 

(7,229

)

(b,c)

 

 

1,020,345

 

Operating expenses

 

 

3,208,640

 

 

 

47,729

 

 

 

26,331

 

 

 

(7,229

)

 

 

 

3,275,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

407,368

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

407,368

 

Cost of product sales

 

 

234,145

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

234,145

 

Benefits and losses

 

 

—

 

 

 

22,313

 

 

 

160,436

 

 

 

—

 

 

 

 

182,749

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

18,333

 

 

 

—

 

 

 

 

18,333

 

Lease expense

 

 

22,907

 

 

 

377

 

 

 

127

 

 

 

(2,908

)

(b)

 

 

20,503

 

Depreciation, net of (gains) losses on disposal

 

 

958,184

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

958,184

 

Net (gains) losses on disposal of real estate

 

 

15,758

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

15,758

 

Total costs and expenses

 

 

4,847,002

 

 

 

70,419

 

 

 

205,227

 

 

 

(10,137

)

 

 

 

5,112,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

645,772

 

 

 

54,745

 

 

 

16,642

 

 

 

(1,005

)

 

 

 

716,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

55,280

 

 

 

—

 

 

 

—

 

 

 

(55,280

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

701,052

 

 

 

54,745

 

 

 

16,642

 

 

 

(56,285

)

 

 

 

716,154

 

Other components of net periodic benefit costs

 

 

(1,488

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,488

)

Other interest income

 

 

59,489

 

 

 

—

 

 

 

—

 

 

 

(432

)

(b)

 

 

59,057

 

Interest expense

 

 

(296,721

)

 

 

—

 

 

 

(432

)

 

 

1,437

 

(b)

 

 

(295,716

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(495

)

Pretax earnings

 

 

461,837

 

 

 

54,745

 

 

 

16,210

 

 

 

(55,280

)

 

 

 

477,512

 

Income tax expense

 

 

(94,747

)

 

 

(11,693

)

 

 

(3,982

)

 

 

—

 

 

 

 

(110,422

)

Net earnings available to common stockholders

$

 

367,090

 

$

 

43,052

 

$

 

12,228

 

$

 

(55,280

)

 

$

 

367,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(In thousands)

 

Revenues

$

 

5,294,928

 

$

 

123,085

 

$

 

219,202

 

$

 

(11,541

)

(b,c)

$

 

5,625,674

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

1,134,334

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

1,134,334

 

Equipment maintenance and repair expenses

 

 

828,725

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

828,725

 

Other operating expenses

 

 

213,423

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

213,423

 

Other segment items

 

 

890,210

 

 

 

48,332

 

 

 

19,594

 

 

 

(8,147

)

(b,c)

 

 

949,989

 

Operating expenses

 

 

3,066,692

 

 

 

48,332

 

 

 

19,594

 

 

 

(8,147

)

 

 

 

3,126,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

384,079

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

384,079

 

Cost of product sales

 

 

241,563

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

241,563

 

Benefits and losses

 

 

—

 

 

 

11,878

 

 

 

155,157

 

 

 

—

 

 

 

 

167,035

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

24,238

 

 

 

—

 

 

 

 

24,238

 

Lease expense

 

 

34,609

 

 

 

366

 

 

 

61

 

 

 

(2,382

)

(b)

 

 

32,654

 

Depreciation, net of (gains) losses on disposal

 

 

663,931

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

663,931

 

Net (gains) losses on disposal of real estate

 

 

7,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

7,914

 

Total costs and expenses

 

 

4,398,788

 

 

 

60,576

 

 

 

199,050

 

 

 

(10,529

)

 

 

 

4,647,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

896,140

 

 

 

62,509

 

 

 

20,152

 

 

 

(1,012

)

 

 

 

977,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

65,109

 

 

 

—

 

 

 

—

 

 

 

(65,109

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

961,249

 

 

 

62,509

 

 

 

20,152

 

 

 

(66,121

)

 

 

 

977,789

 

Other components of net periodic benefit costs

 

 

(1,458

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,458

)

Other interest income

 

 

120,501

 

 

 

—

 

 

 

—

 

 

 

(480

)

(b)

 

 

120,021

 

Interest expense

 

 

(257,187

)

 

 

—

 

 

 

(480

)

 

 

1,492

 

(b)

 

 

(256,175

)

Pretax earnings

 

 

823,105

 

 

 

62,509

 

 

 

19,672

 

 

 

(65,109

)

 

 

 

840,177

 

Income tax expense

 

 

(194,398

)

 

 

(12,931

)

 

 

(4,141

)

 

 

—

 

