U-HAUL HOLDING CO /NV/, 10-Q filed on 04 Nov 26
 | XBRL Documents
v3.26.3
Document and Entity Information - shares
 6 Months Ended
Sep. 30, 2026
Nov. 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 2026  
Document Type 10-Q  
Document Fiscal Period Focus Q2  
Document Period End Date Sep. 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   19,209,493
Title of 12(b) Security Common Stock, $0.25 par value  
Security Exchange Name NYSE  
Series N Non-Voting Common Stock    
Document and Entity Information [Abstract]    
Trading Symbol UHAL.B  
Entity Common Stock, Shares Outstanding   174,790,336
Title of 12(b) Security Series N Non-Voting Common Stock, $0.001 par value  
Security Exchange Name NYSE  
v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
ASSETS:    
Cash and cash equivalents $ 999,862 $ 1,120,147
Reinsurance recoverables and trade receivables, net 370,738 159,768
Inventories, net 182,905 178,155
Prepaid Expense 142,898 191,671
Fixed maturities - available for sale 2,255,298 2,417,912
Equity securities, at estimated fair value 15,650 14,976
Investments, other 693,355 706,314
Deferred policy acquisition costs, net 59,497 112,852
Other assets 159,226 127,202
Right of use Assets - Operating 36,907 40,188
Related Parties Amounts Due 48,260 53,159
Property, plant and equipment, at cost:    
Land 1,897,373 1,865,369
Buildings and improvements 10,928,024 10,542,945
Furniture and equipment 1,097,361 1,074,032
Property, plant and equipment (gross) 24,184,143 23,243,107
Less: Accumulated depreciation (7,273,917) (6,862,662)
Total property, plant and equipment 16,910,226 16,380,445
Total assets 21,874,822 21,502,789
Liabilities:    
Accounts payable and accrued expenses 872,725 850,294
Notes, loans and leases payable 8,230,090 8,083,374
Operating lease liability 37,637 40,957
Policy benefits and losses, claims and loss expenses payable 965,895 939,874
Liabilities from investment contracts 2,343,240 2,357,545
Other policyholders' funds and liabilities 9,325 2,899
Deferred income 69,270 56,614
Deferred Income Tax Liabilities, Net 1,628,807 1,559,581
Total liabilities 14,156,989 13,891,138
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:    
Preferred stock, value, issued 0 0
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss 171,869 163,640
Retained earnings 8,221,772 7,979,720
Cost of preferred stock in treasury, net 151,997 151,997
Total stockholders' equity 7,717,833 7,611,651
Total liabilities and stockholders' equity 21,874,822 21,502,789
Voting Common Stock    
Stockholders' equity:    
Common stock, value, issued 10,497 10,497
Treasury stock, value (551,578) (525,653)
Series N Non-Voting Common Stock    
Stockholders' equity:    
Common stock, value, issued 176 176
Treasury stock, value (101,716)  
Rental Trailers and Other Rental Equipment [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross 1,275,531 1,206,253
Rental Trucks [Member]    
Property, plant and equipment, at cost:    
Property subject to or available for operating lease, gross $ 8,985,854 $ 8,554,508
v3.26.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Preferred stock:    
Preferred stock, shares authorized 50,000,000 50,000,000
Treasury stock:    
Treasury Stock Common Shares 6,100,000 6,100,000
Available-for-sale Securities [Abstract]    
Available for sale investments, allowance for credit loss, net $ 3,946 $ 3,960
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,417,952 $ 2,558,342
Voting Common Stock    
Common stock:    
Common stock, shares authorized 250,000,000  
Common stock, shares, issued 41,985,700  
Common stock, shares, outstanding 19,209,493 19,607,788
Common stock, par or stated value per share $ 0.25  
Treasury stock:    
Treasury Stock Common Shares 22,776,207 22,377,912
Series N Non-Voting Common Stock    
Common stock:    
Common stock, shares authorized 250,000,000  
Common stock, shares, issued 176,470,092  
Common stock, shares, outstanding 174,790,336 176,470,092
Common stock, par or stated value per share $ 0.001  
Treasury stock:    
Treasury Stock Common Shares 1,679,756 0
v3.26.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Self-moving equipment rentals $ 1,147,929 $ 1,110,477 $ 2,235,507 $ 2,168,750
Self-storage revenues 262,138 246,299 512,310 480,536
Self moving and self-storage products and service sales 90,302 89,829 189,542 188,017
Property management fees 9,580 9,621 19,145 19,203
Life insurance premiums 7,925 18,370 25,991 37,539
Property and casualty insurance premiums 29,545 28,272 53,796 50,010
Net investment and Interest income 39,857 40,022 77,225 75,233
Other revenue 185,399 177,032 341,186 331,104
Total revenues 1,772,675 1,719,922 3,454,702 3,350,392
Costs and expenses:        
Operating Costs and Expenses 965,051 909,542 1,852,041 1,736,291
Commission expenses 126,644 121,811 246,916 238,548
Cost of product sales 66,967 67,625 138,721 139,830
Benefits and losses 20,750 48,178 62,887 93,360
Amortization of deferred policy acquisition costs 18,604 4,962 23,478 9,879
Lease expense 3,863 5,071 7,359 9,945
Depreciation, net of (gains) losses on disposals 306,001 340,608 604,841 644,617
Net (gains) losses on disposal of real estate 253 4,531 2,815 2,914
Costs and Expenses, Total 1,507,627 1,502,328 2,939,058 2,875,384
Earnings from operations 265,048 217,594 515,644 475,008
Other components of net periodic benefit costs (357) (345) (714) (691)
Interest Income, Other 8,359 10,015 17,750 20,684
Interest expense (99,019) (90,305) (196,931) (172,635)
Fees and amortization on early extinguishment of debt (44)   (75) (26)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 173,987 136,959 335,674 322,340
Income tax expense (37,312) (31,409) (76,070) (74,459)
Earnings available to common stockholders $ 136,675 $ 105,550 $ 259,604 $ 247,881
Weighted average common shares outstanding: basic and diluted 194,405,152 196,077,880 195,122,035 196,077,880
Voting Common Stock        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.66 $ 0.49 $ 1.24 $ 1.17
Weighted average common shares outstanding: basic and diluted 19,246,975 19,607,788 19,401,609 19,607,788
Series N Non-Voting Common Stock        
Costs and expenses:        
Basic and diluted earnings per common share $ 0.71 $ 0.54 $ 1.34 $ 1.27
Weighted average common shares outstanding: basic and diluted 175,158,177 176,470,092 175,720,426 176,470,092
v3.26.3
Condensed Consolidated Statements of Operations Parenthetical - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Depreciation:        
Net of (gains) losses on sale of real and personal property $ 4,290 $ 38,499 $ (2,494) $ (60,432)
Related party:        
Related party, revenues, net of eliminations 9,580 9,621 19,145 19,203
Related party, costs and expenses, net of eliminations $ 33,027 $ 32,717 $ 64,611 $ 64,854
v3.26.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Comprehensive income (loss) (pretax):        
Pretax earnings (loss) $ 173,987 $ 136,959 $ 335,674 $ 322,340
Comprehensive income (loss) (tax effect):        
Income tax expense (37,312) (31,409) (76,070) (74,459)
Comprehensive income (loss) (net of tax):        
Earnings available to common stockholders 136,675 105,550 259,604 247,881
Other comprehensive income (loss):        
Foreign currency translation (pretax) 5,379 1,459 3,695 961
Foreign currency translation (net of tax) 5,379 1,459 3,695 961
Unrealized gain (loss) on investments (pretax) 3,058 15,451 17,277 49,938
Unrealized gain (loss) on investments (tax effect) (629) (3,249) (3,591) (10,504)
Unrealized gain (loss) on investments (net of tax) 2,429 12,202 13,686 39,434
Change in fair value of cash flow hedges, Pre-tax 2,209 441 37 5,909
Change in fair value of cash flow hedges, Tax 655 112 19 1,472
Change in fair value of cash flow hedges, Net 1,554 329 18 4,437
Amounts reclassified into earnings on hedging activities, Pre-tax 184 906 2,373 4,736
Amounts reclassified into earnings on hedging activities (Tax) (47) (226) (593) (1,184)
Amounts reclassified into earnings on hedging activities, (net) 137 680 1,780 3,552
Other Comprehensive Income (Loss), before Tax 10,462 13,527 11,246 49,726
Other Comprehensive Income (Loss), Tax 1,237 3,135 3,017 10,216
Total other comprehensive income (loss) (net of tax) 9,225 10,392 8,229 39,510
Total comprehensive income (loss) Pre-tax 184,449 150,486 324,428 372,066
Total comprehensive income (loss) Tax 38,549 34,544 73,053 84,675
Total comprehensive income (loss) (net of tax) $ 145,900 $ 115,942 $ 251,375 $ 287,391
v3.26.3
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]
Voting Common Stock
Voting Common Stock
Common Stock [Member]
Voting Common Stock
Less: Treasury Common Stock [Member]
Series N Non-Voting Common Stock
Series N Non-Voting Common Stock
Common Stock [Member]
Series N Non-Voting Common Stock
Less: Treasury Common Stock [Member]
Balance, beginning of period at Mar. 31, 2025 $ 7,498,143 $ 462,548 $ (229,314) $ 7,931,886   $ (151,997)   $ 10,497 $ (525,653)   $ 176  
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2025               19,608     176,470  
Cosolidated statement of change in equity                        
Foreign currency translation 961   961                  
Unrealized net gain (loss) on investments, net of tax 39,434   39,434                  
Change in fair value of cash flow hedges 4,437   4,437                  
Amounts reclassified into earnings on hedging activities, (net) 3,552   3,552                  
Net Income (Loss) 247,881     247,881                
Series N Non-Voting Common Stock dividends paid (17,647)     (17,647)                
Net activity 269,744   39,510 230,234                
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2025               19,608     176,470  
Balance, end of period at Sep. 30, 2025 7,767,887 462,548 (189,804) 8,162,120 $ (525,653) (151,997)   $ 10,497 (525,653)   $ 176  
Balance, beginning of period at Jun. 30, 2025 7,660,768 462,548 (200,196) 8,065,393 (525,653) (151,997)   $ 10,497     $ 176  
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2025               19,608     176,470  
Cosolidated statement of change in equity                        
Foreign currency translation 1,459   1,459                  
Unrealized net gain (loss) on investments, net of tax 12,202   12,202                  
Change in fair value of cash flow hedges 329   329                  
Amounts reclassified into earnings on hedging activities, (net) 680   680                  
Net Income (Loss) 105,550     105,550                
Series N Non-Voting Common Stock dividends paid (8,823)     (8,823)                
Net activity 107,119   10,392 96,727                
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2025               19,608     176,470  
Balance, end of period at Sep. 30, 2025 7,767,887 462,548 (189,804) 8,162,120 (525,653) (151,997)   $ 10,497 (525,653)   $ 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 3,695   3,695                  
Unrealized net gain (loss) on investments, net of tax 13,686   13,686                  
Change in fair value of cash flow hedges 18   18                  
Amounts reclassified into earnings on hedging activities, (net) 1,780   1,780                  
Net Income (Loss) 259,604     259,604                
Dividends, Common Stock 17,552     17,552                
Stock Repurchased During Period, Value 25,925       25,925              
Stock Repurchased During Period, Shares               398     (1,680)  
Series N Non-Voting Common Stock dividends paid (101,716)                   $ (1,680) $ (101,716)
Net activity 106,182   8,229 242,052 25,925             101,716
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2026             19,209,493 19,210   174,790,336 174,790  
Balance, end of period at Sep. 30, 2026 7,717,833 462,548 (171,869) 8,221,772 (551,578) (151,997)   $ 10,497 (551,578)   $ 176 (101,716)
Balance, beginning 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)
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2026               19,360     175,886  
Cosolidated statement of change in equity                        
Foreign currency translation 5,379   5,379                  
Unrealized net gain (loss) on investments, net of tax 2,429   2,429                  
Change in fair value of cash flow hedges 1,554   1,554                  
Amounts reclassified into earnings on hedging activities, (net) 137   137                  
Net Income (Loss) 136,675     136,675                
Dividends, Common Stock 8,739     8,739                
Stock Repurchased During Period, Value 10,195               10,195      
Stock Repurchased During Period, Shares               150        
Series N Non-Voting Common Stock dividends paid (68,936)                   $ (1,096) (68,936)
Net activity 58,030   9,225 127,936         10,195   $ 1,096 68,936
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2026             19,209,493 19,210   174,790,336 174,790  
Balance, end of period at Sep. 30, 2026 $ 7,717,833 $ 462,548 $ (171,869) $ 8,221,772 $ (551,578) $ (151,997)   $ 10,497 $ (551,578)   $ 176 $ (101,716)
v3.26.3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Nonvoting Common Stock [Member]        
Common Stock, Dividends, Per Share, Declared $ 0.05 $ 0.05 $ 0.1 $ 0.1
v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flow from operating activities:    
Net Income (Loss) $ 259,604 $ 247,881
Adjustments to reconcile net earnings to cash provided by operations:    
Depreciation 602,347 584,185
Amortization of premiums and accretion of discounts related to investments, net 8,434 9,182
Amortization of debt issuance costs 3,982 3,434
Interest credited to policyholders 47,940 47,809
Change in allowance for losses on trade receivables (56) (1,423)
Operating lease right-of-use asset amortization 4,073 4,553
Net gain on sale of real and personal property 2,494 60,432
Net losses on disposal of real estate 2,815 2,914
Net (gains) losses on sales of fixed maturity securities 1,162 3,029
Net gains on equity securities (1,766) (126)
Deferred income taxes 72,764 72,387
Net change in other operating assets and liabilities:    
Reinsurance recoverables and trade receivables (211,134) 56,525
Inventories and parts (4,755) (13,004)
Prepaid expenses 48,665 (33,534)
Capitalization of deferred policy acquisition costs 53,355 2,612
Other assets (24,159) (13,028)
Related party assets 5,207 (3,143)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 87,926 80,415
Policy benefits and losses, claims and loss expenses payable 31,320 36,096
Other policyholders' funds and liabilities 6,427 (1,615)
Deferred income 12,732 2,873
Related party liabilities (411) 1,542
Net cash provided by operating activities 1,008,966 1,149,996
Cash flow from investing activities:    
Increase Decrease Escrow Deposits (9,272) 581
Purchase of:    
Property, plant and equipment (1,543,708) (1,914,502)
Fixed maturity investments (223,892) (186,042)
Equity securities (1,005) (6,704)
Investments, other (133,245) (84,265)
Proceeds from sales and paydowns of:    
Property, plant and equipment 348,538 386,058
Fixed maturity investments 354,698 159,726
Equity securities   3,458
Investments, other 143,813 85,240
Net cash used by investing activities (1,064,073) (1,497,326)
Cash flow from financing activities:    
Borrowings from credit facilities 1,031,302 951,543
Principal repayments on credit facilities (881,615) (425,838)
Payment of debt issuance costs (5,597) (5,808)
Finance lease payments   (24,693)
Securitization deposits   224
Series N Non-Voting Common Stock dividends paid (17,552) (17,647)
Repurchase of Common Stock (25,765)  
Repurchase of Series N Non-Voting Common Stock (101,381)  
Investment contract deposits 170,010 181,834
Investment contract withdrawals (232,255) (222,462)
Net cash provided by financing activities (62,853) 437,153
Effects of exchange rate on cash (2,325) 4,169
Increase (decrease) in cash and cash equivalents (120,285) 93,992
Cash and cash equivalents at the beginning of period 1,120,147 988,828
Cash and cash equivalents at the end of period $ 999,862 $ 1,082,820
v3.26.3
Supplemental Disclosure of Cash Flow Information - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]    
Interest paid in cash $ 197,918 $ 172,300
Interest on derivatives 486 1,326
Income taxes, net 86,388 2,906
Right-of-use assets in exchange for lease liabilities 166 260
Purchase of property, plant and equipment included in accounts payable $ 30,965 $ 70,615
v3.26.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 136,675 $ 105,550 $ 259,604 $ 247,881
v3.26.3
Insider Trading Arrangements
 9 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.3
Basis of Presentation
 6 Months Ended
Sep. 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 second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 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.
v3.26.3
Earnings Per Share
 6 Months Ended
Sep. 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 approximately 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock.

