U-HAUL HOLDING CO /NV/, 10-Q filed on 05 Aug 26
 | XBRL Documents
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Jun. 30, 2026
Aug. 03, 2026
Document and Entity Information [Abstract]    
Entity Registrant Name U-Haul Holding Company  
Entity Central Index Key 0000004457  
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --03-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Fiscal Period Focus Q1  
Document Period End Date Jun. 30, 2026  
Amendment Flag false  
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-11255  
Entity Tax Identification Number 88-0106815  
Entity address, address line one 5555 Kietzke Lane  
Entity address, address line two Ste 100  
Entity address, City or Town Reno  
Entity address, State or Province NV  
Entity address, postal zip code 89511  
City Area Code 775  
Local Phone Number 688-6300  
Entity Incorporation, State or Country Code NV  
Document Quarterly Report true  
Document Transition Report false  
Voting Common Stock    
Document and Entity Information [Abstract]    
Trading Symbol UHAL  
Entity Common Stock, Shares Outstanding   19,224,580
Title of 12(b) Security Common Stock, $0.25 par value  
Security Exchange Name NYSE  
Nonvoting Common Stock [Member]    
Document and Entity Information [Abstract]    
Trading Symbol UHAL.B  
Entity Common Stock, Shares Outstanding   175,168,915
Title of 12(b) Security Series N Non-Voting Common Stock, $0.001 par value  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
ASSETS:    
Cash and cash equivalents $ 1,097,336 $ 1,120,147
Reinsurance recoverables and trade receivables, net 190,912 159,768
Inventories, net 180,325 178,155
Prepaid Expense 137,688 191,671
Fixed maturities - available for sale 2,321,038 2,417,912
Equity securities, at estimated fair value 14,724 14,976
Investments, other 655,316 706,314
Deferred policy acquisition costs, net 110,550 112,852
Other assets 146,498 127,202
Right of use Assets - Operating 38,833 40,188
Related Parties Amounts Due 44,141 53,159
Property, plant and equipment, at cost:    
Land 1,866,794 1,865,369
Buildings and improvements 10,727,955 10,542,945
Furniture and equipment 1,087,938 1,074,032
Property, plant and equipment (gross) 23,798,751 23,243,107
Less: Accumulated depreciation (7,074,624) (6,862,662)
Total property, plant and equipment 16,724,127 16,380,445
Total assets 21,661,488 21,502,789
Liabilities:    
Accounts payable and accrued expenses 909,147 850,294
Notes, loans and leases payable 8,105,429 8,083,374
Operating lease liability 39,577 40,957
Policy benefits and losses, claims and loss expenses payable 947,870 939,874
Liabilities from investment contracts 2,335,870 2,357,545
Other policyholders' funds and liabilities 2,451 2,899
Deferred income 69,269 56,614
Deferred Income Tax Liabilities, Net 1,592,072 1,559,581
Total liabilities 14,001,685 13,891,138
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Preferred stock, value, issued
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (181,094) (163,640)
Retained earnings 8,093,836 7,979,720
Cost of preferred stock in treasury, net 151,997 151,997
Total stockholders' equity 7,659,803 7,611,651
Total liabilities and stockholders' equity 21,661,488 21,502,789
Voting Common Stock    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Treasury stock, value (541,383) (525,653)
Nonvoting Common Stock [Member]    
Stockholders' equity:    
Common stock, value, issued 176 176
Treasury stock, value (32,780)  
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 1,239,808 1,206,253
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 8,876,256 $ 8,554,508
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Treasury stock:    
Treasury Stock, Preferred, Shares 6,100,000  
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 4,220 $ 3,960
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,487,262 $ 2,558,342
Voting Common Stock    
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 19,359,420 19,607,788
Common stock, par or stated value per share $ 0.25 $ 0.25
Treasury stock:    
Treasury Stock Common Shares 22,626,280 22,377,912
Nonvoting Common Stock [Member]    
Common stock:    
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares, issued 176,470,092  
Common stock, shares, outstanding 175,885,814 176,470,092
Common stock, par or stated value per share $ 0.001 $ 0.001
Treasury stock:    
Treasury Stock Common Shares 584,278 0
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Revenues:    
Self-moving equipment rentals $ 1,087,578 $ 1,058,273
Self-storage revenues 250,172 234,237
Self moving and self-storage products and service sales 99,240 98,188
Property management fees 9,565 9,582
Life insurance premiums 18,066 19,169
Property and casualty insurance premiums 24,251 21,738
Net investment and Interest income 37,368 35,211
Other revenue 155,787 154,072
Total revenues 1,682,027 1,630,470
Costs and expenses:    
Operating Costs and Expenses 886,990 826,749
Commission expenses 120,272 116,737
Cost of product sales 71,754 72,205
Benefits and losses 42,137 45,182
Amortization of deferred policy acquisition costs 4,874 4,917
Lease expense 3,496 4,874
Depreciation, net of (gains) losses on disposals 298,840 304,009
Net (gains) losses on disposal of real estate 3,068 (1,617)
Costs and Expenses, Total 1,431,431 1,373,056
Earnings from operations 250,596 257,414
Other components of net periodic benefit costs (357) (346)
Interest Income, Other 9,391 10,669
Interest expense (97,912) (82,330)
Fees and amortization on early extinguishment of debt (31) (26)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 161,687 185,381
Income tax expense (38,758) (43,050)
Net earnings available to common stockholders $ 122,929 $ 142,331
Weighted average common shares outstanding: basic and diluted 195,869,719 196,077,880
Voting Common Stock    
Costs and expenses:    
Basic and diluted earnings per common share $ 0.58 $ 0.68
Weighted average common shares outstanding: basic and diluted 19,545,696 19,607,788
Nonvoting Common Stock [Member]    
Costs and expenses:    
Basic and diluted earnings per common share $ 0.63 $ 0.73
Weighted average common shares outstanding: basic and diluted 176,324,023 176,470,092
v3.26.1
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Depreciation:    
Net of (gains) losses on sale of real and personal property $ 1,796 $ 21,933
Related party:    
Related party, revenues, net of eliminations 9,565 9,582
Related party, costs and expenses, net of eliminations $ 31,600 $ 32,100
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Comprehensive income (loss) (pretax):    
Pretax earnings (loss) $ 161,687 $ 185,381
Comprehensive income (loss) (tax effect):    
Income tax expense (38,758) (43,050)
Comprehensive income (loss) (net of tax):    
Net earnings available to common stockholders 122,929 142,331
Other comprehensive income (loss):    
Foreign currency translation (pretax) 1,684 2,420
Foreign currency translation (net of tax) 1,684 2,420
Unrealized gain (loss) on investments (pretax) 20,335 34,487
Unrealized gain (loss) on investments (tax effect) (4,220) (7,255)
Unrealized gain (loss) on investments (net of tax) 16,115 27,232
Change in fair value of cash flow hedges, Pre-tax 2,246 6,350
Change in fair value of cash flow hedges, Tax (674) (1,584)
Change in fair value of cash flow hedges, (net of tax) 1,572 4,766
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 2,557 5,642
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax 640 1,410
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax, Total 1,917 4,232
Other Comprehensive Income (Loss), before Tax 21,708 36,199
Other Comprehensive Income (Loss), Tax 4,254 7,081
Total other comprehensive income (loss) (net of tax) 17,454 29,118
Total comprehensive income (loss) (pretax) 139,979 221,580
Total comprehensive income (loss) (tax effect) (34,504) (50,131)
Total comprehensive income (loss) (net of tax) $ 105,475 $ 171,449
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Less: Treasury Common Stock [Member]
Less: Treasury Preferred Stock [Member]
Common Class A [Member]
Common Class A [Member]
Common Stock [Member]
Common Class A [Member]
Less: Treasury Common Stock [Member]
Nonvoting Common Stock [Member]
Nonvoting Common Stock [Member]
Common Stock [Member]
Nonvoting Common Stock [Member]
Less: Treasury Common Stock [Member]
Balance, beginning of period at Mar. 31, 2025 $ 7,498,143 $ 462,548 $ (229,314) $ 7,931,886 $ (525,653) $ (151,997)   $ 10,497     $ 176  
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2025               19,608     176,470  
Cosolidated statement of change in equity                        
Foreign currency translation 2,420   2,420                  
Unrealized net gain (loss) on investments, net of tax 27,232   27,232                  
Change in fair value of cash flow hedges 4,766   4,766                  
Amounts reclassified into earnings on hedging activities 4,232   4,232                  
Net Income (Loss) 142,331     142,331                
Dividends, Common Stock                   $ 8,824    
Series N Non-Voting Common Stock dividends paid (8,824)     (8,824)                
Net activity 162,625   29,118 133,507                
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2025               19,608     176,470  
Balance, end of period at Jun. 30, 2025 7,660,768 462,548 (200,196) 8,065,393 (525,653) (151,997)   $ 10,497     $ 176  
Balance, beginning of period at Mar. 31, 2026 7,611,651 462,548 (163,640) 7,979,720 $ (525,653) (151,997)   $ 10,497     $ 176  
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2026             19,607,788 19,608   176,470,092 176,470  
Cosolidated statement of change in equity                        
Foreign currency translation 1,684   1,684                  
Unrealized net gain (loss) on investments, net of tax 16,115   16,115                  
Change in fair value of cash flow hedges 1,572   1,572                  
Amounts reclassified into earnings on hedging activities 1,917   1,917                  
Net Income (Loss) 122,929     122,929                
Dividends, Common Stock 8,813     8,813           $ 8,813    
Stock Repurchased During Period, Value 15,730             $ 248 $ 15,730      
Series N Non-Voting Common Stock dividends paid (32,780)                   $ 584 $ (32,780)
Net activity 48,152   (17,454) 114,116       $ (248) (15,730)   $ (584) (32,780)
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2026             19,359,420 19,360   175,885,814 175,886  
Balance, end of period at Jun. 30, 2026 $ 7,659,803 $ 462,548 $ (181,094) $ 8,093,836   $ (151,997)   $ 10,497 $ (541,383)   $ 176 $ (32,780)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities:    
Net Income (Loss) $ 122,929 $ 142,331
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 300,636 282,076
Amortization of premiums and accretion of discounts related to investments, net 4,278 4,231
Amortization of debt issuance costs 1,940 1,531
Interest credited to policyholders 21,521 21,022
Change in allowance for losses on trade receivables 512 462
Operating lease right-of-use asset amortization 2,068 2,264
Net gain on sale of real and personal property (1,796) (21,933)
Net losses on disposal of real estate 3,068 (1,617)
Net (gains) losses on sales of fixed maturity securities 1,514 745
Net (gains) losses on equity securities and investments, other 1,086 3,515
Deferred income taxes 36,685 7,345
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (31,883) (635)
Inventories and parts (2,175) (10,163)
Prepaid expenses 53,829 (2,590)
Capitalization of deferred policy acquisition costs 2,302 108
Other assets (19,757) (3,645)
Related party assets 5,449 (1,601)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 98,672 99,283
Policy benefits and losses, claims and loss expenses payable 13,641 8,348
Other policyholders' funds and liabilities (448) 5,079
Deferred income 12,737 12,134
Related party liabilities 3,469 6,220
Net cash provided by operating activities 630,277 598,376
Cash flow from investing activities:    
Increase Decrease Escrow Deposits (867) 550
Purchase of:    
Property, plant and equipment (822,362) (916,571)
Fixed maturity investments (115,800) (91,746)
Equity securities   (160)
Investments, other (40,692) (57,361)
Proceeds from sales and paydowns of:    
Property, plant and equipment 148,265 166,182
Fixed maturity investments 181,367 101,170
Equity securities   158
Investments, other 79,179 62,137
Net cash used by investing activities (570,910) (764,041)
Cash flow from financing activities:    
Borrowings from credit facilities 618,213 349,981
Principal repayments on credit facilities (594,696) (286,581)
Payment of debt issuance costs (1,822) (1,286)
Finance lease payments   (11,359)
Securitization deposits   109
Series N Non-Voting Common Stock dividends paid (8,813) (8,824)
Repurchase of Common Stock (15,570)  
Repurchase of Series N Non-Voting Common Stock (32,445)  
Investment contract deposits 77,854 135,224
Investment contract withdrawals (121,050) (129,820)
Net cash provided by financing activities (78,329) 47,444
Effects of exchange rate on cash (3,849) 6,581
Increase (decrease) in cash and cash equivalents (22,811) (111,640)
Cash and cash equivalents at the beginning of period 1,120,147 988,828
Cash and cash equivalents at the end of period $ 1,097,336 $ 877,188
v3.26.1
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]    
Interest paid in cash $ 82,826 $ 70,071
Interest on derivatives (345) (647)
Income Taxes Paid, Net 88,030 1,695
Non-cash activities for right-of-use assets in exchange for lease liabilities 15 324
Non-cash accounts payable related to fixed assets $ 46,932 $ 84,740
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 122,929 $ 142,331
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation
 3 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Basis of Presentation

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.