 

 

 

(211,470

)

Net earnings available to common stockholders

$

 

628,707

 

$

 

49,578

 

$

 

15,531

 

$

 

(65,109

)

 

$

 

628,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Gross capital expenditures by reportable segment as of March 31, 2026, 2025 and 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures as of March 31, 2026

 

$

3,154,325

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

3,154,325

 

Gross capital expenditures as of March 31, 2025

 

$

3,457,124

 

 

$

-

 

 

$

-

 

 

$

(4,643

)

 

$

3,452,481

 

Gross capital expenditures as of March 31, 2024

 

$

2,992,898

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,992,898

 

(a) Balances for the year ended December 31, 2025, 2024 and 2023

Total assets by reportable segment as of March 31, 2026, 2025 and 2024 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of March 31, 2026

 

$

18,687,591

 

 

$

485,434

 

 

$

3,003,054

 

 

$

(673,290

)

 

$

21,502,789

 

Total assets as of March 31, 2025

 

$

17,522,952

 

 

$

535,032

 

 

$

3,066,907

 

 

$

(645,721

)

 

$

20,479,170

 

Total assets as of March 31, 2024

 

$

16,149,748

 

 

$

501,566

 

 

$

2,990,903

 

 

$

(583,459

)

 

$

19,058,758

 

(a) Balances for the year ended December 31, 2025, 2024 and 2023
v3.26.1
Geographic Area Data
 12 Months Ended
Mar. 31, 2026
Segments, Geographical Areas [Abstract]  
Geographical revenue

Note 22. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2026

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,719,029

 

$

 

318,790

 

$

 

6,037,819

 

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

 

 

1,260,641

 

 

 

54,643

 

 

 

1,315,284

 

Interest expense

 

 

362,281

 

 

 

2,476

 

 

 

364,757

 

Pretax earnings (losses)

 

 

113,117

 

 

 

(483

)

 

 

112,634

 

Income tax expense

 

 

28,911

 

 

 

595

 

 

 

29,506

 

Identifiable assets

 

 

20,539,356

 

 

 

963,433

 

 

 

21,502,789

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2025

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,530,009

 

$

 

298,656

 

$

 

5,828,665

 

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

 

 

956,858

 

 

 

35,417

 

 

 

992,275

 

Interest expense

 

 

293,712

 

 

 

2,004

 

 

 

295,716

 

Pretax earnings

 

 

468,152

 

 

 

9,360

 

 

 

477,512

 

Income tax expense

 

 

107,314

 

 

 

3,108

 

 

 

110,422

 

Identifiable assets

 

 

19,564,233

 

 

 

914,937

 

 

 

20,479,170

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

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

 

Fiscal Year Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Total revenues

$

 

5,337,502

 

$

 

288,172

 

$

 

5,625,674

 

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

 

 

690,429

 

 

 

5,654

 

 

 

696,083

 

Interest expense

 

 

253,388

 

 

 

2,787

 

 

 

256,175

 

Pretax earnings

 

 

816,238

 

 

 

23,939

 

 

 

840,177

 

Income tax expense

 

 

206,154

 

 

 

5,316

 

 

 

211,470

 

Identifiable assets

 

 

18,256,637

 

 

 

802,121

 

 

 

19,058,758

 
v3.26.1
Revenue Recognition
 12 Months Ended
Mar. 31, 2026
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

Note 23. Revenue Recognition

Revenue Recognized in Accordance with ASC Topic 606

ASC Topic 606, Revenue from Contracts with Customers, 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 or liabilities for both fiscal 2026 and 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.

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 (as described below), 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 $52.9 million and $51.2 million recorded as unearned revenues as of March 31, 2025 and 2024, $52.8 million and $49.6 million, respectively was recognized as revenue for the years ended March 31, 2026 and 2025, respectively.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases, because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 18, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for

equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

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

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

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

 

 

 

Year Ended March 31,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

$

 

5,043

 

$

 

—

 

$

 

—

 

$

 

—

 

$

 

—

 

$

 

—

 

Property lease revenues

 

 

18,615

 

 

 

13,768

 

 

 

9,987

 

 

 

7,245

 

 

 

4,739

 

 

 

25,543

 

Total

$

 

23,658

 

$

 

13,768

 

$

 

9,987

 

$

 

7,245

 

$

 

4,739

 

$

 

25,543

 

 

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

Revenue Recognized in Accordance with Other Topics

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

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

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

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

 

 

Years Ended March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Revenues recognized over time

$

 

367,318

 

$

 

344,401

 

$

 

312,659

 