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

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

 

 

 

For the Quarters Ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,246,975

 

 

 

19,607,788

 

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

 

 

194,405,152

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.90

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

136,675

 

 

$

105,550

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

127,936

 

 

$

96,727

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

12,666

 

 

$

9,673

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.66

 

 

$

0.49

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.66

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,158,177

 

 

 

176,470,092

 

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

 

 

194,405,152

 

 

 

196,077,880

 

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

 

 

90.10

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

136,675

 

 

$

105,550

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

127,936

 

 

$

96,727

 

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

 

$

115,270

 

 

$

87,054

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.66

 

 

$

0.49

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

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

 

$

0.71

 

 

$

0.54

 

 

 

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

 

 

Six months ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,401,609

 

 

 

19,607,788

 

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

 

 

195,122,035

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.94

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

259,604

 

 

$

247,881

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

242,052

 

 

$

230,234

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

24,060

 

 

$

23,023

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

1.24

 

 

$

1.17

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

1.24

 

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,720,426

 

 

 

176,470,092

 

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

 

 

195,122,035

 

 

 

196,077,880

 

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

 

 

90.06

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

259,604

 

 

$

247,881

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

242,052

 

 

$

230,234

 

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

 

$

217,992

 

 

$

207,211

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

1.24

 

 

$

1.17

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.10

 

 

 

0.10

 

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

 

$

1.34

 

 

$

1.27

 
v3.26.3
Investments
 6 Months Ended
Sep. 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 $21.0 million and $21.4 million as of September 30, 2026 and March 31, 2026, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 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

 

$

83,050

 

 

$

158

 

 

$

(5,184

)

 

$

—

 

 

$

78,024

 

U.S. government agency mortgage-backed securities

 

 

122,914

 

 

 

262

 

 

 

(5,323

)

 

 

—

 

 

 

117,853

 

Obligations of states and political subdivisions

 

 

111,267

 

 

 

196

 

 

 

(5,363

)

 

 

—

 

 

 

106,100

 

Corporate securities

 

 

1,527,436

 

 

 

1,598

 

 

 

(115,722

)

 

 

(1,679

)

 

 

1,411,633

 

Mortgage-backed securities

 

 

573,285

 

 

 

1,537

 

 

 

(30,867

)

 

 

(2,267

)

 

 

541,688

 

 

 

$

2,417,952

 

 

$

3,751

 

 

$

(162,459

)

 

$

(3,946

)

 

$

2,255,298

 

 

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 September 30, 2026 and March 31, 2026 were as follows:

 

 

 

September 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

 

 

$

2,133

 

 

 

$

(22

)

 

 

$

70,673

 

 

 

$

(5,162

)

 

 

$

72,806

 

 

 

$

(5,184

)

U.S. government agency mortgage-backed securities

 

 

 

44,108

 

 

 

 

(343

)

 

 

 

19,767

 

 

 

 

(4,980

)

 

 

 

63,875

 

 

 

 

(5,323

)

Obligations of states and political subdivisions

 

 

 

40,837

 

 

 

 

(324

)

 

 

 

44,320

 

 

 

 

(5,039

)

 

 

 

85,157

 

 

 

 

(5,363

)

Corporate securities

 

 

 

381,261

 

 

 

 

(5,459

)

 

 

 

889,652

 

 

 

 

(110,263

)

 

 

 

1,270,913

 

 

 

 

(115,722

)

Mortgage-backed securities

 

 

 

160,326

 

 

 

 

(588

)

 

 

 

166,433

 

 

 

 

(30,279

)

 

 

 

326,759

 

 

 

 

(30,867

)

 

 

 

$

628,665

 

 

 

$

(6,736

)

 

 

$

1,190,845

 

 

 

$

(155,723

)

 

 

$

1,819,510

 

 

 

$

(162,459

)

 

 

 

 

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 $124.0 million and $2.4 million for the first six months ended September 30, 2026 and September 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 $14 thousand and $1.5 million net impairment charge recorded in the first six months ended September 30, 2026 and 2025, respectively.

 

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

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

80,835

 

 

$

80,282

 

 

$

133,150

 

 

$

132,947

 

Due after one year through five years

 

 

552,549

 

 

 

535,716

 

 

 

589,615

 

 

 

578,918

 

Due after five years through ten years

 

 

495,844

 

 

 

459,855

 

 

 

526,745

 

 

 

500,476

 

Due after ten years

 

 

715,439

 

 

 

637,757

 

 

 

744,232

 

 

 

668,954

 

 

 

 

1,844,667

 

 

 

1,713,610

 

 

 

1,993,742

 

 

 

1,881,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

573,285

 

 

 

541,688

 

 

 

564,600

 

 

 

536,617

 

 

 

$

2,417,952

 

 

$

2,255,298

 

 

$

2,558,342

 

 

$

2,417,912

 

 

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

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

10,104

 

 

$

10,094

 

 

$

9,099

 

 

$

9,089

 

Non-redeemable preferred stocks

 

 

9,000

 

 

 

5,556

 

 

 

9,000

 

 

 

5,887

 

 

 

$

19,104

 

 

$

15,650

 

 

$

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 was as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

671,218

 

 

$

667,169

 

Policy loans

 

 

1,873

 

 

 

12,633

 

Other investments

 

 

20,264

 

 

 

26,512

 

 

 

$

693,355

 

 

$

706,314

 
v3.26.3
Accounts Payable and Accrued Expense
 6 Months Ended
Sep. 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:

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

232,348

 

$

 

238,840

 

Accrued expenses

 

 

640,377

 

 

 

611,454

 

 

$

 

872,725

 

$

 

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 $496.5 million and $453.4 million of liabilities related to these programs as of September 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.
v3.26.3
Borrowings
 6 Months Ended
Sep. 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 (b)

 

September 30, 2026

 

 

March 31,
2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.39

 

%

-

 

4.94

 

%

 

2029

 

-

2037

 

 

4.83

 

%

 

$

270,206

 

 

$

254,007

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.99

 

%

 

 

3,094,528

 

 

 

2,950,201

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.39

 

%

 

 

167,195

 

 

 

145,660

 

Fleet loans (revolving credit)

 

4.90

 

%

-

 

4.94

 

%

 

2029

 

-

2031

 

 

4.92

 

%

 

 

635,000

 

 

 

635,000

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2026

 

-

2034

 

 

5.30

 

%

 

 

2,344,491

 

 

 

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

 

%

 

 

61,857

 

 

 

63,377

 

Notes, loans and finance liabilities payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,273,277

 

 

 

8,124,949

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,187

)

 

 

(41,575

)

Total notes, loans and finance liabilities payable, net

 

 

 

 

 

 

 

 

 

 

$

8,230,090

 

 

$

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 4.70% using the swap adjusted interest rate.

 

(b) Weighted average rates as of September 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 September 30, 2026 for the next five years and thereafter are as follows:

 

 

Years Ended September 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance liabilities payable

 

$

981,394

 

 

$

923,449

 

 

$

1,223,833

 

 

$

1,140,696

 

 

$

839,325

 

 

$

3,164,580

 

 

$

8,273,277

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

101,418

 

 

$

89,854

 

Capitalized interest

 

 

(4,305

)

 

 

(558

)

Amortization of transaction costs

 

 

1,996

 

 

 

1,571

 

Interest expense resulting from cash flow hedges

 

 

(90

)

 

 

(562

)

Total interest expense

 

$

99,019

 

 

$

90,305

 

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

200,573

 

 

$

176,473

 

Capitalized interest

 

 

(7,330

)

 

 

(5,852

)

Amortization of transaction costs

 

 

3,905

 

 

 

3,103

 

Interest expense resulting from cash flow hedges

 

 

(217

)

 

 

(1,089

)

Total interest expense

 

$

196,931

 

 

$

172,635

 

 

Interest Rates

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

 

 

 

Revolving Credit Activity

 

 

 

Quarter ended September 30,

 

 

 

2026

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the quarter

 

4.92

%

5.62

%

Interest rate at the end of the quarter

 

4.92

%

5.60

%

Maximum amount outstanding during the quarter

 

$635,000

 

$635,000

 

Average amount outstanding during the quarter

 

$635,000

 

$635,000

 

Facility fees

 

$297

 

$297

 

 

 

 

 

Revolving Credit Activity

 

 

 

Six months ended September 30,

 

 

 

2026

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the period

 

4.92

%

5.62

%

Interest rate at the end of the period

 

4.92

%

5.60

%

Maximum amount outstanding during the period

 

$835,000

 

$785,000

 

Average amount outstanding during the period

 

$702,760

 

$682,541

 

Facility fees

 

$505

 

$531

 
v3.26.3
Derivatives
 6 Months Ended
Sep. 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

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

4,308

 

 

$

2,449

 

Liabilities

 

$

—

 

 

$

256

 

Notional amount

 

$

51,667

 

 

$

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 six months of fiscal 2027 and 2026, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $0.0 million and $4.4 million, respectively, net of taxes. During the first six months of fiscal 2027 and 2026, we reclassified ($1.8) million and ($3.6) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2026, we expect to reclassify $0.4 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

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Equity market contracts as economic hedging instruments:

 

 

 

 

 

 

Assets

 

$

20,264

 

 

$

26,512

 

Liabilities

 

$

13,121

 

 

$

17,630

 

Notional amount

 

$

259,411

 

 

$

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 six months ended September 30, 2026 and September 30, 2025 were ($2.0) million and $5.9 million, respectively.

v3.26.3
Accumulated Other Comprehensive Loss
 6 Months Ended
Sep. 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 (a)
Discount
Rates

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2026

 

$

(58,276

)

 

$

(125,058

)

 

$

(444

)

 

$

2,684

 

 

$

(181,094

)

Foreign currency translation

 

 

5,379

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,379

 

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

 

 

—

 

 

 

2,429

 

 

 

—

 

 

 

—

 

 

 

2,429

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

1,554

 

 

 

—

 

 

 

1,554

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(137

)

 

 

—

 

 

 

(137

)

Other comprehensive income (loss)

 

 

5,379

 

 

 

2,429

 

 

 

1,417

 

 

 

—

 

 

 

9,225

 

Balance as of September 30, 2026

 

$

(52,897

)

 

$

(122,629

)

 

$

973

 

 

$

2,684

 

 

$

(171,869

)

(a) Liability for future policy benefits

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

Foreign currency translation

 

 

(1,459

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,459

)

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

 

 

—

 

 

 

12,202

 

 

 

—

 

 

 

—

 

 

 

12,202

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

329

 

 

 

—

 

 

 

329

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(680

)

 

 

—

 

 

 

(680

)

Other comprehensive income (loss)

 

 

(1,459

)

 

 

12,202

 

 

 

(351

)

 

 

—

 

 

 

10,392

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

 

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2026

 

$

(56,592

)

 

$

(108,943

)

 

$

(789

)

 

$

2,684

 

 

$

(163,640

)

Foreign currency translation

 

 

3,695

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,695

 

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

 

 

—

 

 

 

(13,686

)

 

 

—

 

 

 

—

 

 

 

(13,686

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(18

)

 

 

—

 

 

 

(18

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

1,780

 

 

 

—

 

 

 

1,780

 

Other comprehensive income (loss)

 

 

3,695

 

 

 

(13,686

)

 

 

1,762

 

 

 

—

 

 

 

(8,229

)

Balance as of September 30, 2026

 

$

(52,897

)

 

$

(122,629

)

 

$

973

 

 

$

2,684

 

 

$

(171,869

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

961

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

961

 

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

 

 

—

 

 

 

39,434

 

 

 

—

 

 

 

—

 

 

 

39,434

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,437

)

 

 

—

 

 

 

(4,437

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

3,552

 

 

 

—

 

 

 

3,552

 

Other comprehensive income (loss)

 

 

961

 

 

 

39,434

 

 

 

(885

)

 

 

—

 

 

 

39,510

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

(a) Liability for future policy benefits
v3.26.3
Stockholders' Equity
 6 Months Ended
Sep. 30, 2026
Stockholders' Equity [Abstract]  
7. Stockholders' Equity . 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 six months of fiscal 2027, the Company repurchased 398,295 shares of its Voting Common Stock at a cost of $25.7 million and repurchased 1,679,756 shares of its Non-Voting Common Stock at a cost of $100.7 million, excluding any commissions related to the purchases.

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2027 and 2026:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

August 20, 2026

$

 

0.05

 

 

September 14, 2026

 

September 25, 2026

June 3, 2026

 

 

0.05

 

 

June 15, 2026

 

June 26, 2026

August 21, 2025

 

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

 

 

0.05

 

 

June 16, 2025

 

June 27, 2025

 

As of September 30, 2026, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.
v3.26.3
Leases
 6 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases . Leases

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

 

 

As of September 30, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,392

 

Right-of-use assets, gross

 

64,392

 

Less: Accumulated depreciation

 

(27,485

)

Right-of-use assets, net

$

36,907

 

 

 

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

 

 

 

 

September 30,

 

 

March 31,

 

 

 

 

2026

 

 

2026

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

27.6

 

 

 

26.0

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.7

 

%

 

For the six months ended September 30, 2026 and 2025, cash paid for leases included in our operating cash flow activities were $6.5 million and $9.5 million, respectively. Our financing cash flow activities were $24.7 million for the six months ended September 30, 2025.

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

 

 

 

Six months ended

 

 

 

September 30, 2026

 

 

September 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

7,359

 

 

$

9,945

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

—

 

 

$

5,979

 

Interest on lease liabilities

 

 

—

 

 

 

849

 

Total finance lease cost

 

$

—

 

 

$

6,828

 

 

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

Maturities of lease liabilities were as follows:

 

 

Operating leases

 

 

 

 

Year ending March 31,

 

 

 

 

 

2027 (6 months)

 

12,323

 

2028

 

5,633

 

2029

 

4,300

 

2030

 

3,822

 

2031

 

3,109

 

Thereafter

 

50,865

 

Total lease payments

 

80,052

 

Less: imputed interest

 

(42,415

)

Present value of lease liabilities

$

37,637

 
v3.26.3
Contingencies
 6 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies . Contingencies

FTC Investigation

The United States Federal Trade Commission (the "FTC") and several U.S. states are investigating whether the truck rental prices that the Company advertises to consumers are misleading. The Company disagrees with any allegation that such advertising is misleading and is cooperating with the FTC and state investigations. However, the Company cannot predict the outcome of any such investigations with any certainty.

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.
v3.26.3
Related Party Transactions
 6 Months Ended
Sep. 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 September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,811

 

 

$

7,830

 

U-Haul management fee revenue from Mercury

 

 

1,769

 

 

 

1,791

 

 

 

$

9,580

 

 

$

9,621

 

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

15,589

 

 

$

15,608

 

U-Haul management fee revenue from Mercury

 

 

3,556

 

 

 

3,595

 

 

 

$

19,145

 

 

$

19,203

 

 

We currently manage the self-storage properties owned by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $19.3 million and $19.4 million from the above-mentioned entities during the first six 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 September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

663

 

 

$

601

 

U-Haul printing expenses to Blackwater

 

 

1,802

 

 

 

1,445

 

U-Haul commission expenses to Blackwater

 

 

24,194

 

 

 

24,194

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,330

 

 

 

6,439

 

 

 

$

33,027

 

 

$

32,717

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,263

 

 

$

1,202

 

U-Haul printing expenses to Blackwater

 

 

3,255

 

 

 

2,880

 

U-Haul commission expenses to Blackwater

 

 

47,356

 

 

 

47,765

 

U-Haul lease expenses to Mercury

 

 

76

 

 

 

76

 

U-Haul commission expenses to Mercury

 

 

12,661

 

 

 

12,931

 

 

 

$

64,611

 

 

$

64,854

 

 

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

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

As of September 30, 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 $19.1 million and $19.2 million, expenses of $4.6 million and $4.2 million and we received cash flows of $17.9 million and $18.1 million, respectively, during the first six months of fiscal 2027 and 2026. Revenues were $288.9 million and $291.9 million and commission expenses were $60.0 million and $60.7 million, respectively, related to the Dealer Agreements, during the first six 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

 

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

29,742

 

 

$

36,307

 

U-Haul receivable from Mercury

 

 

16,740

 

 

 

14,972

 

Other (a)

 

 

1,778

 

 

 

1,880

 

 

 

$

48,260

 

 

$

53,159

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.26.3
Reportable Segment Information
 6 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Text Block]

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 September 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

$

 

1,694,151

 

$

 

37,008

 

$

 

44,900

 

$

 

(3,384

)

(b,c)

$

 

1,772,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

332,931

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

332,931

 

Equipment maintenance and repair expenses

 

 

222,172

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

222,172

 

Other operating expenses

 

 

98,092

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

98,092

 

Other segment items

 

 

295,644

 

 

 

13,569

 

 

 

5,684

 

 

 

(3,041

)

(b,c)

 

 

311,856

 

Operating expenses

 

 

948,839

 

 

 

13,569

 

 

 

5,684

 

 

 

(3,041

)

 

 

 

965,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

126,644

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

126,644

 

Cost of product sales

 

 

66,967

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

66,967

 

Benefits and losses

 

 

—

 

 

 

6,371

 

 

 

14,379

 

 

 

—

 

 

 

 

20,750

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

18,604

 

 

 

—

 

 

 

 

18,604

 

Lease expense

 

 

4,067

 

 

 

90

 

 

 

23

 

 

 

(317

)

(b)

 

 

3,863

 

Depreciation, net of (gains) losses on disposal

 

 

306,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

306,001

 

Net (gains) losses on disposal of real estate

 

 

(253

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(253

)

Total costs and expenses

 

 

1,452,265

 

 

 

20,030

 

 

 

38,690

 

 

 

(3,358

)

 

 

 

1,507,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

241,886

 

 

 

16,978

 

 

 

6,210

 

 

 

(26

)

 

 

 

265,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

18,325

 

 

 

—

 

 

 

—

 

 

 

(18,325

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

260,211

 

 

 

16,978

 

 

 

6,210

 

 

 

(18,351

)

 

 

 

265,048

 

Other components of net periodic benefit costs

 

 

(357

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(357

)

Other interest income

 

 

8,431

 

 

 

—

 

 

 

—

 

 

 

(72

)

(b)

 

 

8,359

 

Interest expense

 

 

(99,045

)

 

 

—

 

 

 

(72

)

 

 

98

 

(b)

 

 

(99,019

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(44

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(44

)

Pretax earnings

 

 

169,196

 

 

 

16,978

 

 

 

6,138

 

 

 

(18,325

)

 

 

 

173,987

 

Income tax expense

 

 

(32,521

)

 

 

(3,526

)

 

 

(1,265

)

 

 

—

 

 

 

 

(37,312

)

Net earnings available to common stockholders

$

 

136,675

 

$

 

13,452

 

$

 

4,873

 

$

 

(18,325

)

 

$

 

136,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 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 September 30, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,632,827

 

$

 

35,891

 

$

 

54,113

 

$

 

(2,909

)

(b,c)

$

 

1,719,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

322,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

322,687

 

Equipment maintenance and repair expenses

 

 

223,772

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

223,772

 

Other operating expenses

 

 

91,844

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

91,844

 

Other segment items

 

 

256,922

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

(b,c)

 

 

271,239

 

Operating expenses

 

 

895,225

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

 

