Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 19, 2023 | Sep. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | U-Haul Holding Company | ||
Entity Central Index Key | 0000004457 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 5,021,122,054 | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Mar. 31, 2023 | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity File Number | 001-11255 | ||
Entity Tax Identification Number | 88-0106815 | ||
Entity Address Address Line 1 | 5555 Kietzke Lane | ||
Entity Address Address Line 2 | Ste. 100 | ||
Entity Address City Or Town | Reno | ||
Entity Address State Or Province | NV | ||
Entity Address Postal Zip Code | 89511 | ||
City Area Code | 775 | ||
Local Phone Number | 688-6300 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | NV | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | BDO USA, LLP | ||
Auditor Location | Phoenix, Arizona | ||
Auditor Firm ID | 243 | ||
Nonvoting Common Stock [Member] | |||
Document and Entity Information [Abstract] | |||
Entity Common Stock, Shares Outstanding | 176,470,092 | ||
Security 12b Title | Series N Non-Voting Common Stock, $0.001 par value | ||
Trading Symbol | UHAL.B | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | |||
Document and Entity Information [Abstract] | |||
Entity Common Stock, Shares Outstanding | 19,607,788 | ||
Security 12b Title | Common stock, $0.25 par value | ||
Trading Symbol | UHAL | ||
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 2,060,524 | $ 2,704,137 |
Reinsurance recoverables and trade receivables, net | 189,498 | 229,343 |
Inventories, net | 151,474 | 158,888 |
Prepaid expenses | 241,711 | 236,915 |
Investments, fixed maturities and marketable equities | 2,770,394 | 2,893,399 |
Investments, other | 575,540 | 543,755 |
Deferred policy acquisition costs, net | 152,377 | 103,828 |
Other assets | 51,052 | 60,409 |
Right of use assets, financing, net | 474,765 | 620,824 |
Right of use assets, operating | 58,917 | 74,382 |
Related party assets | 48,308 | 47,851 |
Subtotal assets | 6,774,560 | 7,673,731 |
Property, plant and equipment, at cost: | ||
Land | 1,537,206 | 1,283,142 |
Buildings and improvements | 7,088,810 | 5,974,639 |
Furniture and equipment | 928,241 | 846,132 |
Property, plant and equipment (gross) | 15,660,293 | 13,358,406 |
Less: Accumulated depreciation | (4,310,205) | (3,732,556) |
Total property, plant and equipment | 11,350,088 | 9,625,850 |
Total assets | 18,124,648 | 17,299,581 |
Liabilities: | ||
Accounts payable and accrued expenses | 761,039 | 677,785 |
Notes, loans and leases payable | 6,108,042 | 6,022,497 |
Operating lease liabilities | 58,373 | 74,197 |
Finance Lease Liability | 223,205 | |
Policy benefits and losses, claims and loss expenses payable | 875,034 | 890,254 |
Liabilities from investment contracts | 2,398,884 | 2,336,238 |
Other policyholders' funds and liabilities | 8,232 | 10,812 |
Deferred income | 52,282 | 49,157 |
Deferred income taxes, net | 1,334,427 | 1,286,149 |
Total liabilities | 11,596,313 | 11,347,089 |
Commitments and contingencies (notes 9, 16, 17 and 18) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,643 | 453,819 |
Accumulated other comprehensive loss | (267,046) | 46,384 |
Retained earnings | 7,008,715 | 6,119,442 |
Total stockholders' equity | 6,528,335 | 5,952,492 |
Total liabilities and stockholders' equity | 18,124,648 | 17,299,581 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 0 | 0 |
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
Nonvoting Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 176 | 0 |
Common Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (525,653) | (525,653) |
Preferred Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (151,997) | (151,997) |
Rental Trailers and Other Rental Equipment [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | 827,696 | 615,679 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 5,278,340 | $ 4,638,814 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | |||
Self-moving equipment rentals | $ 3,877,917 | $ 3,958,807 | $ 3,083,317 |
Self-storage revenues | 744,492 | 617,120 | 477,262 |
Self-moving and self-storage products and service sales | 357,286 | 351,447 | 344,929 |
Property management fees | 37,073 | 35,194 | 31,603 |
Life insurance premiums | 99,149 | 111,027 | 121,609 |
Property and casualty insurance premiums | 93,209 | 86,518 | 68,779 |
Net investment and interest income | 176,679 | 148,261 | 122,938 |
Other revenue | 478,886 | 431,373 | 291,548 |
Total revenues | 5,864,691 | 5,739,747 | 4,541,985 |
Costs and expenses: | |||
Operating expenses | 3,024,547 | 2,676,541 | 2,187,684 |
Commission expenses | 416,315 | 429,581 | 329,609 |
Cost of sales | 263,026 | 259,585 | 214,059 |
Benefits and losses | 165,553 | 186,647 | 179,512 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Lease expense | 30,829 | 29,910 | 28,470 |
Depreciation, net of (gains) losses on disposals | 486,795 | 482,752 | 609,930 |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Total costs and expenses | 4,420,585 | 4,094,750 | 3,580,838 |
Earnings from operations | 1,444,106 | 1,644,997 | 961,147 |
Other components of net periodic benefit costs | (1,216) | (1,120) | (987) |
Interest expense | (223,958) | (167,424) | (163,502) |
Fees and amortization on early extinguishment of debt | (1,009) | (956) | 0 |
Pretax earnings | 1,217,923 | 1,475,497 | 796,658 |
Income tax expense | (294,925) | (352,211) | (185,802) |
Earnings available to common shareholders | 922,998 | 1,123,286 | 610,856 |
Common Stock [Member] | |||
Costs and expenses: | |||
Earnings available to common shareholders | $ 0 | $ 0 | $ 0 |
Basic and diluted earnings per common share | $ 5.54 | $ 7.08 | $ 5.37 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,607,788 | 19,607,788 |
Nonvoting Common Stock [Member] | |||
Costs and expenses: | |||
Earnings available to common shareholders | $ 0 | $ 0 | $ 0 |
Basic and diluted earnings per common share | $ 4.62 | $ 5.58 | $ 2.87 |
Weighted average common shares outstanding: basic and diluted | 176,470,092 | 176,470,092 | 176,470,092 |
Nonvoting Common Stock [Member] | Common Stock [Member] | |||
Costs and expenses: | |||
Weighted average common shares outstanding: basic and diluted | 196,077,880 | 196,077,880 | 196,077,880 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation: | |||
Net gains on disposal of personal property | $ (247,084) | $ (214,203) | $ (54,071) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive income (loss) (pretax): | |||
Net earnings | $ 1,217,923 | $ 1,475,497 | $ 796,658 |
Comprehensive income (loss) (tax effect): | |||
Net earnings | (294,925) | (352,211) | (185,802) |
Comprehensive income (loss) (net of tax): | |||
Net earnings | 922,998 | 1,123,286 | 610,856 |
Other comprehensive income (loss): | |||
Foreign currency translation (pretax) | (782) | (2,828) | (5,694) |
Foreign currency translation (tax effect) | 0 | 0 | 0 |
Foreign currency translation (net of tax) | (782) | (2,828) | (5,694) |
Unrealized gain (loss) on investments (pretax) | (405,144) | (78,452) | 96,170 |
Unrealized gain (loss) on investments (tax effect) | 85,954 | 15,826 | (19,201) |
Unrealized gain (loss) on investments (net of tax) | (319,190) | (62,626) | 76,969 |
Change in fair value cash flow hedges (pretax) | 6,672 | 605 | (569) |
Change in fair value of cash flow hedges (tax effect) | (1,639) | (148) | 140 |
Change in fair value of cash flow hedges, (net of tax) | 5,033 | 457 | (429) |
Amounts reclassified into earnings on hedging activities, (pre tax) | (772) | 3,948 | 3,640 |
Amounts reclassified into earnings on hedging activities (tax effect) | 190 | (970) | (894) |
Amounts reclassified into earnings on hedging,( net of tax) | (582) | 2,978 | 2,746 |
Postretirement benefit obligation gain (loss) (pretax) | 2,772 | 2,049 | (1,838) |
Postretirement benefit obligation gain (loss) (tax effect) | (681) | (503) | 451 |
Postretirement benefit obligation gain (loss) (net of tax) | 2,091 | 1,546 | (1,387) |
Total other comprehensive income (loss) (pretax) | (397,254) | (74,678) | 91,709 |
Total other comprehensive income (loss) (tax effect) | 83,824 | 14,205 | (19,504) |
Total other comprehensive income loss, net | (313,430) | (60,473) | 72,205 |
Total comprehensive income (pretax) | 820,669 | 1,400,819 | 888,367 |
Total comprehensive income (tax effect) | (211,101) | (338,006) | (205,306) |
Total comprehensive income (loss) ( net of tax) | $ 609,568 | $ 1,062,813 | $ 683,061 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] | Nonvoting Common Stock [Member] |
Balance at Mar. 31, 2020 | $ 4,287,929 | $ 10,497 | $ 453,819 | $ 34,652 | $ 4,466,611 | $ (525,653) | $ (151,997) | $ 0 |
Consolidated statement of change in equity | ||||||||
Adjustment for adoption of ASU 2016-13 | (2,880) | 0 | 0 | 0 | (2,880) | 0 | 0 | 0 |
Foreign currency translation | (5,694) | 0 | 0 | (5,694) | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | 76,969 | 0 | 0 | 76,969 | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | (429) | 0 | 0 | (429) | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 2,746 | 0 | 0 | 2,746 | 0 | 0 | 0 | 0 |
Change in post retirement benefit obligations | (1,387) | 0 | 0 | (1,387) | 0 | 0 | 0 | 0 |
Net earnings | 610,856 | 0 | 0 | 0 | 610,856 | 0 | 0 | 0 |
Common stock dividends | (49,019) | 0 | 0 | 0 | (49,019) | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | |||||||
Net activity | 631,162 | 0 | 0 | 72,205 | 558,957 | 0 | 0 | 0 |
Balance at Mar. 31, 2021 | 4,919,091 | 10,497 | 453,819 | 106,857 | 5,025,568 | (525,653) | (151,997) | 0 |
Consolidated statement of change in equity | ||||||||
Foreign currency translation | (2,828) | 0 | 0 | (2,828) | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (62,626) | 0 | 0 | (62,626) | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 457 | 0 | 0 | 457 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 2,978 | 0 | 0 | 2,978 | 0 | 0 | 0 | 0 |
Change in post retirement benefit obligations | 1,546 | 0 | 0 | 1,546 | 0 | 0 | 0 | 0 |
Net earnings | 1,123,286 | 0 | 0 | 0 | 1,123,286 | 0 | 0 | 0 |
Common stock dividends | (29,412) | 0 | 0 | 0 | (29,412) | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | |||||||
Net activity | 1,033,401 | 0 | 0 | (60,473) | 1,093,874 | 0 | 0 | 0 |
Balance at Mar. 31, 2022 | 5,952,492 | 10,497 | 453,819 | 46,384 | 6,119,442 | (525,653) | (151,997) | 0 |
Consolidated statement of change in equity | ||||||||
Common stock dividend | 0 | 0 | (176) | 0 | 0 | 0 | 0 | 176 |
Foreign currency translation | (782) | 0 | 0 | (782) | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (319,190) | 0 | 0 | (319,190) | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 5,033 | 0 | 0 | 5,033 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | (582) | 0 | 0 | (582) | 0 | 0 | 0 | 0 |
Change in post retirement benefit obligations | 2,091 | 0 | 0 | 2,091 | 0 | 0 | 0 | 0 |
Net earnings | 922,998 | 0 | 0 | 0 | 922,998 | 0 | 0 | 0 |
Common stock dividends | (19,608) | 0 | 0 | 0 | (19,608) | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | (14,117) | 0 | 0 | 0 | (14,117) | 0 | 0 | 0 |
Net activity | 575,843 | 0 | (176) | (313,430) | 889,273 | 0 | 0 | 176 |
Balance at Mar. 31, 2023 | $ 6,528,335 | $ 10,497 | $ 453,643 | $ (267,046) | $ 7,008,715 | $ (525,653) | $ (151,997) | $ 176 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | |||
Net earnings | $ 922,998 | $ 1,123,286 | $ 610,856 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 733,879 | 696,955 | 664,001 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Amortization of premiums and accretion of discounts related to investments, inc | 20,066 | 19,749 | 14,229 |
Amortization of debt issuance costs | 7,087 | 5,659 | 5,948 |
Interest credited to policyholders | 55,822 | 64,692 | 55,321 |
Change in allowance for losses on trade receivables | (4,860) | 4,227 | 1,206 |
Change in allowance for inventory reserves | 9,490 | 15,235 | 1,298 |
Net gains on disposal of personal property | (247,084) | (214,203) | (54,071) |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Net gains on sales of investments | 8,300 | (11,872) | (10,058) |
Net (gains) losses on equity investments | 9,091 | (7,837) | (394) |
Deferred income taxes | 131,754 | 101,091 | 68,411 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 44,714 | (9,187) | (39,516) |
Inventories and parts | (2,225) | (68,536) | (5,775) |
Prepaid expenses | (5,575) | 232,342 | 94,359 |
Capitalization of deferred policy acquisition costs | (25,202) | (32,626) | (36,162) |
Other assets | 16,027 | 15,349 | 44,251 |
Related party assets | (544) | (10,357) | (487) |
Accounts payable and accrued expenses | 34,263 | 10,514 | 78,718 |
Policy benefits and losses, claims and loss expenses payable | (13,708) | (19,692) | (1,992) |
Other policyholders' funds and liabilities | (2,580) | (1,608) | 2,230 |
Deferred income | 5,137 | 5,399 | 11,388 |
Related party liabilities | (760) | (2,079) | 60 |
Net cash provided by operating activities | 1,729,610 | 1,946,235 | 1,535,395 |
Cash flow from investing activities: | |||
Escrow deposits | 9,298 | (9,328) | (5,221) |
Purchase of: | |||
Property, plant and equipment | (2,723,901) | (2,136,537) | (1,441,475) |
Short term investments | (60,037) | (74,418) | (69,929) |
Fixed maturities investments | (563,452) | (627,326) | (606,233) |
Equity Securities | (4,932) | (19,299) | (962) |
Preferred stock | 0 | (8,000) | (16,144) |
Real estate | (8,685) | (261) | (622) |
Mortgage loans | (204,579) | (158,147) | (158,071) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 701,331 | 623,235 | 537,484 |
Short term investments | 74,457 | 51,591 | 69,718 |
Fixed maturities investments | 196,635 | 360,937 | 529,239 |
Equity Securities | 1,286 | 2,046 | 207 |
Preferred stock | 0 | 2,000 | 2,700 |
Real estate | 0 | 113 | 255 |
Mortgage loans | 161,194 | 126,218 | 29,525 |
Net cash used by investing activities | (2,421,385) | (1,867,176) | (1,129,529) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 1,017,898 | 1,969,474 | 922,008 |
Principal repayments on credit facilities | (801,994) | (437,506) | (662,588) |
Debt issuance costs | (5,237) | (13,156) | (5,793) |
Capital lease payments | (124,188) | (166,262) | (221,247) |
Securitization deposits | 217 | 0 | 0 |
Voting Common stock dividends paid | (19,608) | (29,412) | (49,019) |
Series N Non-Voting Common Stock Dividends | (14,117) | 0 | 0 |
Investment contract deposits | 341,483 | 347,520 | 517,856 |
Investment contract withdrawals | (334,659) | (237,503) | (213,864) |
Net cash provided by financing activities | 59,795 | 1,433,155 | 287,353 |
Effects of exchange rate on cash | (11,633) | (2,089) | 6,441 |
Increase (decrease) cash and cash equivalents | (643,613) | 1,510,125 | 699,660 |
Cash and cash equivalents at beginning of period | 2,704,137 | 1,194,012 | 494,352 |
Cash and cash equivalents at the end of period | $ 2,060,524 | $ 2,704,137 | $ 1,194,012 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | U-Haul Holding Company, a Nevada Corporation, formerly known as AMERCO (“U-Haul Holding Company”), has a fiscal year that ends on the 31 st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31 st of December 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. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022, 2021 and 2020 correspond to fiscal 2023, 2022 and 2021 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Please see Note 3, Accounting Policies – Adoption of New Accounting Pronouncements, of the Notes to Consolidated Financial Statements. |
Principles of Consolidation