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

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

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

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

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

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating and Reportable Segments

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

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

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites

components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul® customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul®-related programs. ARCOA Risk Retention Group is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.
v3.26.1
Earnings Per Share
 3 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

2. Earnings per Share

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

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

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2026 and June 30, 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,545,696

 

 

 

19,607,788

 

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

 

 

195,869,719

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

122,929

 

 

$

142,331

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,813

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

114,116

 

 

$

133,507

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

11,412

 

 

$

13,351

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.58

 

 

$

0.68

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.58

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,324,023

 

 

 

176,470,092

 

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

 

 

195,869,719

 

 

 

196,077,880

 

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

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

122,929

 

 

$

142,331

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,813

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

114,116

 

 

$

133,507

 

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

 

$

102,704

 

 

$

120,156

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.58

 

 

$

0.68

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.05

 

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

 

$

0.63

 

 

$

0.73

 

 

 
v3.26.1
Investments
 3 Months Ended
Jun. 30, 2026
Investments Debt Equity Securities [Abstract]  
Investments

3. 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 $21.3 million and $21.4 million as of June 30, 2026 and March 31, 2026, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 2026 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

82,509

 

 

$

207

 

 

$

(5,021

)

 

$

—

 

 

$

77,695

 

U.S. government agency mortgage-backed securities

 

 

145,276

 

 

 

517

 

 

 

(5,203

)

 

 

—

 

 

 

140,590

 

Obligations of states and political subdivisions

 

 

138,434

 

 

 

378

 

 

 

(5,925

)

 

 

—

 

 

 

132,887

 

Corporate securities

 

 

1,607,491

 

 

 

2,847

 

 

 

(121,121

)

 

 

(2,339

)

 

 

1,486,878

 

Mortgage-backed securities

 

 

513,552

 

 

 

1,926

 

 

 

(30,609

)

 

 

(1,881

)

 

 

482,988

 

 

 

$

2,487,262

 

 

$

5,875

 

 

$

(167,879

)

 

$

(4,220

)

 

$

2,321,038

 

 

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

 

 

 

(Unaudited)

 

 

 

(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

 

 

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of June 30, 2026 and March 31, 2026 were as follows:

 

 

 

June 30, 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

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

666

 

 

 

$

(10

)

 

 

$

70,882

 

 

 

$

(5,011

)

 

 

$

71,548

 

 

 

$

(5,021

)

U.S. government agency mortgage-backed securities

 

 

 

46,951

 

 

 

 

(261

)

 

 

 

20,282

 

 

 

 

(4,942

)

 

 

 

67,233

 

 

 

 

(5,203

)

Obligations of states and political subdivisions

 

 

 

41,419

 

 

 

 

(848

)

 

 

 

45,661

 

 

 

 

(5,077

)

 

 

 

87,080

 

 

 

 

(5,925

)

Corporate securities

 

 

 

364,990

 

 

 

 

(6,069

)

 

 

 

923,432

 

 

 

 

(115,052

)

 

 

 

1,288,422

 

 

 

 

(121,121

)

Mortgage-backed securities

 

 

 

91,419

 

 

 

 

(2,322

)

 

 

 

169,882

 

 

 

 

(28,287

)

 

 

 

261,301

 

 

 

 

(30,609

)

 

 

 

$

545,445

 

 

 

$

(9,510

)

 

 

$

1,230,139

 

 

 

$

(158,369

)

 

 

$

1,775,584

 

 

 

$

(167,879

)

 

 

 

 

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

 

 

 

 

(Unaudited)

 

 

 

 

(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

)

 

Gross proceeds from sales of securities were $24.3 million and $2.4 million for the quarters ended June 30, 2026 and June 30, 2025, respectively. No material gross realized gains or losses were recognized.

 

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

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

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.3 million and ($0.7) million net impairment charge recorded in the quarters ended June 30, 2026 and June 30, 2025, respectively.

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

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

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

114,822

 

 

$

114,101

 

 

$

133,150

 

 

$

132,947

 

Due after one year through five years

 

 

553,425

 

 

 

537,011

 

 

 

589,615

 

 

 

578,918

 

Due after five years through ten years

 

 

546,986

 

 

 

510,121

 

 

 

526,745

 

 

 

500,476

 

Due after ten years

 

 

758,477

 

 

 

676,817

 

 

 

744,232

 

 

 

668,954

 

 

 

 

1,973,710

 

 

 

1,838,050

 

 

 

1,993,742

 

 

 

1,881,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

513,552

 

 

 

482,988

 

 

 

564,600

 

 

 

536,617

 

 

 

$

2,487,262

 

 

$

2,321,038

 

 

$

2,558,342

 

 

$

2,417,912

 

 

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

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

9,099

 

 

$

9,089

 

 

$

9,099

 

 

$

9,089

 

Non-redeemable preferred stocks

 

 

9,000

 

 

 

5,635

 

 

 

9,000

 

 

 

5,887

 

 

 

$

18,099

 

 

$

14,724

 

 

$

18,099

 

 

$

14,976

 

 

 

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

 

Investments, other

The carrying value of the other investments were as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

631,235

 

 

$

667,169

 

Policy loans

 

 

12,879

 

 

 

12,633

 

Other investments

 

 

11,202

 

 

 

26,512

 

 

 

$

655,316

 

 

$

706,314

 

 
v3.26.1
Accounts Payable and Accrued Expense
 3 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:

 

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

289,623

 

$

 

238,840

 

Accrued expenses

 

 

619,524

 

 

 

611,454

 

 

$

 

909,147

 

$

 

850,294

 

 

Other Reserves

Self-Insurance Liabilities

 

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $471.8 million and $453.4 million of liabilities related to these programs as of June 30, 2026 and March 31, 2026, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents.
v3.26.1
Borrowings
 3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net . Notes, Loans and Finance Liabilities Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2027 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2026

 

 

March 31,
2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

4.89

 

%

 

2027

 

-

2037

 

 

4.63

 

%

 

$

264,537

 

 

$

254,007

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.80

 

%

 

 

2,932,403

 

 

 

2,950,201

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.36

 

%

 

 

177,472

 

 

 

145,660

 

Fleet loans (revolving credit) (b)

 

4.84

 

%

-

 

4.87

 

%

 

2029

 

-

2031

 

 

4.87

 

%

 

 

635,000

 

 

 

635,000

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2026

 

-

2034

 

 

5.25

 

%

 

 

2,375,227

 

 

 

2,376,704

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2026

 

-

2049

 

 

6.47

 

%

 

 

62,245

 

 

 

63,377

 

Notes, loans and finance liabilities payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,146,884

 

 

 

8,124,949

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,455

)

 

 

(41,575

)

Total notes, loans and finance liabilities payable, net

 

 

 

 

 

 

 

 

 

 

$

8,105,429

 

 

$

8,083,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) A certain loan has interest rate swaps fixing the rate for the relevant loan at 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.50% 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 4.98% using the swap adjusted interest rate.

 

(c) Weighted average rates as of June 30, 2026.

 

 

 

Annual Maturities of Notes, Loans and Finance Liabilities Payable

 

The annual maturities and regular amortization of our notes, loans and finance liabilities payable, before debt issuance costs, as of June 30, 2026 for the next five years and thereafter are as follows:

 

 

 

 

Years Ended June 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance liabilities payable

 

$

857,841

 

 

$

1,089,879

 

 

$

960,489

 

 

$

1,139,552

 

 

$

890,136

 

 

$

3,208,987

 

 

$

8,146,884

 

 

 

 

 

 

 

 

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

99,155

 

 

$

86,619

 

Capitalized interest

 

 

(3,025

)

 

 

(5,294

)

Amortization of transaction costs

 

 

1,909

 

 

 

1,532

 

Interest expense resulting from cash flow hedges

 

 

(127

)

 

 

(527

)

Total interest expense

 

$

97,912

 

 

$

82,330

 

Interest Rates

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

2026

 

 

2025

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

4.93

 

%

 

5.63

 

%

Interest rate at the end of the quarter

 

 

4.86

 

%

 

5.61

 

%

Maximum amount outstanding during the quarter

 

$

835,000

 

 

$

785,000

 

 

Average amount outstanding during the quarter

 

$

771,264

 

 

$

730,604

 

 

Facility fees

 

$

208

 

 

$

233

 

 
v3.26.1
Derivatives
 3 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives . Derivatives

Cash Flow Hedges

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

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

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

2,506

 

 

$

2,449

 

Liabilities

 

$

110

 

 

$

256

 

Notional amount

 

$

139,787

 

 

$

268,407

 

 

 

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first three months of fiscal 2027 and 2026, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($1.6) million and ($4.8) million, respectively, net of taxes. During the first three months of fiscal 2027 and 2026, we reclassified $1.9 million and $4.2 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2026, we expect to reclassify $0.5 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

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

 

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

11,202

 

 

$

26,512

 

Liabilities

 

$

5,940

 

 

$

17,630

 

Notional amount

 

$

266,584

 

 

$

310,104

 

 

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. Net (gains) losses recognized in net investment and interest income for the quarters ended June 30, 2026 and June 30, 2025 were $0.9 million and $1.4 million, respectively.

v3.26.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Jun. 30, 2026
Disclosure Text Block [Abstract]  
Accumulated Other Comprehensive Loss . Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2026

 

$

(56,592

)

 

$

(108,943

)

 

$

(789

)

 

$

2,684

 

 

$

(163,640

)

Foreign currency translation

 

 

(1,684

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,684

)

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

 

 

—

 

 

 

(16,115

)

 

 

—

 

 

 

—

 

 

 

(16,115

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,572

)

 

 

—

 

 

 

(1,572

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

1,917

 

 

 

—

 

 

 

1,917

 

Other comprehensive income (loss)

 

 

(1,684

)

 

 

(16,115

)

 

 

345

 

 

 

—

 

 

 

(17,454

)

Balance as of June 30, 2026

 

$

(58,276

)

 

$

(125,058

)

 

$

(444

)

 

$

2,684

 

 

$

(181,094

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,420

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,420

 

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

 

 

—

 

 

 

27,232

 

 

 

—

 

 

 

—

 

 

 

27,232

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,766

)

 

 

—

 

 

 

(4,766

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

4,232

 

 

 

—

 

 

 

4,232

 

Other comprehensive income (loss)

 

 

2,420

 

 

 

27,232

 

 

 

(534

)

 

 

—

 

 

 

29,118

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

(a) Liability for future policy benefits
v3.26.1
Stockholders' Equity
 3 Months Ended
Jun. 30, 2026
Stockholders' Equity [Abstract]  
Stockholders' Equity

8. Stockholders' Equity

In May 2026, the Company's Board of Directors (the "Board") authorized a $350 million stock repurchase program (the "Stock Repurchase Program") with no expiration date. Under the Stock Repurchase Program, the Company may purchase up to $350 million in aggregate for both of its Voting Common Stock and Non-Voting Common Stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase programs, or in any other manner in compliance with applicable law. The timing and amount of stock repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. During the first quarter of fiscal 2027, the Company repurchased 248,368 shares of its Voting Common Stock at a cost of $15.6 million and repurchased 584,278 shares of its Non-Voting Common Stock at a cost of $32.4 million, excluding any commissions related to the purchases.

As part of our Stock Repurchase Progam, between July 1, 2026 and August 3, 2026, we have repurchased 134,840 shares of its Voting Common Stock at a cost of $9.1 million and repurchased 716,899 shares of its Non-Voting Common Stock at a cost of $44.0 million, excluding any commissions related to the purchases.
v3.26.1
Leases
 3 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases . Leases

The following tables show the components of our right-of-use assets, net:

 

 

As of June 30, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,241

 

Right-of-use assets, gross

 

64,241

 

Less: Accumulated depreciation

 

(25,408

)

Right-of-use assets, net

$

38,833

 

 

 

As of March 31, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,151

 

Right-of-use assets, gross

 

64,151

 

Less: Accumulated depreciation

 

(23,963

)

Right-of-use assets, net

$

40,188

 

 

 

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2026

 

 

2026

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

26.6

 

 

 

26.0

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.7

 

%

 

For the quarters ended June 30, 2026 and June 30, 2025, cash paid for leases included in our operating cash flow activities were $3.4 million and $4.9 million, respectively. Our financing cash flow activities were $11.4 million for the quarter ended June 30, 2025.

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

 

 

 

Quarters Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

3,496

 

 

$

4,874

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

—

 

 

$

3,521

 

Interest on lease liabilities

 

 

—

 

 

 

487

 

Total finance lease cost

 

$

—

 

 

$

4,008

 

 

The short-term lease costs for the first three months of fiscal 2027 and 2026 were not material.