 

 

909,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

121,811

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

121,811

 

Cost of product sales

 

 

67,625

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

67,625

 

Benefits and losses

 

 

—

 

 

 

5,737

 

 

 

42,441

 

 

 

—

 

 

 

 

48,178

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,962

 

 

 

—

 

 

 

 

4,962

 

Lease expense

 

 

5,587

 

 

 

76

 

 

 

48

 

 

 

(640

)

(b)

 

 

5,071

 

Depreciation, net of (gains) losses on disposal

 

 

340,608

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

340,608

 

Net (gains) losses on disposal of real estate

 

 

4,531

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

4,531

 

Total costs and expenses

 

 

1,435,387

 

 

 

18,737

 

 

 

51,085

 

 

 

(2,881

)

 

 

 

1,502,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

197,440

 

 

 

17,154

 

 

 

3,028

 

 

 

(28

)

 

 

 

217,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

16,001

 

 

 

—

 

 

 

—

 

 

 

(16,001

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

213,441

 

 

 

17,154

 

 

 

3,028

 

 

 

(16,029

)

 

 

 

217,594

 

Other components of net periodic benefit costs

 

 

(345

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(345

)

Other interest income

 

 

10,111

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

10,015

 

Interest expense

 

 

(90,333

)

 

 

—

 

 

 

(96

)

 

 

124

 

(b)

 

 

(90,305

)

Pretax earnings

 

 

132,874

 

 

 

17,154

 

 

 

2,932

 

 

 

(16,001

)

 

 

 

136,959

 

Income tax expense

 

 

(27,324

)

 

 

(3,515

)

 

 

(570

)

 

 

—

 

 

 

 

(31,409

)

Net earnings available to common stockholders

$

 

105,550

 

$

 

13,639

 

$

 

2,362

 

$

 

(16,001

)

 

$

 

105,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

 

3,296,100

 

$

 

68,231

 

$

 

96,376

 

$

 

(6,005

)

(b,c)

$

 

3,454,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

648,165

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

648,165

 

Equipment maintenance and repair expenses

 

 

420,244

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

420,244

 

Other operating expenses

 

 

186,276

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

186,276

 

Other segment items

 

 

563,270

 

 

 

27,202

 

 

 

11,828

 

 

 

(4,944

)

(b,c)

 

 

597,356

 

Operating expenses

 

 

1,817,955

 

 

 

27,202

 

 

 

11,828

 

 

 

(4,944

)

 

 

 

1,852,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

246,916

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

246,916

 

Cost of product sales

 

 

138,721

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

138,721

 

Benefits and losses

 

 

—

 

 

 

11,667

 

 

 

51,220

 

 

 

—

 

 

 

 

62,887

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

23,478

 

 

 

—

 

 

 

 

23,478

 

Lease expense

 

 

8,152

 

 

 

168

 

 

 

47

 

 

 

(1,008

)

(b)

 

 

7,359

 

Depreciation, net of (gains) losses on disposal

 

 

604,841

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

604,841

 

Net (gains) losses on disposal of real estate

 

 

2,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,815

 

Total costs and expenses

 

 

2,819,400

 

 

 

39,037

 

 

 

86,573

 

 

 

(5,952

)

 

 

 

2,939,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

476,700

 

 

 

29,194

 

 

 

9,803

 

 

 

(53

)

 

 

 

515,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

30,710

 

 

 

—

 

 

 

—

 

 

 

(30,710

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

507,410

 

 

 

29,194

 

 

 

9,803

 

 

 

(30,763

)

 

 

 

515,644

 

Other components of net periodic benefit costs

 

 

(714

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(714

)

Other interest income

 

 

17,894

 

 

 

—

 

 

 

—

 

 

 

(144

)

(b)

 

 

17,750

 

Interest expense

 

 

(196,984

)

 

 

—

 

 

 

(144

)

 

 

197

 

(b)

 

 

(196,931

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(75

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(75

)

Pretax earnings

 

 

327,531

 

 

 

29,194

 

 

 

9,659

 

 

 

(30,710

)

 

 

 

335,674

 

Income tax expense

 

 

(67,927

)

 

 

(6,049

)

 

 

(2,094

)

 

 

—

 

 

 

 

(76,070

)

Net earnings available to common stockholders

$

 

259,604

 

$

 

23,145

 

$

 

7,565

 

$

 

(30,710

)

 

$

 

259,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 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 six months ended September 30, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

3,186,686

 

$

 

65,612

 

$

 

104,207

 

$

 

(6,113

)

(b,c)

$

 

3,350,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

627,721

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

627,721

 

Equipment maintenance and repair expenses

 

 

417,717

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

417,717

 

Other operating expenses

 

 

173,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

173,815

 

Other segment items

 

 

490,154

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

(b,c)

 

 

517,038

 

Operating expenses

 

 

1,709,407

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

 

 

 

1,736,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

238,548

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

238,548

 

Cost of product sales

 

 

139,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

139,830

 

Benefits and losses

 

 

—

 

 

 

11,236

 

 

 

82,124

 

 

 

—

 

 

 

 

93,360

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

9,879

 

 

 

—

 

 

 

 

9,879

 

Lease expense

 

 

11,052

 

 

 

150

 

 

 

81

 

 

 

(1,338

)

(b)

 

 

9,945

 

Depreciation, net of (gains) losses on disposal

 

 

644,617

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

644,617

 

Net (gains) losses on disposal of real estate

 

 

2,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,914

 

Total costs and expenses

 

 

2,746,368

 

 

 

36,570

 

 

 

98,503

 

 

 

(6,057

)

 

 

 

2,875,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

440,318

 

 

 

29,042

 

 

 

5,704

 

 

 

(56

)

 

 

 

475,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

27,505

 

 

 

—

 

 

 

—

 

 

 

(27,505

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

467,823

 

 

 

29,042

 

 

 

5,704

 

 

 

(27,561

)

 

 

 

475,008

 

Other components of net periodic benefit costs

 

 

(691

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(691

)

Other interest income

 

 

20,876

 

 

 

—

 

 

 

—

 

 

 

(192

)

(b)

 

 

20,684

 

Interest expense

 

 

(172,691

)

 

 

—

 

 

 

(192

)

 

 

248

 

(b)

 

 

(172,635

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(26

)

Pretax earnings

 

 

315,291

 

 

 

29,042

 

 

 

5,512

 

 

 

(27,505

)

 

 

 

322,340

 

Income tax expense

 

 

(67,410

)

 

 

(5,983

)

 

 

(1,066

)

 

 

—

 

 

 

 

(74,459

)

Net earnings available to common stockholders

$

 

247,881

 

$

 

23,059

 

$

 

4,446

 

$

 

(27,505

)

 

$

 

247,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 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 September 30, 2026

 

$

721,346

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

721,346

 

Gross capital expenditures for the quarter ended September 30, 2025

 

$

997,931

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

997,931

 

 

 

Gross capital expenditures by reportable segment for the six months ended September 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 six months ended September 30, 2026

 

$

1,543,708

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,543,708

 

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

 

$

1,914,502

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,914,502

 

 

 

Total assets by reportable segment as of September 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 September 30, 2026

 

$

19,082,104

 

 

$

502,611

 

 

$

2,980,364

 

 

$

(690,257

)

 

$

21,874,822

 

Total assets as of March 31, 2026

 

$

18,687,591

 

 

$

485,434

 

 

$

3,003,054

 

 

$

(673,290

)

 

$

21,502,789

 
v3.26.3
Geographic Area Data
 6 Months Ended
Sep. 30, 2026
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area [Abstract]  
Schedule of Financial Results by Geography

13. Geographic Area Data

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Quarter ended September 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,670,557

 

 

$

102,118

 

 

$

1,772,675

 

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

 

 

311,217

 

 

 

13,135

 

 

 

324,352

 

Interest expense

 

 

98,684

 

 

 

335

 

 

 

99,019

 

Pretax earnings

 

 

166,468

 

 

 

7,519

 

 

 

173,987

 

Income tax expense

 

 

35,229

 

 

 

2,083

 

 

 

37,312

 

Identifiable assets

 

 

20,841,567

 

 

 

1,033,255

 

 

 

21,874,822

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,621,719

 

 

$

98,203

 

 

$

1,719,922

 

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

 

 

336,450

 

 

 

13,651

 

 

 

350,101

 

Interest expense

 

 

89,450

 

 

 

855

 

 

 

90,305

 

Pretax earnings

 

 

130,251

 

 

 

6,708

 

 

 

136,959

 

Income tax expense

 

 

29,526

 

 

 

1,883

 

 

 

31,409

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Six Months Ended September 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,260,842

 

 

$

193,860

 

 

$

3,454,702

 

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

 

 

604,701

 

 

 

26,433

 

 

 

631,134

 

Interest expense

 

 

196,120

 

 

 

811

 

 

 

196,931

 

Pretax earnings

 

 

326,817

 

 

 

8,857

 

 

 

335,674

 

Income tax expense

 

 

73,686

 

 

 

2,384

 

 

 

76,070

 

Identifiable assets

 

 

20,841,567

 

 

 

1,033,255

 

 

 

21,874,822

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,165,061

 

 

$

185,331

 

 

$

3,350,392

 

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

 

 

632,863

 

 

 

24,547

 

 

 

657,410

 

Interest expense

 

 

171,301

 

 

 

1,334

 

 

 

172,635

 

Pretax earnings

 

 

310,343

 

 

 

11,997

 

 

 

322,340

 

Income tax expense

 

 

70,879

 

 

 

3,580

 

 

 

74,459

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 
v3.26.3
Employee Benefit Plans
 6 Months Ended
Sep. 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 September 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

 

 

 

370

 

Other components

 

 

(25

)

 

 

(25

)

Total other components of net periodic benefit costs

 

 

357

 

 

 

345

 

Net periodic postretirement benefit cost

 

$

527

 

 

$

514

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

340

 

 

$

338

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

764

 

 

 

741

 

Other components

 

 

(50

)

 

 

(50

)

Total other components of net periodic benefit costs

 

 

714

 

 

 

691

 

Net periodic postretirement benefit cost

 

$

1,054

 

 

$

1,029

 
v3.26.3
Fair Value Measurements
 6 Months Ended
Sep. 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 September 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 September 30, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,255,298

 

 

$

—

 

 

$

2,255,298

 

 

$

—

 

Preferred stock

 

 

5,556

 

 

 

5,556

 

 

 

—

 

 

 

—

 

Common stock

 

 

10,094

 

 

 

10,094

 

 

 

—

 

 

 

—

 

Derivatives

 

 

24,572

 

 

 

20,264

 

 

 

4,308

 

 

 

—

 

Total

 

$

2,295,520

 

 

$

35,914

 

 

$

2,259,606

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

13,121

 

 

$

13,121

 

 

$

—

 

 

$

—

 

Embedded derivatives

 

 

8,411

 

 

 

—

 

 

 

—

 

 

 

8,411

 

Market risk benefits

 

 

11,995

 

 

 

—

 

 

 

—

 

 

 

11,995

 

Total

 

$

33,527

 

 

$

13,121

 

 

$

—

 

 

$

20,406

 

 

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 $743.7 million and $830.4 million as of September 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 September 30, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

141,578

 

 

$

—

 

 

$

—

 

 

$

141,578

 

 

$

141,578

 

Mortgage loans, net

 

 

671,218

 

 

 

—

 

 

 

—

 

 

 

665,395

 

 

 

665,395

 

Policy loans

 

 

1,873

 

 

 

—

 

 

 

—

 

 

 

1,873

 

 

 

1,873

 

Total

 

$

814,669

 

 

$

—

 

 

$

—

 

 

$

808,846

 

 

$

808,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance liabilities payable

 

$

8,273,277

 

 

$

—

 

 

$

7,325,457

 

 

$

—

 

 

$

7,325,457

 

Liabilities from investment contracts

 

 

2,334,829

 

 

 

—

 

 

 

—

 

 

 

2,292,979

 

 

 

2,292,979

 

Total

 

$

10,608,106

 

 

$

—

 

 

$

7,325,457

 

 

$

2,292,979

 

 

$

9,618,436

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 

 

 
v3.26.3
Revenue Recognition
 6 Months Ended
Sep. 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 September 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, $1.3 million and $55.2 million was recognized as revenue for the second quarter and first six months ended September 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 September 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,913

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

12,479

 

 

 

19,428

 

 

 

14,310

 

 

 

11,102

 

 

 

8,346

 

 

 

33,874

 

Total

 

$

18,392

 

 

$

19,428

 

 

$

14,310

 

 

$

11,102

 

 

$

8,346

 

 

$

33,874

 

 

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

Revenue Recognized in Accordance with Other Topics

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

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

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

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

 

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

144,961

 

 

$

134,942

 

Revenues recognized at a point in time:

 

 

110,034

 

 

 

109,890

 

Total revenues recognized under ASC 606

 

 

254,995

 

 

 

244,832

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,437,917

 

 

 

1,386,690

 

Insurance premium revenues recognized under ASC 944

 

 

39,906

 

 

 

48,378

 

Net investment and interest income recognized under other topics

 

 

39,857

 

 

 

40,022

 

Total revenues

 

$

1,772,675

 

 

$

1,719,922

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

264,980

 

 

$

250,811

 

Revenues recognized at a point in time:

 

 

227,462

 

 

 

226,077

 

Total revenues recognized under ASC 606

 

 

492,442

 

 

 

476,888

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

2,801,496

 

 

 

2,707,559

 

Insurance premium revenues recognized under ASC 944

 

 

83,539

 

 

 

90,712

 

Net investment and interest income recognized under other topics

 

 

77,225

 

 

 

75,233

 

Total revenues

 

$

3,454,702

 

 

$

3,350,392

 

 

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

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

v3.26.3
Allowance For Credit Losses
 6 Months Ended
Sep. 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 basis 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 September 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 September 30, 2026 and March 31, 2026 was $3.2 million and $3.2 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $27.0 million and $28.3 million as of September 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 September 30, 2026 and March 31, 2026. As of September 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 September 30, 2026.

Reinsurance Recoverables

Effective April 1, 2026, Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. The Company continues to service and administer these policies in the normal course of business on behalf of the reinsurer. The agreement was executed to reduce the Company's exposure to mortality and other risks within the final expense block and to provide additional capacity for future growth. Although the Company has ceded the related liabilities under the agreement, it remains the original direct writer of the final expense policies and, accordingly, is not relieved of its primary obligation to policyholders. The agreement resulted in the recognition of a related reinsurance recoverable. As of September 30, 2026, the reinsurance recoverable recorded within Trade receivables

and reinsurance recoverables, net was approximately $199 million. The reinsurance recoverables allowance for credit losses are not material due to the fact that reinsurance is typically procured from carriers with strong credit ratings.

Premium Receivables

Premium receivables were $0.3 million and $1.1 million as of September 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

 

 

1,084

 

 

 

(14

)

 

 

—

 

 

 

1,070

 

Write-offs against allowance

 

 

(1,157

)

 

 

—

 

 

 

—

 

 

 

(1,157

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of September 30, 2026

 

$

3,160

 

 

$

3,946

 

 

$

448

 

 

$

7,554

 
v3.26.3
Income Taxes
 6 Months Ended
Sep. 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 prohibit the use of the deduction credit. Our effective tax rates for the second quarters ended September 30, 2026 and 2025 were a provision of 21.4% and 22.9%, respectively and for the six months ended September 30, 2026 and 2025 were a provision of 22.7% and 23.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to foreign, 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 six months 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 legislation does not have a material impact on our effective tax rate.

 
v3.26.3
Accounting Pronouncements
 6 Months Ended
Sep. 30, 2026
Text Block [Abstract]  
Accounting Pronouncements . 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 the ("Climate 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 Climate Rule pending judicial review of consolidated challenges to the rule by the United States Court of Appeals for the Eighth Circuit (the "Court"). In March 2025, the SEC notified the Court that it was withdrawing its defense of the Climate Rule. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intended to review or reconsider the rule; (2) if taking no action, whether the SEC would adhere to the rule if petitions for review are denied; and (3) if not, why the SEC would not review or reconsider the rule at that time. In July 2025, the SEC provided its status report to the Court, stating that the SEC did not intend to review or reconsider the Climate Rule at that 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 rescind the Climate Rule. 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.
v3.26.3
Deferred Policy Acquisition Costs, Net
 6 Months Ended
Sep. 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 six-month periods ended September 30, 2026 and 2025. Amortization expense and other for the six months ended September 30, 2026, includes a ceding commission of $35.5 million and $15.5 million of amortization related to the reinsurance transaction as described in footnote 17, Allowance for Credit Losses, under the Reinsurance Recoverables section.

 

 

 

Six Months Ended September 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

 

 

5,126

 

 

 

489

 

 

 

29

 

 

 

5,644

 

Amortization expense and other

 

 

(5,861

)

 

 

(52,866

)

 

 

(272

)

 

 

(58,999

)

Balance, end of period

 

$

56,245

 

 

$

914

 

 

$

2,338

 

 

$

59,497

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

5,474

 

 

 

1,747

 

 

 

46

 

 

 

7,267

 

Amortization expense

 

 

(5,552

)

 

 

(3,893

)

 

 

(434

)

 

 

(9,879

)

Balance, end of period

 

$

60,402

 

 

$

55,840

 

 

$

2,875

 

 

$

119,117

 
v3.26.3
Life Insurance Liabilities
 6 Months Ended
Sep. 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.