Principles of Consolidation | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Principles of Consolidation | We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation to absorb the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control. A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary. We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events. Please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which are consolidated under the voting interest model. Intercompany accounts and transactions have been eliminated. Description of Legal Entities U-Haul Holding Company is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries. Description of Operating Segments U-Haul Holding Company has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. Moving and Storage includes U-Haul Holding Company, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. 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 includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). 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 Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. Life Insurance includes Oxford and its wholly owned subsidiaries. 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the years ending March 31, 2023, 2022 and 2021 for our Voting Common Stock and Non-Voting Common Stock is as follows: For the Year Ending March 31, 2023 2022 2021 (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10% 10% 10% Net earnings available to common stockholders $ 922,998 $ 1,123,286 $ 610,856 Voting Common Stock dividends declared (19,608) (29,412) (49,019) Non-Voting Common Stock dividends declared (14,117) – – Undistributed earnings available to common stockholders $ 889,273 $ 1,093,874 $ 561,837 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 88,927 $ 109,387 $ 56,184 Undistributed earnings per share of Voting Common Stock $ 4.54 $ 5.58 $ 2.87 Dividends declared per share of Voting Common Stock $ 1.00 $ 1.50 $ 2.50 Basic and diluted earnings per share of Voting Common Stock $ 5.54 $ 7.08 $ 5.37 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90% 90% 90% Net earnings available to common stockholders $ 922,998 $ 1,123,286 $ 610,856 Voting Common Stock dividends declared (19,608) (29,412) (49,019) Non-Voting Common Stock dividends declared (14,117) – – Undistributed earnings available to common stockholders $ 889,273 $ 1,093,874 $ 561,837 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 800,346 $ 984,487 $ 505,653 Undistributed earnings per share of Non-Voting Common Stock $ 4.54 $ 5.58 $ 2.87 Dividends declared per share of Non-Voting Common Stock $ 0.08 $ – $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 4.62 $ 5.58 $ 2.87 Please see Note 13, Stockholders’ Equity, of the Notes to Consolidated Financial Statements for more information on the Non-Voting Common Stock. |
Reinsurance Recoverables and Tr
Reinsurance Recoverables and Trade Receivables, Net | 12 Months Ended |
Mar. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverables and Trade Receivables, Net | Note 5. Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows: March 31, 2023 2022 (In thousands) Reinsurance recoverable $ 42,362 $ 50,586 Trade accounts receivable 110,281 150,285 Paid losses recoverable 400 345 Accrued investment income 29,553 28,689 Premiums and agents' balances 4,075 1,650 Independent dealer receivable 292 73 Other receivables 6,324 6,364 193,287 237,992 Less: Allowance for credit losses (3,789) (8,649) $ 189,498 $ 229,343 |
Other Assets
Other Assets | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Other Assets | Note 7. Other Assets Other assets were as follows: March 31, 2023 2022 (In thousands) Deposits (debt-related) $ 35,573 $ 37,588 Deposits (real estate related) 15,479 22,821 $ 51,052 $ 60,409 |
Net Investment and Interest Inc
Net Investment and Interest Income | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Net Investment and Interest Income | Note 8. Net Investment and Interest Income Net investment and interest income, were as follows: Years Ended March 31, 2023 2022 2021 (In thousands) Fixed maturities $ 171,814 $ 111,625 $ 102,021 Real estate 5,734 5,648 5,769 Insurance policy loans 869 705 829 Mortgage loans 23,854 25,850 18,248 Short-term, amounts held by ceding reinsurers, net and other investments (17,257) 11,713 3,103 Investment income 185,014 155,541 129,970 Less: investment expenses (8,335) (7,280) (7,032) Net investment and interest income $ 176,679 $ 148,261 $ 122,938 |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9. Borrowings Long-Term Debt Long-term debt was as follows: March 31, 2023 Rates Maturities 2023 2022 (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 6.14 % 2027 2037 $ 289,647 $ 50,259 Senior mortgages 2.70 % - 5.50 % 2024 - 2042 2,371,231 2,206,268 Real estate loans (revolving credit) – % - – % 2027 – 535,000 Fleet loans (amortizing term) 1.61 % - 5.68 % 2023 - 2029 111,856 124,651 Fleet loans (revolving credit) 2.36 % - 5.97 % 2025 - 2027 615,000 560,000 Finance leases (rental equipment) 2.18 % - 5.04 % 2023 - 2026 223,205 347,393 Finance liability (rental equipment) 1.60 % - 5.98 % 2024 - 2031 1,255,763 949,936 Private placements 2.43 % - 2.88 % 2029 - 2035 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2023 - 2049 76,648 86,206 Notes, loans and finance leases payable $ 6,143,350 $ 6,059,713 Less: Debt issuance costs (35,308) (37,216) Total notes, loans and finance leases payable, net $ 6,108,042 $ 6,022,497 (a) Certain loans have interest rate swaps fixing the rate between 2.72% and 2.86% based on current margin Real Estate Backed Loans Real Estate Loan Certain subsidiaries of Real Estate and U-Haul Company of Florida are borrowers under real estate loans. These loans require monthly or quarterly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans are secured by various properties owned by the borrowers. The interest rates, per the provisions of $ 206.3 million of these loans, are the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margins and a credit spread adjustment of 0.10 %. As of March 31, 2023, the applicable SOFR was between 4.62 % and 4.83 % and applicable margin was between 0.65 % and 1.38 %, the sum of which, including the credit spread, was between 5.58 % and 6.14 %. The remaining $ 83.3 million of these loans was fixed with an interest rate of 4.29 %. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70% and 5.50%. The weighted average interest rate of these loans as of March 31, 2023 was 4.09%. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. There are limited restrictions regarding our use of the funds. Real Estate Loans (Revolving Credit) U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of March 31, 2023, the maximum credit commitment is $ 465.0 million. As of March 31, 2023, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of March 31, 2023. There is a 0.30 % fee charged for unused capacity. This loan was amended in October 2022 and the maximum credit limit was increased from $ 150 million to $ 465 million, the maturity extended to October 2027 and LIBOR based rates were replaced with SOFR based rates. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.61 % and 5.68 %. All of our rental truck amortizing loans are collateralized by the rental equipment purchased. The majority of these loans are funded at 70%, but some may be funded at 100%. U-Haul Holding Company, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans inclu |
Interest on Borrowings
Interest on Borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Interest Expense, Borrowings [Abstract] | |
Interest on Borrowings | Note 10. Interest on Borrowings Interest Expense Components of interest expense include the following: Years Ended March 31, 2023 2022 2021 (In thousands) Interest expense $ 229,559 $ 167,618 $ 165,484 Capitalized interest (11,814) (9,700) (11,573) Amortization of transaction costs 6,987 5,556 5,949 Interest expense resulting from cash flow hedges (774) 3,950 3,642 Total interest expense 223,958 167,424 163,502 Interest paid in cash amounted to $ 225.8 million, $ 166.1 million and $ 166.4 million for fiscal 2023, 2022 and 2021, respectively. Interest paid (received) in cash on derivative contracts was ($0.8) million, $4.0 million and $3.6 million, for fiscal 2023, 2022 and 2021, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows: Revolving Credit Activity Years Ended March 31, 2023 2022 2021 (In thousands, except interest rates) Weighted average interest rate during the year 3.93 % 1.40 % 1.40 % Interest rate at year end 5.89 % 1.49 % 1.40 % Maximum amount outstanding during the year $ 1,105,000 $ 1,105,000 $ 1,175,000 Average amount outstanding during the year $ 824,211 $ 1,085,074 $ 1,088,293 Facility fees $ 733 $ 253 $ 261 |
Derivatives
Derivatives | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 11. Derivatives We manage exposure to changes in market 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 SOFR swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows: March 31, 2023 March 31, 2022 (In thousands) Interest rate swaps designated as cash flow hedges Assets $ 5,311 $ – Liabilities – 587 Notional amount 206,347 235,000 The Effect of Interest Rate Contracts on the Statements of Operations Years Ended March 31, 2023 2022 2021 (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (5,900) $ (4,553) $ (3,071) (Gain) loss reclassified from AOCI into income $ 772 $ (3,948) $ (3,640) (Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During fiscal years 2023, 2022 and 2021, we recognized an increase (decrease) in the fair value of our cash flow hedges of $5.0, $0.5 million and ($0.4) million, respectively, net of taxes. During fiscal years 2023, 2022 and 2021, we reclassified ($0.8) million, $3.9 million and $3.6 million, respectively, from AOCI to interest expense. As of March 31, 2023, we expect to reclassify $ 3.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder 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. At December 31, 2022 and 2021, these derivative hedges had a fair value of $4.3 million and $7.5 million, with notional amounts of $465.7 million and $416.7 million, respectively. At December 31, 2022 and 2021, these derivative instruments are included in Investments, other, on the consolidated balance sheets. Net (gains) losses recognized in net investment and interest income for fiscal year 2023, 2022 and 2021 were $8.9 million, ($3.7) million and ($2.6) million, respectively. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Derivatives Fair Values as of March 31, 2023 March 31, 2022 (In thousands) Equity market contracts as economic hedging instruments Assets $ 4,295 $ 7,474 Liabilities $ – $ – Notional amount $ 465,701 $ 416,739 Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The changes in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Other Comprehensive Income Noncontrolling Interest [Text Block] | Note 12. Accumulated Other Comprehensive Income (Loss) A summary of our AOCI components, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gain on Investments Fair Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation (5,694) – – – (5,694) Unrealized net gain on investments – 76,969 – – 76,969 Change in fair value of cash flow hedges – – (429) – (429) Amounts reclassified into earnings on hedging activities – – 2,746 – 2,746 Change in post retirement benefit obligations – – – (1,387) (1,387) Other comprehensive income (loss) (5,694) 76,969 2,317 (1,387) 72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $ (3,988) $ 106,857 Foreign currency translation (2,828) – – – (2,828) Unrealized net loss on investments – (62,626) – – (62,626) Change in fair value of cash flow hedges – – 457 – 457 Amounts reclassified into earnings on hedging activities – – 2,978 – 2,978 Change in post retirement benefit obligations – – – 1,546 1,546 Other comprehensive income (loss) (2,828) (62,626) 3,435 1,546 (60,473) Balance as of March 31, 2022 $ (55,757) $ 105,027 $ (444) $ (2,442) $ 46,384 Foreign currency translation (782) – – – (782) Unrealized net loss on investments – (319,190) – – (319,190) Change in fair value of cash flow hedges – – 5,033 – 5,033 Amounts reclassified into earnings on hedging activities – – (582) – (582) Change in post retirement benefit obligations – – – 2,091 2,091 Other comprehensive income (loss) (782) (319,190) 4,451 2,091 (313,430) Balance as of March 31, 2023$( 56,539 )$( 214,163 )$ 4,007 $ ( 351 )$ (267,046) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Note 13. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal years 2023 and 2022. Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date August 18, 2022 $ 0.50 September 6, 2022 September 20, 2022 April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 October 6, 2021 $ 0.50 October 18, 2021 October 29, 2021 August 19, 2021 $ 0.50 September 7, 2021 September 21, 2021 June 9, 2021 $ 0.50 June 24, 2021 July 8, 2021 Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date March 3, 2023 $ 0.04 March 14, 2023 March 27, 2023 December 7, 2022 $ 0.04 December 19, 2022 December 30, 2022 As of March 31, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan. Creation of the Series N Non-Voting Common Stock Effective October 24, 2022, the Company created a new series of common stock, designated as Non-Voting Common Stock. The Non-Voting Common Stock has a par value of $ 0.001 per share, 250,000,000 shares authorized and trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “UHAL.B”. Shares of the Company’s Voting Common Stock also trade on the NYSE under the ticker symbol ”UHAL.” 9-for-1 Stock Dividend Involving Non-Voting Common Stock On October 24, 2022, the Company issued shares of the Non-Voting Common Stock through a stock dividend, on a 9-for-1 basis, to then-existing holders of the Company’s Voting Common Stock. The shares of Non-Voting Common Stock were distributed after the close of trading on November 9, 2022, to stockholders of record of Voting Common Stock at the close of business on November 3, 2022. Trading of the 176,470,092 shares of Non-Voting Common Stock began on November 10, 2022. Dividend Policy for Non-Voting Common Stock In response to the Committee’s recommendation to consider a dividend policy, the Board adopted a dividend policy for the new Non-Voting Common Stock. Unless the Board in its sole discretion determines otherwise, it shall be the policy of the Company to declare and pay a quarterly cash dividend on each share of the Company’s Non-Voting Common Stock, in the amount of $ 0.04 per share. This policy commenced in the third quarter of fiscal year 2023. On December 19, 2022, the Company transferred the listings of both UHAL and UHAL.B to the NYSE from the NASDAQ Global Select Market. |
Provision for Taxes
Provision for Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Provision for Taxes | Note 14. Provision for Taxes Earnings before taxes and the provision for taxes consisted of the following: Years Ended March 31, 2023 2022 2021 (In thousands) Pretax earnings: U.S. $ 1,178,264 $ 1,431,155 $ 773,030 Non-U.S. 39,659 44,342 23,628 Total pretax earnings $ 1,217,923 $ 1,475,497 $ 796,658 Current provision Federal $ 115,171 $ 189,488 $ 100,521 State 42,121 55,518 16,572 Non-U.S. 5,150 6,893 3,404 162,442 251,899 120,497 Deferred provision Federal 114,355 90,852 53,957 State 14,077 6,355 9,795 Non-U.S. 4,051 3,105 1,553 132,483 100,312 65,305 Provision for income tax expense $ 294,925 $ 352,211 $ 185,802 Income taxes paid (received) $ 145,680 $ ( 4,548 ) $ 29,044 The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows: Years Ended March 31, 2023 2022 2021 (In percentages) Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from: State taxes, net of federal benefit 3.56 % 3.24 % 2.53 % Foreign rate differential 0.08 % 0.05 % – % Federal tax credits (0.48) % (0.19) % (0.99) % Tax-exempt income (0.08) % (0.03) % (0.08) % Dividend received deduction (0.01) % – % (0.01) % Other 0.15 % (0.20) % 0.87 % Actual tax expense of operations |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2023 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 15. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2023, 2022 or 2021. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2021 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $22.1 million, $23.0 million and $23.0 million for fiscal 2023, 2022 and 2021, respectively, which are included in operating expenses in the consolidated statements of operations. In fiscal 2023, 2022 and 2021, the Company made non-leveraged contributions of $ 22.1 million, $ 23.0 million and $ 23.0 million, respectively to the Plan Trust. During fiscal 2023, ESOP purchased for allocation 424,484 of non-leveraged Non-Voting Common Stock shares and during fiscal 2022, ESOP purchased for allocation 33,954 of non-leveraged Voting Common Stock shares. Shares held by the ESOP were as follows: Years Ended March 31, 2023 2022 (In thousands) Allocated shares - Voting Common Stock 836 890 Allocated shares - Non-Voting Common Stock 7,821 – Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are for amounts requested that are paid out of pocket after Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2023 2022 2021 (In thousands) Service cost for benefits earned during the period $ 1,326 $ 1,401 $ 1,267 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 1,148 908 919 Other components 68 212 68 Total other components of net periodic benefit costs 1,216 1,120 987 Net periodic postretirement benefit cost $ 2,542 $ 2,521 $ 2,254 The fiscal 2023 and fiscal 2022 post retirement benefit liability included the following components: Years Ended March 31, 2023 2022 (In thousands) Beginning of year $ 30,206 $ 30,755 Service cost for benefits earned during the period 1,326 1,401 Interest cost on accumulated post retirement benefit 1,148 908 Net benefit payments and expense (1,207) (1,021) Actuarial gain (2,703) (1,837) Accumulated postretirement benefit obligation 28,770 30,206 Current liabilities 1,625 1,449 Non-current liabilities 27,145 28,757 Total post retirement benefit liability recognized in statement of financial position 28,770 30,206 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (465) (3,237) Cumulative net periodic benefit cost (in excess of employer contribution) $ 28,305 $ 26,969 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2023 2022 2021 (In percentages) Accumulated postretirement benefit obligation 5.08 % 3.76 % 2.93 % In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2023 was 6.