Maturities of lease liabilities were as follows:

 

 

 

Operating leases

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Year ending March 31,

 

 

 

 

 

 

 

2027 (9 months)

 

 

14,719

 

2028

 

 

5,587

 

2029

 

 

4,274

 

2030

 

 

3,807

 

2031

 

 

3,103

 

Thereafter

 

 

50,867

 

Total lease payments

 

 

82,357

 

Less: imputed interest

 

 

(42,780

)

Present value of lease liabilities

 

$

39,577

 
v3.26.1
Contingencies
 3 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies . Contingencies

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.
v3.26.1
Related Party Transactions
 3 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

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

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

Related Party Revenue

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,778

 

 

$

7,778

 

U-Haul management fee revenue from Mercury

 

 

1,787

 

 

 

1,804

 

 

 

$

9,565

 

 

$

9,582

 

 

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $9.4 million and $9.4 million from the above-mentioned entities during the first three months of fiscal 2027 and 2026, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

Related Party Costs and Expenses

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

601

 

U-Haul printing expenses to Blackwater

 

 

1,453

 

 

 

1,435

 

U-Haul commission expenses to Blackwater

 

 

23,162

 

 

 

23,571

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,331

 

 

 

6,492

 

 

 

$

31,584

 

 

$

32,137

 

 

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

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

As of June 30, 2026, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $9.6 million and $9.6 million, expenses of $2.1 million and $2.1 million and we received cash flows of $8.8 million and $8.8 million, during the first three months of fiscal 2027 and 2026, respectively. Revenues were $140.9 million and $144.0 million and commission expenses were $29.5 million and $30.1 million, related to the Dealer Agreements, during the first three months of fiscal 2027 and 2026, respectively.

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

Related Party Assets

 

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

29,329

 

 

$

36,307

 

U-Haul receivable from Mercury

 

 

14,928

 

 

 

14,972

 

Other (a)

 

 

(116

)

 

 

1,880

 

 

 

$

44,141

 

 

$

53,159

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.26.1
Reportable Segment Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

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

 

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

 

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

 

•
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

 

•
Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

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

 

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of (gains) losses on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

 

 

 

 

 

 

 

 

 

 

 

Revenues and net earnings available to common stockholders by reportable segment for the quarter ended June 30, 2026 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,601,949

 

$

 

31,223

 

$

 

51,476

 

$

 

(2,621

)

(b,c)

$

 

1,682,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

315,234

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

315,234

 

Equipment maintenance and repair expenses

 

 

198,072

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

198,072

 

Other operating expenses

 

 

88,184

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

88,184

 

Other segment items

 

 

267,626

 

 

 

13,633

 

 

 

6,144

 

 

 

(1,903

)

(b,c)

 

 

285,500

 

Operating expenses

 

 

869,116

 

 

 

13,633

 

 

 

6,144

 

 

 

(1,903

)

 

 

 

886,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

120,272

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

120,272

 

Cost of product sales

 

 

71,754

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

71,754

 

Benefits and losses

 

 

—

 

 

 

5,296

 

 

 

36,841

 

 

 

—

 

 

 

 

42,137

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,874

 

 

 

—

 

 

 

 

4,874

 

Lease expense

 

 

4,085

 

 

 

78

 

 

 

24

 

 

 

(691

)

(b)

 

 

3,496

 

Depreciation, net of (gains) losses on disposal

 

 

298,840

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

298,840

 

Net (gains) losses on disposal of real estate

 

 

3,068

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

3,068

 

Total costs and expenses

 

 

1,367,135

 

 

 

19,007

 

 

 

47,883

 

 

 

(2,594

)

 

 

 

1,431,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

234,814

 

 

 

12,216

 

 

 

3,593

 

 

 

(27

)

 

 

 

250,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

12,385

 

 

 

—

 

 

 

—

 

 

 

(12,385

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

247,199

 

 

 

12,216

 

 

 

3,593

 

 

 

(12,412

)

 

 

 

250,596

 

Other components of net periodic benefit costs

 

 

(357

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(357

)

Other interest income

 

 

9,463

 

 

 

—

 

 

 

—

 

 

 

(72

)

(b)

 

 

9,391

 

Interest expense

 

 

(97,939

)

 

 

—

 

 

 

(72

)

 

 

99

 

(b)

 

 

(97,912

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(31

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(31

)

Pretax earnings

 

 

158,335

 

 

 

12,216

 

 

 

3,521

 

 

 

(12,385

)

 

 

 

161,687

 

Income tax expense

 

 

(35,406

)

 

 

(2,523

)

 

 

(829

)

 

 

—

 

 

 

 

(38,758

)

Net earnings available to common stockholders

$

 

122,929

 

$

 

9,693

 

$

 

2,692

 

$

 

(12,385

)

 

$

 

122,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,553,859

 

$

 

29,721

 

$

 

50,094

 

$

 

(3,204

)

(b,c)

$

 

1,630,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

305,034

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

305,034

 

Equipment maintenance and repair expenses

 

 

193,945

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

193,945

 

Other operating expenses

 

 

81,971

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

81,971

 

Other segment items

 

 

233,232

 

 

 

12,260

 

 

 

2,785

 

 

 

(2,478

)

(b,c)

 

 

245,799

 

Operating expenses

 

 

814,182

 

 

 

12,260

 

 

 

2,785

 

 

 

(2,478

)

 

 

 

826,749

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

116,737

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

116,737

 

Cost of product sales

 

 

72,205

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

72,205

 

Benefits and losses

 

 

—

 

 

 

5,499

 

 

 

39,683

 

 

 

—

 

 

 

 

45,182

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,917

 

 

 

—

 

 

 

 

4,917

 

Lease expense

 

 

5,465

 

 

 

74

 

 

 

33

 

 

 

(698

)

(b)

 

 

4,874

 

Depreciation, net of (gains) losses on disposal

 

 

304,009

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

304,009

 

Net (gains) losses on disposal of real estate

 

 

(1,617

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(1,617

)

Total costs and expenses

 

 

1,310,981

 

 

 

17,833

 

 

 

47,418

 

 

 

(3,176

)

 

 

 

1,373,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

242,878

 

 

 

11,888

 

 

 

2,676

 

 

 

(28

)

 

 

 

257,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

11,504

 

 

 

—

 

 

 

—

 

 

 

(11,504

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

254,382

 

 

 

11,888

 

 

 

2,676

 

 

 

(11,532

)

 

 

 

257,414

 

Other components of net periodic benefit costs

 

 

(346

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(346

)

Other interest income

 

 

10,765

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

10,669

 

Interest expense

 

 

(82,358

)

 

 

—

 

 

 

(96

)

 

 

124

 

(b)

 

 

(82,330

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(26

)

Pretax earnings

 

 

182,417

 

 

 

11,888

 

 

 

2,580

 

 

 

(11,504

)

 

 

 

185,381

 

Income tax expense

 

 

(40,086

)

 

 

(2,468

)

 

 

(496

)

 

 

—

 

 

 

 

(43,050

)

Net earnings available to common stockholders

$

 

142,331

 

$

 

9,420

 

$

 

2,084

 

$

 

(11,504

)

 

$

 

142,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 for the quarters ended June 30, 2026 and 2025 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the quarter ended June 30, 2026

 

$

822,362

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

822,362

 

Gross capital expenditures for the quarter ended June 30, 2025

 

$

916,571

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

916,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets by reportable segment as of June 30, 2026 and March 31, 2026 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of June 30, 2026

 

$

18,885,168

 

 

$

487,184

 

 

$

2,962,642

 

 

$

(673,506

)

 

$

21,661,488

 

Total assets as of March 31, 2026

 

$

18,687,591

 

 

$

485,434

 

 

$

3,003,054

 

 

$

(673,290

)

 

$

21,502,789

 

 

 

 
v3.26.1
Geographic Area Data
 3 Months Ended
Jun. 30, 2026
Segments, Geographical Areas [Abstract]  
Schedule of Revenues from Different Geographical Areas

13. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended June 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,590,285

 

 

$

91,742

 

 

$

1,682,027

 

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

 

 

293,484

 

 

 

13,298

 

 

 

306,782

 

Interest expense

 

 

97,436

 

 

 

476

 

 

 

97,912

 

Pretax earnings

 

 

160,349

 

 

 

1,338

 

 

 

161,687

 

Income tax expense

 

 

38,457

 

 

 

301

 

 

 

38,758

 

Identifiable assets

 

 

20,658,130

 

 

 

1,003,358

 

 

 

21,661,488

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,543,342

 

 

$

87,128

 

 

$

1,630,470

 

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

 

 

296,413

 

 

 

10,896

 

 

 

307,309

 

Interest expense

 

 

81,851

 

 

 

479

 

 

 

82,330

 

Pretax earnings

 

 

180,092

 

 

 

5,289

 

 

 

185,381

 

Income tax expense

 

 

41,353

 

 

 

1,697

 

 

 

43,050

 

Identifiable assets

 

 

19,891,368

 

 

 

957,000

 

 

 

20,848,368

 
v3.26.1
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2026
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

14. Employee Benefit Plans

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

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

170

 

 

$

169

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

382

 

 

 

371

 

Other components

 

 

(25

)

 

 

(25

)

Total other components of net periodic benefit costs

 

 

357

 

 

 

346

 

Net periodic postretirement benefit cost

 

$

527

 

 

$

515

 
v3.26.1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. Fair Value Measurements

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

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

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

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

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

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

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

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of June 30, 2026 and March 31, 2026, that are measured at fair value on a recurring basis and the level within the fair value hierarchy:

 

As of June 30, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,321,038

 

 

$

—

 

 

$

2,321,038

 

 

$

—

 

Preferred stock

 

 

5,635

 

 

 

5,635

 

 

 

—

 

 

 

—

 

Common stock

 

 

9,089

 

 

 

9,089

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,708

 

 

 

11,202

 

 

 

2,506

 

 

 

—

 

Total

 

$

2,349,470

 

 

$

25,926

 

 

$

2,323,544

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

6,050

 

 

$

5,940

 

 

$

110

 

 

$

—

 

Embedded derivatives

 

 

6,929

 

 

 

—

 

 

 

—

 

 

 

6,929

 

Market risk benefits

 

 

12,154

 

 

 

—

 

 

 

—

 

 

 

12,154

 

Total

 

$

25,133

 

 

$

5,940

 

 

$

110

 

 

$

19,083

 

 

As of March 31, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 

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 $794.2 million and $830.4 million as of June 30, 2026 and March 31, 2026, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

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

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of June 30, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

158,753

 

 

$

—

 

 

$

—

 

 

$

158,753

 

 

$

158,753

 

Mortgage loans, net

 

 

631,235

 

 

 

—

 

 

 

—

 

 

 

628,430

 

 

 

628,430

 

Policy loans

 

 

12,879

 

 

 

—

 

 

 

—

 

 

 

12,879

 

 

 

12,879

 

Total

 

$

802,867

 

 

$

—

 

 

$

—

 

 

$

800,062

 

 

$

800,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance liabilities payable

 

$

8,146,884

 

 

$

—

 

 

$

7,300,460

 

 

$

—

 

 

$

7,300,460

 

Liabilities from investment contracts

 

 

2,328,941

 

 

 

—

 

 

 

—

 

 

 

2,307,153

 

 

 

2,307,153

 

Total

 

$

10,475,825

 

 

$

—

 

 

$

7,300,460

 

 

$

2,307,153

 

 

$

9,607,613

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

(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 liabilities 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
Revenue Recognition
 3 Months Ended
Jun. 30, 2026
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

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

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of June 30, 2026 and March 31, 2026.

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 defined 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 amounts recorded as unearned revenue as of March 31, 2026, $54.0 million was recognized as revenue for the quarter ended June 30, 2026, 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, ("Topic 842") because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

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

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

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

 

 

 

Years Ending June 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

7,943

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

16,699

 

 

 

15,435

 

 

 

11,022

 

 

 

7,942

 

 

 

5,382

 

 

 

27,654

 

Total

 

$

24,642

 

 

$

15,435

 

 

$

11,022

 

 

$

7,942

 

 

$

5,382

 

 

$

27,654

 

 

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

Revenue Recognized in Accordance with Other Topics

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

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

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

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

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

120,019

 

 

$

115,869

 

Revenues recognized at a point in time:

 

 

117,428

 

 

 

116,187

 

Total revenues recognized under ASC 606

 

 

237,447

 

 

 

232,056

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,363,579

 

 

 

1,320,869

 

Insurance premium revenues recognized under ASC 944

 

 

43,633

 

 

 

42,334

 

Net investment and interest income recognized under other topics

 

 

37,368

 

 

 

35,211

 

Total revenues

 

$

1,682,027

 

 

$

1,630,470

 

 

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

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

v3.26.1
Allowance For Credit Losses
 3 Months Ended
Jun. 30, 2026
Allowance For Credit Loss [Abstract]  
Allowance for Credit Losses

17. Allowance for Credit Losses

Trade Receivables

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

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

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

changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 3% as of June 30, 2026 and March 31, 2026, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2026 and March 31, 2026 was $3.7 million and $3.2 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.1 million and $28.3 million as of June 30, 2026 and March 31, 2026, respectively, and are excluded from the estimate of credit losses.