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

Balance, beginning of year

 

$

162,658

 

 

$

182,658

 

Less: Final expense block reinsured (1)

 

 

155,897

 

 

 

—

 

Adjusted Balance, beginning of year

 

 

6,761

 

 

 

—

 

Beginning balance at original discount rate

 

$

6,577

 

 

$

185,508

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

(2,922

)

Effect of actual variances from expected experience

 

 

(61

)

 

 

(1,044

)

Adjusted beginning of year balance

 

$

6,516

 

 

$

181,542

 

Issuances

 

 

211

 

 

 

2,410

 

Interest accrual

 

 

161

 

 

 

4,403

 

Net premium collected

 

 

(1,169

)

 

 

(16,776

)

Ending balance at original discount rate

 

$

5,719

 

 

$

171,579

 

Effect of changes in discount rate assumptions (AOCI)

 

 

81

 

 

 

298

 

Balance, end of period

 

$

5,800

 

 

$

171,877

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

Balance, beginning of year

 

$

463,931

 

 

$

482,805

 

Less: Final expense block reinsured (1)

 

 

359,073

 

 

 

—

 

Adjusted Balance, beginning of year

 

 

104,858

 

 

 

—

 

Beginning balance at original discount rate

 

$

103,533

 

 

$

490,975

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

(3,887

)

Effect of actual variances from expected experiences

 

 

(283

)

 

 

(731

)

Adjusted beginning of year balance

 

$

103,250

 

 

$

486,357

 

Issuances

 

 

211

 

 

 

2,410

 

Interest accrual

 

 

2,555

 

 

 

11,797

 

Benefit payments

 

 

(7,428

)

 

 

(30,450

)

Ending balance at original discount rate

 

$

98,588

 

 

$

470,114

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(783

)

 

 

1,269

 

Balance, end of period

 

$

97,805

 

 

$

471,383

 

End of period, LFPB net

 

 

92,005

 

 

 

299,511

 

Payout annuities and market risk benefits

 

 

22,561

 

 

 

22,818

 

Health insurance

 

 

13,131

 

 

 

10,179

 

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

 

 

18,874

 

 

 

28,229

 

Life DPL / Other life and health

 

 

7,469

 

 

 

8,214

 

Final expense block (1)

 

 

199,460

 

 

 

 

LFPB flooring effect

 

 

—

 

 

 

—

 

Life Insurance end of period balance

 

$

353,500

 

 

$

368,951

 

Moving and Storage balance

 

 

497,055

 

 

 

404,844

 

Property and Casualty Insurance balance

 

 

115,340

 

 

 

126,507

 

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

 

$

965,895

 

 

$

900,302

 

 

(1) Includes liabilities related to fully reinsured final expense block. See note 17.

 

 

 

 

 

 

 

 

 

Six months ended September 30,

 

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

11,790

 

 

$

319,669

 

 

Discounted balance at original discount rate

 

$

9,756

 

 

$

247,543

 

 

Discounted balance at current discount rate

 

$

9,824

 

 

$

248,018

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

135,917

 

 

$

675,928

 

 

Discounted balance at original discount rate

 

$

98,588

 

 

$

470,113

 

 

Discounted balance at current discount rate

 

$

97,805

 

 

$

471,382

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.52

 

%

 

7.15

 

%

Mortality expected experience

 

 

4.65

 

%

 

6.67

 

%

Lapses actual experience

 

 

1.49

 

%

 

2.31

 

%

Lapses expected experience

 

 

2.04

 

%

 

3.12

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

1,769

 

 

$

23,444

 

 

Interest expense (2)

 

$

2,394

 

 

$

7,394

 

 

 

 

 

 

 

 

 

 

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

 

 

5.9

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

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

 

 

5.01

 

%

 

4.91

 

%

 

 

 

 

 

 

 

 

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

 

 

3.97

 

%

 

4.37

 

%

 

(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 information in the table above lacks comparability as Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. Please see note 17.

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

 

 

 

Six Months Ended September 30, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,357,545

 

Deposits received

 

 

170,010

 

Surrenders and withdrawals

 

 

(211,536

)

Benefit payments

 

 

(20,719

)

Interest credited

 

 

47,940

 

Other

 

 

—

 

End of period

 

$

2,343,240

 

Weighted average credited rate

 

 

4.08

 

Cash surrender value

 

$

2,047,010

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

181,834

 

Surrenders and withdrawals

 

 

(205,014

)

Benefit payments

 

 

(17,448

)

Interest credited

 

 

47,809

 

Other

 

 

—

 

End of period

 

$

2,518,603

 

Weighted average credited rate

 

 

3.80

 

Cash surrender value

 

$

2,210,645

 
v3.26.3
Earnings Per Share (Table Text Block)
 6 Months Ended
Sep. 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 September 30, 2026 and 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:

 

 

 

For the Quarters Ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,246,975

 

 

 

19,607,788

 

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

 

 

194,405,152

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.90

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

136,675

 

 

$

105,550

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

127,936

 

 

$

96,727

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

12,666

 

 

$

9,673

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

0.66

 

 

$

0.49

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

0.66

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,158,177

 

 

 

176,470,092

 

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

 

 

194,405,152

 

 

 

196,077,880

 

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

 

 

90.10

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

136,675

 

 

$

105,550

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

 

$

127,936

 

 

$

96,727

 

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

 

$

115,270

 

 

$

87,054

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

0.66

 

 

$

0.49

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

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

 

$

0.71

 

 

$

0.54

 

 

 

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

 

 

Six months ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,401,609

 

 

 

19,607,788

 

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

 

 

195,122,035

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.94

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

259,604

 

 

$

247,881

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

242,052

 

 

$

230,234

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

 

$

24,060

 

 

$

23,023

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

 

$

1.24

 

 

$

1.17

 

Dividends declared per share of Voting Common Stock

 

 

—

 

 

 

—

 

Basic and diluted earnings per share of Voting Common Stock

 

$

1.24

 

 

$

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,720,426

 

 

 

176,470,092

 

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

 

 

195,122,035

 

 

 

196,077,880

 

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

 

 

90.06

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

259,604

 

 

$

247,881

 

Voting Common Stock dividends declared and paid

 

 

—

 

 

 

—

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

 

$

242,052

 

 

$

230,234

 

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

 

$

217,992

 

 

$

207,211

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

 

$

1.24

 

 

$

1.17

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.10

 

 

 

0.10

 

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

 

$

1.34

 

 

$

1.27

 
v3.26.3
Investments (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Investments Debt Equity Securities [Abstract]  
Available for sale investments

Available-for-sale investments as of September 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

 

$

83,050

 

 

$

158

 

 

$

(5,184

)

 

$

—

 

 

$

78,024

 

U.S. government agency mortgage-backed securities

 

 

122,914

 

 

 

262

 

 

 

(5,323

)

 

 

—

 

 

 

117,853

 

Obligations of states and political subdivisions

 

 

111,267

 

 

 

196

 

 

 

(5,363

)

 

 

—

 

 

 

106,100

 

Corporate securities

 

 

1,527,436

 

 

 

1,598

 

 

 

(115,722

)

 

 

(1,679

)

 

 

1,411,633

 

Mortgage-backed securities

 

 

573,285

 

 

 

1,537

 

 

 

(30,867

)

 

 

(2,267

)

 

 

541,688

 

 

 

$

2,417,952

 

 

$

3,751

 

 

$

(162,459

)

 

$

(3,946

)

 

$

2,255,298

 

 

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

 

 

 

September 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

 

 

$

2,133

 

 

 

$

(22

)

 

 

$

70,673

 

 

 

$

(5,162

)

 

 

$

72,806

 

 

 

$

(5,184

)

U.S. government agency mortgage-backed securities

 

 

 

44,108

 

 

 

 

(343

)

 

 

 

19,767

 

 

 

 

(4,980

)

 

 

 

63,875

 

 

 

 

(5,323

)

Obligations of states and political subdivisions

 

 

 

40,837

 

 

 

 

(324

)

 

 

 

44,320

 

 

 

 

(5,039

)

 

 

 

85,157

 

 

 

 

(5,363

)

Corporate securities

 

 

 

381,261

 

 

 

 

(5,459

)

 

 

 

889,652

 

 

 

 

(110,263

)

 

 

 

1,270,913

 

 

 

 

(115,722

)

Mortgage-backed securities

 

 

 

160,326

 

 

 

 

(588

)

 

 

 

166,433

 

 

 

 

(30,279

)

 

 

 

326,759

 

 

 

 

(30,867

)

 

 

 

$

628,665

 

 

 

$

(6,736

)

 

 

$

1,190,845

 

 

 

$

(155,723

)

 

 

$

1,819,510

 

 

 

$

(162,459

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

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Due in one year or less

 

$

80,835

 

 

$

80,282

 

 

$

133,150

 

 

$

132,947

 

Due after one year through five years

 

 

552,549

 

 

 

535,716

 

 

 

589,615

 

 

 

578,918

 

Due after five years through ten years

 

 

495,844

 

 

 

459,855

 

 

 

526,745

 

 

 

500,476

 

Due after ten years

 

 

715,439

 

 

 

637,757

 

 

 

744,232

 

 

 

668,954

 

 

 

 

1,844,667

 

 

 

1,713,610

 

 

 

1,993,742

 

 

 

1,881,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

573,285

 

 

 

541,688

 

 

 

564,600

 

 

 

536,617

 

 

 

$

2,417,952

 

 

$

2,255,298

 

 

$

2,558,342

 

 

$

2,417,912

 
Available for sale equity investments

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

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Common stocks

 

$

10,104

 

 

$

10,094

 

 

$

9,099

 

 

$

9,089

 

Non-redeemable preferred stocks

 

 

9,000

 

 

 

5,556

 

 

 

9,000

 

 

 

5,887

 

 

 

$

19,104

 

 

$

15,650

 

 

$

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 was as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Mortgage loans, net

 

$

671,218

 

 

$

667,169

 

Policy loans

 

 

1,873

 

 

 

12,633

 

Other investments

 

 

20,264

 

 

 

26,512

 

 

 

$

693,355

 

 

$

706,314

 
v3.26.3
Accounts Payable and Accrued Expense (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Accounts payable

$

 

232,348

 

$

 

238,840

 

Accrued expenses

 

 

640,377

 

 

 

611,454

 

 

$

 

872,725

 

$

 

850,294
v3.26.3
Notes, Loans and Finance Leases Payable, net (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Debt Instruments [Abstract]  
Long-Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2027 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (b)

 

September 30, 2026

 

 

March 31,
2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.39

 

%

-

 

4.94

 

%

 

2029

 

-

2037

 

 

4.83

 

%

 

$

270,206

 

 

$

254,007

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.99

 

%

 

 

3,094,528

 

 

 

2,950,201

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2026

 

-

2033

 

 

5.39

 

%

 

 

167,195

 

 

 

145,660

 

Fleet loans (revolving credit)

 

4.90

 

%

-

 

4.94

 

%

 

2029

 

-

2031

 

 

4.92

 

%

 

 

635,000

 

 

 

635,000

 

Finance liabilities (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2026

 

-

2034

 

 

5.30

 

%

 

 

2,344,491

 

 

 

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

 

%

 

 

61,857

 

 

 

63,377

 

Notes, loans and finance liabilities payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,273,277

 

 

 

8,124,949

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,187

)

 

 

(41,575

)

Total notes, loans and finance liabilities payable, net

 

 

 

 

 

 

 

 

 

 

$

8,230,090

 

 

$

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 4.70% using the swap adjusted interest rate.

 

(b) Weighted average rates as of September 30, 2026.

 
Annual Maturities of Notes, Loans and Leases Payable

 

Years Ended September 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance liabilities payable

 

$

981,394

 

 

$

923,449

 

 

$

1,223,833

 

 

$

1,140,696

 

 

$

839,325

 

 

$

3,164,580

 

 

$

8
Components of interest expense

Components of interest expense included the following:

 

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

101,418

 

 

$

89,854

 

Capitalized interest

 

 

(4,305

)

 

 

(558

)

Amortization of transaction costs

 

 

1,996

 

 

 

1,571

 

Interest expense resulting from cash flow hedges

 

 

(90

)

 

 

(562

)

Total interest expense

 

$

99,019

 

 

$

90,305

 

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

200,573

 

 

$

176,473

 

Capitalized interest

 

 

(7,330

)

 

 

(5,852

)

Amortization of transaction costs

 

 

3,905

 

 

 

3,103

 

Interest expense resulting from cash flow hedges

 

 

(217

)

 

 

(1,089

)

Total interest expense

 

$

196,931

 

 

$

172,635

 
Interest rates and company borrowings

 

Revolving Credit Activity

 

 

 

Six months ended September 30,

 

 

 

2026

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the period

 

4.92

%

5.62

%

Interest rate at the end of the period

 

4.92

%

5.60

%

Maximum amount outstanding during the period

 

$835,000

 

$785,000

 

Average amount outstanding during the period

 

$702,760

 

$682,541

 

Facility fees

 

$505

 

$531
v3.26.3
Derivatives (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Interest Rate Swap [Member]  
Derivative [Line Items]  
Schedule of derivative instruments in statement of financial position, fair value

 

 

Derivatives Fair Values as of

 

 

 

September 30, 2026

 

 

March 31, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest rate swaps designated as cash flow hedges:

 

Assets

 

$

4,308

 

 

$

2,449

 

Liabilities

 

$

—

 

 

$

256

 

Notional amount

 

$

51,667

 

 

$

268,407

 
v3.26.3
Accumulated Other Comprehensive Loss (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Table Text Block Supplement [Abstract]  
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax

The following tables provide the details and changes in AOCI:

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2026

 

$

(58,276

)

 

$

(125,058

)

 

$

(444

)

 

$

2,684

 

 

$

(181,094

)

Foreign currency translation

 

 

5,379

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,379

 

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

 

 

—

 

 

 

2,429

 

 

 

—

 

 

 

—

 

 

 

2,429

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

1,554

 

 

 

—

 

 

 

1,554

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(137

)

 

 

—

 

 

 

(137

)

Other comprehensive income (loss)

 

 

5,379

 

 

 

2,429

 

 

 

1,417

 

 

 

—

 

 

 

9,225

 

Balance as of September 30, 2026

 

$

(52,897

)

 

$

(122,629

)

 

$

973

 

 

$

2,684

 

 

$

(171,869

)

(a) Liability for future policy benefits

 

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of June 30, 2025

 

$

(55,120

)

 

$

(147,088

)

 

$

(590

)

 

$

2,602

 

 

$

(200,196

)

Foreign currency translation

 

 

(1,459

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,459

)

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

 

 

—

 

 

 

12,202

 

 

 

—

 

 

 

—

 

 

 

12,202

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

329

 

 

 

—

 

 

 

329

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

(680

)

 

 

—

 

 

 

(680

)

Other comprehensive income (loss)

 

 

(1,459

)

 

 

12,202

 

 

 

(351

)

 

 

—

 

 

 

10,392

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

 

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2026

 

$

(56,592

)

 

$

(108,943

)

 

$

(789

)

 

$

2,684

 

 

$

(163,640

)

Foreign currency translation

 

 

3,695

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,695

 

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

 

 

—

 

 

 

(13,686

)

 

 

—

 

 

 

—

 

 

 

(13,686

)

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(18

)

 

 

—

 

 

 

(18

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

1,780

 

 

 

—

 

 

 

1,780

 

Other comprehensive income (loss)

 

 

3,695

 

 

 

(13,686

)

 

 

1,762

 

 

 

—

 

 

 

(8,229

)

Balance as of September 30, 2026

 

$

(52,897

)

 

$

(122,629

)

 

$

973

 

 

$

2,684

 

 

$

(171,869

)

(a) Liability for future policy benefits

 

 

 

Foreign
Currency
Translation

 

 

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

 

 

Fair
Value of
Cash Flow
Hedges

 

 

Postretirement
Benefit
Obligation
Net Loss

 

 

Accumulated
Other
Comprehensive
Loss

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance as of March 31, 2025

 

$

(57,540

)

 

$

(174,320

)

 

$

(56

)

 

$

2,602

 

 

$

(229,314

)

Foreign currency translation

 

 

961

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

961

 

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

 

 

—

 

 

 

39,434

 

 

 

—

 

 

 

—

 

 

 

39,434

 

Change in fair value of cash flow hedges

 

 

—

 

 

 

—

 

 

 

(4,437

)

 

 

—

 

 

 

(4,437

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

3,552

 

 

 

—

 

 

 

3,552

 

Other comprehensive income (loss)

 

 

961

 

 

 

39,434

 

 

 

(885

)

 

 

—

 

 

 

39,510

 

Balance as of September 30, 2025

 

$

(56,579

)

 

$

(134,886

)

 

$

(941

)

 

$

2,602

 

 

$

(189,804

)

(a) Liability for future policy benefits
v3.26.3
Stockholders' Equity (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Stockholders' Equity [Abstract]  
Summary of Dividends Declared

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2027 and 2026:

 

Non-Voting Common Stock Dividends

Declared Date

 

Per Share Amount

 

 

Record Date

 

Dividend Date

 

 

 

 

 

 

 

 

August 20, 2026

$

 

0.05

 

 

September 14, 2026

 

September 25, 2026

June 3, 2026

 

 

0.05

 

 

June 15, 2026

 

June 26, 2026

August 21, 2025

 

 

0.05

 

 

September 15, 2025

 

September 26, 2025

June 4, 2025

 

 

0.05

 

 

June 16, 2025

 

June 27, 2025
v3.26.3
Leases (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

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

 

 

As of September 30, 2026

 

 

Operating

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

Buildings and improvements

$

64,392

 

Right-of-use assets, gross

 

64,392

 

Less: Accumulated depreciation

 

(27,485

)

Right-of-use assets, net

$

36,907

 

 

 

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

 

 

 

 

September 30,

 

 

March 31,

 

 

 

 

2026

 

 

2026

 

 

 

 

(Unaudited)

 

 

Weighted average remaining lease term (years)

 

 

27.6

 

 

 

26.0

 

 

Weighted average discount rate

 

 

4.7

 

%

 

4.7

 

%
Components of Lease Expense

 

 

Six months ended

 