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2047. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2022 (and used to measure the fiscal 2023 net periodic benefit cost) was 4.9% in the initial year and was projected to decline annually to an ultimate rate of 4.0% in fiscal 2046. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows: Future Net Benefit Payments (In thousands) Year-ended: 2024 $ 1,546 2025 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 16. 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 recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments are based on quoted market prices. Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows. Fair values on interest rate swap contracts are based on using pricing valuation models which include broker quotes. Fair values of long-term investments and 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, reinsurance recoverables 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 receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes 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. Other investments including short-term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy As of March 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 189,498 $ – $ – $ 189,498 $ 189,498 Mortgage loans, net 466,531 – – 444,957 444,957 Other investments 109,009 – – 109,009 109,009 Total $ 765,038 $ – $ – $ 743,464 $ 743,464 Liabilities Notes, loans and finance leases payable $ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 Total $ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 . Fair Value Hierarchy As of March 31, 2022 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net 423,163 – – 450,347 450,347 Other investments 120,592 – – 120,592 120,592 Total $ 773,098 $ – $ – $ 800,282 $ 800,282 |
Reinsurance and Policy Benefits
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | Note 17. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $150,000. Direct Amount (a) Ceded to Other Companies Assumed from Other Companies Net Amount (a) Percentage of Amount Assumed to Net (In thousands) Year ended December 31, 2022 Life insurance in force $ 970,454 $ 48 $ 304,891 $ 1,275,297 24 % Premiums earned: Life $ 52,298 $ 1 $ 4,181 $ 56,478 7 % Accident and health 41,354 152 983 42,185 2 % Annuity 80 – 406 486 84 % Property and casualty 96,242 – – 96,242 – % Total $ 189,974 $ 153 $ 5,570 $ 195,391 Year ended December 31, 2021 Life insurance in force $ 1,029,537 $ 72 $ 328,030 $ 1,357,495 24 % Premiums earned: Life $ 56,353 $ 2 $ 4,514 $ 60,865 7 % Accident and health 48,385 160 1,166 49,391 2 % Annuity 444 – 327 771 42 % Property and casualty 89,667 – – 89,667 – % Total $ 194,849 $ 162 $ 6,007 $ 200,694 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases Of Lessee Disclosure [Text Block] | Note 18. Leases We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. These leases, which are comprised primarily of storage rental locations, have lease terms up to 88 years, except for easements which are indefinite in term. Covenants include the Company’s responsibility for all maintenance and repairs during the term of the agreement. Our equipment sale/leaseback transactions do not qualify as a sale. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms are generally 7 years, may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our right-of-use (“ROU“ assets, net: As of March 31, 2023 Finance Operating Total (In thousands) Buildings and improvements $ – $ 128,221 $ 128,221 Furniture and equipment 9,687 – 9,687 Rental trailers and other rental equipment 152,294 – 152,294 Rental trucks 949,838 – 949,838 Right-of-use assets, gross 1,111,819 128,221 1,240,040 Less: Accumulated depreciation (637,054) (69,304) (706,358) Right-of-use assets, net $ 474,765 $ 58,917 $ 533,682 As of March 31, 2022 Finance Operating Total (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 169,514 – 169,514 Rental trucks 1,114,248 – 1,114,248 Right-of-use assets, gross 1,298,493 136,444 1,434,937 Less: Accumulated depreciation (677,669) (62,062) (739,731) Right-of-use assets, net $ 620,824 $ 74,382 $ 695,206 As of March 31, 2023 and 2022, we had finance leases for the ROU assets, net of $ 223.2 million and $ 347.4 million, respectively and operating leases of $ 58.4 million and $ 74.2 million, respectively. Financing leases March 31, 2023 2022 Weighted average remaining lease term (years) 2 3 Weighted average discount rate 3.8 % 3.7 % Operating leases March 31, 2023 2022 Weighted average remaining lease term (years) 19.2 16.5 Weighted average discount rate 4.7 % 4.6 % For fiscal years 2023, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 32.1 million, $ 30.2 million and $ 29.3 million, respectively, and our financing cash flow activities were $ 124.2 million, $ 166.3 million and $ 221.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $ 9.5 million, $ 3.7 million and $ 6.8 million for fiscal years 2023, 2022 and 2021, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2023 2022 (In thousands) |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 19. Contingencies Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul‘s information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers‘ information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities. Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona and will be vigorously defended by the Company; however, the outcome of such lawsuits cannot be predicted or guaranteed with any certainty. Environmental Compliance with environmental requirements of federal, state, provincial and local governments may affect Real Estate’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. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate 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 Real Estate, compliance with the 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 or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 20. Related Party Transactions As set forth in the Company’s Audit Committee Charter and consistent with the NYSE Listed Company Manual, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the SEC rules and regulations and in accordance with GAAP. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenues Years Ended March 31, 2023 2022 2021 (In thousands) U-Haul management fee revenue from Blackwater $ 29,825 $ 28,546 $ 25,512 U-Haul management fee revenue from Mercury 7,248 6,648 6,091 $ 37,073 $ 35,194 $ 31,603 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4 % and 10 % of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $ 37.0 million, $ 38.5 million and $ 31.2 million from the above-mentioned entities during fiscal 2023, 2022 and 2021, respectively. The decrease in management fees received in fiscal 2023 compared with fiscal 2022 was due to a timing difference of the incentive fee of $ 4.0 million being paid in March of fiscal 2022. 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 benefitting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Mercury has notified W.P. Carey, the lessor, of its intent to purchase these properties. Related Party Costs and Expenses Years Ended March 31, 2023 2022 2021 (In thousands) U-Haul lease expenses to Blackwater $ 2,416 $ 2,445 $ 2,612 U-Haul commission expenses to Blackwater 88,067 88,288 69,212 $ 90,483 $ 90,733 $ 71,824 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of March 31, 2023, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 29.8 million, $ 28.5 million and $ 25.5 million, expenses of $ 2.4 million, $ 2.4 million and $ 2.6 million and cash flows of $ 27.4 million, $ 25.9 million and $ 22.6 million during fiscal 2023, 2022 and 2021, respectively. Revenues were $ 418.9 million, $ 417.9 million and $ 323.8 million and commission expenses were $ 88.1 million, $ 88.3 million and $ 69.2 million, respectively, related to Dealer Agreements for fiscal 2023, 2022 and 2021. Management determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater. Related Party Assets March 31, 2023 2022 (In thousands) U-Haul receivable from Blackwater $ 42,141 $ 41,364 U-Haul receivable from Mercury 8,402 5,708 Other (a) (2,235) 779 $ 48,308 $ 47,851 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. |
Statutory Financial Information
Statutory Financial Information of Insurance Subsidiaries | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Statutory Financial Information of Insurance Subsidiaries | Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2022 2021 2020 (In thousands) Repwest: Audited statutory net income $ 34,963 $ 33,314 $ 22,898 Audited statutory capital and surplus 294,515 266,875 227,380 ARCOA: Audited statutory net income (loss) 2,319 (752) 2,438 Audited statutory capital and surplus 13,340 14,697 15,928 Oxford: Audited statutory net income (loss) (771) 23,217 6,296 Audited statutory capital and surplus 227,667 230,202 218,301 CFLIC: Audited statutory net income 3,637 6,019 8,082 Audited statutory capital and surplus 20,591 17,098 25,980 NAI: Audited statutory net income 1,017 1,874 2,127 Audited statutory capital and surplus 8,906 7,961 13,980 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest as of December 31, 2022 that could be distributed as ordinary dividends was $29.5 million. Oxford had a statutory net loss as of December 31, 2022, so no dividends can be distributed in calendar year 2023. Repwest paid a dividend of $22.6 million to U-Haul Holding Company during fiscal 2021. Repwest did not pay a dividend to U-Haul Holding Company in fiscal 2023 or 2022. Oxford paid a dividend of $18.6 million to U-Haul Holding Company during fiscal 2021. Oxford did not pay a dividend to U-Haul Holding Company in fiscal 2023 or 2022. Restricted net assets for our insurance subsidiaries were $95.8 million and $91.7 million as of December 31, 2022 and 2021, respectively. For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus. |
Financial Information by Geogra
Financial Information by Geographic Area Data | 12 Months Ended |
Mar. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
Industry Segment and Geographic Area Data | Note 22. Financial Information by Geographic Area United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2023 Total revenues $ 5,570,264 $ 294,427 $ 5,864,691 Depreciation and amortization, net of gains on disposal 514,043 6,272 520,315 Interest expense 221,008 2,950 223,958 Pretax earnings 1,178,264 39,659 1,217,923 Income tax expense 285,724 9,201 294,925 Identifiable assets 17,453,015 671,633 18,124,648 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2022 Total revenues $ 5,452,027 $ 287,720 $ 5,739,747 Depreciation and amortization, net of gains on disposal 509,517 2,969 512,486 Interest expense 163,586 3,838 167,424 Pretax earnings 1,431,155 44,342 1,475,497 Income tax expense 342,213 9,998 352,211 Identifiable assets 16,776,070 523,511 17,299,581 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021 Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal 631,344 10,160 641,504 Interest expense 160,429 3,073 163,502 Pretax earnings 773,030 23,628 796,658 Income tax expense 180,845 4,957 185,802 Identifiable assets 14,212,978 438,628 14,651,606 |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Consolidating Financial Information by Industry Segment | Note 22A. Consolidating Financial Information by Industry Segment U-Haul Holding Company’s three reportable segments are: Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes, net are shown as liabilities on the consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 23. Revenue Recognition Revenue Recognized in Accordance with ASC Topic 606 ASC Topic 606, Revenue from Contracts with Customers (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 entered 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, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities for fiscal 2023. 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 containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help ® services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. 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 Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Self-moving 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. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter: Year Ended March 31, 2024 2025 2026 2027 2028 Thereafter (In thousands) Self-moving equipment rentals $ 5,750 $ – $ – $ – $ – $ – Property lease revenues 19,223 12,378 9,552 7,680 5,050 38,998 Total $ 24,973 $ 12,378 $ 9,552 $ 7,680 $ 5,050 $ 38,998 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. In the following tables, the revenue is disaggregated by timing of revenue recognition: Years Ended March 31, 2023 2022 2021 (In thousands) Revenues recognized over time $ 320,822 $ 284,401 $ 182,278 Revenues recognized at a point in time 425,584 414,985 396,600 Total revenues recognized under ASC 606 746,406 699,386 578,878 Revenues recognized under ASC 842 4,744,746 4,690,434 3,644,798 Revenues recognized under ASC 944 196,860 201,666 195,371 Revenues recognized under ASC 320 176,679 148,261 122,938 Total revenues $ 5,864,691 $ 5,739,747 $ 4,541,985 In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues. We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Mar. 31, 2023 | |
Allowance For Credit Loss [Abstract] | |
Allowance For Credit Losses [Text Block] | Note 24 . Allowance for Credit Losses Mortgage loans, net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverables Reinsurance recoverable on paid and unpaid benefits was less than 1% of the total assets as of January 1, 2022 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premiums receivables were $ 4.1 million and $ 1.7 million as of December 31, 2022 and 2021, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (In thousands) Balance as of March 31, 2021 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses 4,228 (1,260) – 2,968 Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses (4,860) 2,041 16 (2,803) Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2023 $ 3,789 $ 2,101 $ 517 $ 6,407 |
Notes to Condensed Financial In
Notes to Condensed Financial Information - U-Haul Holding Company [Member] | 12 Months Ended |
Mar. 31, 2023 | |
1. Summary of Significant Accounting Policies | U-Haul Holding Company, a Nevada corporation, was incorporated in April, 1969, and is the holding Company for U-Haul International, Inc., Amerco Real Estate Company, Repwest Insurance Company and Oxford Life Insurance Company. The financial statements of the Registrant should be read in conjunction with the Consolidated Financial Statements and notes thereto included in this Annual Report. U-Haul Holding Company is included in a consolidated Federal income tax return with all of its U.S. subsidiaries. Accordingly, the provision for income taxes has been calculated for Federal income taxes of U-Haul Holding Company and subsidiaries included in the consolidated return of U-Haul Holding Company. State taxes for all subsidiaries are allocated to the respective subsidiaries. The financial statements include only the accounts of U-Haul Holding Company, which include certain of the corporate operations of U-Haul Holding Company. The interest in U-Haul Holding Company’s majority owned subsidiaries is accounted for using the equity method. The intercompany interest income and expenses are eliminated in the Consolidated Financial Statements. |
2. Guarantees | U-Haul Holding Company has guaranteed performance of certain long-term leases and other obligations. See Note 18, Leases, and Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. |
Schedule II - U-Haul Holding Co