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

Mortgage Loans, Net

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

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

There were no delinquent commercial mortgage loans as of June 30, 2026 and March 31, 2026. As of June 30, 2026 and March 31, 2026, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of June 30, 2026.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of June 30, 2026, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $0.9 million and $1.1 million as of June 30, 2026 and March 31, 2026, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

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

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 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

 

Provision for (reversal of) credit losses

 

 

575

 

 

 

260

 

 

 

—

 

 

 

835

 

Write-offs against allowance

 

 

(76

)

 

 

—

 

 

 

—

 

 

 

(76

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2026

 

$

3,732

 

 

$

4,220

 

 

$

448

 

 

$

8,400

 
v3.26.1
Income Taxes
 3 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Tax

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the quarters ended June 30, 2026 and June 30, 2025 was a provision of 24.0% and 23.2%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods.

The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for the first quarter of fiscal 2027. We will continue to evaluate such legislation.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We have evaluated the tax provisions of OBBB and the impact to our financial statements, and the newly enacted legislation does not have a material impact on our effective tax rate.
v3.26.1
Accounting Pronouncements
 3 Months Ended
Jun. 30, 2026
Text Block [Abstract]  
Accounting Pronouncements

19. Accounting Pronouncements

Adoption of New Accounting Pronouncements

 

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. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures.

 

Accounting Pronouncements Not Yet Adopted

 

In March 2024, the United States Securities and Exchange Commission (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. On May 29, 2026, the SEC officially issued a proposal to permanently repeal 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 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, and 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
Deferred Policy Acquisition Costs, Net
 3 Months Ended
Jun. 30, 2026
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs, Net . Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2026 and June 30, 2025:

 

 

 

Quarter ended June 30, 2026

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

56,980

 

 

$

53,291

 

 

$

2,581

 

 

$

112,852

 

Capitalization

 

 

2,067

 

 

 

490

 

 

 

15

 

 

 

2,572

 

Amortization expense

 

 

(2,865

)

 

 

(1,870

)

 

 

(139

)

 

 

(4,874

)

Balance, end of period

 

$

56,182

 

 

$

51,911

 

 

$

2,457

 

 

$

110,550

 

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 
v3.26.1
Policy Benefits and Losses, Claims and Loss Expenses Payable
 3 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

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

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

162,654

 

 

$

182,658

 

Beginning balance at original discount rate

 

$

161,115

 

 

$

185,508

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(85

)

 

 

(912

)

Adjusted beginning of year balance

 

$

161,030

 

 

$

184,596

 

Issuances

 

 

527

 

 

 

1,726

 

Interest accrual

 

 

1,937

 

 

 

2,225

 

Net premium collected

 

 

(7,536

)

 

 

(8,602

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

155,958

 

 

$

179,945

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(320

)

 

 

(579

)

Balance, end of period

 

$

155,638

 

 

$

179,366

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

463,931

 

 

$

482,805

 

Beginning balance at original discount rate

 

$

458,531

 

 

$

490,975

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

155

 

 

 

(336

)

Adjusted beginning of year balance

 

$

458,686

 

 

$

490,639

 

Issuances

 

 

527

 

 

 

1,726

 

Interest accrual

 

 

5,519

 

 

 

5,915

 

Benefit payments

 

 

(14,155

)

 

 

(16,748

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

450,577

 

 

$

481,532

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(1,414

)

 

 

(984

)

Balance, end of period

 

$

449,163

 

 

$

480,548

 

End of period, LFPB net

 

 

293,525

 

 

 

301,182

 

Payout annuities and market risk benefits

 

 

22,831

 

 

 

24,063

 

Health insurance

 

 

13,508

 

 

 

9,736

 

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

 

 

22,360

 

 

 

27,301

 

Life DPL / Other life and health

 

 

9,553

 

 

 

8,668

 

LFPB flooring effect

 

 

—

 

 

 

—

 

Life Insurance end of period balance

 

 

361,777

 

 

 

370,950

 

Moving and Storage balance

 

 

472,397

 

 

 

376,877

 

Property and Casualty Insurance balance

 

 

113,696

 

 

 

123,703

 

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

 

 

947,870

 

 

$

871,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

291,337

 

 

$

332,228

 

 

Discounted balance at original discount rate

 

$

226,193

 

 

$

256,950

 

 

Discounted balance at current discount rate

 

$

225,822

 

 

$

256,112

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

643,707

 

 

$

692,712

 

 

Discounted balance at original discount rate

 

$

450,577

 

 

$

481,531

 

 

Discounted balance at current discount rate

 

$

449,163

 

 

$

480,547

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

7.50

 

%

 

6.99

 

%

Mortality expected experience

 

 

7.01

 

%

 

5.80

 

%

Lapses actual experience

 

 

1.78

 

%

 

2.17

 

%

Lapses expected experience

 

 

3.30

 

%

 

3.14

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

10,687

 

 

$

11,967

 

 

Interest expense (2)

 

$

3,582

 

 

$

3,690

 

 

 

 

 

 

 

 

 

 

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

 

 

6.6

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

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

 

 

4.90

 

%

 

4.91

 

%

 

 

 

 

 

 

 

 

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

 

 

3.84

 

%

 

4.53

 

%

 

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

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

 

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

 

 

 

Quarter ended June 30, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,357,545

 

Deposits received

 

 

77,854

 

Surrenders and withdrawals

 

 

(111,243

)

Benefit payments

 

 

(9,807

)

Interest credited

 

 

21,521

 

Other

 

 

—

 

End of period

 

$

2,335,870

 

Weighted average credited rate

 

 

3.67

 

Cash surrender value

 

$

2,047,072

 

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 
v3.26.1
Earnings Per Share (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2026 and June 30, 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,545,696

 

 

 

19,607,788

 

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

 

 

195,869,719

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

10

%

 

 

10

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

122,929

 

 

$

142,331

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,813

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

114,116

 

 

$

133,507

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

11,412

 

 

$

13,351

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.58

 

 

$

0.68

 

Dividends declared per share of Voting Common Stock

 

$

—

 

 

$

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.58

 

 

$

0.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

176,324,023

 

 

 

176,470,092

 

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

 

 

195,869,719

 

 

 

196,077,880

 

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

 

 

90

%

 

 

90

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

122,929

 

 

$

142,331

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,813

)

 

 

(8,824

)

Undistributed earnings available to common stockholders

 

$

114,116

 

 

$

133,507

 

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

 

$

102,704

 

 

$

120,156

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.58

 

 

$

0.68

 

Dividends declared per share of Non-Voting Common Stock

 

$

0.05

 

 

$

0.05

 

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

 

$

0.63

 

 

$

0.73

 

 

 
v3.26.1
Investments (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of June 30, 2026 were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Expected Credit Losses

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

$

82,509

 

 

$

207

 

 

$

(5,021

)

 

$

—

 

 

$

77,695

 

U.S. government agency mortgage-backed securities

 

 

145,276

 

 

 

517

 

 

 

(5,203

)

 

 

—

 

 

 

140,590

 

Obligations of states and political subdivisions

 

 

138,434

 

 

 

378

 

 

 

(5,925

)

 

 

—

 

 

 

132,887

 

Corporate securities

 

 

1,607,491

 

 

 

2,847

 

 

 

(121,121

)

 

 

(2,339

)

 

 

1,486,878

 

Mortgage-backed securities

 

 

513,552

 

 

 

1,926

 

 

 

(30,609

)

 

 

(1,881

)

 

 

482,988

 

 

 

$

2,487,262

 

 

$

5,875

 

 

$

(167,879

)

 

$

(4,220

)

 

$

2,321,038

 

 

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

 

 

 

(Unaudited)

 

 

 

(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, unrealized losses, fair value

 

 

 

June 30, 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

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands)

 

U.S. treasury securities and government obligations

 

 

$

666

 

 

 

$

(10

)

 

 

$

70,882

 

 

 

$

(5,011

)

 

 

$

71,548

 

 

 

$

(5,021

)

U.S. government agency mortgage-backed securities

 

 

 

46,951

 

 

 

 

(261

)

 

 

 

20,282

 

 

 

 

(4,942

)

 

 

 

67,233

 

 

 

 

(5,203

)

Obligations of states and political subdivisions

 

 

 

41,419

 

 

 

 

(848

)

 

 

 

45,661

 

 

 

 

(5,077

)

 

 

 

87,080

 

 

 

 

(5,925

)

Corporate securities

 

 

 

364,990

 

 

 

 

(6,069

)

 

 

 

923,432

 

 

 

 

(115,052

)

 

 

 

1,288,422

 

 

 

 

(121,121

)

Mortgage-backed securities

 

 

 

91,419

 

 

 

 

(2,322

)

 

 

 

169,882

 

 

 

 

(28,287

)

 

 

 

261,301

 

 

 

 

(30,609

)

 

 

 

$

545,445

 

 

 

$

(9,510

)

 

 

$

1,230,139

 

 

 

$

(158,369

)

 

 

$

1,775,584

 

 

 

$

(167,879

)

 

 

 

 

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

 

 

 

 

(Unaudited)

 

 

 

 

(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

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

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

114,822

 

 

$

114,101

 

 

$

133,150

 

 

$

132,947

 

Due after one year through five years

 

 

553,425

 

 

 

537,011

 

 

 

589,615

 

 

 

578,918

 

Due after five years through ten years

 

 

546,986

 

 

 

510,121

 

 

 

526,745

 

 

 

500,476

 

Due after ten years

 

 

758,477

 

 

 

676,817

 

 

 

744,232

 

 

 

668,954

 

 

 

 

1,973,710

 

 

 

1,838,050

 

 

 

1,993,742

 

 

 

1,881,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

513,552

 

 

 

482,988

 

 

 

564,600

 

 

 

536,617

 

 

 

$

2,487,262

 

 

$

2,321,038

 

 

$

2,558,342

 

 

$

2,417,912

 
Available for sale equity investments

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

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

9,099

 

 

$

9,089

 

 

$

9,099

 

 

$

9,089

 

Non-redeemable preferred stocks

 

 

9,000

 

 

 

5,635

 

 

 

9,000

 

 

 

5,887

 

 

 

$

18,099

 

 

$

14,724

 

 

$

18,099

 

 

$

14,976

 

 

 

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

The carrying value of the other investments were as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

631,235

 

 

$

667,169

 

Policy loans

 

 

12,879

 

 

 

12,633

 

Other investments

 

 

11,202

 

 

 

26,512

 

 

 

$

655,316

 

 

$

706,314

 

 
v3.26.1
Accounts Payable and Accrued Expense (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

289,623

 

$

 

238,840

 

Accrued expenses

 

 

619,524

 

 

 

611,454

 

 

$

 

909,147

 

$

 

850,294
v3.26.1
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2027 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

June 30, 2026

 

 

March 31,
2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

4.89

 

%

 

2027

 

-

2037

 

 

4.63

 

%

 

$

264,537

 

 

$

254,007

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.80

 

%

 

 

2,932,403

 

 

 

2,950,201

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.36

 

%

 

 

177,472

 

 

 

145,660

 

Fleet loans (revolving credit) (b)

 

4.84

 

%

-

 

4.87

 

%

 

2029

 

-

2031

 

 

4.87

 

%

 

 

635,000

 

 

 

635,000

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2026

 

-

2034

 

 

5.25

 

%

 

 

2,375,227

 

 

 

2,376,704

 

Private placements

 

2.43

 

%

-

 

6.00

 

%

 

2029

 

-

2035

 

 

3.62

 

%

 

 

1,700,000

 

 

 

1,700,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

 

2026

 

-

2049

 

 

6.47

 

%

 

 

62,245

 

 

 

63,377

 

Notes, loans and finance liabilities payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,146,884

 

 

 

8,124,949

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,455

)

 

 

(41,575

)

Total notes, loans and finance liabilities payable, net

 

 

 

 

 

 

 

 

 

 

$

8,105,429

 

 

$

8,083,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) A certain loan has interest rate swaps fixing the rate for the relevant loan at 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.50% 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 4.98% using the swap adjusted interest rate.

 

(c) Weighted average rates as of June 30, 2026.