 

 

September 30, 2026

 

 

September 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

 

$

7,359

 

 

$

9,945

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

—

 

 

$

5,979

 

Interest on lease liabilities

 

 

—

 

 

 

849

 

Total finance lease cost

 

$

—

 

 

$

6,828

 
Maturities of Lease Liabilities

 

Operating leases

 

 

 

 

Year ending March 31,

 

 

 

 

 

2027 (6 months)

 

12,323

 

2028

 

5,633

 

2029

 

4,300

 

2030

 

3,822

 

2031

 

3,109

 

Thereafter

 

50,865

 

Total lease payments

 

80,052

 

Less: imputed interest

 

(42,415

)

Present value of lease liabilities

$

37,637

 
v3.26.3
Related Party Transations (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Related Party Revenue [Abstract]  
Related Party Revenue

Related Party Revenue

 

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

7,811

 

 

$

7,830

 

U-Haul management fee revenue from Mercury

 

 

1,769

 

 

 

1,791

 

 

 

$

9,580

 

 

$

9,621

 

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul management fee revenue from Blackwater

 

$

15,589

 

 

$

15,608

 

U-Haul management fee revenue from Mercury

 

 

3,556

 

 

 

3,595

 

 

 

$

19,145

 

 

$

19,203

 
Related Party costs and expenses

Related Party Costs and Expenses

 

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

663

 

 

$

601

 

U-Haul printing expenses to Blackwater

 

 

1,802

 

 

 

1,445

 

U-Haul commission expenses to Blackwater

 

 

24,194

 

 

 

24,194

 

U-Haul lease expenses to Mercury

 

 

38

 

 

 

38

 

U-Haul commission expenses to Mercury

 

 

6,330

 

 

 

6,439

 

 

 

$

33,027

 

 

$

32,717

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul lease expenses to Blackwater

 

$

1,263

 

 

$

1,202

 

U-Haul printing expenses to Blackwater

 

 

3,255

 

 

 

2,880

 

U-Haul commission expenses to Blackwater

 

 

47,356

 

 

 

47,765

 

U-Haul lease expenses to Mercury

 

 

76

 

 

 

76

 

U-Haul commission expenses to Mercury

 

 

12,661

 

 

 

12,931

 

 

 

$

64,611

 

 

$

64,854

 
Related party assets

Related Party Assets

 

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

U-Haul receivable from Blackwater

 

$

29,742

 

 

$

36,307

 

U-Haul receivable from Mercury

 

 

16,740

 

 

 

14,972

 

Other (a)

 

 

1,778

 

 

 

1,880

 

 

 

$

48,260

 

 

$

53,159

 

 

(a)
Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.
v3.26.3
Reportable Segment Information (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Table Text Block Supplement [Abstract]  
Revenues and earnings by segment

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

$

 

1,694,151

 

$

 

37,008

 

$

 

44,900

 

$

 

(3,384

)

(b,c)

$

 

1,772,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

332,931

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

332,931

 

Equipment maintenance and repair expenses

 

 

222,172

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

222,172

 

Other operating expenses

 

 

98,092

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

98,092

 

Other segment items

 

 

295,644

 

 

 

13,569

 

 

 

5,684

 

 

 

(3,041

)

(b,c)

 

 

311,856

 

Operating expenses

 

 

948,839

 

 

 

13,569

 

 

 

5,684

 

 

 

(3,041

)

 

 

 

965,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

126,644

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

126,644

 

Cost of product sales

 

 

66,967

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

66,967

 

Benefits and losses

 

 

—

 

 

 

6,371

 

 

 

14,379

 

 

 

—

 

 

 

 

20,750

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

18,604

 

 

 

—

 

 

 

 

18,604

 

Lease expense

 

 

4,067

 

 

 

90

 

 

 

23

 

 

 

(317

)

(b)

 

 

3,863

 

Depreciation, net of (gains) losses on disposal

 

 

306,001

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

306,001

 

Net (gains) losses on disposal of real estate

 

 

(253

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(253

)

Total costs and expenses

 

 

1,452,265

 

 

 

20,030

 

 

 

38,690

 

 

 

(3,358

)

 

 

 

1,507,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

241,886

 

 

 

16,978

 

 

 

6,210

 

 

 

(26

)

 

 

 

265,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

18,325

 

 

 

—

 

 

 

—

 

 

 

(18,325

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

260,211

 

 

 

16,978

 

 

 

6,210

 

 

 

(18,351

)

 

 

 

265,048

 

Other components of net periodic benefit costs

 

 

(357

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(357

)

Other interest income

 

 

8,431

 

 

 

—

 

 

 

—

 

 

 

(72

)

(b)

 

 

8,359

 

Interest expense

 

 

(99,045

)

 

 

—

 

 

 

(72

)

 

 

98

 

(b)

 

 

(99,019

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(44

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(44

)

Pretax earnings

 

 

169,196

 

 

 

16,978

 

 

 

6,138

 

 

 

(18,325

)

 

 

 

173,987

 

Income tax expense

 

 

(32,521

)

 

 

(3,526

)

 

 

(1,265

)

 

 

—

 

 

 

 

(37,312

)

Net earnings available to common stockholders

$

 

136,675

 

$

 

13,452

 

$

 

4,873

 

$

 

(18,325

)

 

$

 

136,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 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 September 30, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

1,632,827

 

$

 

35,891

 

$

 

54,113

 

$

 

(2,909

)

(b,c)

$

 

1,719,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

322,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

322,687

 

Equipment maintenance and repair expenses

 

 

223,772

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

223,772

 

Other operating expenses

 

 

91,844

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

91,844

 

Other segment items

 

 

256,922

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

(b,c)

 

 

271,239

 

Operating expenses

 

 

895,225

 

 

 

12,924

 

 

 

3,634

 

 

 

(2,241

)

 

 

 

909,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

121,811

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

121,811

 

Cost of product sales

 

 

67,625

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

67,625

 

Benefits and losses

 

 

—

 

 

 

5,737

 

 

 

42,441

 

 

 

—

 

 

 

 

48,178

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

4,962

 

 

 

—

 

 

 

 

4,962

 

Lease expense

 

 

5,587

 

 

 

76

 

 

 

48

 

 

 

(640

)

(b)

 

 

5,071

 

Depreciation, net of (gains) losses on disposal

 

 

340,608

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

340,608

 

Net (gains) losses on disposal of real estate

 

 

4,531

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

4,531

 

Total costs and expenses

 

 

1,435,387

 

 

 

18,737

 

 

 

51,085

 

 

 

(2,881

)

 

 

 

1,502,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

197,440

 

 

 

17,154

 

 

 

3,028

 

 

 

(28

)

 

 

 

217,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

16,001

 

 

 

—

 

 

 

—

 

 

 

(16,001

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

213,441

 

 

 

17,154

 

 

 

3,028

 

 

 

(16,029

)

 

 

 

217,594

 

Other components of net periodic benefit costs

 

 

(345

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(345

)

Other interest income

 

 

10,111

 

 

 

—

 

 

 

—

 

 

 

(96

)

(b)

 

 

10,015

 

Interest expense

 

 

(90,333

)

 

 

—

 

 

 

(96

)

 

 

124

 

(b)

 

 

(90,305

)

Pretax earnings

 

 

132,874

 

 

 

17,154

 

 

 

2,932

 

 

 

(16,001

)

 

 

 

136,959

 

Income tax expense

 

 

(27,324

)

 

 

(3,515

)

 

 

(570

)

 

 

—

 

 

 

 

(31,409

)

Net earnings available to common stockholders

$

 

105,550

 

$

 

13,639

 

$

 

2,362

 

$

 

(16,001

)

 

$

 

105,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

 

3,296,100

 

$

 

68,231

 

$

 

96,376

 

$

 

(6,005

)

(b,c)

$

 

3,454,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

648,165

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

648,165

 

Equipment maintenance and repair expenses

 

 

420,244

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

420,244

 

Other operating expenses

 

 

186,276

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

186,276

 

Other segment items

 

 

563,270

 

 

 

27,202

 

 

 

11,828

 

 

 

(4,944

)

(b,c)

 

 

597,356

 

Operating expenses

 

 

1,817,955

 

 

 

27,202

 

 

 

11,828

 

 

 

(4,944

)

 

 

 

1,852,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

246,916

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

246,916

 

Cost of product sales

 

 

138,721

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

138,721

 

Benefits and losses

 

 

—

 

 

 

11,667

 

 

 

51,220

 

 

 

—

 

 

 

 

62,887

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

23,478

 

 

 

—

 

 

 

 

23,478

 

Lease expense

 

 

8,152

 

 

 

168

 

 

 

47

 

 

 

(1,008

)

(b)

 

 

7,359

 

Depreciation, net of (gains) losses on disposal

 

 

604,841

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

604,841

 

Net (gains) losses on disposal of real estate

 

 

2,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,815

 

Total costs and expenses

 

 

2,819,400

 

 

 

39,037

 

 

 

86,573

 

 

 

(5,952

)

 

 

 

2,939,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

476,700

 

 

 

29,194

 

 

 

9,803

 

 

 

(53

)

 

 

 

515,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

30,710

 

 

 

—

 

 

 

—

 

 

 

(30,710

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

507,410

 

 

 

29,194

 

 

 

9,803

 

 

 

(30,763

)

 

 

 

515,644

 

Other components of net periodic benefit costs

 

 

(714

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(714

)

Other interest income

 

 

17,894

 

 

 

—

 

 

 

—

 

 

 

(144

)

(b)

 

 

17,750

 

Interest expense

 

 

(196,984

)

 

 

—

 

 

 

(144

)

 

 

197

 

(b)

 

 

(196,931

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(75

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(75

)

Pretax earnings

 

 

327,531

 

 

 

29,194

 

 

 

9,659

 

 

 

(30,710

)

 

 

 

335,674

 

Income tax expense

 

 

(67,927

)

 

 

(6,049

)

 

 

(2,094

)

 

 

—

 

 

 

 

(76,070

)

Net earnings available to common stockholders

$

 

259,604

 

$

 

23,145

 

$

 

7,565

 

$

 

(30,710

)

 

$

 

259,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 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 six months ended September 30, 2025 were as follows:

 

 

Moving & Storage
Consolidated

 

 

Property & Casualty Insurance (a)

 

 

Life
Insurance (a)

 

 

Eliminations

 

 

 

U-Haul Holding Company Consolidated

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Revenues

$

 

3,186,686

 

$

 

65,612

 

$

 

104,207

 

$

 

(6,113

)

(b,c)

$

 

3,350,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expenses

 

 

627,721

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

627,721

 

Equipment maintenance and repair expenses

 

 

417,717

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

417,717

 

Other operating expenses

 

 

173,815

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

173,815

 

Other segment items

 

 

490,154

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

(b,c)

 

 

517,038

 

Operating expenses

 

 

1,709,407

 

 

 

25,184

 

 

 

6,419

 

 

 

(4,719

)

 

 

 

1,736,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commission expenses

 

 

238,548

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

238,548

 

Cost of product sales

 

 

139,830

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

139,830

 

Benefits and losses

 

 

—

 

 

 

11,236

 

 

 

82,124

 

 

 

—

 

 

 

 

93,360

 

Amortization of deferred policy acquisition costs

 

 

—

 

 

 

—

 

 

 

9,879

 

 

 

—

 

 

 

 

9,879

 

Lease expense

 

 

11,052

 

 

 

150

 

 

 

81

 

 

 

(1,338

)

(b)

 

 

9,945

 

Depreciation, net of (gains) losses on disposal

 

 

644,617

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

644,617

 

Net (gains) losses on disposal of real estate

 

 

2,914

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

2,914

 

Total costs and expenses

 

 

2,746,368

 

 

 

36,570

 

 

 

98,503

 

 

 

(6,057

)

 

 

 

2,875,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

 

440,318

 

 

 

29,042

 

 

 

5,704

 

 

 

(56

)

 

 

 

475,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

 

27,505

 

 

 

—

 

 

 

—

 

 

 

(27,505

)

(d)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

 

467,823

 

 

 

29,042

 

 

 

5,704

 

 

 

(27,561

)

 

 

 

475,008

 

Other components of net periodic benefit costs

 

 

(691

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(691

)

Other interest income

 

 

20,876

 

 

 

—

 

 

 

—

 

 

 

(192

)

(b)

 

 

20,684

 

Interest expense

 

 

(172,691

)

 

 

—

 

 

 

(192

)

 

 

248

 

(b)

 

 

(172,635

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

(26

)

Pretax earnings

 

 

315,291

 

 

 

29,042

 

 

 

5,512

 

 

 

(27,505

)

 

 

 

322,340

 

Income tax expense

 

 

(67,410

)

 

 

(5,983

)

 

 

(1,066

)

 

 

—

 

 

 

 

(74,459

)

Net earnings available to common stockholders

$

 

247,881

 

$

 

23,059

 

$

 

4,446

 

$

 

(27,505

)

 

$

 

247,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Gross Capital Expenditures by Operating Segment

Gross capital expenditures by reportable segment for the quarters ended September 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 September 30, 2026

 

$

721,346

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

721,346

 

Gross capital expenditures for the quarter ended September 30, 2025

 

$

997,931

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

997,931

 

 

 

Gross capital expenditures by reportable segment for the six months ended September 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 six months ended September 30, 2026

 

$

1,543,708

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,543,708

 

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

 

$

1,914,502

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,914,502

 
Assets by operating segment

Total assets by reportable segment as of September 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 September 30, 2026

 

$

19,082,104

 

 

$

502,611

 

 

$

2,980,364

 

 

$

(690,257

)

 

$

21,874,822

 

Total assets as of March 31, 2026

 

$

18,687,591

 

 

$

485,434

 

 

$

3,003,054

 

 

$

(673,290

)

 

$

21,502,789

 
v3.26.3
Geographic Area Data (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Long-Lived Asset [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 September 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,670,557

 

 

$

102,118

 

 

$

1,772,675

 

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

 

 

311,217

 

 

 

13,135

 

 

 

324,352

 

Interest expense

 

 

98,684

 

 

 

335

 

 

 

99,019

 

Pretax earnings

 

 

166,468

 

 

 

7,519

 

 

 

173,987

 

Income tax expense

 

 

35,229

 

 

 

2,083

 

 

 

37,312

 

Identifiable assets

 

 

20,841,567

 

 

 

1,033,255

 

 

 

21,874,822

 

 

 

 

 

 

 

 

 

 

 

Quarter ended September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,621,719

 

 

$

98,203

 

 

$

1,719,922

 

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

 

 

336,450

 

 

 

13,651

 

 

 

350,101

 

Interest expense

 

 

89,450

 

 

 

855

 

 

 

90,305

 

Pretax earnings

 

 

130,251

 

 

 

6,708

 

 

 

136,959

 

Income tax expense

 

 

29,526

 

 

 

1,883

 

 

 

31,409

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 

 

 

 

United States

 

 

Canada

 

 

Consolidated

 

 

 

(Unaudited)

 

 

 

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

 

Six Months Ended September 30, 2026

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,260,842

 

 

$

193,860

 

 

$

3,454,702

 

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

 

 

604,701

 

 

 

26,433

 

 

 

631,134

 

Interest expense

 

 

196,120

 

 

 

811

 

 

 

196,931

 

Pretax earnings

 

 

326,817

 

 

 

8,857

 

 

 

335,674

 

Income tax expense

 

 

73,686

 

 

 

2,384

 

 

 

76,070

 

Identifiable assets

 

 

20,841,567

 

 

 

1,033,255

 

 

 

21,874,822

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

Total revenues

 

$

3,165,061

 

 

$

185,331

 

 

$

3,350,392

 

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

 

 

632,863

 

 

 

24,547

 

 

 

657,410

 

Interest expense

 

 

171,301

 

 

 

1,334

 

 

 

172,635

 

Pretax earnings

 

 

310,343

 

 

 

11,997

 

 

 

322,340

 

Income tax expense

 

 

70,879

 

 

 

3,580

 

 

 

74,459

 

Identifiable assets

 

 

20,438,542

 

 

 

989,877

 

 

 

21,428,419

 
v3.26.3
Employee Benefit Plans (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Post Retirement Benefit Cost

 

 

Quarter ended September 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

 

 

 

370

 

Other components

 

 

(25

)

 

 

(25

)

Total other components of net periodic benefit costs

 

 

357

 

 

 

345

 

Net periodic postretirement benefit cost

 

$

527

 

 

$

514

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Service cost for benefits earned during the period

 

$

340

 

 

$

338

 

Other components of net periodic benefit costs:

 

 

 

 

 

 

Interest cost on accumulated postretirement benefit

 

 

764

 

 

 

741

 

Other components

 

 

(50

)

 

 

(50

)

Total other components of net periodic benefit costs

 

 

714

 

 

 

691

 

Net periodic postretirement benefit cost

 

$

1,054

 

 

$

1,029
v3.26.3
Fair Value Measurements (Table Text Block)
 6 Months Ended
Sep. 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 September 30, 2026

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Fixed maturities - available for sale

 

$

2,255,298

 

 

$

—

 

 

$

2,255,298

 

 

$

—

 

Preferred stock

 

 

5,556

 

 

 

5,556

 

 

 

—

 

 

 

—

 

Common stock

 

 

10,094

 

 

 

10,094

 

 

 

—

 

 

 

—

 

Derivatives

 

 

24,572

 

 

 

20,264

 

 

 

4,308

 

 

 

—

 

Total

 

$

2,295,520

 

 

$

35,914

 

 

$

2,259,606

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

13,121

 

 

$

13,121

 

 

$

—

 

 

$

—

 

Embedded derivatives

 

 

8,411

 

 

 

—

 

 

 

—

 

 

 

8,411

 

Market risk benefits

 

 

11,995

 

 

 

—

 

 

 

—

 

 