Schedule II - U-Haul Holding Company and Consolidated Subsidiaries Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | SCHEDULE II U-Haul Holding Company AND CONSOLIDATED SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Year Additions Charged to Costs and Expenses Additions Charged to Other Accounts Deductions Balance at Year End Year ended March 31, 2023 (In thousands) Allowance for obsolescence (deducted from inventory) $ 1,080 $ – $ – $ (151) $ 929 Allowance for LIFO (deducted from inventory) $ 37,400 $ 9,665 $ – $ – $ 47,065 Year ended March 31, 2022 Allowance for obsolescence (deducted from inventory) $ 1,416 $ – $ – $ (336) $ 1,080 Allowance for LIFO (deducted from inventory) $ 21,832 $ 15,568 $ – $ – $ 37,400 Year ended March 31, 2021 Allowance for credit losses (deducted from trade receivable) $ 535 $ 2,179 $ 2,680 $ (973) $ 4,421 Allowance for obsolescence (deducted from inventory) $ 3,063 $ – $ – $ (1,647) $ 1,416 Allowance for LIFO (deducted from inventory) $ 18,886 $ 2,946 $ – $ – $ 21,832 Allowance for probable losses (deducted from mortgage loans)$ 493 $ – $ – $( 45 )$ 448 |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information (for Property-Casualty Insurance Operations) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Schedule Of Supplemental Information For Property Casualty Insurance Underwriters [Text Block] | SCHEDULE V U-Haul Holding Company AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL INFORMATION (FOR PROPERTY-CASUALTY INSURANCE Operations) Years Ended December 31, 2022, 2021, AND 2020 Fiscal Year Affiliation with Registrant Deferred Policy Acquisition Cost Reserves for Unpaid Claims and Adjustment Expenses Discount if any, Deducted Unearned Premiums Net Earned Premiums (1) Net Investment Income (2) Claim and Claim Adjustment Expenses Incurred Related to Current Year Claim and Claim Adjustment Expenses Incurred Related to Prior Year Amortization of Deferred Policy Acquisition Costs Paid Claims and Claim Adjustment Expense Net Premiums Written (1) (In thousands) 2023 Consolidated property casualty entity $ – $ 151,874 $ – (97) $ 96,242 $ 7,314 $ 27,570 $ (5,828) $ – $ 22,965 $ 96,145 2022 Consolidated property casualty entity – 159,162 – 334 89,667 24,385 28,980 (6,290) – 24,012 90,002 2021 Consolidated property casualty entity – 177,963 – (294) 70,285 16,335 20,670 (3,865) – 25,759 69,989 (1)The earned and written premiums are reported net of intersegment transactions. There were $2.9 million, $3.1 million and $1.5 million in written premiums and $3.0 million, $2.8 million and $1.8 million in earned premiums eliminated for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Net Investment Income excludes net realized (gains) losses on investments of $0.1 million, ($1.0) million and ($0.1) million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Accounting Policies (Policy Tex
Accounting Policies (Policy Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Policy Text Block [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management’s most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management’s estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2023 and March 31, 2022, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. |
Investments | Investments Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to accumulated other comprehensive income (loss) in stockholders’ equity. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. |
Derivative Financial Instruments | Accrued Interest Receivable Accrued interest receivables on available-for-sale securities totaled $29.6 million and $28.7 million as of December 31, 2022 and 2021, respectively and are excluded from the estimate of credit losses. We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that are 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income. Derivative Financial Instruments Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. We have elected to apply hedge accounting to our derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) (“AOCI”), upon the maturity of the hedge relationship, amounts remaining in AOCI are released to earnings. When the cash flow hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in interest expense over the remaining life. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. |
Inventory, net | Inventories and parts, net Inventories and parts, net were as follows: March 31, 2023 2022 (In thousands) Truck and trailer parts and accessories (a) $ 150,319 $ 148,237 Hitches and towing components (b) 30,927 32,508 Moving supplies and propane (b) 18,222 16,623 Subtotal 199,468 197,368 Less: LIFO reserves (47,065) (37,400) Less: excess and obsolete reserves (929) (1,080) Total $ 151,474 $ 158,888 (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower of cost or net realizable value. Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 94 % and 93 % of the total inventories for March 31, 2023 and 2022, respectively. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $ 47.1 million and $ 37.4 million higher as of March 31, 2023 and 2022, respectively. In fiscal 2023, 2022 and 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 1.6 million, $ 0.1 million and $ 0.4 million, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment Our property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 247.1 million, $ 214.2 million and $ 54.1 million during fiscal 2023, 2022 and 2021, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally the subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 72.2 million and $ 67.8 million for fiscal 2023 and 2022, respectively, which is included in Investments, other and are held at cost. |
Receivables | Receivables Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management’s estimate of expected losses. Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rentals of equipment. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% and 6% as of March 31, 2023 and 2022, respectively. Management developed this estimate based on its knowledge of past experience. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for credit losses due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. The allowance for expected credit losses on trade receivables were $3.8 million and $8.6 million as of March 31, 2023 and 2022, respectively. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. |
Policy Benefits and Losses, Claims and Loss Expenses Payable | Policy Benefits and Losses, Claims and Loss Expenses Payable Liabilities for future policy benefits related to life insurance, medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford’s liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. The consolidated balance sheets include $386.8 million and $399.0 million of liabilities related to these programs as of December 31, 2022 and 2021, respectively. Oxford’s liabilities for fixed rate deferred annuities and fixed equity indexed annuities are reported on the balance sheet as liabilities from investment contracts. These liabilities do not subject the Company to significant mortality or morbidity risk and are stated at the account balance of the policyholder. The consolidated balance sheets include $2,398.9 million and $2,336.2 million of liabilities for these contracts as of December 31, 2022 and 2021, respectively. Property and Casualty Insurance’s liability for reported and unreported losses is based on Repwest’s historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation. As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following: Claimant longevity; Cost trends associated with claimant treatments; Changes in ceding entity and third-party administrator reporting practices; Changes in environmental factors including legal and regulatory; Current conditions affecting claim settlements; and Future economic conditions, including inflation. We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability. We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. |
Self-Insurance Reserves | Self-Insurance Reserves U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $335.2 million and $330.9 million of liabilities related to these programs as of March 31, 2023 and 2022, respectively. These liabilities are recorded in policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. In the current year, management determined that an adjustment to the self-insurance reserve balance was necessary, as a result of an identification of an inappropriate approach taken that did not adequately consider all applicable inputs in determining the estimate. Upon analysis, this adjustment was considered to not impact the previous years’ income statement presented and as such, management recorded a reduction of the self-insurance reserve by $88 million, net of $20.8 million of tax effect, resulting in an increase to retained earnings of $67.2 million as of March 31, 2022 and 2021. 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. Additionally, as of March 31, 2023 and 2022, the consolidated balance sheets include liabilities of $ 21.6 million and $ 19.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. |
Advertising | Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. We combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, with lease terms up to 88 years, except for our easements which are indefinite in term, are included in ROU assets – operating, net and operating lease liabilities in our consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, with primarily 7-year terms are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Covenants include the Company’s responsibilty for all maintenance and repairs during the term of the agreement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Our equipment sale/leaseback transactions do not qualify as a sale. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. Please see Note 18, Leases, of the Notes to Consolidated Financial Statements. Advertising All advertising costs are expensed as incurred. Advertising expenses were $ 11.1 million, $ 13.7 million and $ 18.0 million in fiscal 2023, 2022 and 2021, respectively and are included in operating expenses. |
Deferred Policy Acquisition Cost | Deferred Policy Acquisition Costs Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance’s life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”). Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to deferred policy acquisition costs (“DAC”). As of December 31, 2022 and 2021, the Sales Inducement Asset included with DAC amounted to $ 16.6 million and $ 15.7 million, respectively on the consolidated balance sheet and amortization expense totaled $ 3.7 million, $ 4.7 million and $ 4.3 million for the periods ended December 31, 2022, 2021 and 2020, respectively. |
Environmental Costs | Environmental Costs Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management’s best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. |
Income Taxes | Income Taxes U-Haul Holding Company files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when it is more likely than not that the deferred tax assets will not be realized. |
Comprehensive Income (Loss) | Earnings Per Share See Note 4, Earnings Per Share, of the Notes to Consolidated Financial Statements. Comprehensive Income (Loss) Comprehensive income (loss), on a tax effected basis, consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations. |
Debt issuance costs | Debt Issuance Costs We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 8, Borrowings, of the Notes to Consolidated Financial Statements. |
Adoption of New Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ( ” FASB ”) issued Accounting Standards Update (“ASU“) 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare Supplement products and our long-term care business. Entities will be required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in other comprehensive income. Oxford will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company will use a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company will group its long-duration contracts into calendar year cohorts based on the contract issue date. The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: 1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, 2) the requirement to no longer accrue and amortize interest on our DAC balances, and 3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business. Upon adoption, the Company expects an adjustment to AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during 2023, but could become material with a large increase in sales. Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. Market risk benefits are contracts or contract features that guarantee benefits, such as GLWBs, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits are currently accounted for as embedded derivatives and measured at fair value, while others will transition to fair value measurement upon the adoption of ASU 2018-12. Also in consideration of market risk benefits, upon adoption, the Company expects an impact to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption will have no economic impact on the cash flows of our business nor influence our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it will not impact our statutory earnings, statutory capital, nor our capital management philosophies. The Company expects the net equity impact of these changes will be a decrease of between approximately $ 110.0 million to $ 130.0 million to AOCI as stated as of the transition date of January 1, 2021. As of December 31, 2022 we estimate that the transition date reduction to AOCI will significantly reverse primarily as a result of increases in market interest rates from the January 1, 2021 transition date to December 31, 2022.. While the Company has substantially completed the necessary updates to its valuation models and other systems to implement the standard, the Company’s implementation of the new guidance is continuing to be refined and reviewed. The actual impact of adoption, including the actual tax rates, will be finalized upon completion of the Company’s disclosure and controls procedures regarding the adoption of ASU 2018-12. Therefore, the Company’s estimate of the impact of adoption may be different than the actual impact of adoption. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. |
Accounting Policies (Table Text
Accounting Policies (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net | March 31, 2023 2022 (In thousands) Truck and trailer parts and accessories (a) $ 150,319 $ 148,237 Hitches and towing components (b) 30,927 32,508 Moving supplies and propane (b) 18,222 16,623 Subtotal 199,468 197,368 Less: LIFO reserves (47,065) (37,400) Less: excess and obsolete reserves (929) (1,080) Total $ 151,474 $ 158,888 |
Reinsurance Recoverables and _2
Reinsurance Recoverables and Trade Receivables, Net (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Reinsurance Recoverables and Trade Receivables, Net [Abstract] | |
Reinsurance Recoverables and Trade Receivables, Net | March 31, 2023 2022 (In thousands) Reinsurance recoverable $ 42,362 $ 50,586 Trade accounts receivable 110,281 150,285 Paid losses recoverable 400 345 Accrued investment income 29,553 28,689 Premiums and agents' balances 4,075 1,650 Independent dealer receivable 292 73 Other receivables 6,324 6,364 193,287 237,992 Less: Allowance for credit losses (3,789) (8,649) $ 189,498 $ 229,343 |
Other Assets (Table Text Block)
Other Assets (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | March 31, 2023 2022 (In thousands) Deposits (debt-related) $ 35,573 $ 37,588 Deposits (real estate related) 15,479 22,821 $ 51,052 $ 60,409 |
Net Investment and Interest I_2
Net Investment and Interest Income (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Table Text Block [Abstract] | |
Net Investment and Interest Income | Years Ended March 31, 2023 2022 2021 (In thousands) Fixed maturities $ 171,814 $ 111,625 $ 102,021 Real estate 5,734 5,648 5,769 Insurance policy loans 869 705 829 Mortgage loans 23,854 25,850 18,248 Short-term, amounts held by ceding reinsurers, net and other investments (17,257) 11,713 3,103 Investment income 185,014 155,541 129,970 Less: investment expenses (8,335) (7,280) (7,032) Net investment and interest income$ 176,679 $ 148,261 $ 122,938 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Instruments [Abstract] | |
Long-Term Debt | March 31, 2023 Rates Maturities 2023 2022 (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 6.14 % 2027 2037 $ 289,647 $ 50,259 Senior mortgages 2.70 % - 5.50 % 2024 - 2042 2,371,231 2,206,268 Real estate loans (revolving credit) – % - – % 2027 – 535,000 Fleet loans (amortizing term) 1.61 % - 5.68 % 2023 - 2029 111,856 124,651 Fleet loans (revolving credit) 2.36 % - 5.97 % 2025 - 2027 615,000 560,000 Finance leases (rental equipment) 2.18 % - 5.04 % 2023 - 2026 223,205 347,393 Finance liability (rental equipment) 1.60 % - 5.98 % 2024 - 2031 1,255,763 949,936 Private placements 2.43 % - 2.88 % 2029 - 2035 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2023 - 2049 76,648 86,206 Notes, loans and finance leases payable $ 6,143,350 $ 6,059,713 Less: Debt issuance costs (35,308) (37,216) Total notes, loans and finance leases payable, net $ 6,108,042 $ 6,022,497 |