 
Annual Maturities of Notes, Loans and Leases Payable

The annual maturities and regular amortization of our notes, loans and finance liabilities payable, before debt issuance costs, as of June 30, 2026 for the next five years and thereafter are as follows:

 

 

 

 

Years Ended June 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance liabilities payable

 

$

857,841

 

 

$

1,089,879

 

 

$

960,489

 

 

$

1,139,552

 

 

$

890,136

 

 

$

3,208,987

 

 

$

8,146,884

 
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

99,155

 

 

$

86,619

 

Capitalized interest

 

 

(3,025

)

 

 

(5,294

)

Amortization of transaction costs

 

 

1,909

 

 

 

1,532

 

Interest expense resulting from cash flow hedges

 

 

(127

)

 

 

(527

)

Total interest expense

 

$

97,912

 

 

$

82,330

 
Interest rates and company borrowings

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

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended June 30,

 

 

 

 

2026

 

 

2025

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

4.93

 

%

 

5.63

 

%

Interest rate at the end of the quarter

 

 

4.86

 

%

 

5.61

 

%

Maximum amount outstanding during the quarter

 

$

835,000

 

 

$

785,000

 

 

Average amount outstanding during the quarter

 

$

771,264

 

 

$

730,604

 

 

Facility fees

 

$

208

 

 

$

233

 

 
v3.26.1
Derivatives (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Derivative [Line Items]  
Effect of Interest Rate Contracts on the Statement of Operations

 

Derivatives Fair Values as of

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

11,202

 

 

$

26,512

 

Liabilities

 

$

5,940

 

 

$

17,630

 

Notional amount

 

$

266,584

 

 

$

310,104
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

June 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

2,506

 

 

$

2,449

 

Liabilities

 

$

110

 

 

$

256

 

Notional amount

 

$

139,787

 

 

$

268,407

 

 
v3.26.1
Accumulated Other Comprehensive Loss (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Table Text Block Supplement [Abstract]    
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2026

 

$

(56,592

)

 

$

(108,943

)

 

$

(789

)

 

$

2,684

 

 

$

(163,640

)

Foreign currency translation

 

 

(1,684

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,684

)

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

 

 

—

 

 

 

(16,115

)

 

 

—

 

 

 

—

 

 

 

(16,115

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(1,572

)

 

 

—

 

 

 

(1,572

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

1,917

 

 

 

—

 

 

 

1,917

 

Other comprehensive income (loss)

 

 

(1,684

)

 

 

(16,115

)

 

 

345

 

 

 

—

 

 

 

(17,454

)

Balance as of June 30, 2026

 

$

(58,276

)

 

$

(125,058

)

 

$

(444

)

 

$

2,684

 

 

$

(181,094

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,420

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,420

 

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

 

 

—

 

 

 

27,232

 

 

 

—

 

 

 

—

 

 

 

27,232

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,766

)

 

 

—

 

 

 

(4,766

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

4,232

 

 

 

—

 

 

 

4,232

 

Other comprehensive income (loss)

 

 

2,420

 

 

 

27,232

 

 

 

(534

)

 

 

—

 

 

 

29,118

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

(a) Liability for future policy benefits

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

2,420

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,420

 

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

 

 

—

 

 

 

27,232

 

 

 

—

 

 

 

—

 

 

 

27,232

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,766

)

 

 

—

 

 

 

(4,766

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

4,232

 

 

 

—

 

 

 

4,232

 

Other comprehensive income (loss)

 

 

2,420

 

 

 

27,232

 

 

 

(534

)

 

 

—

 

 

 

29,118

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)
v3.26.1
Stockholders' Equity (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

June 3, 2026

 

$

0.05

 

 

June 15, 2026

 

June 26, 2026

June 4, 2025

 

$

0.05

 

 

June 16, 2025

 

June 27, 2025
v3.26.1
Leases (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

 

As of June 30, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,241

 

Right-of-use assets, gross

 

64,241

 

Less: Accumulated depreciation

 

(25,408

)

Right-of-use assets, net

$

38,833

 

 

 

As of March 31, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,151

 

Right-of-use assets, gross

 

64,151

 

Less: Accumulated depreciation

 

(23,963

)

Right-of-use assets, net

$

40,188

 
Summary of Weighted-average remaining lease terms and Discount rates

 

 

Operating leases

 

 

 

 

June 30,

 

 

March 31,

 

 

 

 

2026

 

 

2026

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

26.6

 

 

 

26.0

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.7

 

%
Components of Lease Expense

 

 

Quarters Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

3,496

 

 

$

4,874

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

—

 

 

$

3,521

 

Interest on lease liabilities

 

 

—

 

 

 

487

 

Total finance lease cost

 

$

—

 

 

$

4,008

 
Maturities of Lease Liabilities

 

 

Operating leases

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Year ending March 31,

 

 

 

 

 

 

 

2027 (9 months)

 

 

14,719

 

2028

 

 

5,587

 

2029

 

 

4,274

 

2030

 

 

3,807

 

2031

 

 

3,103

 

Thereafter

 

 

50,867

 

Total lease payments

 

 

82,357

 

Less: imputed interest

 

 

(42,780

)

Present value of lease liabilities

 

$

39,577

 
v3.26.1
Related Party Transations (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Related Party Revenue [Abstract]  
Related Party Revenue

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,778

 

 

$

7,778

 

U-Haul management fee revenue from Mercury

 

 

1,787

 

 

 

1,804

 

 

 

$

9,565

 

 

$

9,582

 
Related Party costs and expenses

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

600

 

 

$

601

 

U-Haul printing expenses to Blackwater

 

 

1,453

 

 

 

1,435

 

U-Haul commission expenses to Blackwater

 

 

23,162

 

 

 

23,571

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,331

 

 

 

6,492

 

 

 

$

31,584

 

 

$

32,137
Related party assets

 

 

June 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

29,329

 

 

$

36,307

 

U-Haul receivable from Mercury

 

 

14,928

 

 

 

14,972

 

Other (a)

 

 

(116

)

 

 

1,880

 

 

 

$

44,141

 

 

$

53,159

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.26.1
Reportable Segment Information (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Table Text Block Supplement [Abstract]  
Revenues and earnings by segment

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross capital expenditures for the quarter ended June 30, 2026

 

$

822,362

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

822,362

 

Gross capital expenditures for the quarter ended June 30, 2025

 

$

916,571

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

916,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Assets by operating segment

Total assets by reportable segment as of June 30, 2026 and March 31, 2026 were as follows:

 

 

 

Moving &
Storage
Consolidated

 

 

Property &
Casualty
Insurance

 

 

Life
Insurance

 

 

Eliminations

 

 

U-Haul Holding
Company
Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets as of June 30, 2026

 

$

18,885,168

 

 

$

487,184

 

 

$

2,962,642

 

 

$

(673,506

)

 

$

21,661,488

 

Total assets as of March 31, 2026

 

$

18,687,591

 

 

$

485,434

 

 

$

3,003,054

 

 

$

(673,290

)

 

$

21,502,789

 

 

 

 
v3.26.1
Geographic Area Data (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Geographic Areas, Long-Lived Assets [Abstract]  
Summary of revenues and assets from different geographical areas

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended June 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,590,285

 

 

$

91,742

 

 

$

1,682,027

 

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

 

 

293,484

 

 

 

13,298

 

 

 

306,782

 

Interest expense

 

 

97,436

 

 

 

476

 

 

 

97,912

 

Pretax earnings

 

 

160,349

 

 

 

1,338

 

 

 

161,687

 

Income tax expense

 

 

38,457

 

 

 

301

 

 

 

38,758

 

Identifiable assets

 

 

20,658,130

 

 

 

1,003,358

 

 

 

21,661,488

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,543,342

 

 

$

87,128

 

 

$

1,630,470

 

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

 

 

296,413

 

 

 

10,896

 

 

 

307,309

 

Interest expense

 

 

81,851

 

 

 

479

 

 

 

82,330

 

Pretax earnings

 

 

180,092

 

 

 

5,289

 

 

 

185,381

 

Income tax expense

 

 

41,353

 

 

 

1,697

 

 

 

43,050

 

Identifiable assets

 

 

19,891,368

 

 

 

957,000

 

 

 

20,848,368
v3.26.1
Employee Benefit Plans (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Post Retirement Benefit Cost

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

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

170

 

 

$

169

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

382

 

 

 

371

 

Other components

 

 

(25

)

 

 

(25

)

Total other components of net periodic benefit costs

 

 

357

 

 

 

346

 

Net periodic postretirement benefit cost

 

$

527

 

 

$

515

 
v3.26.1
Fair Value Measurements (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of June 30, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,321,038

 

 

$

—

 

 

$

2,321,038

 

 

$

—

 

Preferred stock

 

 

5,635

 

 

 

5,635

 

 

 

—

 

 

 

—

 

Common stock

 

 

9,089

 

 

 

9,089

 

 

 

—

 

 

 

—

 

Derivatives

 

 

13,708

 

 

 

11,202

 

 

 

2,506

 

 

 

—

 

Total

 

$

2,349,470

 

 

$

25,926

 

 

$

2,323,544

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

6,050

 

 

$

5,940

 

 

$

110

 

 

$

—

 

Embedded derivatives

 

 

6,929

 

 

 

—

 

 

 

—

 

 

 

6,929

 

Market risk benefits

 

 

12,154

 

 

 

—

 

 

 

—

 

 

 

12,154

 

Total

 

$

25,133

 

 

$

5,940

 

 

$

110

 

 

$

19,083

 

 

As of March 31, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 
Financial Instruments, Carrying and Estimated fair values

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of June 30, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

158,753

 

 

$

—

 

 

$

—

 

 

$

158,753

 

 

$

158,753

 

Mortgage loans, net

 

 

631,235

 

 

 

—

 

 

 

—

 

 

 

628,430

 

 

 

628,430

 

Policy loans

 

 

12,879

 

 

 

—

 

 

 

—

 

 

 

12,879

 

 

 

12,879

 

Total

 

$

802,867

 

 

$

—

 

 

$

—

 

 

$

800,062

 

 

$

800,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance liabilities payable

 

$

8,146,884

 

 

$

—

 

 

$

7,300,460

 

 

$

—

 

 

$

7,300,460

 

Liabilities from investment contracts

 

 

2,328,941

 

 

 

—

 

 

 

—

 

 

 

2,307,153

 

 

 

2,307,153

 

Total

 

$

10,475,825

 

 

$

—

 

 

$

7,300,460

 

 

$

2,307,153

 

 

$

9,607,613

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

(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 liabilities 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
Revenue Recognition (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Revenue From Contract With Customer [Abstract]  
Next five years and thereafter revenue

 

 

Years Ending June 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

7,943

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

16,699

 

 

 

15,435

 

 

 

11,022

 

 

 

7,942

 

 

 

5,382

 

 

 

27,654

 

Total

 

$

24,642

 

 

$

15,435

 

 

$

11,022

 

 

$

7,942

 

 

$

5,382

 

 

$

27,654

 
Disaggregation Of Revenue

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

120,019

 

 

$

115,869

 

Revenues recognized at a point in time:

 

 

117,428

 

 

 

116,187

 

Total revenues recognized under ASC 606

 

 

237,447

 

 

 

232,056

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,363,579

 

 

 

1,320,869

 

Insurance premium revenues recognized under ASC 944

 

 

43,633

 

 

 

42,334

 

Net investment and interest income recognized under other topics

 

 

37,368

 

 

 

35,211

 

Total revenues

 

$

1,682,027

 

 

$

1,630,470

 
v3.26.1
Allowance For Credit Losses (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Allowance For Credit Loss [Abstract]  
Reserve Allowance for Various Credit Loss

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

 

 

 

Allowance for Credit Losses

 

 

 

Trade Receivables

 

 

Investments, Fixed Maturities

 

 

Investments, other

 

 

Total

 

 

 

(Unaudited)

 

 

 

(in thousands)

 

Balance as of March 31, 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

 

Provision for (reversal of) credit losses

 

 

575

 

 

 

260

 

 

 

—

 

 

 

835

 

Write-offs against allowance

 

 

(76

)

 

 

—

 

 

 

—

 

 

 

(76

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of June 30, 2026

 

$

3,732

 

 

$

4,220

 

 

$

448

 

 

$

8,400

 
v3.26.1
Accounting Pronouncements (Table Text Block)
 3 Months Ended
Jun. 30, 2026
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables

19. Accounting Pronouncements

Adoption of New Accounting Pronouncements

 

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. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures.