 

11,995

 

Total

 

$

33,527

 

 

$

13,121

 

 

$

—

 

 

$

20,406

 

 

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 September 30, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

Trade receivables, net

 

$

141,578

 

 

$

—

 

 

$

—

 

 

$

141,578

 

 

$

141,578

 

Mortgage loans, net

 

 

671,218

 

 

 

—

 

 

 

—

 

 

 

665,395

 

 

 

665,395

 

Policy loans

 

 

1,873

 

 

 

—

 

 

 

—

 

 

 

1,873

 

 

 

1,873

 

Total

 

$

814,669

 

 

$

—

 

 

$

—

 

 

$

808,846

 

 

$

808,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes, loans and finance liabilities payable

 

$

8,273,277

 

 

$

—

 

 

$

7,325,457

 

 

$

—

 

 

$

7,325,457

 

Liabilities from investment contracts

 

 

2,334,829

 

 

 

—

 

 

 

—

 

 

 

2,292,979

 

 

 

2,292,979

 

Total

 

$

10,608,106

 

 

$

—

 

 

$

7,325,457

 

 

$

2,292,979

 

 

$

9,618,436

 

 

 

 

Fair Value Hierarchy

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

Total

 

As of March 31, 2026

 

Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

 

 

(Unaudited)

 

Assets

 

(In thousands)

 

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

 
v3.26.3
Revenue Recognition (Table Text Block)
 6 Months Ended
Sep. 30, 2026
Revenue From Contract With Customer [Abstract]  
Next five years and thereafter revenue

 

 

Years Ending September 30,

 

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

5,913

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Property lease revenues

 

 

12,479

 

 

 

19,428

 

 

 

14,310

 

 

 

11,102

 

 

 

8,346

 

 

 

33,874

 

Total

 

$

18,392

 

 

$

19,428

 

 

$

14,310

 

 

$

11,102

 

 

$

8,346

 

 

$

33,874

 
Disaggregation Of Revenue

 

 

Quarter ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

144,961

 

 

$

134,942

 

Revenues recognized at a point in time:

 

 

110,034

 

 

 

109,890

 

Total revenues recognized under ASC 606

 

 

254,995

 

 

 

244,832

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

1,437,917

 

 

 

1,386,690

 

Insurance premium revenues recognized under ASC 944

 

 

39,906

 

 

 

48,378

 

Net investment and interest income recognized under other topics

 

 

39,857

 

 

 

40,022

 

Total revenues

 

$

1,772,675

 

 

$

1,719,922

 

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Revenues recognized over time:

 

$

264,980

 

 

$

250,811

 

Revenues recognized at a point in time:

 

 

227,462

 

 

 

226,077

 

Total revenues recognized under ASC 606

 

 

492,442

 

 

 

476,888

 

 

 

 

 

 

 

 

Revenues recognized under ASC 842

 

 

2,801,496

 

 

 

2,707,559

 

Insurance premium revenues recognized under ASC 944

 

 

83,539

 

 

 

90,712

 

Net investment and interest income recognized under other topics

 

 

77,225

 

 

 

75,233

 

Total revenues

 

$

3,454,702

 

 

$

3,350,392

 
v3.26.3
Allowance For Credit Losses (Table Text Block)
 6 Months Ended
Sep. 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

 

 

1,084

 

 

 

(14

)

 

 

—

 

 

 

1,070

 

Write-offs against allowance

 

 

(1,157

)

 

 

—

 

 

 

—

 

 

 

(1,157

)

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of September 30, 2026

 

$

3,160

 

 

$

3,946

 

 

$

448

 

 

$

7,554

 
v3.26.3
Accounting Pronouncements (Table Text Block)
 6 Months Ended
Sep. 30, 2026
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Adoption Of New Accounting Pronouncement Adjustments To Select Tables . 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 the ("Climate 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 Climate Rule pending judicial review of consolidated challenges to the rule by the United States Court of Appeals for the Eighth Circuit (the "Court"). In March 2025, the SEC notified the Court that it was withdrawing its defense of the Climate Rule. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intended to review or reconsider the rule; (2) if taking no action, whether the SEC would adhere to the rule if petitions for review are denied; and (3) if not, why the SEC would not review or reconsider the rule at that time. In July 2025, the SEC provided its status report to the Court, stating that the SEC did not intend to review or reconsider the Climate Rule at that 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 rescind the Climate Rule. 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.
v3.26.3
Deferred Policy Acquisition Costs, Net (Table Text Block)
 6 Months Ended
Sep. 30, 2026
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 six-month periods ended September 30, 2026 and 2025. Amortization expense and other for the six months ended September 30, 2026, includes a ceding commission of $35.5 million and $15.5 million of amortization related to the reinsurance transaction as described in footnote 17, Allowance for Credit Losses, under the Reinsurance Recoverables section.

 

 

 

Six Months Ended September 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

 

 

5,126

 

 

 

489

 

 

 

29

 

 

 

5,644

 

Amortization expense and other

 

 

(5,861

)

 

 

(52,866

)

 

 

(272

)

 

 

(58,999

)

Balance, end of period

 

$

56,245

 

 

$

914

 

 

$

2,338

 

 

$

59,497

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

Deferred Annuities

 

 

Life Insurance

 

 

Health Insurance

 

 

Total

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

60,480

 

 

$

57,986

 

 

$

3,263

 

 

$

121,729

 

Capitalization

 

 

5,474

 

 

 

1,747

 

 

 

46

 

 

 

7,267

 

Amortization expense

 

 

(5,552

)

 

 

(3,893

)

 

 

(434

)

 

 

(9,879

)

Balance, end of period

 

$

60,402

 

 

$

55,840

 

 

$

2,875

 

 

$

119,117

 
v3.26.3
Life Insurance Liabilities (Table Text Block)
 6 Months Ended
Sep. 30, 2026
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.

 

 

 

Six months ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

Balance, beginning of year

 

$

162,658

 

 

$

182,658

 

Less: Final expense block reinsured (1)

 

 

155,897

 

 

 

—

 

Adjusted Balance, beginning of year

 

 

6,761

 

 

 

—

 

Beginning balance at original discount rate

 

$

6,577

 

 

$

185,508

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

(2,922

)

Effect of actual variances from expected experience

 

 

(61

)

 

 

(1,044

)

Adjusted beginning of year balance

 

$

6,516

 

 

$

181,542

 

Issuances

 

 

211

 

 

 

2,410

 

Interest accrual

 

 

161

 

 

 

4,403

 

Net premium collected

 

 

(1,169

)

 

 

(16,776

)

Ending balance at original discount rate

 

$

5,719

 

 

$

171,579

 

Effect of changes in discount rate assumptions (AOCI)

 

 

81

 

 

 

298

 

Balance, end of period

 

$

5,800

 

 

$

171,877

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

Balance, beginning of year

 

$

463,931

 

 

$

482,805

 

Less: Final expense block reinsured (1)

 

 

359,073

 

 

 

—

 

Adjusted Balance, beginning of year

 

 

104,858

 

 

 

—

 

Beginning balance at original discount rate

 

$

103,533

 

 

$

490,975

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

(3,887

)

Effect of actual variances from expected experiences

 

 

(283

)

 

 

(731

)

Adjusted beginning of year balance

 

$

103,250

 

 

$

486,357

 

Issuances

 

 

211

 

 

 

2,410

 

Interest accrual

 

 

2,555

 

 

 

11,797

 

Benefit payments

 

 

(7,428

)

 

 

(30,450

)

Ending balance at original discount rate

 

$

98,588

 

 

$

470,114

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(783

)

 

 

1,269

 

Balance, end of period

 

$

97,805

 

 

$

471,383

 

End of period, LFPB net

 

 

92,005

 

 

 

299,511

 

Payout annuities and market risk benefits

 

 

22,561

 

 

 

22,818

 

Health insurance

 

 

13,131

 

 

 

10,179

 

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

 

 

18,874

 

 

 

28,229

 

Life DPL / Other life and health

 

 

7,469

 

 

 

8,214

 

Final expense block (1)

 

 

199,460

 

 

 

 

LFPB flooring effect

 

 

—

 

 

 

—

 

Life Insurance end of period balance

 

$

353,500

 

 

$

368,951

 

Moving and Storage balance

 

 

497,055

 

 

 

404,844

 

Property and Casualty Insurance balance

 

 

115,340

 

 

 

126,507

 

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

 

$

965,895

 

 

$

900,302

 

 

(1) Includes liabilities related to fully reinsured final expense block. See note 17.

 

 

 

 

 

 

 

 

 

Six months ended September 30,

 

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

11,790

 

 

$

319,669

 

 

Discounted balance at original discount rate

 

$

9,756

 

 

$

247,543

 

 

Discounted balance at current discount rate

 

$

9,824

 

 

$

248,018

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

135,917

 

 

$

675,928

 

 

Discounted balance at original discount rate

 

$

98,588

 

 

$

470,113

 

 

Discounted balance at current discount rate

 

$

97,805

 

 

$

471,382

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.52

 

%

 

7.15

 

%

Mortality expected experience

 

 

4.65

 

%

 

6.67

 

%

Lapses actual experience

 

 

1.49

 

%

 

2.31

 

%

Lapses expected experience

 

 

2.04

 

%

 

3.12

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

1,769

 

 

$

23,444

 

 

Interest expense (2)

 

$

2,394

 

 

$

7,394

 

 

 

 

 

 

 

 

 

 

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

 

 

5.9

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

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

 

 

5.01

 

%

 

4.91

 

%

 

 

 

 

 

 

 

 

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

 

 

3.97

 

%

 

4.37

 

%
Liability for Future Policy Benefits by Product Segment

 

 

Six months ended September 30,

 

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

11,790

 

 

$

319,669

 

 

Discounted balance at original discount rate

 

$

9,756

 

 

$

247,543

 

 

Discounted balance at current discount rate

 

$

9,824

 

 

$

248,018

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

135,917

 

 

$

675,928

 

 

Discounted balance at original discount rate

 

$

98,588

 

 

$

470,113

 

 

Discounted balance at current discount rate

 

$

97,805

 

 

$

471,382

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

4.52

 

%

 

7.15

 

%

Mortality expected experience

 

 

4.65

 

%

 

6.67

 

%

Lapses actual experience

 

 

1.49

 

%

 

2.31

 

%

Lapses expected experience

 

 

2.04

 

%

 

3.12

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

1,769

 

 

$

23,444

 

 

Interest expense (2)

 

$

2,394

 

 

$

7,394

 

 

 

 

 

 

 

 

 

 

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

 

 

5.9

 

 

 

6.7

 

 

 

 

 

 

 

 

 

 

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

 

 

5.01

 

%

 

4.91

 

%

 

 

 

 

 

 

 

 

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

 

 

3.97

 

%

 

4.37

 

%

 

(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.
Balance Changes Liabilities Investment Contracts

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

 

 

 

Six Months Ended September 30, 2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,357,545

 

Deposits received

 

 

170,010

 

Surrenders and withdrawals

 

 

(211,536

)

Benefit payments

 

 

(20,719

)

Interest credited

 

 

47,940

 

Other

 

 

—

 

End of period

 

$

2,343,240

 

Weighted average credited rate

 

 

4.08

 

Cash surrender value

 

$

2,047,010

 

 

 

 

Six Months Ended September 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

Policyholder contract deposits account balance

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

181,834

 

Surrenders and withdrawals

 

 

(205,014

)

Benefit payments

 

 

(17,448

)

Interest credited

 

 

47,809

 

Other

 

 

—

 

End of period

 

$

2,518,603

 

Weighted average credited rate

 

 

3.80

 

Cash surrender value

 