Annual Maturities of Notes, Loans and Leases Payable | Years Ended March 31, 2024 2025 2026 2027 2028 Thereafter Total (In thousands) Notes, loans and finance leases payable, secured$ 563,153 $ 698,301 $ 667,490 $ 819,153 $ 647,409 $ 2,747,844 $ 6,143,350 |
Interest on Borrowings (Table T
Interest on Borrowings (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Interest Expense, Borrowings [Abstract] | |
Components of interest expense | Years Ended March 31, 2023 2022 2021 (In thousands) Interest expense $ 229,559 $ 167,618 $ 165,484 Capitalized interest (11,814) (9,700) (11,573) Amortization of transaction costs 6,987 5,556 5,949 Interest expense resulting from cash flow hedges (774) 3,950 3,642 Total interest expense 223,958 167,424 163,502 |
Interest rates and company borrowings | Revolving Credit Activity Years Ended March 31, 2023 2022 2021 (In thousands, except interest rates) Weighted average interest rate during the year 3.93 % 1.40 % 1.40 % Interest rate at year end 5.89 % 1.49 % 1.40 % Maximum amount outstanding during the year $ 1,105,000 $ 1,105,000 $ 1,175,000 Average amount outstanding during the year $ 824,211 $ 1,085,074 $ 1,088,293 Facility fees$ 733 $ 253 $ 261 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instrument Detail [Abstract] | |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | March 31, 2023 March 31, 2022 (In thousands) Interest rate swaps designated as cash flow hedges Assets $ 5,311 $ – Liabilities – 587 Notional amount 206,347 235,000 |
Effect of Interest Rate Contracts on the Statement of Operations | Derivatives Fair Values as of March 31, 2023 March 31, 2022 (In thousands) Equity market contracts as economic hedging instruments Assets $ 4,295 $ 7,474 Liabilities $ – $ – Notional amount$ 465,701 $ 416,739 |
Stockholders' Equity (Table Tex
Stockholders' Equity (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Dividends | Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date August 18, 2022 $ 0.50 September 6, 2022 September 20, 2022 April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 October 6, 2021 $ 0.50 October 18, 2021 October 29, 2021 August 19, 2021 $ 0.50 September 7, 2021 September 21, 2021 June 9, 2021$ 0.50 June 24, 2021 July 8, 2021 |
Provision for Taxes (Table Text
Provision for Taxes (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Table Text Block [Abstract] | |
Provision For Taxes | Earnings before taxes and the provision for taxes consisted of the following: Years Ended March 31, 2023 2022 2021 (In thousands) Pretax earnings: U.S. $ 1,178,264 $ 1,431,155 $ 773,030 Non-U.S. 39,659 44,342 23,628 Total pretax earnings $ 1,217,923 $ 1,475,497 $ 796,658 Current provision Federal $ 115,171 $ 189,488 $ 100,521 State 42,121 55,518 16,572 Non-U.S. 5,150 6,893 3,404 162,442 251,899 120,497 Deferred provision Federal 114,355 90,852 53,957 State 14,077 6,355 9,795 Non-U.S. 4,051 3,105 1,553 132,483 100,312 65,305 Provision for income tax expense $ 294,925 $ 352,211 $ 185,802 Income taxes paid (received) $ 145,680 $( 4,548 )$ 29,044 |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended March 31, 2023 2022 2021 (In percentages) Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from: State taxes, net of federal benefit 3.56 % 3.24 % 2.53 % Foreign rate differential 0.08 % 0.05 % – % Federal tax credits (0.48) % (0.19) % (0.99) % Tax-exempt income (0.08) % (0.03) % (0.08) % Dividend received deduction (0.01) % – % (0.01) % Other 0.15 % (0.20) % 0.87 % Actual tax expense of operations 24.22 % 23.87 % 23.32 % |
Components of Deferred Tax Assets and Liabilities | March 31, 2023 2022 Deferred tax assets: (In thousands) Net operating loss and credit carry forwards $ 33,778 $ 36,394 Accrued expenses 112,971 103,723 Policy benefit and losses, claims and loss expenses payable, net 31,436 30,572 Unrealized losses on investments 48,179 – Operating leases 12,058 15,540 Total deferred tax assets $ 238,422 $ 186,229 Deferred tax liabilities: Property, plant and equipment $ 1,545,628 $ 1,405,604 Operating leases 12,175 15,540 Deferred policy acquisition costs 12,038 12,962 Unrealized gains on investments – 36,299 Other 3,008 1,973 Total deferred tax liabilities 1,572,849 1,472,378 Net deferred tax liability$ 1,334,427 $ 1,286,149 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | Unrecognized Tax Benefits March 31, 2023 2022 (In thousands) Unrecognized tax benefits beginning balance $ 48,851 $ 31,069 Additions based on tax positions related to the current year 7,226 8,257 Reductions for tax positions of prior years (443) – Additions for tax provisions of prior years 2,473 9,525 Unrecognized tax benefits ending balance$ 58,107 $ 48,851 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Table Text Block [Abstract] | |
Summary Of Financing Arrangements for Leveraged ESOP Debt | Years Ended March 31, 2023 2022 (In thousands) Allocated shares - Voting Common Stock 836 890 Allocated shares - Non-Voting Common Stock 7,821 – |
Shares Held by the ESOP Plan | The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2023 2022 2021 (In thousands) Service cost for benefits earned during the period $ 1,326 $ 1,401 $ 1,267 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 1,148 908 919 Other components 68 212 68 Total other components of net periodic benefit costs 1,216 1,120 987 Net periodic postretirement benefit cost$ 2,542 $ 2,521 $ 2,254 |
Components of Net Periodic Post Retirement Benefit Cost | Years Ended March 31, 2023 2022 (In thousands) Beginning of year $ 30,206 $ 30,755 Service cost for benefits earned during the period 1,326 1,401 Interest cost on accumulated post retirement benefit 1,148 908 Net benefit payments and expense (1,207) (1,021) Actuarial gain (2,703) (1,837) Accumulated postretirement benefit obligation 28,770 30,206 Current liabilities 1,625 1,449 Non-current liabilities 27,145 28,757 Total post retirement benefit liability recognized in statement of financial position 28,770 30,206 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (465) (3,237) Cumulative net periodic benefit cost (in excess of employer contribution)$ 28,305 $ 26,969 |
Components of Post Retirement Benefit Liabilities | Years Ended March 31, 2023 2022 2021 (In percentages) Accumulated postretirement benefit obligation 5.08 % 3.76 % 2.93 % |
Discount Rate Assumptions for Accumulated Postretirement Benefit Obligations | Future Net Benefit Payments (In thousands) Year-ended: 2024 $ 1,546 2025 1,768 2026 2,021 2027 2,270 2028 2,532 2029 Through 2033 13,291 Total$ 23,428 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Financial Instruments, Carrying and Estimated fair values | Fair Value Hierarchy As of March 31, 2023 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 189,498 $ – $ – $ 189,498 $ 189,498 Mortgage loans, net 466,531 – – 444,957 444,957 Other investments 109,009 – – 109,009 109,009 Total $ 765,038 $ – $ – $ 743,464 $ 743,464 Liabilities Notes, loans and finance leases payable $ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 Total$ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 | . Fair Value Hierarchy As of March 31, 2022 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net 423,163 – – 450,347 450,347 Other investments 120,592 – – 120,592 120,592 Total $ 773,098 $ – $ – $ 800,282 $ 800,282 Liabilities Notes, loans and finance leases payable $ 5,875,781 – $ 5,875,781 $ – $ 5,875,781 Total$ 5,875,781 $ – $ 5,875,781 $ – $ 5,875,781 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | As of March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 1,809,441 $ 1,808,797 $ 644 $ – Fixed maturities - available for sale 2,709,037 251,832 2,457,146 59 Preferred stock 21,982 21,982 – – Common stock 39,375 39,375 – – Derivatives 9,606 4,295 5,311 – Total $ 4,589,441 $ 2,126,281 $ 2,463,101 $ 59 Liabilities Derivatives $ – $ – $ – $ – Total$ – $ – $ – $ – | As of March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale 2,821,092 26,914 2,794,086 92 Preferred stock 26,095 26,095 – – Common stock 46,212 46,212 – – Derivatives 7,474 7,474 – – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92 Liabilities Derivatives $ 587 $ – $ 587 $ – Total$ 587 $ – $ 587 $ – |
Reinsurance and Policy Benefi_2
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Abstract] | |
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Table Text Block] | Amount (a) Companies Companies Amount (a) Assumed to Net (In thousands) Year ended December 31, 2022 Life insurance in force $ 970,454 $ 48 $ 304,891 $ 1,275,297 24 % Premiums earned: Life $ 52,298 $ 1 $ 4,181 $ 56,478 7 % Accident and health 41,354 152 983 42,185 2 % Annuity 80 – 406 486 84 % Property and casualty 96,242 – – 96,242 – % Total $ 189,974 $ 153 $ 5,570 $ 195,391 Year ended December 31, 2021 Life insurance in force $ 1,029,537 $ 72 $ 328,030 $ 1,357,495 24 % Premiums earned: Life $ 56,353 $ 2 $ 4,514 $ 60,865 7 % Accident and health 48,385 160 1,166 49,391 2 % Annuity 444 – 327 771 42 % Property and casualty 89,667 – – 89,667 – % Total $ 194,849 $ 162 $ 6,007 $ 200,694 Year ended December 31, 2020 Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827 26 % Premiums earned: Life $ 58,048 $ 1 $ 5,049 $ 63,096 8 % Accident and health 57,081 211 1,388 58,258 2 % Annuity 221 – 34 255 13 % Property and casualty 70,285 – – 70,285 – % Total$ 185,635 $ 212 $ 6,471 $ 191,894 |
Schedule of Effect of Reinsurance [Table Text Block] | December 31, 2022 2021 (In thousands) Unpaid losses and loss adjustment expense $ 151,874 $ 159,162 Reinsurance losses payable 1,133 1,217 Total $ 153,007 $ 160,379 |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | December 31, 2022 2021 2020 (In thousands) Balance at January 1 $ 159,162 $ 177,963 $ 209,127 Less: reinsurance recoverable 47,394 64,873 87,083 Net balance at January 1 111,768 113,090 122,044 Incurred related to: Current year 27,570 28,980 20,670 Prior years (5,828) (6,290) (3,865) Total incurred 21,742 22,690 16,805 Paid related to: Current year 10,572 11,040 7,664 Prior years 12,393 12,972 18,095 Total paid 22,965 24,012 25,759 Net balance at December 31 110,545 111,768 113,090 Plus: reinsurance recoverable 41,329 47,394 64,873 Balance at December 31$ 151,874 $ 159,162 $ 177,963 |
Shortduration Insurance Contracts Claims Development [Table Text Block] | Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance As of December 31, 2022 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year 2016 2017 2018 2019 2020 2021 2022 Claims Claims (In thousands, except claim counts) 2016 13,297 13,011 13,056 11,790 11,764 11,764 11,750 – 11,681 2017 15,748 16,109 17,078 15,538 15,273 15,264 – 12,306 2018 19,580 18,386 18,027 17,157 16,819 – 12,182 2019 22,138 26,316 27,316 27,831 1,663 12,026 2020 20,671 17,485 17,107 3,653 11,530 2021 28,982 25,337 5,809 14,150 2022 27,570 11,076 12,860 Total 22,201 |
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Table Text Block] | Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2016 2017 2018 2019 2020 2021 2022 2016 7,777 10,665 11,643 11,746 11,764 11,764 11,750 2017 8,970 11,638 14,825 15,012 15,263 15,264 2018 8,838 12,689 15,150 16,766 16,809 2019 7,366 14,737 19,215 21,598 2020 7,665 11,114 12,521 2021 11,040 14,831 2022 10,572 Total Total 103,345 All outstanding liabilities before 2016, net of reinsurance 72,211 Liabilities for claims and claim adjustment expenses, net of reinsurance 110,545 |
Shortduration Insurance Contracts Schedule Of Historical Claims Duration [Table Text Block] | December 31, 2022 (In thousands) Liabilities for unpaid Property and Casualty claims and claim adjustment expenses, net of reinsurance $ 110,545 Total reinsurance recoverable on unpaid Property and Casualty claims $ 41,329 Total gross liability for unpaid Property and Casualty claims and claim adjustment expense$ 151,874 |
Leases (Table Text Block)
Leases (Table Text Block) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Supplemental Balance Sheet Information Related to Leases | As of March 31, 2023 Finance Operating Total (In thousands) Buildings and improvements $ – $ 128,221 $ 128,221 Furniture and equipment 9,687 – 9,687 Rental trailers and other rental equipment 152,294 – 152,294 Rental trucks 949,838 – 949,838 Right-of-use assets, gross 1,111,819 128,221 1,240,040 Less: Accumulated depreciation (637,054) (69,304) (706,358) Right-of-use assets, net$ 474,765 $ 58,917 $ 533,682 | As of March 31, 2022 Finance Operating Total (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 169,514 – 169,514 Rental trucks 1,114,248 – 1,114,248 Right-of-use assets, gross 1,298,493 136,444 1,434,937 Less: Accumulated depreciation (677,669) (62,062) (739,731) Right-of-use assets, net$ 620,824 $ 74,382 $ 695,206 |
Summary of Weighted-average remaining lease terms and Discount rates | Financing leases March 31, 2023 2022 Weighted average remaining lease term (years) 2 3 Weighted average discount rate 3.8 % 3.7 % | Operating leases March 31, 2023 2022 Weighted average remaining lease term (years) 19.2 16.5 Weighted average discount rate 4.7 % 4.6 % |
Lease costs | Twelve Months Ended March 31, 2023 2022 (In thousands) Operating lease costs $ 32,878 $ 30,239 Finance lease cost: Amortization of right-of-use assets $ 81,006 $ 115,199 Interest on lease liabilities 11,199 15,289 Total finance lease cost$ 92,205 $ 130,488 | |
Maturities of Lease Liabilities | Finance leases Operating leases Year ending March 31, (In thousands) 2024 $ 110,812 $ 24,338 2025 77,621 11,540 2026 46,763 4,957 2027 – 3,555 2028 – 2,951 Thereafter – 56,615 Total lease payments 235,196 103,956 Less: imputed interest (11,991) (45,583) Present value of lease liabilities$ 223,205 $ 58,373 |
Related Party Transactions (Tab
Related Party Transactions (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Years Ended March 31, 2023 2022 2021 (In thousands) U-Haul management fee revenue from Blackwater $ 29,825 $ 28,546 $ 25,512 U-Haul management fee revenue from Mercury 7,248 6,648 6,091 $ 37,073 $ 35,194 $ 31,603 |
Related Party Cost and Expense | Years Ended March 31, 2023 2022 2021 (In thousands) U-Haul lease expenses to Blackwater $ 2,416 $ 2,445 $ 2,612 U-Haul commission expenses to Blackwater 88,067 88,288 69,212 $ 90,483 $ 90,733 $ 71,824 |
Due from Related Party, Recap of Assets | March 31, 2023 2022 (In thousands) U-Haul receivable from Blackwater $ 42,141 $ 41,364 U-Haul receivable from Mercury 8,402 5,708 Other (a) (2,235) 779 $ 48,308 $ 47,851 |
Statutory Financial Informati_2
Statutory Financial Information of Insurance Subsidiaries (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Statutory Financial Information of Insurance Subsidiaries | Years Ended December 31, 2022 2021 2020 (In thousands) Repwest: Audited statutory net income $ 34,963 $ 33,314 $ 22,898 Audited statutory capital and surplus 294,515 266,875 227,380 ARCOA: Audited statutory net income (loss) 2,319 (752) 2,438 Audited statutory capital and surplus 13,340 14,697 15,928 Oxford: Audited statutory net income (loss) (771) 23,217 6,296 Audited statutory capital and surplus 227,667 230,202 218,301 CFLIC: Audited statutory net income 3,637 6,019 8,082 Audited statutory capital and surplus 20,591 17,098 25,980 NAI: Audited statutory net income 1,017 1,874 2,127 Audited statutory capital and surplus 8,906 7,961 13,980 |
Financial Information by Geog_2
Financial Information by Geographic Area (Table Text Block) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Geographic Areas, Long-Lived Assets [Abstract] | |||
Industry Segment and Geographic Area Data | United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2023 Total revenues $ 5,570,264 $ 294,427 $ 5,864,691 Depreciation and amortization, net of gains on disposal 514,043 6,272 520,315 Interest expense 221,008 2,950 223,958 Pretax earnings 1,178,264 39,659 1,217,923 Income tax expense 285,724 9,201 294,925 Identifiable assets 17,453,015 671,633 18,124,648 | United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2022 Total revenues $ 5,452,027 $ 287,720 $ 5,739,747 Depreciation and amortization, net of gains on disposal 509,517 2,969 512,486 Interest expense 163,586 3,838 167,424 Pretax earnings 1,431,155 44,342 1,475,497 Income tax expense 342,213 9,998 352,211 Identifiable assets 16,776,070 523,511 17,299,581 | United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021 Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal 631,344 10,160 641,504 Interest expense 160,429 3,073 163,502 Pretax earnings 773,030 23,628 796,658 Income tax expense 180,845 4,957 185,802 Identifiable assets 14,212,978 438,628 14,651,606 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Lease schedule over next five years and thereafter | Year Ended March 31, 2024 2025 2026 2027 2028 Thereafter (In thousands) Self-moving equipment rentals $ 5,750 $ – $ – $ – $ – $ – Property lease revenues 19,223 12,378 9,552 7,680 5,050 38,998 Total$ 24,973 $ 12,378 $ 9,552 $ 7,680 $ 5,050 $ 38,998 |