 

Accounting Pronouncements Not Yet Adopted

 

In March 2024, the United States Securities and Exchange Commission (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. On May 29, 2026, the SEC officially issued a proposal to permanently repeal 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 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, and 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
Deferred Policy Acquisition Costs, Net (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Compensation and Retirement Disclosure [Abstract]    
Schedule of Deferred Policy Acquisition Costs

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2026 and June 30, 2025:

 

 

 

Quarter ended June 30, 2026

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

56,980

 

 

$

53,291

 

 

$

2,581

 

 

$

112,852

 

Capitalization

 

 

2,067

 

 

 

490

 

 

 

15

 

 

 

2,572

 

Amortization expense

 

 

(2,865

)

 

 

(1,870

)

 

 

(139

)

 

 

(4,874

)

Balance, end of period

 

$

56,182

 

 

$

51,911

 

 

$

2,457

 

 

$

110,550

 

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the quarters ended June 30, 2026 and June 30, 2025:

 

 

 

Quarter ended June 30, 2026

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

56,980

 

 

$

53,291

 

 

$

2,581

 

 

$

112,852

 

Capitalization

 

 

2,067

 

 

 

490

 

 

 

15

 

 

 

2,572

 

Amortization expense

 

 

(2,865

)

 

 

(1,870

)

 

 

(139

)

 

 

(4,874

)

Balance, end of period

 

$

56,182

 

 

$

51,911

 

 

$

2,457

 

 

$

110,550

 

 

 

 

Quarter ended June 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

3,847

 

 

 

938

 

 

 

24

 

 

 

4,809

 

Amortization expense

 

 

(2,739

)

 

 

(1,951

)

 

 

(227

)

 

 

(4,917

)

Balance, end of period

 

$

61,588

 

 

$

56,973

 

 

$

3,060

 

 

$

121,621

 
v3.26.1
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Insurance [Abstract]    
Present Value Expected Net Premiums and Expected Future Policy Benefits

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

 

 

 

Quarter ended June 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

162,654

 

 

$

182,658

 

Beginning balance at original discount rate

 

$

161,115

 

 

$

185,508

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(85

)

 

 

(912

)

Adjusted beginning of year balance

 

$

161,030

 

 

$

184,596

 

Issuances

 

 

527

 

 

 

1,726

 

Interest accrual

 

 

1,937

 

 

 

2,225

 

Net premium collected

 

 

(7,536

)

 

 

(8,602

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

155,958

 

 

$

179,945

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(320

)

 

 

(579

)

Balance, end of period

 

$

155,638

 

 

$

179,366

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

463,931

 

 

$

482,805

 

Beginning balance at original discount rate

 

$

458,531

 

 

$

490,975

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

155

 

 

 

(336

)

Adjusted beginning of year balance

 

$

458,686

 

 

$

490,639

 

Issuances

 

 

527

 

 

 

1,726

 

Interest accrual

 

 

5,519

 

 

 

5,915

 

Benefit payments

 

 

(14,155

)

 

 

(16,748

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

450,577

 

 

$

481,532

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(1,414

)

 

 

(984

)

Balance, end of period

 

$

449,163

 

 

$

480,548

 

End of period, LFPB net

 

 

293,525

 

 

 

301,182

 

Payout annuities and market risk benefits

 

 

22,831

 

 

 

24,063

 

Health insurance

 

 

13,508

 

 

 

9,736

 

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

 

 

22,360

 

 

 

27,301

 

Life DPL / Other life and health

 

 

9,553

 

 

 

8,668

 

LFPB flooring effect

 

 

—

 

 

 

—

 

Life Insurance end of period balance

 

 

361,777

 

 

 

370,950

 

Moving and Storage balance

 

 

472,397

 

 

 

376,877

 

Property and Casualty Insurance balance

 

 

113,696

 

 

 

123,703

 

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

 

 

947,870

 

 

$

871,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

 

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

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

291,337

 

 

$

332,228

 

 

Discounted balance at original discount rate

 

$

226,193

 

 

$

256,950

 

 

Discounted balance at current discount rate

 

$

225,822

 

 

$

256,112

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

643,707

 

 

$

692,712

 

 

Discounted balance at original discount rate

 

$

450,577

 

 

$

481,531

 

 

Discounted balance at current discount rate

 

$

449,163

 

 

$

480,547

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

7.50

 

%

 

6.99

 

%

Mortality expected experience

 

 

7.01

 

%

 

5.80

 

%

Lapses actual experience

 

 

1.78

 

%

 

2.17

 

%

Lapses expected experience

 

 

3.30

 

%

 

3.14

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

10,687

 

 

$

11,967

 

 

Interest expense (2)

 

$

3,582

 

 

$

3,690

 

 

 

 

 

 

 

 

 

 

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

 

 

6.6

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

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

 

 

4.90

 

%

 

4.91

 

%

 

 

 

 

 

 

 

 

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

 

 

3.84

 

%

 

4.53

 

%
 
Balance Changes Liabilities Investment Contracts

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

 

 

 

Quarter ended June 30, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,357,545

 

Deposits received

 

 

77,854

 

Surrenders and withdrawals

 

 

(111,243

)

Benefit payments

 

 

(9,807

)

Interest credited

 

 

21,521

 

Other

 

 

—

 

End of period

 

$

2,335,870

 

Weighted average credited rate

 

 

3.67

 

Cash surrender value

 

$

2,047,072

 

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 

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

 

 

 

Quarter ended June 30, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,357,545

 

Deposits received

 

 

77,854

 

Surrenders and withdrawals

 

 

(111,243

)

Benefit payments

 

 

(9,807

)

Interest credited

 

 

21,521

 

Other

 

 

—

 

End of period

 

$

2,335,870

 

Weighted average credited rate

 

 

3.67

 

Cash surrender value

 

$

2,047,072

 