Revenues recognized at a point in time

 

 

394,135

 

 

 

390,592

 

 

 

401,743

 

Total revenues recognized under ASC 606

$

 

761,453

 

$

 

734,993

 

$

 

714,402

 

 

 

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

$

 

4,920,818

 

$

 

4,753,584

 

$

 

4,575,486

 

Insurance premium revenues recognized under ASC 944

 

 

192,444

 

 

 

188,114

 

 

 

189,318

 

Net investment and interest income recognized under other topics

 

 

163,104

 

 

 

151,974

 

 

 

146,468

 

Total revenues

$

 

6,037,819

 

$

 

5,828,665

 

$

 

5,625,674

 

 

 

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

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

v3.26.1
Allowance for Credit Losses
 12 Months Ended
Mar. 31, 2026
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

Note 24. Allowance for Credit Losses

Mortgage Loans, Net

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

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

There were no delinquent commercial mortgage loans as of March 31, 2026 and March 31, 2025. As of March 31, 2026 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 March 31, 2026.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of March 31, 2026, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $1.1 million and $4.1 million as of March 31, 2026 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 table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

 

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Fixed Maturity Securities

 

 

Investments, other

 

 

Total

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2024

$

 

6,236

 

$

 

1,052

 

$

 

817

 

$

 

8,105

 

Provision for (reversal of) credit losses

 

 

10,534

 

 

 

2,052

 

 

 

(369

)

 

 

12,217

 

Write-offs against allowance

 

 

(11,688

)

 

 

—

 

 

 

—

 

 

 

(11,688

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2025

$

 

5,082

 

$

 

3,104

 

$

 

448

 

$

 

8,634

 

Provision for (reversal of) credit losses

 

 

3,216

 

 

 

856

 

 

 

—

 

 

 

4,072

 

Write-offs against allowance

 

 

(5,065

)

 

 

—

 

 

 

—

 

 

 

(5,065

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of March 31, 2026

$

 

3,233

 

$

 

3,960

 

$

 

448

 

$

 

7,641

 

 
v3.26.1
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable
 12 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

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

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

 

 

 

Direct
Amount (a)

 

 

Ceded to
Other
Companies

 

 

Assumed
from Other
Companies

 

 

Net
Amount (a)

 

Percentage
of
Amount
Assumed to
Net

 

 

 

 

(In thousands)

 

 

Year ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

791,894

 

$

 

47

 

$

 

187,335

 

$

 

979,182

 

 

19

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

42,408

 

$

 

2

 

$

 

3,027

 

$

 

45,433

 

 

7

 

%

Accident and health

 

 

23,308

 

 

 

25

 

 

 

11,960

 

 

 

35,243

 

 

34

 

%

Annuity

 

 

6

 

 

 

—

 

 

 

295

 

 

 

301

 

 

98

 

%

Property and casualty

 

 

105,119

 

 

 

—

 

 

 

—

 

 

 

105,119

 

 

—

 

%

Total

$

 

170,841

 

$

 

27

 

$

 

15,282

 

$

 

186,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

857,756

 

$

 

47

 

$

 

246,552

 

$

 

1,104,261

 

 

22

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

46,038

 

$

 

—

 

$

 

4,519

 

$

 

50,557

 

 

9

 

%

Accident and health

 

 

32,239

 

 

 

84

 

 

 

590

 

 

 

32,745

 

 

2

 

%

Annuity

 

 

254

 

 

 

—

 

 

 

151

 

 

 

405

 

 

37

 

%

Property and casualty

 

 

98,900

 

 

 

—

 

 

 

—

 

 

 

98,900

 

 

—

 

%

Total

$

 

177,431

 

$

 

84

 

$

 

5,260

 

$

 

182,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life insurance in force

$

 

909,894

 

$

 

48

 

$

 

278,445

 

$

 

1,188,291

 

 

23

 

%

Premiums earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life

$

 

49,184

 

$

 

1

 

$

 

4,183

 

$

 

53,366

 

 

8

 

%

Accident and health

 

 

35,324

 

 

 

95

 

 

 

844

 

 

 

36,073

 

 

2

 

%

Annuity

 

 

157

 

 

 

—

 

 

 

149

 

 

 

306

 

 

49

 

%

Property and casualty

 

 

94,802

 

 

 

—

 

 

 

—

 

 

 

94,802

 

 

—

 

%

Total

$

 

179,467

 

$

 

96

 

$

 

5,176

 

$

 

184,547

 

 

 

 

 

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

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

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(In thousands)

 

Unpaid losses and loss adjustment expense

$

 

114,758

 