Disaggregation of revenue | Years Ended March 31, 2023 2022 2021 (In thousands) Revenues recognized over time $ 320,822 $ 284,401 $ 182,278 Revenues recognized at a point in time 425,584 414,985 396,600 Total revenues recognized under ASC 606 746,406 699,386 578,878 Revenues recognized under ASC 842 4,744,746 4,690,434 3,644,798 Revenues recognized under ASC 944 196,860 201,666 195,371 Revenues recognized under ASC 320 176,679 148,261 122,938 Total revenues$ 5,864,691 $ 5,739,747 $ 4,541,985 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Table Text Block) | 12 Months Ended |
Mar. 31, 2023 | |
Allowance For Credit Loss [Abstract] | |
Accounts Receivable Allowance For Credit Loss [Table Text Block] | Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (In thousands) Balance as of March 31, 2021 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses 4,228 (1,260) – 2,968 Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses (4,860) 2,041 16 (2,803) Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2023$ 3,789 $ 2,101 $ 517 $ 6,407 |
Principles of Consolidation (Na
Principles of Consolidation (Narratives) (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Accounting Policies (Narratives
Accounting Policies (Narratives) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2021 | |
Cash, Insured and Uninsured [Abstract] | ||||
Cash, FDIC Insured Amount | $ 250,000 | |||
Cash, CDIC insured amount | $ 100,000 | |||
LIFO Method Related Items [Abstract] | ||||
Percentage of LIFO inventory | 94% | 93% | ||
Inventory, LIFO reserve | $ 47,065,000 | $ 37,400,000 | ||
Effect of LIFO inventory liquidation on income | 1,600,000 | 100,000 | $ 400,000 | |
Disposition of Property, Plant and Equipment | ||||
Net amount of (gains) losses netted against depreciation expense | $ 247,100,000 | 214,200,000 | 54,100,000 | |
Schedule of rental trucks depreciation: | ||||
Percentage reduction for year one, depreciation | 16% | |||
Percentage reduction for year two, depreciation | 13% | |||
Percentage reduction for year three, depreciation | 11% | |||
Percentage reduction for year four, depreciation | 9% | |||
Percentage reduction for year five, depreciation | 8% | |||
Percentage reduction for year six, depreciation | 7% | |||
Percentage reduction for year seven, depreciation | 6% | |||
Salvage value percentage under the old declining balance method | 15% | |||
Salvage value percentage | 5.70% | |||
Real Estate Companies Disclosures [Abstract] | ||||
Carrying value of surplus real estate | $ 72,200,000 | 67,800,000 | ||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ||||
Accrued insurance, noncurrent | 21,600,000 | 19,700,000 | ||
Marketing and Advertising Expense [Abstract] | ||||
Advertising expense | 11,100,000 | 13,700,000 | 18,000,000 | |
Policyholder Benefits and Claims Incurred [Abstract] | ||||
Deferred sales inducements, net | 16,600,000 | 15,700,000 | ||
Deferred sales inducements, amortization expense | 3,700,000 | 4,700,000 | 4,300,000 | |
Adoption of New Accounting Pronounements | ||||
Other components of net periodic benefit cost | 1,216,000 | 1,120,000 | $ 987,000 | |
Operating lease commitment, asset | 474,765,000 | 620,824,000 | ||
Operating lease commitment, liability | 58,373,000 | |||
Prior Period Adjustment [Abstract] | ||||
Equity impact, net | 6,528,335,000 | 5,952,492,000 | ||
All Nonrental Equipment [Member] | ||||
LIFO Method Related Items [Abstract] | ||||
Inventory, LIFO reserve | $ 47,100,000 | $ 37,400,000 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | Minimum [Member] | Revision Of Prior Period Accounting Standards Update Adjustment [Member] | ||||
Prior Period Adjustment [Abstract] | ||||
Equity impact, net | $ 110,000,000 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | Maximum [Member] | Revision Of Prior Period Accounting Standards Update Adjustment [Member] | ||||
Prior Period Adjustment [Abstract] | ||||
Equity impact, net | $ 130,000,000 |
Accounting Policies (Inventorie
Accounting Policies (Inventories, net) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory, Net [Abstract] | ||
Truck and trailer parts and accessories (a) | $ 150,319 | $ 148,237 |
Hitches and towing components (b) | 30,927 | 32,508 |
Moving supplies and propane (b) | 18,222 | 16,623 |
Subtotal | 199,468 | 197,368 |
Less: LIFO reserves | (47,065) | (37,400) |
Less: excess and obsolete reserves | (929) | (1,080) |
Total | $ 151,474 | $ 158,888 |
Earnings Per Share Calculation
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share Diluted Other Disclosures [Abstract] | |||
Net earnings available to common shareholders | $ 922,998 | $ 1,123,286 | $ 610,856 |
Voting Common Stock dividends declared | (19,608) | (29,412) | (49,019) |
Non-Voting Common Stock dividends declared | $ (14,117) | $ 0 | $ 0 |
Common Stock [Member] | |||
Earnings Per Share Diluted Other Disclosures [Abstract] | |||
Weighted Average Number Of Shares Outstanding Basic | 19,607,788 | 19,607,788 | 19,607,788 |
Percent Weighted Average Shares Outstanding Common Stock | 10% | 10% | 10% |
Net earnings available to common shareholders | $ 0 | $ 0 | $ 0 |
Undistributed earnings available to common stockholders | 889,273 | 1,093,874 | 561,837 |
Undistributed earnings available to common stockholders, participating securities | $ 88,927 | $ 109,387 | $ 56,184 |
Undistributed earnings per share, common stock | $ 4.54 | $ 5.58 | $ 2.87 |
Dividends declared per share, distributed | 1 | 1.50 | 2.50 |
Basic and diluted earnings per share Common Stock | $ 5.54 | $ 7.08 | $ 5.37 |
Nonvoting Common Stock [Member] | |||
Earnings Per Share Diluted Other Disclosures [Abstract] | |||
Weighted Average Number Of Shares Outstanding Basic | 176,470,092 | 176,470,092 | 176,470,092 |
Percent Weighted Average Shares Outstanding Common Stock | 90% | 90% | 90% |
Net earnings available to common shareholders | $ 0 | $ 0 | $ 0 |
Undistributed earnings available to common stockholders, participating securities | $ 800,346 | $ 984,487 | $ 505,653 |
Undistributed earnings per share, common stock | $ 4.54 | $ 5.58 | $ 2.87 |
Dividends declared per share, distributed | 0.08 | 0 | 0 |
Basic and diluted earnings per share Common Stock | $ 4.62 | $ 5.58 | $ 2.87 |
Nonvoting Common Stock [Member] | Common Stock [Member] | |||
Earnings Per Share Diluted Other Disclosures [Abstract] | |||
Weighted Average Number Of Shares Outstanding Basic | 196,077,880 | 196,077,880 | 196,077,880 |
Reinsurance Recoverables and _3
Reinsurance Recoverables and Trade Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Reinsurance Recoverables and Trade Receivables, Net [Abstract] | |||
Reinsurance recoverable | $ 42,362 | $ 41,329 | $ 50,586 |
Trade accounts receivable | 110,281 | 150,285 | |
Paid losses recoverable | 400 | 345 | |
Accrued investment income | 29,553 | 28,689 | |
Premiums and agents' balances | 4,075 | 1,650 | |
Independent dealer receivables | 292 | 73 | |
Other receivables | 6,324 | 6,364 | |
Reinsurance recoverables and trade receivables, gross | 193,287 | 237,992 | |
Less: Allowance for doubtful accounts | (3,789) | (8,649) | |
Reinsurance recoverables and trade receivables, net | $ 189,498 | $ 229,343 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Assets held by insurance regulators | $ 23.4 | $ 27.1 | |
Fair value of sold available-for-sale securities | 196.2 | 352.3 | $ 523.9 |
Available for sale securities, realized gain | 0.9 | 9.5 | 9.6 |
Available for sale securities, realized loss | 0.3 | $ 1.4 | $ 2.1 |
Other-than-temporary impairments | 2 | ||
Available for sale investments, unrealized loss position | |||
Available for sale investments, fair value, recovery amount | $ 0.5 | ||
Mortgages [Member] | Minimum [Member] | |||
Real Estate [Abstract] | |||
Mortgage loan interest rate | 3.50% | ||
Mortgages [Member] | Maximum [Member] | |||
Real Estate [Abstract] | |||
Mortgage loan interest rate | 6.50% |
Investments (Available-for-sale
Investments (Available-for-sale investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | $ 3,006,587 | $ 2,664,037 |
Gross unrealized gains | 5,319 | 170,294 |
Gross unrealized losses more than 12 months | (118,943) | (445) |
Gross unrealized losses less than 12 months | (181,825) | (12,734) |
Allowance for Expected Credit Losses | (2,101) | (60) |
Fair Value | 2,709,037 | 2,821,092 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | 353,189 | 128,078 |
Gross unrealized gains | 3,061 | 7,984 |
Gross unrealized losses more than 12 months | (7,639) | 0 |
Gross unrealized losses less than 12 months | (3,935) | (969) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 344,676 | 135,093 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | 34,126 | 44,678 |
Gross unrealized gains | 40 | 280 |
Gross unrealized losses more than 12 months | (6,707) | (42) |
Gross unrealized losses less than 12 months | (228) | (3,111) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 27,231 | 41,805 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | 161,960 | 178,040 |
Gross unrealized gains | 649 | 15,450 |
Gross unrealized losses more than 12 months | (4,014) | 0 |
Gross unrealized losses less than 12 months | (8,090) | (508) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 150,505 | 192,982 |
Corporate securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | 2,086,432 | 1,989,212 |
Gross unrealized gains | 1,491 | 138,909 |
Gross unrealized losses more than 12 months | (60,224) | (402) |
Gross unrealized losses less than 12 months | (156,365) | (6,604) |
Allowance for Expected Credit Losses | (2,101) | (60) |
Fair Value | 1,869,233 | 2,121,055 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost, equity investments | 370,880 | 324,029 |
Gross unrealized gains | 78 | 7,671 |
Gross unrealized losses more than 12 months | (40,359) | (1) |
Gross unrealized losses less than 12 months | (13,207) | (1,542) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | $ 317,392 | $ 330,157 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 3,006,587 | $ 2,664,037 |
Available-for-sale securities, fair value: | ||
Fair Value | 2,709,037 | 2,821,092 |
Us Government Corporate Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 354,875 | 97,969 |
Due after one year through five years | 754,175 | 541,840 |
Due after five years through ten years | 736,089 | 704,295 |
Due after ten years | 790,568 | 995,904 |
Amortized cost | 2,635,707 | 2,340,008 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 354,184 | 99,432 |
Due after one year through five years | 717,552 | 570,135 |
Due after five years through ten years | 665,708 | 765,073 |
Due after ten years | 654,201 | 1,056,295 |
Fair Value | 2,391,645 | 2,490,935 |
Mortgage backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 370,880 | 324,029 |
Available-for-sale securities, fair value: | ||
Fair Value | $ 317,392 | $ 330,157 |
Investments (Available for sale
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Marketable Securities [Abstract] | ||
Amortized coxt, equity investments | $ 55,631 | $ 53,728 |
Estimated market value, equity investments | 61,357 | 72,307 |
Common stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized coxt, equity investments | 29,577 | 27,674 |
Estimated market value, equity investments | 39,375 | 46,212 |
Non-redeemable preferred stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized coxt, equity investments | 26,054 | 26,054 |
Estimated market value, equity investments | $ 21,982 | $ 26,095 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | $ 466,531 | $ 423,163 |
Short-term investments | 15,921 | 30,916 |
Real estate | 72,178 | 67,824 |
Policy loans | 10,921 | 10,309 |
Other equity investments | 9,989 | 11,543 |
Total investments | $ 575,540 | $ 543,755 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other Assets [Abstract] | ||
Deposits (debt-related) | $ 35,573 | $ 37,588 |
Deposits (real estate related) | 15,479 | 22,821 |
Other assets, total | $ 51,052 | $ 60,409 |
Net Investment and Interest I_3
Net Investment and Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | |||
Investment income | $ 185,014 | $ 155,541 | $ 129,970 |
Less: investment expenses | (8,335) | (7,280) | (7,032) |
Net investment and interest income | 176,679 | 148,261 | 122,938 |
Fixed Maturities [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 171,814 | 111,625 | 102,021 |
Real Estate [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 5,734 | 5,648 | 5,769 |
Insurance policy loans [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 869 | 705 | 829 |
Mortgage loans [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 23,854 | 25,850 | 18,248 |
Short-term, amounts held by ceding reinsurers, net and other investments [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | $ (17,257) | $ 11,713 | $ 3,103 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt instruments, face, payment, and remaining balance amount: | ||||
Notes, loans and leases payable | $ 6,108,042 | $ 6,022,497 | ||
Debt instruments, issuance and maturity dates: | ||||
Remaining Lease Term Finance Lease Weighted Average | 2 | 3 | ||
Minimum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Unused capacity fee | 4% | |||
Maximum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Unused capacity fee | 10% | |||
Working capital loans two [Member] | U-Haul Holding Company [Member] | SOFR | ||||
Debt instruments, interest rate, effective percentage: | ||||
Unused capacity fee | 0.30% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Debt instrument, original face amount | $ 465,000 | |||
Line of credit facility, maximum borrowing capacity | 465,000 | |||
New capital lease obligations, amount | $ 150,000 | |||
Rental Truck (amortizing loans) First Loan [Member] | U-Haul Holding Company [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 1.61% | |||
Rental Truck (amortizing loans) First Loan [Member] | U-Haul Holding Company [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.68% | |||
Finance Lease [Member] | U-Haul Holding Company [Member] | ||||
Lease Cost [Abstract] | ||||
Sale Leaseback Transaction Lease Terms | (7) year terms | |||
Finance Lease [Member] | U-Haul Holding Company [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.18% | |||
Finance Lease [Member] | U-Haul Holding Company [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.04% | |||
Capital Lease Obligations [Member] | U-Haul Holding Company [Member] | ||||
Lease Cost [Abstract] | ||||
Sale Leaseback Transaction Lease Terms | (7) years | |||
Capital Lease Obligations [Member] | U-Haul Holding Company [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 1.60% | |||
Capital Lease Obligations [Member] | U-Haul Holding Company [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.98% | |||
Private placements [Member] | U-Haul Holding Company [Member] | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||
Line of credit facility, remaining borrowing capacity | $ 150,000 | $ 100,000 | ||
New capital lease obligations, amount | $ 600,000 | 600,000 | ||
Subsidiary holdings of parent company debt | $ 150,000 | |||
Private placements [Member] | U-Haul Holding Company [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.43% | 2.55% | ||
Debt instruments, issuance and maturity dates: | ||||
Debt instrument, maturity year | 2029 | 2030 | ||
Private placements [Member] | U-Haul Holding Company [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.78% | 2.88% | ||
Debt instruments, issuance and maturity dates: | ||||
Debt instrument, maturity year | 2033 | 2035 | ||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan (amortizing term) [Member] | SOFR | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 0.10% | |||
Debt instruments, interest rate, effective percentage: | ||||
Sum of LIBOR and margin, maximum rate | 4.29% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Line of credit facility, maximum borrowing capacity | $ 206,300 | |||
Amount held at fixed interest rate | $ 83,300 | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan (amortizing term) [Member] | SOFR | Minimum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
LIBOR | 4.62% | |||
Applicable margin interest rate | 0.65% | |||