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 
v3.26.1
Basis of Presentation - (Narratives) (Details)
 3 Months Ended
Jun. 30, 2026
Segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Number of reportable segments 3
v3.26.1
Earnings Per Share (Narratives) (Details) - $ / shares
Jun. 30, 2026
Mar. 31, 2026
Voting Common Stock    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.25 $ 0.25
Allocation of common stock available to share holders 10.00%  
Nonvoting Common Stock [Member]    
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]    
Common stock, par or stated value per share $ 0.001 $ 0.001
Allocation of common stock available to share holders 90.00%  
v3.26.1
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 195,869,719 196,077,880
Net earnings available to common shareholders $ 122,929 $ 142,331
Dividends, Common Stock, Total 8,813  
Undistributed earnings available to common stockholders $ 114,116 $ 133,507
Voting Common Stock    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 19,545,696 19,607,788
Percent Weighted Average Shares Outstanding Common Stock 10.00% 10.00%
Undistributed earnings available to common stockholders $ 11,412 $ 13,351
Undistributed earnings per share, common stock $ 0.58 $ 0.68
Income Loss From Continuing Operations Per Basic Share, Total $ 0.58 $ 0.68
Nonvoting Common Stock [Member]    
Earnings Per Share Diluted Other Disclosures [Abstract]    
Weighted Average Number Of Shares Outstanding Basic 176,324,023 176,470,092
Percent Weighted Average Shares Outstanding Common Stock 90.00% 90.00%
Dividends, Common Stock, Total $ 8,813 $ 8,824
Undistributed earnings available to common stockholders, participating securities $ 102,704 $ 120,156
Undistributed earnings per share, common stock $ 0.58 $ 0.68
Dividends declared per share, distributed 0.05 0.05
Income Loss From Continuing Operations Per Basic Share, Total $ 0.63 $ 0.73
v3.26.1
Investments (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 21.3   $ 21.4
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 24.3 $ 2.4  
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) $ 0.3 $ 0.7  
v3.26.1
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,487,262 $ 2,558,342
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 5,875 12,519
Gross unrealized losses more than 12 months (167,879) (148,989)
Allowance for expected credit loss (4,220) (3,960)
Available for sale investments, estimated market value 2,321,038 2,417,912
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 82,509 89,591
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 207 264
Gross unrealized losses more than 12 months (5,021) (4,818)
Available for sale investments, estimated market value 77,695 85,037
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 145,276 159,698
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 517 981
Gross unrealized losses more than 12 months (5,203) (7,554)
Available for sale investments, estimated market value 140,590 153,125
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 138,434 141,136
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 378 605
Gross unrealized losses more than 12 months (5,925) (4,727)
Available for sale investments, estimated market value 132,887 137,014
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,607,491 1,603,317
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 2,847 6,556
Gross unrealized losses more than 12 months (121,121) (101,450)
Allowance for expected credit loss (2,339) (2,304)
Available for sale investments, estimated market value 1,486,878 1,506,119
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 513,552 564,600
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,926 4,113
Gross unrealized losses more than 12 months (30,609) (30,440)
Allowance for expected credit loss (1,881) (1,656)
Available for sale investments, estimated market value $ 482,988 $ 536,617
v3.26.1
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 545,445  
Fair Value, Twelve Months or Longer 1,230,139  
Fair Value, Total 1,775,584  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (9,510)  
Unrealized Loss, Twelve Months or Longer (158,369)  
Unrealized Loss, Total (167,879)  
External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   $ 169,663
Fair Value, Twelve Months or Longer   1,395,966
Fair Value, Total   1,565,629
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (3,042)
Unrealized Loss, Twelve Months or Longer   (145,947)
Unrealized Loss, Total   (148,989)
US Treasury, Government and Corporate Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 71,548  
US Treasury, Government and Corporate Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 666 416
Fair Value, Twelve Months or Longer 70,882 78,168
Fair Value, Total   78,584
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (10) (6)
Unrealized Loss, Twelve Months or Longer (5,011) (4,812)
Unrealized Loss, Total (5,021) (4,818)
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 46,951  
Fair Value, Total 67,233  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (261)  
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months   13,210
Fair Value, Twelve Months or Longer 20,282 19,076
Fair Value, Total   32,286
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months   (91)
Unrealized Loss, Twelve Months or Longer (4,942) (7,463)
Unrealized Loss, Total (5,203) (7,554)
US States and Political Subdivisions Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 87,080  
US States and Political Subdivisions Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 41,419 23,352
Fair Value, Twelve Months or Longer 45,661 60,108
Fair Value, Total   83,460
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (848) (101)
Unrealized Loss, Twelve Months or Longer (5,077) (4,626)
Unrealized Loss, Total (5,925) (4,727)
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 1,288,422  
Corporate Debt Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 364,990 108,413
Fair Value, Twelve Months or Longer 923,432 1,045,121
Fair Value, Total   1,153,534
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (6,069) (564)
Unrealized Loss, Twelve Months or Longer (115,052) (100,886)
Unrealized Loss, Total (121,121) (101,450)
Collateralized Mortgage Backed Securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Total 261,301  
Collateralized Mortgage Backed Securities [Member] | External Credit Rating, Investment Grade [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 91,419 24,272
Fair Value, Twelve Months or Longer 169,882 193,493
Fair Value, Total   217,765
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months (2,322) (2,280)
Unrealized Loss, Twelve Months or Longer (28,287) (28,160)
Unrealized Loss, Total $ (30,609) $ (30,440)
v3.26.1
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,487,262 $ 2,558,342
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,321,038 2,417,912
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 114,822 133,150
Due after one year through five years 553,425 589,615
Due after five years through ten years 546,986 526,745
Due after ten years 758,477 744,232
Amortized cost 1,973,710 1,993,742
Available-for-sale securities, fair value:    
Due in one year or less 114,101 132,947
Due after one year through five years 537,011 578,918
Due after five years through ten years 510,121 500,476
Due after ten years 676,817 668,954
Available for sale investments, estimated market value 1,838,050 1,881,295
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 513,552 564,600
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 482,988 $ 536,617
v3.26.1
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 18,099 $ 18,099
Estimated market value, equity investments 14,724 14,976
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 9,099 9,099
Estimated market value, equity investments 9,089 9,089
Nonredeemable Preferred Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 9,000 9,000
Estimated market value, equity investments $ 5,635 $ 5,887
v3.26.1
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Mortgage loans, net $ 628,430 $ 664,968
Other Investments 655,316 706,314
Other Debt Obligations [Member]    
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Mortgage loans, net 631,235 667,169
Policy loans 12,879 12,633
Other Investments 11,202 26,512
Investments other, amount $ 655,316 $ 706,314
v3.26.1
Accounts Payable and Accrued Expense and Other Reserves (Narratives) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Mar. 31, 2026
Liabilities [Abstract]    
Self-Insurance Liabilities $ 471.8 $ 453.4
v3.26.1
Accounts Payable and Accrued Expense and Other Reserves (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Payables and Accruals [Abstract]    
Accounts payable $ 289,623 $ 238,840
Accrued expenses 619,524 611,454
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 909,147 $ 850,294
v3.26.1
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]    
Interest paid in cash $ 82,826 $ 70,071
v3.26.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 7,300,460 $ 7,363,642
Notes, loans and finance/capital leases payable 8,146,884 8,124,949
Less: Debt issuance costs (41,455) (41,575)
Total notes, loans and finance/capital leases payable, net $ 8,105,429 8,083,374
Real estate loan (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.63%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2027  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 264,537 254,007
Real estate loan (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.30%  
Real estate loan (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.89%  
Senior mortgages    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.80%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 2,932,403 2,950,201
Senior mortgages | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.70%  
Senior mortgages | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.05%  
Real estate loans (revolving credit) [Member]    
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.36%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2033  
Debt Instrument Carrying Amount $ 177,472 145,660
Fleet loans (amortizing term) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.61%  
Fleet loans (amortizing term) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.02%  
Fleet loans (revolving credit) [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 4.87%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2031  
Debt Instrument Carrying Amount $ 635,000 635,000
Fleet loans (revolving credit) [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.84%  
Fleet loans (revolving credit) [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 4.87%  
Finance capital lease [Member]    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 5.25%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2034  
Debt Instrument Carrying Amount $ 2,375,227 2,376,704
Finance capital lease [Member] | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.60%  
Finance capital lease [Member] | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.80%  
Private Placement    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 3.62%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2035  
Debt Instrument Carrying Amount $ 1,700,000 1,700,000
Private Placement | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 2.43%  
Private Placement | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 6.00%  
Other obligations    
Debt instruments, interest rate, stated percentage:    
Debt Weighted Average Interest Rate 6.47%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2049  
Debt Instrument Carrying Amount $ 62,245 $ 63,377
Other obligations | Minimum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 1.50%  
Other obligations | Maximum [Member]    
Debt instruments, interest rate, stated percentage:    
Debt instrument, interest rate, stated percentage 8.00%  
v3.26.1
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details)
Jun. 30, 2026
Participating Mortgages [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 2.86%
Weighted average interest rate 4.50%
Equipment Trust Certificate [Member]  
Debt instruments, interest rate, effective percentage:  
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate 4.36%
Weighted average interest rate 4.98%
v3.26.1
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Long-term debt, by Maturity:  
2027 $ 857,841
2028 1,089,879
2029 960,489
2030 1,139,552
2031 890,136
Thereafter 3,208,987
Notes, loans and finance leases payable, sum $ 8,146,884
v3.26.1
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Interest expense, borrowings:    
Interest expense $ 99,155 $ 86,619
Capitalized interest (3,025) (5,294)
Amortization of transaction costs 1,909 1,532
Interest expense resulting from derivatives 127 527
Total interest expense $ 97,912 $ 82,330
v3.26.1
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Interest and debt expense:    
Weighted average interest rate during the quarter 4.93% 5.63%
Interest rate at quarter end 4.86% 5.61%
Maximum amount outstanding during the quarter $ 835,000 $ 785,000
Average amount outstanding during the quarter 771,264 730,604
Facility fees $ 208 $ 233
v3.26.1
Derivatives (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
AOCI Attributable to Parent [Abstract]    
Investment Income, Net $ 0.9 $ 1.4
Decrease, fair value, cash flow hedges    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 1.6 4.8
Reclassified AOCI    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 1.9 $ 4.2
Reclassification net gains Interest Rate Contracts    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments $ 0.5  
v3.26.1
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 6,050 $ 17,886
Interest Rate Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 2,506 2,449
Derivative Liability, Notional Amount 110 256
Derivative Notional Amount $ 139,787 $ 268,407
v3.26.1
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 6,050 $ 17,886
Equity Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 11,202 26,512
Derivative Liability, Notional Amount 5,940 17,630
Derivative Notional Amount $ 266,584 $ 310,104
v3.26.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance $ 7,611,651  
Foreign currency translation 1,684 $ 2,420
Unrealized net gain on investments 16,115 27,232
Change in fair value of cash flow hedges 1,572 4,766
Amounts reclassified into earnings on hedging activities 1,917 4,232
Other comprehensive income (loss) 17,454 29,118
Equity, Attributable to Parent, Ending Balance 7,659,803  
Foreign Currency Translation [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (56,592) (57,540)
Foreign currency translation 1,684 2,420
Other comprehensive income (loss) 1,684 2,420
Equity, Attributable to Parent, Ending Balance (58,276) (55,120)
Unrealized Net Gain on Investments [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (108,943) (174,320)
Unrealized net gain on investments 16,115 27,232
Other comprehensive income (loss) 16,115 27,232
Equity, Attributable to Parent, Ending Balance (125,058) (147,088)
Fair Value of Cash Flow Hedges    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (789) (56)
Change in fair value of cash flow hedges 1,572 4,766
Amounts reclassified into earnings on hedging activities 1,917 4,232
Other comprehensive income (loss) 345 534
Equity, Attributable to Parent, Ending Balance (444) (590)
Postretirement Benefit Obligation Gain [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance 2,684 2,602
Equity, Attributable to Parent, Ending Balance 2,684 2,602
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]    
Equity, Attributable to Parent, Beginning Balance (163,640) (229,314)
Foreign currency translation 1,684 2,420
Unrealized net gain on investments 16,115 27,232
Change in fair value of cash flow hedges 1,572 4,766
Amounts reclassified into earnings on hedging activities 1,917 4,232
Equity, Attributable to Parent, Ending Balance $ (181,094) $ (200,196)
v3.26.1
Stockholders' Equity (Narratives) (Details) - USD ($)
Aug. 03, 2026
Jul. 01, 2026
Jun. 30, 2026
Share Repurchase Program [Abstract]      
Total number of shares repurchased     $ 350,000,000
Repurchased shares, amounts to transact     350,000,000
Voting Common Stock      
Share Repurchase Program [Abstract]      
Total number of shares repurchased     $ 15,600,000
Stock repurchase program, available shares     248,368
Voting Common Stock | Subsequent Event [Member]      
Share Repurchase Program [Abstract]      
Total number of shares repurchased $ 9,100 $ 9,100  
Stock repurchase program, available shares 134,840 134,840  
Non-Voting Common Stock      
Share Repurchase Program [Abstract]      
Total number of shares repurchased     $ 32,400,000
Stock repurchase program, available shares     584,278
Non-Voting Common Stock | Subsequent Event [Member]      
Share Repurchase Program [Abstract]      
Total number of shares repurchased $ 44,000 $ 44,000  
Stock repurchase program, available shares 716,899 716,899  
v3.26.1
Stockholders' Equity - (Stock Repurchase Program) (Details)
$ in Millions
Jun. 30, 2026
USD ($)
shares
Share Repurchase Program [Abstract]  
Repurchased shares, amounts to transact | $ $ 350
Voting Common Stock  
Share Repurchase Program [Abstract]  
Share Repurchase Program, Authorized, Number of Shares 248,368
Non-Voting Common Stock  
Share Repurchase Program [Abstract]  
Share Repurchase Program, Authorized, Number of Shares 584,278
v3.26.1
Stockholders' Equity - (Summary of Dividends Declared) (Details) - Nonvoting Common Stock [Member]
 3 Months Ended
Jun. 30, 2026
$ / shares
Current Year, Ordinary Dividend, Quarter One  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 03, 2026
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 15, 2026
Dividends Payable, Date to be Paid Jun. 26, 2026
Prior Year, Ordinary Dividend, Quarter One  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Jun. 04, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Jun. 16, 2025
Dividends Payable, Date to be Paid Jun. 27, 2025
v3.26.1
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Leases [Abstract]    
Cash paid for operating leases $ 3,400 $ 4,900
Cash paid for finance leases   $ 11,359
v3.26.1
Leases (Components of our right-of-use assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Finance Lease [Abstract]    
Buildings and Improvements $ 64,241  
Right-of-use assets, gross 64,241  
Less: Accumulated depreciation (25,408)  
Right of use assets, net $ 38,833  
Operating Lease [Member]    
Finance Lease [Abstract]    
Buildings and Improvements   $ 64,151
Right-of-use assets, gross   64,151
Less: Accumulated depreciation   (23,963)
Right of use assets, net   $ 40,188
v3.26.1
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 3 Months Ended
Jun. 30, 2026
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]  
Remaining Lease Term Finance Lease Weighted Average 26.6
v3.26.1
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 12 Months Ended
Mar. 31, 2026
Jun. 30, 2026
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 26.0  
Operating Lease Weighted Average Discount Rate Percent 4.70% 4.70%
v3.26.1
Leases (Components Of Lease Expense) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Lease cost:    
Operating lease costs $ 3,496,000 $ 4,874
Finance lease cost:    
Amortization of right of use assets   3,521