$

2,210,645

 
v3.26.3
Basis of Presentation - (Narratives) (Details)
 6 Months Ended
Sep. 30, 2026
Segment
Segment Reporting, Descriptive Information [Abstract]  
Number of reportable segments 3
v3.26.3
Earnings Per Share (Narratives) (Details)
Sep. 30, 2026
$ / shares
Voting Common Stock  
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common stock, par or stated value per share $ 0.25
Allocation of common stock available to share holders 10.00%
Nonvoting Common Stock [Member]  
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]  
Common stock, par or stated value per share $ 0.001
Allocation of common stock available to share holders 90.00%
v3.26.3
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 194,405,152 196,077,880 195,122,035 196,077,880
Net earnings available to common shareholders $ 136,675 $ 105,550 $ 259,604 $ 247,881
Undistributed earnings available to common stockholders 127,936 96,727 242,052 230,234
Undistributed Earnings (Loss) Available to Common Shareholders, Basic, Total $ 127,936 $ 96,727 $ 242,052 $ 230,234
Voting Common Stock        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 19,246,975 19,607,788 19,401,609 19,607,788
Voting Common Stock Weighted Average Shares Outstanding Percentage 9.90% 10.00% 9.94% 10.00%
Undistributed earnings available to common stockholders $ 12,666 $ 9,673 $ 24,060 $ 23,023
Undistributed Earnings (Loss) Available to Common Shareholders, Basic, Total $ 12,666 $ 9,673 $ 24,060 $ 23,023
Undistributed earnings per share, common stock $ 0.66 $ 0.49 $ 1.24 $ 1.17
Income Loss From Continuing Operations Per Basic Share, Total $ 0.66 $ 0.49 $ 1.24 $ 1.17
Nonvoting Common Stock [Member]        
Earnings Per Share Diluted Other Disclosures [Abstract]        
Weighted Average Number Of Shares Outstanding Basic 175,158,177 176,470,092 175,720,426 176,470,092
Non-Voting Common Stock Weighted Average Shares Outstanding Percentage 90.10% 90.00% 90.06% 90.00%
Non-Voting Common Stock dividends declared $ (8,739) $ (8,823) $ (17,552) $ (17,647)
Undistributed earnings available to common stockholders 115,270 87,054 217,992 207,211
Undistributed Earnings (Loss) Available to Common Shareholders, Basic, Total $ 115,270 $ 87,054 $ 217,992 $ 207,211
Undistributed earnings per share, common stock $ 0.66 $ 0.49 $ 1.24 $ 1.17
Dividends declared per share, distributed 0.05 0.05 0.1 0.1
Income Loss From Continuing Operations Per Basic Share, Total $ 0.71 $ 0.54 $ 1.34 $ 1.27
v3.26.3
Investments (Narratives) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Mar. 31, 2026
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]      
Assets Held by Insurance Regulators $ 21,000   $ 21,400
Available-for-sale Securities [Abstract]      
Available for sale securities, realized gains 124,000 $ 2,400  
Provision for Loan, Lease, and Other Losses [Abstract]      
Financing Receivable, Credit Loss, Expense (Reversal) $ 14 $ 1,500  
v3.26.3
Investments (Available For Sale Investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current $ 2,417,952 $ 2,558,342
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 3,751 12,519
Gross unrealized losses more than 12 months (162,459) (148,989)
Allowance for expected credit loss (3,946) (3,960)
Available for sale investments, estimated market value 2,255,298 2,417,912
U.S. treasury securities and government obligations [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 83,050 89,591
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 158 264
Gross unrealized losses more than 12 months (5,184) (4,818)
Available for sale investments, estimated market value 78,024 85,037
U.S. government agency mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 122,914 159,698
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 262 981
Gross unrealized losses more than 12 months (5,323) (7,554)
Available for sale investments, estimated market value 117,853 153,125
Obligations of states and political subdivisions [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 111,267 141,136
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 196 605
Gross unrealized losses more than 12 months (5,363) (4,727)
Available for sale investments, estimated market value 106,100 137,014
Corporate securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 1,527,436 1,603,317
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,598 6,556
Gross unrealized losses more than 12 months (115,722) (101,450)
Allowance for expected credit loss (1,679) (2,304)
Available for sale investments, estimated market value 1,411,633 1,506,119
Mortgage-backed securities [Member]    
Available-for-sale Securities [Abstract]    
Debt Securities, Available-for-Sale, Amortized Cost, Current 573,285 564,600
Available For Sale Debt Securities Accumulated Gross Unrealized Gain 1,537 4,113
Gross unrealized losses more than 12 months (30,867) (30,440)
Allowance for expected credit loss (2,267) (1,656)
Available for sale investments, estimated market value $ 541,688 $ 536,617
v3.26.3
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months $ 628,665 $ 169,663
Fair Value, Twelve Months or Longer 1,190,845 1,395,966
Fair Value, Total 1,819,510 1,565,629
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 6,736 3,042
Unrealized Loss, Twelve Months or Longer 155,723 145,947
Unrealized loss, Total 162,459 148,989
U.S. treasury securities and government obligations [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 2,133 416
Fair Value, Twelve Months or Longer 70,673 78,168
Fair Value, Total 72,806 78,584
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 22 6
Unrealized Loss, Twelve Months or Longer 5,162 4,812
Unrealized loss, Total 5,184 4,818
U.S. government agency mortgage-backed securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 44,108 13,210
Fair Value, Twelve Months or Longer 19,767 19,076
Fair Value, Total 63,875 32,286
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 343 91
Unrealized Loss, Twelve Months or Longer 4,980 7,463
Unrealized loss, Total 5,323 7,554
Obligations of states and political subdivisions [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 40,837 23,352
Fair Value, Twelve Months or Longer 44,320 60,108
Fair Value, Total 85,157 83,460
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 324 101
Unrealized Loss, Twelve Months or Longer 5,039 4,626
Unrealized loss, Total 5,363 4,727
Corporate securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 381,261 108,413
Fair Value, Twelve Months or Longer 889,652 1,045,121
Fair Value, Total 1,270,913 1,153,534
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 5,459 564
Unrealized Loss, Twelve Months or Longer 110,263 100,886
Unrealized loss, Total 115,722 101,450
Mortgage-backed securities [Member]    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]    
Fair Value, Less than Twelve Months 160,326 24,272
Fair Value, Twelve Months or Longer 166,433 193,493
Fair Value, Total 326,759 217,765
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Loss, Less than Twelve Months 588 2,280
Unrealized Loss, Twelve Months or Longer 30,279 28,160
Unrealized loss, Total $ 30,867 $ 30,440
v3.26.3
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Available-for-sale securities, amortized cost:    
Amortized cost $ 2,417,952 $ 2,558,342
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value 2,255,298 2,417,912
US Treasury Securities [Member]    
Available-for-sale securities, amortized cost:    
Due in one year or less 80,835 133,150
Due after one year through five years 552,549 589,615
Due after five years through ten years 495,844 526,745
Due after ten years 715,439 744,232
Amortized cost 1,844,667 1,993,742
Available-for-sale securities, fair value:    
Due in one year or less 80,282 132,947
Due after one year through five years 535,716 578,918
Due after five years through ten years 459,855 500,476
Due after ten years 637,757 668,954
Available for sale investments, estimated market value 1,713,610 1,881,295
Mortgage-backed securities [Member]    
Available-for-sale securities, amortized cost:    
Amortized cost 573,285 564,600
Available-for-sale securities, fair value:    
Available for sale investments, estimated market value $ 541,688 $ 536,617
v3.26.3
Investments (Available for sale equity investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments $ 19,104 $ 18,099
Estimated market value, equity investments 15,650 14,976
Common Stock [Member]    
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]    
Amortized cost, equity investments 10,104 9,099
Estimated market value, equity investments 10,094 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 $ 5,556 $ 5,887
v3.26.3
Investments (Carrying value of other investments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Other Investments, Total $ 693,355 $ 706,314
Investments, other | Carrying Value    
Debt Securities, Held-to-Maturity, Fair Value [Abstract]    
Mortgage loans, net 671,218 667,169
Policy loans 1,873 12,633
Other investments $ 20,264 $ 26,512
v3.26.3
Accounts Payable and Accrued Expenses and Other Reserves (Narratives) (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Mar. 31, 2026
Liabilities [Abstract]    
Self-Insurance Liabilities $ 496.5 $ 453.4
v3.26.3
Accounts Payable and Accrued Expenses and Other Reserves (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Payables and Accruals [Abstract]    
Accounts payable $ 232,348 $ 238,840
Accrued expenses 640,377 611,454
Accounts Payable and Accrued Liabilities, Fair Value Disclosure, Total $ 872,725 $ 850,294
v3.26.3
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Mar. 31, 2026
Long-Term Debt, Unclassified [Abstract]      
Notes, loans and leases payable, gross $ 7,325,457   $ 7,363,642
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]      
Interest paid in cash 197,918 $ 172,300  
Private placements      
Long-Term Debt, Unclassified [Abstract]      
Notes, loans and leases payable, gross $ 1,700,000   $ 1,700,000
v3.26.3
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 7,325,457 $ 7,363,642
Notes, loans and finance/capital leases payable 8,273,277 8,124,949
Less: Debt issuance costs (43,187) (41,575)
Total notes, loans and finance/capital leases payable, net $ 8,230,090 8,083,374
Real estate loans (amortizing term) (a)    
Maturities of Long-term Debt [Abstract]    
Debt Weighted Average Interest Rate 4.83%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2029  
Debt instrument, maturity year range, end 2037  
Debt Instrument Carrying Amount $ 270,206 254,007
Real estate loans (amortizing term) (a) | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 4.39%  
Real estate loans (amortizing term) (a) | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 4.94%  
Senior mortgages    
Maturities of Long-term Debt [Abstract]    
Debt Weighted Average Interest Rate 4.99%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2042  
Debt Instrument Carrying Amount $ 3,094,528 2,950,201
Senior mortgages | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 2.70%  
Senior mortgages | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 6.05%  
Real estate loans (revolving credit)    
Debt instrument, maturities:    
Debt instrument, maturity year range, end 2027  
Fleet loans (amortizing term)    
Maturities of Long-term Debt [Abstract]    
Debt Weighted Average Interest Rate 5.39%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2033  
Debt Instrument Carrying Amount $ 167,195 145,660
Fleet loans (amortizing term) | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 1.61%  
Fleet loans (amortizing term) | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 6.02%  
Fleet loans (revolving credit)    
Maturities of Long-term Debt [Abstract]    
Debt Weighted Average Interest Rate 4.92%  
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) | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 4.90%  
Fleet loans (revolving credit) | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 4.94%  
Finance liabilities (rental equipment)    
Maturities of Long-term Debt [Abstract]    
Debt Weighted Average Interest Rate 5.30%  
Debt instrument, maturities:    
Debt instrument, maturity year range, start 2026  
Debt instrument, maturity year range, end 2034  
Debt Instrument Carrying Amount $ 2,344,491 2,376,704
Finance liabilities (rental equipment) | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 1.60%  
Finance liabilities (rental equipment) | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 6.80%  
Private placements    
Maturities of Long-term Debt [Abstract]    
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 placements | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 2.43%  
Private placements | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 6.00%  
Other obligations    
Maturities of Long-term Debt [Abstract]    
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 $ 61,857 $ 63,377
Other obligations | Minimum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 1.50%  
Other obligations | Maximum [Member]    
Maturities of Long-term Debt [Abstract]    
Debt instrument, interest rate, stated percentage 8.00%  
v3.26.3
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Debt instrument, maturities:    
Debt Instrument Carrying Amount $ 7,325,457 $ 7,363,642
Participating Mortgages [Member]    
Debt instruments, interest rate, effective percentage:    
Investment Interest Rate 2.86%  
Weighted average interest rate 4.70%  
v3.26.3
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details)
$ in Thousands
Sep. 30, 2026
USD ($)
Long-term debt, by Maturity:  
2026 $ 839,325
2027 981,394
2028 923,449
2029 1,223,833
2030 1,140,696
Thereafter 3,164,580
Notes, loans and finance leases payable, sum $ 8
v3.26.3
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest expense, borrowings:        
Interest expense $ 101,418 $ 89,854 $ 200,573 $ 176,473
Capitalized interest (4,305) (558) (7,330) (5,852)
Amortization of transaction costs 1,996 1,571 3,905 3,103
Interest expense resulting from derivatives 90 562 217 1,089
Total interest expense $ 99,019 $ 90,305 $ 196,931 $ 172,635
v3.26.3
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest and debt expense:        
Weighted average interest rate during the quarter 4.92% 5.62% 4.92% 5.62%
Interest rate at quarter end 4.92% 5.60% 4.92% 5.60%
Maximum amount outstanding during the quarter $ 635,000 $ 635,000 $ 835,000 $ 785,000
Average amount outstanding during the quarter 635,000 635,000 702,760 682,541
Facility fees $ 297 $ 297 $ 505 $ 531
v3.26.3
Derivatives (Narratives) (Details) - USD ($)
$ in Millions
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
AOCI Attributable to Parent [Abstract]    
Investment Income, Net $ 2.0 $ 5.9
Decrease, fair value, cash flow hedges    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 0.0 4.4
Reclassified AOCI    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 1.8 $ 3.6
Reclassification net gains Interest Rate Contracts    
AOCI Attributable to Parent [Abstract]    
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments $ 0.4  
v3.26.3
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 13,121 $ 17,630
Derivative Notional Amount 259,411 310,104
Interest Rate Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount 4,308 2,449
Derivative Liability, Notional Amount   256
Derivative Notional Amount $ 51,667 $ 268,407
v3.26.3
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Notional Amount Of Derivatives [Abstract]    
Derivative Liability, Notional Amount $ 13,121 $ 17,630
Derivative Notional Amount 259,411 310,104
Equity Swap [Member]    
Notional Amount Of Derivatives [Abstract]    
Derivative Asset Notional Amount $ 20,264 $ 26,512
v3.26.3
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 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 $ 5,379 $ 1,459 3,695 $ 961
Unrealized net gain on investments 2,429 12,202 13,686 39,434
Change in fair value of cash flow hedges 1,554 329 18 4,437
Amounts reclassified into earnings on hedging activities, (net) 137 680 1,780 3,552
Other comprehensive income (loss) 9,225 10,392 8,229 39,510
Equity, Attributable to Parent, Ending Balance 7,717,833   7,717,833  
Foreign Currency Translation [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (58,276) (55,120) (56,592) (57,540)
Foreign currency translation 5,379 1,459 3,695 961
Other comprehensive income (loss) 5,379 1,459 3,695 961
Equity, Attributable to Parent, Ending Balance (52,897) (56,579) (52,897) (56,579)
Unrealized Net Gain on Investments [Member]        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (125,058) (147,088) (108,943) (174,320)
Unrealized net gain on investments 2,429 12,202 13,686 39,434
Other comprehensive income (loss) 2,429 12,202 13,686 39,434
Equity, Attributable to Parent, Ending Balance (122,629) (134,886) (122,629) (134,886)
Fair Value of Cash Flow Hedges        
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]        
Equity, Attributable to Parent, Beginning Balance (444) 590 (789) 56
Change in fair value of cash flow hedges 1,554 329 18 4,437
Amounts reclassified into earnings on hedging activities, (net) 137 680 1,780 3,552
Other comprehensive income (loss) 1,417 351 1,762 885
Equity, Attributable to Parent, Ending Balance 973 (941) 973 (941)
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 2,684 2,602
Equity, Attributable to Parent, Ending Balance 2,684 2,602 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 (181,094) (200,196) (163,640) (229,314)
Foreign currency translation 5,379 1,459 3,695 961
Unrealized net gain on investments 2,429 12,202 13,686 39,434
Change in fair value of cash flow hedges 1,554 329 18 4,437
Amounts reclassified into earnings on hedging activities, (net) 137 680 1,780 3,552
Other comprehensive income (loss) 9,225 10,392 8,229 39,510
Equity, Attributable to Parent, Ending Balance $ (171,869) $ (189,804) $ (171,869) $ (189,804)
v3.26.3
Stockholders' Equity (Narratives) (Details)
$ in Millions
Sep. 30, 2026
USD ($)
shares
Share Repurchase Program [Abstract]  
Total number of shares repurchased $ 350.0
Repurchased shares, amounts to transact 350.0
Common Class A [Member]  
Share Repurchase Program [Abstract]  
Total number of shares repurchased $ 25.7
Stock repurchase program, available shares | shares 398,295
Nonvoting Common Stock [Member]  
Share Repurchase Program [Abstract]  
Total number of shares repurchased $ 100.7
Stock repurchase program, available shares | shares 1,679,756
v3.26.3
Stockholders' Equity (Non-Voting Common Stock Dividends) (Details) - Nonvoting Common Stock [Member]
 6 Months Ended
Sep. 30, 2026
$ / shares
Current Year, Ordinary Dividend, Quarter Two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 20, 2026
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Sep. 14, 2026
Dividends Payable, Date to be Paid Sep. 25, 2026
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 Two  
Dividends Stock [Abstract]  
Dividends Payable, Date Declared Aug. 21, 2025
Dividend paid, amount per share $ 0.05
Dividends Payable, Date of Record Sep. 15, 2025
Dividends Payable, Date to be Paid Sep. 26, 2025
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
v3.26.3
Leases (Narratives) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Leases [Abstract]    
Cash paid for operating leases $ 6,500 $ 9,500
Cash paid for finance leases   $ 24,693
v3.26.3
Leases (Components of our right-of-use assets) (Details) - Operating Lease [Member] - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Finance Lease [Abstract]    
Buildings and Improvements $ 64,392 $ 64,151
Right-of-use assets, gross 64,392 64,151
Less: Accumulated depreciation (27,485) (23,963)
Right of use assets, net $ 36,907 $ 40,188
v3.26.3
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)
 6 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]    
Remaining Lease Term Operating Lease Weighted Average 27.6 26.0
Operating Lease Weighted Average Discount Rate Percent 4.70% 4.70%
v3.26.3
Leases (Components Of Lease Expense) (Details) - USD ($)
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Lease cost:    
Operating lease costs $ 7,359 $ 9,945,000
Finance lease cost:    
Amortization of right of use assets   5,979,000
Interest on lease liabilities   849,000
Total finance lease cost   $ 6,828,000
v3.26.3
Leases (Maturities Of Lease Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Operating Lease Liabilities Payments Due [Abstract]    
Operating lease liability $ 37,637 $ 40,957
Operating Leases    
Operating Lease Liabilities Payments Due [Abstract]    
2027 (6 months) 12,323  
2028 5,633  
2029 4,300  
2030 3,822  
2031 3,109  
Thereafter 50,865  
Total lease payments 80,052  
Less: imputed interest (42,415)  
Operating lease liability $ 37,637  
v3.26.3
Related Party Transactions (Narratives) (Details) - USD ($)
$ in Millions
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Minimum [Member]    
Property management fee:    
Management fee rate 4.00%  
U-Haul Holding Company    
Related party notes receivable:    
Related party management fees, revenue $ 19.3 $ 19.4
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties 288.9 291.9
Commission expenses, generated from dealer agreement with related parties $ 60.0 60.7
U-Haul Holding Company | Maximum [Member]    
Property management fee:    
Management fee rate 10.00%  
Blackwater    
Related party costs and expenses:    
Revenue generated by the dealer agreement from related parties $ 19.1 19.2
Commission expenses, generated from dealer agreement with related parties 4.6 4.2
Payments for Purchase of Other Assets $ 17.9 $ 18.1
v3.26.3
Related Party Transactions (Related Party Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Related party transactions:        
Related party revenue $ (9,580) $ 9,621 $ 19,203
Blackwater        
Related party transactions:        
Related party revenue (7,811) 7,830 15,608
Mercury        
Related party transactions:        
Related party revenue $ (1,769) $ 1,791 $ 3,595
v3.26.3
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party $ 33,027 $ 32,717 $ 64,611 $ 64,854
Blackwater | Lease expenses        
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party 663 601 1,263 1,202
Blackwater | Printing expenses        
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party 1,802 1,445 3,255 2,880
Blackwater | Commission expenses        
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party 24,194 24,194 47,356 47,765
Mercury | Lease expenses        
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party 38 38 76 76
Mercury | Commission expenses        
Related Party Cost and Expense [Abstract]        
Costs and Expenses, Related Party $ 6,330 $ 6,439 $ 12,661 $ 12,931
v3.26.3
Related Party Transactions (Related Party Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Related Party Transaction [Line Items]    
Related party assets $ 48,260 $ 53,159
Blackwater    
Related Party Transaction [Line Items]    
Related party assets 29,742 36,307
Mercury    
Related Party Transaction [Line Items]    
Related party assets 16,740 14,972
Other (a)    
Related Party Transaction [Line Items]    
Related party assets $ 1,778 $ 1,880
v3.26.3
Reportable Segment Information - (Revenues and Earnings) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues [Abstract]        
Revenues $ 1,772,675 $ 1,719,922 $ 3,454,702 $ 3,350,392
Operating Expenses [Abstract]        
Personnel expenses 332,931 322,687 648,165 627,721
Equipment maintenance and repair expenses 222,172 223,772 420,244 417,717
Other operating expenses 98,092 91,844 186,276 173,815
Other General Expense 311,856 271,239 597,356 517,038
Operating Expenses, Total 965,051 909,542 1,852,041 1,736,291
Operating Costs and Expenses [Abstract]        
Commission expenses 126,644 121,811 246,916 238,548
Cost of product sales 66,967 67,625 138,721 139,830
Benefits and losses 20,750 48,178 62,887 93,360
Amortization of deferred policy acquisition costs 18,604 4,962 23,478 9,879
Lease expense 3,863 5,071 7,359 9,945
Depreciation, net of (gains) losses on disposals 306,001 340,608 604,841 644,617
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property 253 4,531 2,815 2,914
Costs and Expenses 1,507,627 1,502,328 2,939,058 2,875,384
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 265,048 217,594 515,644 475,008
Earnings from operations 265,048 217,594 515,644 475,008
Other Components Of Net Periodic Benefit Recovery Costs 357 345 714 691
Other interest income 8,359 10,015 17,750 20,684
Interest expense 99,019 90,305 196,931 172,635
Fees and amortization on early extinguishment of debt (44)   (75) (26)
Pretax earnings 173,987 136,959 335,674 322,340
Income tax expense 37,312 31,409 76,070 74,459
Earnings available to common stockholders 136,675 105,550 259,604 247,881
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Revenues [Abstract]        
Revenues 1,694,151 1,632,827 3,296,100 3,186,686
Operating Expenses [Abstract]        
Personnel expenses 332,931 322,687 648,165 627,721
Equipment maintenance and repair expenses 222,172 223,772 420,244 417,717
Other operating expenses 98,092 91,844 186,276 173,815
Other General Expense 295,644 256,922 563,270 490,154
Operating Expenses, Total 948,839 895,225 1,817,955 1,709,407
Operating Costs and Expenses [Abstract]        
Commission expenses 126,644 121,811 246,916 238,548
Cost of product sales 66,967 67,625 138,721 139,830
Lease expense 4,067 5,587 8,152 11,052
Depreciation, net of (gains) losses on disposals 306,001 340,608 604,841 644,617
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property 253 4,531 2,815 2,914
Costs and Expenses 1,452,265 1,435,387 2,819,400 2,746,368
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 241,886 197,440 476,700 440,318
Equity in earnings of subsidiaries 18,325 16,001 30,710 27,505
Earnings from operations 260,211 213,441 507,410 467,823
Other Components Of Net Periodic Benefit Recovery Costs 357 345 714 691
Other interest income 8,431 10,111 17,894 20,876
Interest expense (99,045) 90,333 196,984 172,691
Fees and amortization on early extinguishment of debt (44)   (75) (26)
Pretax earnings 169,196 132,874 327,531 315,291
Income tax expense 32,521 27,324 67,927 67,410
Earnings available to common stockholders 136,675 105,550 259,604 247,881
Operating Segments [Member] | Property and Casualty Insurance [Member]        
Revenues [Abstract]        
Revenues 37,008 35,891 68,231 65,612
Operating Expenses [Abstract]        
Other General Expense 13,569 12,924 27,202 25,184
Operating Expenses, Total 13,569 12,924 27,202 25,184
Operating Costs and Expenses [Abstract]        
Benefits and losses 6,371 5,737 11,667 11,236
Lease expense 90 76 168 150
Costs and Expenses 20,030 18,737 39,037 36,570
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 16,978 17,154 29,194 29,042
Earnings from operations 16,978 17,154 29,194 29,042
Pretax earnings 16,978 17,154 29,194 29,042
Income tax expense 3,526 3,515 6,049 5,983
Earnings available to common stockholders 13,452 13,639 23,145 23,059
Operating Segments [Member] | Life Insurance [Member]        
Revenues [Abstract]        
Revenues 44,900 54,113 96,376 104,207
Operating Expenses [Abstract]        
Other General Expense 5,684 3,634 11,828 6,419
Operating Expenses, Total 5,684 3,634 11,828 6,419
Operating Costs and Expenses [Abstract]        
Benefits and losses 14,379 42,441 51,220 82,124
Amortization of deferred policy acquisition costs 18,604 4,962 23,478 9,879
Lease expense 23 48 47 81
Costs and Expenses 38,690 51,085 86,573 98,503
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries 6,210 3,028 9,803 5,704
Earnings from operations 6,210 3,028 9,803 5,704
Interest expense (72) 96 144 192
Pretax earnings 6,138 2,932 9,659 5,512
Income tax expense 1,265 570 2,094 1,066
Earnings available to common stockholders 4,873 2,362 7,565 4,446
Intersegment Eliminations [Member]        
Revenues [Abstract]        
Revenues (3,384) 2,909 (6,005) (6,113)
Operating Expenses [Abstract]        
Other General Expense (3,041) 2,241 (4,944) (4,719)
Operating Expenses, Total (3,041) 2,241 (4,944) (4,719)
Operating Costs and Expenses [Abstract]        
Lease expense (317) 640 (1,008) (1,338)
Costs and Expenses (3,358) 2,881 (5,952) (6,057)
Income (Loss) Attributable to Parent, before Tax [Abstract]        
Earnings from operations before equity in earnings of subsidiaries (26) 28 53 56
Equity in earnings of subsidiaries (18,325) 16,001 30,710 27,505
Earnings from operations (18,351) 16,029 30,763 27,561
Other interest income (72) 96 144 (192)
Interest expense 98 124 197 248
Pretax earnings (18,325) 16,001 30,710 27,505
Earnings available to common stockholders $ (18,325) $ 16,001 $ 30,710 $ 27,505
v3.26.3
Reportable Segment Information - (Gross Capital Expenditures) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting, Other Disclosure [Abstract]        
Gross capital expenditures $ 721,346 $ 997,931 $ 1,543,708 $ 1,914,502
Operating Segments [Member] | Moving and Storage Consolidations [Member]        
Segment Reporting, Other Disclosure [Abstract]        
Gross capital expenditures $ 721,346 $ 997,931 $ 1,543,708 $ 1,914,502
v3.26.3
Reportable Segment Information - (Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Assets [Abstract]      
Total assets $ 21,874,822 $ 21,502,789 $ 21,428,419
Operating Segments [Member] | Moving and Storage Consolidations [Member]      
Assets [Abstract]      
Total assets 19,082,104 18,687,591  
Operating Segments [Member] | Property and Casualty Insurance [Member]      
Assets [Abstract]      
Total assets 502,611 485,434  
Operating Segments [Member] | Life Insurance [Member]      
Assets [Abstract]      
Total assets 2,980,364 3,003,054  
Intersegment Eliminations [Member]      
Assets [Abstract]      
Total assets $ (690,257) $ (673,290)  
v3.26.3
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Mar. 31, 2026
Quarter ended:          
Total revenues $ 1,772,675 $ 1,719,922 $ 3,454,702 $ 3,350,392  
Depreciation and amortization, net of (gains) losses on disposals 324,352 350,101 631,134 657,410  
Interest expense 99,019 90,305 196,931 172,635  
Pretax earnings 173,987 136,959 335,674 322,340  
Income tax expense 37,312 31,409 76,070 74,459  
Identifiable assets 21,874,822 21,428,419 21,874,822 21,428,419 $ 21,502,789
United States [Member]          
Quarter ended:          
Total revenues 1,670,557 1,621,719 3,260,842 3,165,061  
Depreciation and amortization, net of (gains) losses on disposals 311,217 336,450 604,701 632,863  
Interest expense 98,684 89,450 196,120 171,301  
Pretax earnings 166,468 130,251 326,817 310,343  
Income tax expense 35,229 29,526 73,686 70,879  
Identifiable assets 20,841,567 20,438,542 20,841,567 20,438,542  
Canada [Member]          
Quarter ended:          
Total revenues 102,118 98,203 193,860 185,331  
Depreciation and amortization, net of (gains) losses on disposals 13,135 13,651 26,433 24,547  
Interest expense 335 855 811 1,334  
Pretax earnings 7,519 6,708 8,857 11,997  
Income tax expense 2,083 1,883 2,384 3,580  
Identifiable assets $ 1,033,255 $ 989,877 $ 1,033,255 $ 989,877  
v3.26.3
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Postemployment Benefits [Abstract]        
Service cost for benefits earned during the period $ 170 $ 169 $ 340 $ 338
Other components of net periodic benefit costs:        
Interest cost on accumulated postretirement benefit 382 370 764 741
Other components 25 25 50 50
Total other components of net periodic benefit costs 357 345 714 691
Net periodic postretirement benefit cost $ 527 $ 514 $ 1,054 $ 1,029
v3.26.3
Fair Value Measurements (Narratives) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent $ 999,862 $ 1,120,147
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 9,618,436 9,678,228
Level 3 [Member]    
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value 2,292,979 2,314,586
Carrying Value    
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]    
Cash and Cash Equivalent 743,700 830,400
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract]    
Liabilities Fair Value Carrying Value $ 10,608,106 $ 10,473,557
v3.26.3
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Assets:    
Fixed maturities - available for sale $ 2,255,298 $ 2,417,912
Preferred stock 5,556 5,887
Common stock 10,094 9,089
Derivatives 24,572 28,961
Total 2,295,520 2,461,849
Liabilities:    
Derivatives 13,121 17,886
Guaranteed residual values of TRAC leases 8,411 8,937
Liabilities from investment contracts 2,292,979 2,314,586
Market risk benefits 11,995 12,113
Total 33,527 38,936
Level 1 [Member]    
Assets:    
Preferred stock 5,556 5,887
Common stock 10,094 9,089
Derivatives 20,264 26,512
Total 35,914 41,488
Liabilities:    
Derivatives 13,121 17,630
Total 13,121 17,630
Level 2 [Member]    
Assets:    
Fixed maturities - available for sale 2,255,298 2,417,912
Derivatives 4,308 2,449
Total 2,259,606 2,420,361
Liabilities:    
Derivatives   256
Total   256
Level 3 [Member]    
Liabilities:    
Guaranteed residual values of TRAC leases 8,411 8,937
Liabilities from investment contracts 2,292,979 2,314,586
Market risk benefits 11,995 12,113
Total $ 20,406 $ 21,050
v3.26.3
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Assets    
Receivables, Fair Value Disclosure $ 141,578 $ 128,110
Mortgage loans, net 665,395 664,968
Other investments 1,873 12,633
Total 808,846 805,711
Liabilities    
Notes, loans and leases payable, gross 7,325,457 7,363,642
Liabilities from investment contracts 2,292,979 2,314,586
Total 9,618,436 9,678,228
Level 2 [Member]    
Liabilities    
Notes, loans and leases payable, gross 7,325,457 7,363,642
Total 7,325,457 7,363,642
Level 3 [Member]    
Assets    
Receivables, Fair Value Disclosure   128,110
Mortgage loans, net   664,968
Other investments   12,633
Total   805,711
Liabilities    
Liabilities from investment contracts 2,292,979 2,314,586
Total 2,292,979 2,314,586
Carrying Value    
Assets    
Receivables, Fair Value Disclosure 141,578 128,110
Mortgage loans, net 671,218 667,169
Other investments 1,873 12,633
Total 814,669 807,912
Liabilities    
Notes, loans and leases payable, gross 8,273,277 8,124,949
Liabilities from investment contracts 2,334,829 2,348,608
Total $ 10,608,106 $ 10,473,557
v3.26.3
Revenue Recognition (Narratives) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Lessee Lease Description [Line Items]    
Deferred Revenue $ 69,270 $ 56,614
Self-moving equipment rentals    
Lessee Lease Description [Line Items]    
Deferred Revenue 1,300  
Deferred Revenue, Revenue Recognized $ 55,200  
v3.26.3
Revenue Recognition (Revenue over time) (Details)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
USD ($)
Operating Lease Liabilities Payments Due [Abstract]  
2027 $ 18,392
2028 19,428
2029 14,310
2030 11,102
2031 8,346
Thereafter 33,874
Self-moving equipment rentals  
Operating Lease Liabilities Payments Due [Abstract]  
2027 5,913
Property lease revenues  
Operating Lease Liabilities Payments Due [Abstract]  
2027 12,479
2028 19,428
2029 14,310
2030 11,102
2031 8,346
Thereafter $ 33,874
v3.26.3
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues [Abstract]        
Total revenues $ 1,772,675 $ 1,719,922 $ 3,454,702 $ 3,350,392
Insurance premium revenues recognized under ASC 944        
Revenues [Abstract]        
Total revenues 39,906 48,378 83,539 90,712
Net investment and interest income recognized under other topics        
Revenues [Abstract]        
Total revenues 39,857 40,022 77,225 75,233
Revenues recognized under ASC 842        
Revenues [Abstract]        
Total revenues 1,437,917 1,386,690 2,801,496 2,707,559
Revenues recognized under ASC 606        
Revenues [Abstract]        
Total revenues 254,995 244,832 492,442 476,888
Revenues recognized over time:        
Revenues [Abstract]        
Total revenues 144,961 134,942 264,980 250,811
Revenues recognized at a point in time:        
Revenues [Abstract]        
Total revenues $ 110,034 $ 109,890 $ 227,462 $ 226,077
v3.26.3
Allowance for Credit Losses (Narratives) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Allowance For Credit Loss [Abstract]    
Credit loss methodology