Applicable margin, per loan agreement, minimum rate | 5.58% | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan (amortizing term) [Member] | SOFR | Maximum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
LIBOR | 4.83% | |||
Applicable margin interest rate | 1.38% | |||
Applicable margin, per loan agreement, maximum rate | 6.14% | |||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 4.09% | |||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.70% | |||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.50% | |||
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
LIBOR | 4.52% | |||
Sum of LIBOR and margin, minimum rate | 1.15% | |||
Applicable margin, per loan agreement, minimum rate | 5.77% | |||
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
LIBOR | 4.67% | |||
Sum of LIBOR and margin, maximum rate | 1.25% | |||
Applicable margin, per loan agreement, maximum rate | 5.97% | |||
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | SOFR | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.36% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Aggregate borrowing capacity, amount | $ 615,000 | |||
Line of credit facility, maximum borrowing capacity | 615,000 | |||
Notes, loans and leases payable | 615,000 | |||
Amount held at fixed interest rate | $ 100,000 | |||
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | U-Haul Holding Company [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt instrument at period end, LIBOR plus margin | 0.10% | |||
Uhaul S Fleet Two Thousand Ten Box Truck Note [Member] | Other Obligations [Member] | Minimum [Member] | ||||
Debt instruments, issuance and maturity dates: | ||||
Debt instrument, maturity year | 2023 | |||
Uhaul S Fleet Two Thousand Ten Box Truck Note [Member] | Other Obligations [Member] | Maximum [Member] | ||||
Debt instruments, issuance and maturity dates: | ||||
Debt instrument, maturity year | 2049 | |||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||
Notes, loans and leases payable | $ 78,400 | |||
Subsidiary holdings of parent company debt | $ 1,700 | |||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 1.50% | |||
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 8% | |||
Life Insurance [Member] | FHLB [Member] | ||||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | ||||
Deposit amount | $ 60,000 | |||
Available for sale equity securities, noncurrent | 78,900 | |||
Available for sale equity securities pledged as collateral | $ 88,400 | $ 62,800 | ||
Life Insurance [Member] | FHLB [Member] | Minimum [Member] | ||||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | ||||
Deposit interest rate | 0.49% | |||
Life Insurance [Member] | FHLB [Member] | Maximum [Member] | ||||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | ||||
Deposit interest rate | 4.21% |
Borrowings (Long-term debt borr
Borrowings (Long-term debt borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt instrument, maturities: | ||
Notes, loans and leases payable, gross | $ 5,710,735 | $ 5,875,781 |
Notes, loans and finance/capital leases payable | 6,143,350 | 6,059,713 |
Less: Debt issuance costs | (35,308) | (37,216) |
Notes, loans and finance/capital leases payable, net | $ 6,108,042 | 6,022,497 |
Real estate loan (amortizing term) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2027 | |
Debt instrument, maturity year range, end | 2037 | |
Notes, loans and finance/capital leases payable | $ 289,647 | 50,259 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.29% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.14% | |
Senior mortgages [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2042 | |
Notes, loans and finance/capital leases payable | $ 2,371,231 | 2,206,268 |
Senior mortgages [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.70% | |
Senior mortgages [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.50% | |
Real estate loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, end | 2027 | |
Notes, loans and finance/capital leases payable | $ 0 | 535,000 |
Real estate loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 0% | |
Real estate loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 0% | |
Fleet loans (amortizing) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2029 | |
Notes, loans and finance/capital leases payable | $ 111,856 | 124,651 |
Fleet loans (amortizing) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.68% | |
Fleet loans (securitization) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2025 | |
Debt instrument, maturity year range, end | 2027 | |
Notes, loans and finance/capital leases payable | $ 615,000 | 560,000 |
Fleet loans (securitization) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.36% | |
Fleet loans (securitization) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.97% | |
Fleet Loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2026 | |
Notes, loans and finance/capital leases payable | $ 223,205 | 347,393 |
Fleet Loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.18% | |
Fleet Loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.04% | |
Capital leases (rental equipment) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2031 | |
Notes, loans and finance/capital leases payable | $ 1,255,763 | 949,936 |
Capital leases (rental equipment) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.60% | |
Capital leases (rental equipment) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.98% | |
Private placements [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2029 | |
Debt instrument, maturity year range, end | 2035 | |
Notes, loans and finance/capital leases payable | $ 1,200,000 | 1,200,000 |
Private placements [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.43% | |
Private placements [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.88% | |
Other Obligations [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2049 | |
Notes, loans and finance/capital leases payable | $ 76,648 | $ 86,206 |
Other Obligations [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.50% | |
Other Obligations [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 8% |
Borrowings (Annual maturities o
Borrowings (Annual maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Long-term debt, by Maturity: | |
2024 | $ 563,153 |
2025 | 698,301 |
2026 | 667,490 |
2027 | 819,153 |
2028 | 647,409 |
Thereafter | 2,747,844 |
Total | $ 6,143,350 |
Interest on Borrowings (Narrati
Interest on Borrowings (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | |||
Interest paid in cash including payments related to derivative contracts | $ 225.8 | $ 166.1 | $ 166.4 |
Interest on Borrowings (Compone
Interest on Borrowings (Components of interest expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest expense, borrowings: | |||
Interest expense | $ 229,559 | $ 167,618 | $ 165,484 |
Capitalized interest | (11,814) | (9,700) | (11,573) |
Amortization of transaction costs | 6,987 | 5,556 | 5,949 |
Interest expense resulting rom derivatives | (774) | 3,950 | 3,642 |
Total interest expense | $ 223,958 | $ 167,424 | $ 163,502 |
Interest on Borrowings (Interes
Interest on Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and debt expense: | |||
Weighted average interest rate during the year | 3.93% | 1.40% | 1.40% |
Interest rate at year end | 5.89% | 1.49% | 1.40% |
Maximum amount outstanding during the year | $ 1,105,000 | $ 1,105,000 | $ 1,175,000 |
Average amount outstanding during the year | 824,211 | 1,085,074 | 1,088,293 |
Facility fees | $ 733 | $ 253 | $ 261 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable To Parent [Abstract] | |||||
Interest expense | $ 223,958 | $ 167,424 | $ 163,502 | ||
Derivative Fair Value Of Derivative Net [Abstract] | |||||
Derivative hedges, net market value | 5,311 | 0 | $ 4,300 | $ 7,500 | |
Derivative hedges, notional amount | $ 465,700 | $ 416,700 | |||
Amounts reclassified from AOCI to interest expense | 772 | (3,948) | (3,640) | ||
Interest rate contracts | |||||
AOCI Attributable To Parent [Abstract] | |||||
Interest expense | 3,700 | ||||
Investments, other | |||||
Derivative Fair Value Of Derivative Net [Abstract] | |||||
Amounts reclassified from AOCI to interest expense | $ 8,900 | $ 3,700 | $ 2,600 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Interest Rate Fair Value Hedges [Abstract] | ||||
Assets | $ 5,311 | $ 4,300 | $ 0 | $ 7,500 |
Liabilities | 0 | (587) | ||
Notional amount (debt) | $ 206,347 | $ 235,000 | ||
Notional amount (lease) | $ 465,700 | $ 416,700 |
Derivatives (Effect of interest
Derivatives (Effect of interest rate contracts on statement of operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Effect of Interest rate Contracts [Abstract] | |||
(Gain) recognized in AOCI on interest rate contracts (effective portion) | $ 5,900 | $ 4,553 | $ 3,071 |
Gain reclassified from AOCI into income | $ 772 | $ (3,948) | $ (3,640) |
Derivatives (Equity Market Cont
Derivatives (Equity Market Contracts Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Notional Amount Of Derivatives [Abstract] | ||||
Derivative Asset Notional Amount | $ 465,700 | $ 416,700 | ||
Derivative Liability, Notional Amount | $ 206,347 | $ 235,000 | ||
Equity Swap [Member] | ||||
Notional Amount Of Derivatives [Abstract] | ||||
Derivative Asset Notional Amount | 4,295 | 7,474 | ||
Derivative Liability, Notional Amount | 0 | 0 | ||
Derivative Notional Amount | $ 465,701 | $ 416,739 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | $ 46,384 | ||
Foreign currency translation | (782) | $ (2,828) | $ (5,694) |
Unrealized net loss on investments | (319,190) | (62,626) | 76,969 |
Amounts reclassified into earnings on hedging activities | (582) | 2,978 | 2,746 |
Change in post retirement benefit obligations | 2,091 | 1,546 | (1,387) |
Other comprehensive income (loss) | (313,430) | (60,473) | 72,205 |
Ending balance as of March 31 | (267,046) | 46,384 | |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | (55,757) | (52,929) | (47,235) |
Foreign currency translation | (782) | (2,828) | (5,694) |
Unrealized net loss on investments | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 0 | 0 | 0 |
Change in post retirement benefit obligations | 0 | 0 | 0 |
Other comprehensive income (loss) | (782) | (2,828) | (5,694) |
Ending balance as of March 31 | (56,539) | (55,757) | (52,929) |
Unrealized Gain (Loss) on Investments | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | 105,027 | 167,653 | 90,684 |
Foreign currency translation | 0 | 0 | 0 |
Unrealized net loss on investments | (319,190) | (62,626) | 76,969 |
Change in fair value of cash flow hedges | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 0 | 0 | 0 |
Change in post retirement benefit obligations | 0 | 0 | 0 |
Other comprehensive income (loss) | (319,190) | (62,626) | 76,969 |
Ending balance as of March 31 | (214,163) | 105,027 | 167,653 |
Fair Market Value of Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | (444) | (3,879) | (6,196) |
Foreign currency translation | 0 | 0 | 0 |
Unrealized net loss on investments | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 5,033 | 457 | (429) |
Amounts reclassified into earnings on hedging activities | (582) | 2,978 | 2,746 |
Change in post retirement benefit obligations | 0 | 0 | 0 |
Other comprehensive income (loss) | 4,451 | 3,435 | 2,317 |
Ending balance as of March 31 | 4,007 | (444) | (3,879) |
Postretirement Benefit Obligation Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | (2,442) | (3,988) | (2,601) |
Foreign currency translation | 0 | 0 | 0 |
Unrealized net loss on investments | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 0 | 0 | 0 |
Change in post retirement benefit obligations | 2,091 | 1,546 | (1,387) |
Other comprehensive income (loss) | 2,091 | 1,546 | (1,387) |
Ending balance as of March 31 | (351) | (2,442) | (3,988) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Beginning balance as of March 31 | 46,384 | 106,857 | 34,652 |
Foreign currency translation | (782) | (2,828) | (5,694) |
Unrealized net loss on investments | (319,190) | (62,626) | 76,969 |
Change in fair value of cash flow hedges | 5,033 | 457 | (429) |
Amounts reclassified into earnings on hedging activities | (582) | 2,978 | 2,746 |
Change in post retirement benefit obligations | 2,091 | 1,546 | (1,387) |
Other comprehensive income (loss) | (313,430) | (60,473) | 72,205 |
Ending balance as of March 31 | $ (267,046) | $ 46,384 | $ 106,857 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 12 Months Ended |
Mar. 31, 2023 $ / shares | |
Dividends declared one [Member] | Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Aug. 18, 2022 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Sep. 06, 2022 |
Dividends payable, date to be paid | Sep. 20, 2022 |
Dividends declared one [Member] | Nonvoting Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Mar. 03, 2023 |
Dividend paid, amount per share | $ 0.04 |
Dividends payable, date of record | Mar. 14, 2023 |
Dividends payable, date to be paid | Mar. 27, 2023 |
Dividends declared two [Member] | Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Apr. 06, 2022 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Apr. 18, 2022 |
Dividends payable, date to be paid | Apr. 29, 2022 |
Dividends declared two [Member] | Nonvoting Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Dec. 07, 2022 |
Dividend paid, amount per share | $ 0.04 |
Dividends payable, date of record | Dec. 19, 2022 |
Dividends payable, date to be paid | Dec. 30, 2022 |
Dividends declared three [Member] | Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Oct. 06, 2021 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Oct. 18, 2021 |
Dividends payable, date to be paid | Oct. 29, 2021 |
Dividends declared four [Member] | Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Aug. 19, 2021 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Sep. 07, 2021 |
Dividends payable, date to be paid | Sep. 21, 2021 |
Dividends declared five [Member] | Common Stock [Member] | |
Dividends Declared | |
Dividends payable, date declared | Jun. 09, 2021 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Jun. 24, 2021 |
Dividends payable, date to be paid | Jul. 08, 2021 |
Provision for Taxes (Narratives
Provision for Taxes (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Tax adjustment settlements and unusual provisions | $ 366 | $ 243 | $ 146 |
NOL to expire, credit | 480 | $ 458.5 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 17.7 | $ 15.7 | |
Unrecognized tax benefits, income tax penalties and interest expense | $ 2 |
Provision for Taxes (Earnings b
Provision for Taxes (Earnings before taxes and provision for taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Pretax earnings: | |||
U.S. | $ 1,178,264 | $ 1,431,155 | $ 773,030 |
Non-U.S. | 39,659 | 44,342 | 23,628 |
Total pretax earnings | 1,217,923 | 1,475,497 | 796,658 |
Current provision (benefit) | |||
Federal | 115,171 | 189,488 | 100,521 |
State | 42,121 | 55,518 | 16,572 |
Non-U.S. | 5,150 | 6,893 | 3,404 |
Current provision (benefit), total | 162,442 | 251,899 | 120,497 |
Deferred provision (benefit) | |||
Federal | 114,355 | 90,852 | 53,957 |
State | 14,077 | 6,355 | 9,795 |
Non-U.S. | 4,051 | 3,105 | 1,553 |
Deferred provision (benefit), total | 132,483 | 100,312 | 65,305 |
Provision for income tax expense | 294,925 | 352,211 | 185,802 |
Income taxes paid (net of income tax refunds) | $ 145,680 | $ (4,548) | $ 29,044 |
Provision for Taxes (Effective
Provision for Taxes (Effective income tax rate reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Increase (Reduction) in Rate Resulting from [Abstract] | |||
State taxes, net of federal benefit | 3.56% | 3.24% | 2.53% |
Foreign rate differential | 0.08% | 0.05% | 0% |
Federal tax credits | 0.48% | 0.19% | 0.99% |
Tax-exempt income | 0.08% | 0.03% | 0.08% |
Dividend received deduction | 0.01% | 0% | 0.01% |
Other | 0.15% | (0.20%) | 0.87% |
Actual tax expense of operations | 24.22% | 23.87% | 23.32% |
Provision for Taxes (Significan
Provision for Taxes (Significant components of deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax assets: | ||
Net operating loss and credit carry forwards | $ 33,778 | $ 36,394 |
Accrued expenses | 112,971 | 103,723 |
Policy benefits and losses, claims and loss expenses payable, net | 31,436 | 30,572 |
Unrealized losses | 48,179 | 0 |
Operating leases, assets | 12,058 | 15,540 |
Total deferred tax assets | 238,422 | 186,229 |
Deferred tax liabilities: | ||
Property, plant and equipment | 1,545,628 | 1,405,604 |
Operating leases, liabilities | 12,175 | 15,540 |
Deferred policy acquisition costs | 12,038 | 12,962 |
Unrealized gains | 0 | 36,299 |