$

 

125,605

 

Reinsurance losses payable

 

 

1,294

 

 

 

1,247

 

Total

$

 

116,052

 

$

 

126,852

 

 

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

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Balance at January 1

$

 

125,605

 

$

 

131,192

 

$

 

151,874

 

Less: reinsurance recoverable

 

 

32,369

 

 

 

36,188

 

 

 

41,329

 

Net balance as of January 1

 

 

93,236

 

 

 

95,004

 

 

 

110,545

 

Incurred related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

30,674

 

 

 

30,293

 

 

 

25,396

 

Prior years

 

 

(7,752

)

 

 

(7,663

)

 

 

(13,153

)

Total incurred

 

 

22,922

 

 

 

22,630

 

 

 

12,243

 

Paid related to:

 

 

 

 

 

 

 

 

 

Current year

 

 

9,668

 

 

 

10,221

 

 

 

9,414

 

Prior years

 

 

21,619

 

 

 

14,177

 

 

 

18,369

 

Total paid

 

 

31,287

 

 

 

24,398

 

 

 

27,783

 

Net balance as of December 31

 

 

84,871

 

 

 

93,236

 

 

 

95,004

 

Plus: reinsurance recoverable

 

 

29,887

 

 

 

32,369

 

 

 

36,188

 

Balance at December 31

$

 

114,758

 

$

 

125,605

 

$

 

131,192

 

 

The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $29.9 million, $32.4 million and $36.2 million for fiscal 2026, 2025 and 2024, respectively) decreased by $10.8 million, $5.6 million and $20.7 million for fiscal 2026, 2025 and 2024, respectively. The prior period favorable development for fiscal 2026 was driven primarily by excess workers’ compensation claims, supplemental liability claims and commercial automobile claims. The prior period favorable development for fiscal 2025 and 2024 were driven primarily by excess workers’ compensation claims. These changes are a result of ongoing analysis of claims emergence patterns and loss trends.

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

The information about property and casualty incurred and paid loss and loss adjustment expense development for fiscal 2020 through 2026 and the average annual percentage payout of incurred claims by age as of fiscal 2026, is presented as supplementary information. Claims data for fiscal 2020 through 2025 is unaudited. Claims data for fiscal 2026 is audited.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred-but-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Not-Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development

 

 

Number of

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

on Reported

 

 

Reported

 

Year

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Claims

 

 

Claims

 

 

 

(In thousands, except claim counts)

 

 

 

 

2020

 

 

22,138

 

 

 

26,316

 

 

 

27,316

 

 

 

27,831

 

 

 

27,793

 

 

 

25,766

 

 

 

25,163

 

 

 

43

 

 

 

12,043

 

2021

 

 

 

 

 

20,671

 

 

 

17,485

 

 

 

17,107

 

 

 

14,561

 

 

 

14,005

 

 

 

14,005

 

 

 

—

 

 

 

11,556

 

2022

 

 

 

 

 

 

 

 

28,982

 

 

 

25,337

 

 

 

24,484

 

 

 

22,404

 

 

 

22,235

 

 

 

138

 

 

 

14,203

 

2023

 

 

 

 

 

 

 

 

 

 

 

27,570

 

 

 

28,436

 

 

 

27,698

 

 

 

24,645

 

 

 

437

 

 

 

13,180

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,396

 

 

 

25,611

 

 

 

24,064

 

 

 

1,757

 

 

 

14,114

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,293

 

 

 

29,225

 

 

 

4,944

 

 

 

13,352

 

2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,674

 

 

 

14,330

 

 

 

13,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

21,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents paid claims development as of fiscal 2026 net of reinsurance. Claims data for fiscal 2020 through 2025 is unaudited. Claims data for fiscal 2026 is audited.

 

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

 

 

 

(In thousands)

 

Accident

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

2020

 

 

7,366

 

 

 

14,737

 

 

 

19,215

 

 

 

21,598

 

 

 

25,122

 

 

 

25,239

 

 

 

25,095

 

2021

 

 

 

 

 

7,665

 

 

 

11,114

 

 

 

12,521

 

 

 

13,510

 

 

 

14,005

 

 

 

14,005

 

2022

 

 

 

 

 

 

 

 

11,040

 

 

 

14,831

 

 

 

16,829

 

 

 

18,550

 

 

 

20,887

 

2023

 

 

 

 

 

 

 

 

 

 

 

10,572

 

 

 

18,444

 

 

 

22,266

 

 

 

23,799

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,414

 

 

 

14,336

 

 

 

19,151

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,222

 

 

 

17,783

 

2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,668