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.

  
Debt Securities, Available-for-Sale, Accounting Policy Election, Not to Measure Allowance for Credit Loss for Accrued Interest [true false] true  
Debt Securities, Available-for-Sale, Accrued Interest, Threshold Period, Writeoff 90 days  
Mortgage Loans, Net

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.

  
Allowance for expected credit losses $ 3.2 $ 3.2
Available for sale securities, accrued interest receivable 27.0 28.3
Reinsured liabilties, reserve amount 199.0  
Premiums Receivable Gross $ 0.3 $ 1.1
v3.26.3
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Valuation And Qualifying Accounts [Abstract]    
March 31, 2026 $ 7,641 $ 8,634
Transition adjustment current expected credit losses 1,070 4,072
Write-offs against allowance 1,157 5,065
September 30, 2026 7,554 7,641
Trade Receivables    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2026 3,233 5,082
Transition adjustment current expected credit losses 1,084 3,216
Write-offs against allowance 1,157 5,065
September 30, 2026 3,160 3,233
Investments, Fixed Maturities    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2026 3,960 3,104
Transition adjustment current expected credit losses 14 856
September 30, 2026 3,946 3,960
Investments, Other    
Valuation And Qualifying Accounts [Abstract]    
March 31, 2026 448 448
September 30, 2026 $ 448 $ 448
v3.26.3
Income Taxes (Narratives) (Details)
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Effective Income Tax Rate Reconciliation, Percent [Abstract]        
Income taxes paid, federal 21.40% 22.90% 22.70% 23.10%
Income Taxes paid, state and local     21.00%  
v3.26.3
Deferred Policy Acquisition Costs, Net (Narratives) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]        
Deferred Policy Acquisition Cost, Amortization Expense $ 18,604 $ 4,962 $ 23,478 $ 9,879
Life Insurance Segment [Member]        
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]        
Deferred Policy Acquisition Cost Ceding Commission     35,500  
Deferred Policy Acquisition Cost, Amortization Expense     $ 15,500  
v3.26.3
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year $ 112,852 $ 121,729
Capitalization 5,644 7,267
Amortization expense (58,999) (9,879)
Balance, end of year 59,497 119,117
Payout Annuities    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 56,980 60,480
Capitalization 5,126 5,474
Amortization expense (5,861) (5,552)
Balance, end of year 56,245 60,402
Life Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 53,291 57,986
Capitalization 489 1,747
Amortization expense (52,866) (3,893)
Balance, end of year 914 55,840
Health Insurance    
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of year 2,581 3,263
Capitalization 29 46
Amortization expense (272) (434)
Balance, end of year $ 2,338 $ 2,875
v3.26.3
Life Insurance Liabilities (Present Value Expected Net Premiums) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 463,931 $ 482,805    
Effect of actual variances from expected experience     $ 283 $ 731
Beginning balance at original discount rate 103,533 490,975    
Effect of changes in cash flow assumptions       2,922
Effect of actual variances from expected variances     61 1,044
Adjust beginning of year balance     6,516 $ 181,542
Issuances 211 2,410    
Interest accrual 2,555 11,797    
Net premium collected 1,169 16,776    
Ending balance at original discount rate 98,588 470,114    
Effect of changes in discount rate assumptions (AOCI) 81 298    
Balance, end of period 5,800 $ 171,877    
Fully Reinsured Final Expense Insurance Block [Member]        
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]        
Balance, beginning of the year $ 155,897      
Effect of actual variances from expected experience     $ 6,761  
v3.26.3
Life Insurance Liabilities (Present Value Expected Future Policy Benefits) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 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 $ 965,895 $ 900,302    
Moving and Storage Consolidations [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 497,055 404,844    
Property and Casualty Insurance [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 115,340 126,507    
Life Insurance Segment [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of year 162,658 182,658    
Beginning balance at original discount rate 6,577 185,508    
Effect of changes in cash flow assumptions       $ (3,887)
Effect of actual variances from expected experience     $ 283 731
Adjusted beginning of year balance     103,250 $ 486,357
Issuances 211 2,410    
Interest accrual 161 4,403    
Net premium collected 7,428 30,450    
Ending balance at original discount rate 5,719 171,579    
Effect of changes in discount rate assumptions (AOCI) 783 1,269    
Balance, end of the year 97,805 471,383    
End of period, LFPB, net 92,005 299,511    
Life Insurance Segment [Member] | Oxford        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Claims And Claims Adjustment Expense 353,500 368,951    
Payout annuities and market risk benefits        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 22,561 22,818    
Health Insurance Product Line [Member]        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 13,131 10,179    
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 18,874 28,229    
Life DPL / Other life and health        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Liability For Future Policy Benefits 7,469 $ 8,214    
Final expense block        
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]        
Effect of actual variances from expected experience     $ 6,761  
Liability For Future Policy Benefits $ 199,460      
v3.26.3
Life Insurance Liabilities (Sensitive Life Insurance Type Products) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Interest expense $ 99,019,000 $ 90,305,000 $ 196,931,000 $ 172,635,000
Life Insurance Segment [Member] | Oxford        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Gross premiums $ 1,769,000 $ 23,444,000 1,769,000 23,444,000
Interest expense     $ 2,394,000 $ 7,394,000
Expected future lifetime (persistency) of policies in force (years) 5 years 10 months 24 days 6 years 8 months 12 days 5 years 10 months 24 days 6 years 8 months 12 days
Weighted average original interest rate of the liability for future policy benefits 5.01% 4.91% 5.01% 4.91%
Weighted average current interest rate of the liability for future policy benefits 3.97% 4.37% 3.97% 4.37%
Life Insurance Segment [Member] | Oxford | Expected gross premiums:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance $ 135,917,000 $ 675,928,000 $ 135,917,000 $ 675,928,000
Discounted balance at original discount rate 9,756,000 247,543,000 9,756,000 247,543,000
Discounted balance at current discount rate 9,824,000 248,018,000 9,824,000 248,018,000
Life Insurance Segment [Member] | Oxford | Expected policy benefits:        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Undiscounted balance 11,790,000 319,669,000 11,790,000 319,669,000
Discounted balance at original discount rate 98,588,000 470,113,000 98,588,000 470,113,000
Discounted balance at current discount rate $ 97,805,000 $ 471,382,000 $ 97,805,000 $ 471,382,000
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0452 0.0715 0.0452 0.0715
Life Insurance Segment [Member] | Oxford | Mortality expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0465 0.0667 0.0465 0.0667
Life Insurance Segment [Member] | Oxford | Lapses actual experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0149 0.0231 0.0149 0.0231
Life Insurance Segment [Member] | Oxford | Lapses expected experience        
Liability for Future Policy Benefit, after Reinsurance [Abstract]        
Market Risk Benefit Measurement Input 0.0204 0.0312 0.0204 0.0312
v3.26.3
Life Insurance Liabilities (Balance Changes Liabilities Investment Contracts) (Details) - Life And Annuity Insurance Product Line [Member] - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Policyholder Account Balance [Roll Forward]    
Policyholder contract deposits account balance Beginning of year $ 2,357,545 $ 2,511,422
Deposits received 170,010 181,834
Surrenders and withdrawals (211,536) (205,014)
Benefit payments (20,719) (17,448)
Interest credited 47,940 47,809
End of period $ 2,343,240 $ 2,518,603
Weighted average credited rate 4.08% 3.80%
Cash surrender value $ 2,047,010 $ 2,210,645