Interest on lease liabilities   487
Total finance lease cost   $ 4,008
v3.26.1
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Operating Lease Liabilities Payments Due [Abstract]    
Operating lease liability $ 39,577 $ 40,957
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2026 (9 months) 14,719  
2027 3,103  
2028 5,587  
2029 4,274  
2030 3,807  
Thereafter 50,867  
Total lease payments 82,357  
Less: imputed interest (42,780)  
Operating lease liability $ 39,577  
v3.26.1
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Minimum [Member]    
Property Management Fee [Abstract]    
Management fee rate 4.00%  
Maximum [Member]    
Property Management Fee [Abstract]    
Management fee rate 10.00%  
U-Haul Holding Company    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties $ 9.4 $ 9.4
Blackwater    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 9.6 9.6
Commission expenses, generated from dealer agreement with related parties 2.1 2.1
Payments For Purchase Of Other Assets 1 8.8 8.8
Mercury    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 140.9 144.0
Commission expenses, generated from dealer agreement with related parties $ 29.5 $ 30.1
v3.26.1
Related Party Transactions (Related Party Revenue) (Details) - U-Haul Holding Company - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Related party transactions:    
Related party revenue $ 9,582
Blackwater    
Related party transactions:    
Related party revenue 7,778
Mercury    
Related party transactions:    
Related party revenue $ 1,804
v3.26.1
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Related party cost and expense:    
Costs and Expenses, Related Party $ 31,600 $ 32,100
U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party 31,584 32,137
Blackwater | Lease expenses | U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party 600 601
Blackwater | Printing expenses | U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party 1,453 1,435
Blackwater | Commission expenses | U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party 23,162 23,571
Mercury | Lease expenses | U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party 38 38
Mercury | Commission expenses | U-Haul Holding Company    
Related party cost and expense:    
Costs and Expenses, Related Party $ 6,331 $ 6,492
v3.26.1
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Related Party Transaction [Line Items]    
Related party assets $ 44,141 $ 53,159
U-Haul Holding Company    
Related Party Transaction [Line Items]    
Related party assets 44,141 53,159
Blackwater | U-Haul Holding Company    
Related Party Transaction [Line Items]    
Related party assets 29,329 36,307
Mercury | U-Haul Holding Company    
Related Party Transaction [Line Items]    
Related party assets 14,928 14,972
Other (a) | U-Haul Holding Company    
Related Party Transaction [Line Items]    
Related party assets $ 116 $ 1,880
v3.26.1
Reportable Segment Information - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Revenues [Abstract]    
Revenues $ 1,682,027 $ 1,630,470
Operating Expenses [Abstract]    
Personnel expenses 315,234 305,034
Equipment maintenance and repair expenses 198,072 193,945
Other operating expenses 88,184 81,971
Other segment items 285,500 245,799
Operating Expenses, Total 886,990 826,749
Operating Costs and Expenses [Abstract]    
Commission expenses 120,272 116,737
Cost of product sales 71,754 72,205
Benefits and losses 42,137 45,182
Amortization of deferred policy acquisition costs 4,874 4,917
Lease expense 3,496 4,874
Depreciation, net of (gains) losses on disposals 298,840 304,009
Net (gains) losses on disposal of real estate 3,068 1,617
Costs and Expenses 1,431,431 1,373,056
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 250,596 257,414
Earnings from operations 250,596 257,414
Other components of net periodic benefit costs (357) (346)
Other interest income 9,391 10,669
Interest expense 97,912 82,330
Fees and amortization on early extinguishment of debt (31) (26)
Pretax earnings 161,687 185,381
Income tax expense 38,758 43,050
Net earnings available to common stockholders 122,929 142,331
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Revenues [Abstract]    
Revenues 1,601,949 1,553,859
Operating Expenses [Abstract]    
Personnel expenses 315,234 305,034
Equipment maintenance and repair expenses 198,072 193,945
Other operating expenses 88,184 81,971
Other segment items 267,626 233,232
Operating Expenses, Total 869,116 814,182
Operating Costs and Expenses [Abstract]    
Commission expenses 120,272 116,737
Cost of product sales 71,754 72,205
Lease expense 4,085 5,465
Depreciation, net of (gains) losses on disposals 298,840 304,009
Net (gains) losses on disposal of real estate 3,068 1,617
Costs and Expenses 1,367,135 1,310,981
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 234,814 242,878
Equity in earnings of subsidiaries 12,385 11,504
Earnings from operations 247,199 254,382
Other components of net periodic benefit costs (357) (346)
Other interest income 9,463 10,765
Interest expense (97,939) 82,358
Fees and amortization on early extinguishment of debt 31 (26)
Pretax earnings 158,335 182,417
Income tax expense 35,406 40,086
Net earnings available to common stockholders 122,929 142,331
Operating Segments [Member] | Property and Casualty Insurance [Member]    
Revenues [Abstract]    
Revenues 31,223 29,721
Operating Expenses [Abstract]    
Other segment items 13,633 12,260
Operating Expenses, Total 13,633 12,260
Operating Costs and Expenses [Abstract]    
Benefits and losses 5,296 5,499
Lease expense 78 74
Costs and Expenses 19,007 17,833
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 12,216 11,888
Earnings from operations 12,216 11,888
Pretax earnings 12,216 11,888
Income tax expense 2,523 2,468
Net earnings available to common stockholders 9,693 9,420
Operating Segments [Member] | Life Insurance [Member]    
Revenues [Abstract]    
Revenues 51,476 50,094
Operating Expenses [Abstract]    
Other segment items 6,144 2,785
Operating Expenses, Total 6,144 2,785
Operating Costs and Expenses [Abstract]    
Benefits and losses 36,841 39,683
Amortization of deferred policy acquisition costs 4,874 4,917
Lease expense 24 33
Costs and Expenses 47,883 47,418
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 3,593 2,676
Earnings from operations 3,593 2,676
Interest expense 72 96
Pretax earnings 3,521 2,580
Income tax expense 829 496
Net earnings available to common stockholders 2,692 2,084
Intersegment Eliminations [Member]    
Revenues [Abstract]    
Revenues 2,621 3,204
Operating Expenses [Abstract]    
Other segment items 1,903 2,478
Operating Expenses, Total 1,903 2,478
Operating Costs and Expenses [Abstract]    
Lease expense 691 698
Costs and Expenses 2,594 3,176
Income (Loss) Attributable to Parent, before Tax [Abstract]    
Earnings from operations before equity in earnings of subsidiaries 27 28
Equity in earnings of subsidiaries 12,385 11,504
Earnings from operations 12,412 11,532
Other interest income 72 96
Interest expense 99 124
Pretax earnings 12,385 11,504
Net earnings available to common stockholders $ 12,385 $ 11,504
v3.26.1
Reportable Segment Information - (Gross Capital Expenditures) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting Information, Additional Information [Abstract]    
Gross capital expenditures $ 822,362 $ 916,571
Operating Segments [Member] | Moving and Storage Consolidations [Member]    
Segment Reporting Information, Additional Information [Abstract]    
Gross capital expenditures $ 822,362 $ 916,571
v3.26.1
Reportable Segment Information - (Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Assets [Abstract]      
Total assets $ 21,661,488 $ 21,502,789 $ 20,848,368
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 18,885,168 18,687,591  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 487,184 485,434  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 2,962,642 3,003,054  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ 673,506 $ 673,290  
v3.26.1
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Quarter ended:      
Total revenues $ 1,682,027 $ 1,630,470  
Depreciation and amortization, net of (gains) losses on disposals 306,782 307,309  
Interest expense 97,912 82,330  
Pretax earnings 161,687 185,381  
Income tax expense 38,758 43,050  
Identifiable assets 21,661,488 20,848,368 $ 21,502,789
United States [Member]      
Quarter ended:      
Total revenues 1,590,285 1,543,342  
Depreciation and amortization, net of (gains) losses on disposals 293,484 296,413  
Interest expense 97,436 81,851  
Pretax earnings 160,349 180,092  
Income tax expense 38,457 41,353  
Identifiable assets 20,658,130 19,891,368  
Canada [Member]      
Quarter ended:      
Total revenues 91,742 87,128  
Depreciation and amortization, net of (gains) losses on disposals 13,298 10,896  
Interest expense 476 479  
Pretax earnings 1,338 5,289  
Income tax expense 301 1,697  
Identifiable assets $ 1,003,358 $ 957,000  
v3.26.1
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Postemployment Benefits [Abstract]    
Service cost for benefits earned during the period $ 170 $ 169
Other components of net periodic benefit costs:    
Interest cost on accumulated postretirement benefit 382 371
Other components 25 25
Total other components of net periodic benefit costs 357 346
Net periodic postretirement benefit cost $ 527 $ 515
v3.26.1
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 1,097,336 $ 1,120,147
Carrying Value [Member]    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 794,200 $ 830,400
v3.26.1
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Assets:    
Fixed maturities - available for sale $ 2,321,038 $ 2,417,912
Preferred stock 5,635 5,887
Common stock 9,089 9,089
Derivatives 13,708 28,961
Total 2,349,470 2,461,849
Liabilities:    
Derivative Liability, Notional Amount 6,050 17,886
Guaranteed residual values of TRAC leases 6,929 8,937
Market risk benefits 12,154 12,113
Total 25,133 38,936
Level 1 [Member]    
Assets:    
Preferred stock 5,635 5,887
Common stock 9,089 9,089
Derivatives 11,202 26,512
Total 25,926 41,488
Liabilities:    
Derivative Liability, Notional Amount 5,940 17,630
Total 5,940 17,630
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,321,038 2,417,912
Derivatives 2,506 2,449
Total 2,323,544 2,420,361
Liabilities:    
Derivative Liability, Notional Amount 110 256
Total 110 256
Level 3 [Member]    
Liabilities:    
Guaranteed residual values of TRAC leases 6,929 8,937
Market risk benefits 12,154 12,113
Total $ 19,083 $ 21,050
v3.26.1
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Assets    
Receivables, Fair Value Disclosure $ 158,753 $ 128,110
Mortgage loans, net 628,430 664,968
Other investments 12,879 12,633
Total 800,062 805,711
Liabilities    
Notes, loans and leases payable, gross 7,300,460 7,363,642
Liabilities Related to Investment Contracts, Fair Value Disclosure 2,307,153 2,314,586
Financial Liabilities Fair Value Disclosure, Total 9,607,613 9,678,228
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 7,300,460 7,363,642
Financial Liabilities Fair Value Disclosure, Total 7,300,460 7,363,642
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure 158,753 128,110
Mortgage loans, net 628,430 664,968
Other investments 12,879 12,633
Total 800,062 805,711
Liabilities    
Liabilities Related to Investment Contracts, Fair Value Disclosure 2,307,153 2,314,586
Financial Liabilities Fair Value Disclosure, Total 2,307,153 2,314,586
Carrying Value [Member]    
Assets    
Receivables, Fair Value Disclosure 158,753 128,110
Mortgage loans, net 631,235 667,169
Other investments 12,879 12,633
Total 802,867 807,912
Liabilities    
Notes, loans and leases payable, gross 8,146,884 8,124,949
Liabilities Related to Investment Contracts, Fair Value Disclosure 2,328,941 2,348,608
Financial Liabilities Fair Value Disclosure, Total $ 10,475,825 $ 10,473,557
v3.26.1
Revenue Recognition (Narratives) (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2026
USD ($)
Lessee Lease Description [Line Items]  
Payments received from customers, income recognized $ 54.0
v3.26.1
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
USD ($)
Operating Lease Liabilities Payments Due [Abstract]  
2027 $ 24,642
2028 15,435
2029 11,022
2030 7,942
2031 5,382
Thereafter 27,654
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2027 7,943
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2027 16,699
2028 15,435
2029 11,022
2030 7,942
2031 5,382
Thereafter $ 27,654
v3.26.1
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 237,447 $ 232,056
Total revenues 1,682,027 1,630,470
Revenues recognized under ASC 842    
Revenues [Abstract]    
Total revenues 1,363,579 1,320,869
Revenues recognized under ASC 944    
Revenues [Abstract]    
Total revenues 43,633 42,334
Revenues recognized under ASC 320    
Revenues [Abstract]    
Total revenues 37,368 35,211
Revenues recognized over time:    
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax 120,019 115,869
Revenues recognized at a point in time:    
Revenues [Abstract]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 117,428 $ 116,187
v3.26.1
Allowance for Credit Losses (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term The Company rents equipment to corporate customers for which the payment terms are 30 days.    
Paid and unpaid percentage 1.00%    
Allowance for expected credit losses $ 3.7 $ 3.2  
Available for sale securities, accrued interest receivable 28.1   $ 28.3
Premiums Receivable Gross $ 0.9   $ 1.1
Credit card receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term For credit card receivables, the Company uses a trailing 13-month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.    
Accrued interest receivables      
Financing Receivable Impaired [Line Items]      
Average Historical Chargeback Term Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater.    
v3.26.1
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 $ 7,641 $ 8,634
Transition adjustment current expected credit losses 835 4,072
Write-offs against allowance 76 5,065
December 31, 2023 8,400 7,641
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,233 5,082
Transition adjustment current expected credit losses 575 3,216
Write-offs against allowance 76 5,065
December 31, 2023 3,732 3,233
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 3,960 3,104
Transition adjustment current expected credit losses 260 856
December 31, 2023 4,220 3,960
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2022 448 448
December 31, 2023 $ 448 $ 448
v3.26.1
Income Taxes (Narratives) (Details)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Effective Income Tax Rate Reconciliation, Percent [Abstract]    
Income taxes paid, federal 21.00% 21.00%
Income Taxes paid, state and local 24.00% 23.20%
v3.26.1
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 112,852 $ 121,729
Capitalization 2,572 4,809
Amortization expense (4,874) (4,917)
Balance, end of year 110,550 121,621
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 56,980 60,480
Capitalization 2,067 3,847
Amortization expense (2,865) (2,739)
Balance, end of year 56,182 61,588
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 53,291 57,986
Capitalization 490 938
Amortization expense (1,870) (1,951)
Balance, end of year 51,911 56,973
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 2,581 3,263
Capitalization 15 24
Amortization expense (139) (227)
Balance, end of year $ 2,457 $ 3,060
v3.26.1
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - Life Insurance Segment [Member] - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 162,654 $ 182,658    
Beginning balance at original discount rate 161,115 185,508    
Effect of actual variances from expected variances     $ 155 $ 336
Adjust beginning of year balance     $ 161,030 $ 184,596
Issuances 527 1,726    
Interest accrual 1,937 2,225    
Net premium collected 7,536 8,602    
Ending balance at original discount rate 155,958 179,945    
Effect of changes in discount rate assumptions (AOCI) 320 579    
Balance, end of period $ 155,638 $ 179,366    
v3.26.1
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense $ 947,870 $ 871,530    
Oxford | Life Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 361,777 370,950    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 472,397 376,877    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 113,696 123,703    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 463,931 482,805    
Beginning balance at original discount rate 458,531 490,975    
Effect of actual variances from expected experience     $ 85 $ 912
Adjusted beginning of year balance     $ 458,686 $ 490,639
Issuances 527 1,726    
Interest accrual 5,519 5,915    
Net premium collected 14,155 16,748    
Ending balance at original discount rate 450,577 481,532    
Effect of changes in discount rate assumptions (AOCI) 1,414 984    
Balance, end of the year 449,163 480,548    
End of period, LFPB, net 293,525 301,182    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 22,831 24,063    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 13,508 9,736    
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 22,360 27,301    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 9,553 $ 8,668    
LFPB flooring effect        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits $ 0      
v3.26.1
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Interest expense $ 97,912,000 $ 82,330,000
Life Insurance Segment [Member] | Oxford    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Gross premiums 10,687,000 11,967,000
Interest expense $ 3,582,000 $ 3,690,000
Expected future lifetime (persistency) of policies in force (years) 6 years 7 months 6 days 6 years 8 months 12 days
Weighted average original interest rate of the liability for future policy benefits 4.90% 4.91%
Weighted average current interest rate of the liability for future policy benefits 3.84% 4.53%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance $ 643,707,000 $ 692,712,000
Discounted balance at original discount rate 226,193,000 256,950,000
Discounted balance at current discount rate 225,822,000 256,112,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Undiscounted balance 291,337,000 332,228,000
Discounted balance at original discount rate 450,577,000 481,531,000
Discounted balance at current discount rate $ 449,163,000 $ 480,547,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.075 0.0699
Life Insurance Segment [Member] | Oxford | Mortality expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0701 0.058
Life Insurance Segment [Member] | Oxford | Lapses actual experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.0178 0.0217
Life Insurance Segment [Member] | Oxford | Lapses expected experience    
Liability for Future Policy Benefit, after Reinsurance [Abstract]    
Market Risk Benefit Measurement Input 0.033 0.0314
v3.26.1
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Life Insurance - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,357,545 $ 2,511,422
Deposits received 77,854 135,224
Surrenders and withdrawals (111,243) (121,531)
Benefit payments (9,807) (8,289)
Interest credited 21,521 21,022
Other   0
End of period $ 2,335,870 $ 2,537,848
Weighted average credited rate 3.67% 3.33%
Cash surrender value $ 2,047,072 $ 2,217,636