Other | 3,008 | 1,973 |
Total deferred tax liabilities | 1,572,849 | 1,472,378 |
Net deferred tax liability | $ 1,334,427 | $ 1,286,149 |
Provision for Taxes (Reconcilia
Provision for Taxes (Reconciliation of total amounts of unrecognized tax benefits roll forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits beginning balance | $ 48,851 | $ 31,069 |
Additions based on tax positions related to the current year | 7,226 | 8,257 |
Reductions for tax positions of prior years | (443) | 0 |
Additions for tax provisions of prior years | 2,473 | 9,525 |
Unrecognized tax benefits ending balance | $ 58,107 | $ 48,851 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Compensation of related costs, Share-based Payments [Abstract] | |||
Employee stock ownership plan (ESOP), compensation expense | $ 22,100,000 | $ 23,000,000 | $ 23,000,000 |
Cash contributions to ESOP non leveraged | $ 22,100,000 | $ 23,000,000 | $ 23,000,000 |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 6% | ||
Defined benefit plan, ultimate health care cost trend rate | 4% | ||
Post retirement health insurance [Member] | |||
Deferred Compensation Arrangements [Abstract] | |||
Lifetime maximum benefit paid per individual | $ 20,000 | ||
Post retirement life insurance [Member] | |||
Deferred Compensation Arrangements [Abstract] | |||
Lifetime maximum benefit paid per individual | 3,000 | ||
Additional benefit requirement amount | $ 100 |
Employee Benefit Plans (Shares
Employee Benefit Plans (Shares Held by the ESOP Plan) (Details) - shares | Mar. 31, 2023 | Mar. 31, 2022 |
Common Stock [Member] | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated shares | 836 | 890 |
Nonvoting Common Stock [Member] | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated shares | 7,821 | 0 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic post retirement benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Postemployment Benefits [Abstract] | |||
Service cost for benefits earned during the period | $ 1,326 | $ 1,401 | $ 1,267 |
Interest cost on accumulated postretirement benefit | 1,148 | 908 | 919 |
Other components | 68 | 212 | 68 |
Total other components of net periodic benefit costs | 1,216 | 1,120 | 987 |
Net periodic postretirement benefit cost | $ 2,542 | $ 2,521 | $ 2,254 |
Employee Benefit Plans (Compo_2
Employee Benefit Plans (Components of Postretirement Benefit Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning of year | $ 30,206 | $ 30,755 | |
Service cost for benefits earned during the period | 1,326 | 1,401 | $ 1,267 |
Interest cost on accumulated post retirement benefit | 1,148 | 908 | 919 |
Net benefit payments and expense | (1,207) | (1,021) | |
Actuarial loss | (2,703) | (1,837) | |
Accumulated postretirement benefit obligation | 28,770 | 30,206 | $ 30,755 |
Liabilities: | |||
Current liabilities | 1,625 | 1,449 | |
Non-currrent liabilities | 27,145 | 28,757 | |
Total post retirement benefit liability recognized in statement of financial position | 28,770 | 30,206 | |
Components included in accumulated other comprehensive income (loss): | |||
Unrecognized net loss | (465) | (3,237) | |
Cumulative net periodic benefit cost (in excess of employer contribution) | $ 28,305 | $ 26,969 |
Employee Benefit Plans (Discoun
Employee Benefit Plans (Discount Rate Assumptions in Computation of Accumulated Postretirement Benefit Obligation) (Details) | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation | 5.08% | 3.76% | 2.93% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Net Benefit Payments Expected for Post Employee Benefit Obligations) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2022 | $ 1,546 |
2023 | 1,768 |
2024 | 2,021 |
2025 | 2,270 |
2026 | 2,532 |
2027 through 2030 | 13,291 |
Total | $ 23,428 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Assets | ||
Reinsurance recoverables and trade receivables, net | $ 189,498 | $ 229,343 |
Mortgage loans, Fair Value | 444,957 | 450,347 |
Other investments | 109,009 | 120,592 |
Total | 743,464 | 800,282 |
Liabilities | ||
Notes, loans and leases payable, gross | 5,710,735 | 5,875,781 |
Total | 5,710,735 | 5,875,781 |
Level 1 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 0 | 0 |
Mortgage loans, Fair Value | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 0 | 0 |
Mortgage loans, Fair Value | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Notes, loans and leases payable, gross | 5,710,735 | 5,875,781 |
Total | 5,710,735 | 5,875,781 |
Level 3 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 189,498 | 229,343 |
Mortgage loans, Fair Value | 444,957 | 450,347 |
Other investments | 109,009 | 120,592 |
Total | 743,464 | 800,282 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Carrying Value | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 189,498 | 229,343 |
Mortgage loans, Fair Value | 466,531 | 423,163 |
Other investments | 109,009 | 120,592 |
Total | 765,038 | 773,098 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,143,350 | 5,875,781 |
Total | $ 6,143,350 | $ 5,875,781 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Level within the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Assets: | ||
Short-term investments | $ 1,809,441 | $ 2,482,154 |
Fixed maturities - available for sale | 2,709,037 | 2,821,092 |
Preferred stock | 21,982 | 26,095 |
Common stock | 39,375 | 46,212 |
Derivatives | 9,606 | 7,474 |
Total | 4,589,441 | 5,383,027 |
Liabilities: | ||
Derivatives | 0 | 587 |
Total | 0 | 587 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 1,808,797 | 2,482,154 |
Fixed maturities - available for sale | 251,832 | 26,914 |
Preferred stock | 21,982 | 26,095 |
Common stock | 39,375 | 46,212 |
Derivatives | 4,295 | 7,474 |
Total | 2,126,281 | 2,588,849 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Short-term investments | 644 | 0 |
Fixed maturities - available for sale | 2,457,146 | 2,794,086 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 5,311 | 0 |
Total | 2,463,101 | 2,794,086 |
Liabilities: | ||
Derivatives | 0 | 587 |
Total | 0 | 587 |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Fixed maturities - available for sale | 59 | 92 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | 59 | 92 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | $ 0 | $ 0 |
Reinsurance and Policy Benefi_3
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable (Insurance Subsidiaries Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Year ended December 31, | |||
Direct amount (a) - Life insurance in force | $ 970,454 | $ 1,029,537 | $ 1,031,634 |
Ceded to other companies - Life insurance in force | 48 | 72 | 73 |
Assumed from other companies - Life insurance in force | 304,891 | 328,030 | 356,266 |
Net amount (a) - Life insurance in force | $ 1,275,297 | $ 1,357,495 | $ 1,387,827 |
Percentage of amount assumed to net - Life insurance in force | 24% | 24% | 26% |
Direct amount (a) | $ 189,974 | $ 194,849 | $ 185,635 |
Ceded to Other Companies | 153 | 162 | 212 |
Assumed from Other Companies | 5,570 | 6,007 | 6,471 |
Net amount (a) | 195,391 | 200,694 | 191,894 |
Premiums earned: Life [Member] | |||
Year ended December 31, | |||
Direct amount (a) | 52,298 | 56,353 | 58,048 |
Ceded to Other Companies | 1 | 2 | 1 |
Assumed from Other Companies | 4,181 | 4,514 | 5,049 |
Net amount (a) | $ 56,478 | $ 60,865 | $ 63,096 |
Percentage of amount assumed to net | 7% | 7% | 8% |
Premiums earned: Accident and health [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 41,354 | $ 48,385 | $ 57,081 |
Ceded to Other Companies | 152 | 160 | 211 |
Assumed from Other Companies | 983 | 1,166 | 1,388 |
Net amount (a) | $ 42,185 | $ 49,391 | $ 58,258 |
Percentage of amount assumed to net | 2% | 2% | 2% |
Premiums earned: Annuity [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 80 | $ 444 | $ 221 |
Ceded to Other Companies | 0 | 0 | 0 |
Assumed from Other Companies | 406 | 327 | 34 |
Net amount (a) | $ 486 | $ 771 | $ 255 |
Percentage of amount assumed to net | 84% | 42% | 13% |
Premiums earned: Property and casualty [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 96,242 | $ 89,667 | $ 70,285 |
Ceded to Other Companies | 0 | 0 | 0 |
Assumed from Other Companies | 0 | 0 | 0 |
Net amount (a) | $ 96,242 | $ 89,667 | $ 70,285 |
Percentage of amount assumed to net | 0% | 0% | 0% |
Reinsurance and Policy Benefi_4
Reinsurance and Policy Benefits and Losses Claims and Loss Expenses Payable (Policy Benefits and Losses, Claims and Loss Expenses Payable for Property and Casualty Insurance) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | $ 151,874 | |||||
Total | $ 875,034 | $ 890,254 | ||||
Property and Casualty Insurance [Member] | ||||||
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | 151,874 | $ 159,162 | $ 177,963 | $ 209,127 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||||
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | 151,874 | 159,162 | ||||
Reinsurance losses payable | 1,133 | 1,217 | ||||
Total | $ 153,007 | $ 153,007 | $ 160,379 | $ 160,379 |
Reinsurance and Policy Benefi_5
Reinsurance and Policy Benefits and Losses, Claims, and Loss Expenses Payable (Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses for Property and Casualty Insurance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Paid related to: | |||
Net balance at December 31 | $ 110,545 | ||
Plus: reinsurance recoverables | 41,329 | ||
Balance at December 31 | 151,874 | ||
Property and Casualty Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance at January 1 | 159,162 | $ 177,963 | $ 209,127 |
Less: reinsurance recoverables | 47,394 | 64,873 | 87,083 |
Net balance at January 1 | 111,768 | 113,090 | 122,044 |
Incurred related to: | |||
Current year | 27,570 | 28,980 | 20,670 |
Prior years | (5,828) | (6,290) | (3,865) |
Total incurred | 21,742 | 22,690 | 16,805 |
Paid related to: | |||
Current year | 10,572 | 11,040 | 7,664 |
Prior years | 12,393 | 12,972 | 18,095 |
Total paid | 22,965 | 24,012 | 25,759 |
Net balance at December 31 | 110,545 | 111,768 | 113,090 |
Plus: reinsurance recoverables | 41,329 | 47,394 | 64,873 |
Balance at December 31 | 151,874 | 159,162 | $ 177,963 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance at January 1 | 159,162 | ||
Paid related to: | |||
Balance at December 31 | $ 151,874 | $ 159,162 |
Reinsurance and Policy Benefi_6
Reinsurance and Policy Benefits and Losses, Claims, and Loss Expenses Payable (Incurred Claims Development) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) |
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 22,201 | ||||||
Accident Year 2016 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | 11,750 | $ 11,764 | $ 11,764 | $ 11,790 | $ 13,056 | $ 13,011 | $ 13,297 |
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,681 | ||||||
Accident Year 2017 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 15,264 | 15,273 | 15,538 | 17,078 | 16,109 | $ 15,748 | |
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 12,306 | ||||||
Accident Year 2018 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 16,819 | 17,157 | 18,027 | 18,386 | $ 19,580 | ||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 12,182 | ||||||
Accident Year 2019 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 27,831 | 27,316 | 26,316 | $ 22,138 | |||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 1,663 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 12,026 | ||||||
Accident Year 2020 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 17,107 | 17,485 | $ 20,671 | ||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 3,653 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,530 | ||||||
Accident Year 2021 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 25,337 | $ 28,982 | |||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 5,809 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 14,150 | ||||||
Accident Year 2022 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 27,570 | ||||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 11,076 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 12,860 |
Reinsurance And Policy Benefi_7
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Cumulative Paid Claims And Allocated Claim Adjustment Expense Net Of Reinsurance) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | $ 103,345 | ||||||
All outstanding liabilities before 2012, net of reinsurance | 72,211 | ||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 110,545 | ||||||
Accident Year 2016 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 11,750 | $ 11,764 | $ 11,764 | $ 11,746 | $ 11,643 | $ 10,665 | $ 7,777 |
Accident Year 2017 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 15,264 | 15,263 | 15,012 | 14,825 | 11,638 | $ 8,970 | |
Accident Year 2018 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 16,809 | 16,766 | 15,150 | 12,689 | $ 8,838 | ||
Accident Year 2019 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 21,598 | 19,215 | 14,737 | $ 7,366 | |||
Accident Year 2020 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 12,521 | 11,114 | $ 7,665 | ||||
Accident Year 2021 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 14,831 | $ 11,040 | |||||
Accident Year 2022 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | $ 10,572 |
Reinsurance And Policy Benefi_8
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Total Gross Liability For Unpaid Property And Casualty Claims And Claim Adjustment Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Shortduration Insurance Contracts Liability For Unpaid Claims And Allocated Claim Adjustment Expense Net [Abstract] | |||
Liabilities for unpaid property and casualty claims and claim adjustment expenses, net of reinsurance | $ 110,545 | ||
Total reinsurance recoverable on unpaid property and casualty claims | $ 42,362 | 41,329 | $ 50,586 |
Total gross liability for unpaid Property and Casualty claims and claim adjustment expense | $ 151,874 |
Reinsurance And Policy Benefi_9
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Average Annual Percentage Payout Of Incurred Claims By Age Net Of Reinsurance) (Details) - Property and Casualty Insurance [Member] | Dec. 31, 2022 |
Average annual Percentage Payout [Abstract] | |
Year 1 | 47.20% |
Year 2 | 21.10% |
Year 3 | 13.60% |
Year 4 | 5.10% |
Year 5 | 0.70% |
Year 6 | 0% |
Year 7 | 0% |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | |||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 58.4 | $ 74.2 | |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability | 223.2 | 347.4 | |
Operating Cash Flows For Financing Leases | 32.1 | 30.2 | $ 29.3 |
Cash paid for finance leases | 124.2 | 166.3 | 221.2 |
Cash paid for operating leases | $ 9.5 | $ 3.7 | $ 6.8 |
Leases (Components Right Of Use
Leases (Components Right Of Use Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Finance Lease [Abstract] | ||
Building and Improvements | $ 128,221 | $ 136,444 |
Furniture and equipment | 9,687 | 14,731 |
Rental trailers and rental equipment | 152,294 | 169,514 |
Rental trucks | 949,838 | 1,114,248 |
Right Of Use Assets Gross | 1,240,040 | 1,434,937 |
less: accumulated depreciation | (706,358) | (739,731) |
Right of use assets, net | 533,682 | 695,206 |
Finance Lease [Member] | ||
Finance Lease [Abstract] | ||
Building and Improvements | 0 | 0 |
Furniture and equipment | 9,687 | 14,731 |
Rental trailers and rental equipment | 152,294 | 169,514 |
Rental trucks | 949,838 | 1,114,248 |
Right Of Use Assets Gross | 1,111,819 | 1,298,493 |
less: accumulated depreciation | (637,054) | (677,669) |
Right of use assets, net | 474,765 | 620,824 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Building and Improvements | 128,221 | 136,444 |
Furniture and equipment | 0 | 0 |
Rental trailers and rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right Of Use Assets Gross | 128,221 | 136,444 |
less: accumulated depreciation | (69,304) | (62,062) |
Right of use assets, net | $ 58,917 | $ 74,382 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract] | ||
Remaining Lease Term Finance Lease Weighted Average | 2 | 3 |
Finance Lease Weighted Average Discount Rate Percent | 3.80% | 3.70% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | ||
Remaining Lease Term Operating Lease Weighted Average | 19.2 | 16.5 |
Operating Lease Weighted Average Discount Rate Percent | 4.70% | 4.60% |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease Cost [Abstract] | ||
Operating Lease cost | $ 32,878 | $ 30,239 |
Finance Lease Liability [Abstract] | ||
Amortization of right-of-use assets | 81,006 | 115,199 |
Interest on lease liabilities | 11,199 | 15,289 |
Sum of finance lease cost | $ 92,205 | $ 130,488 |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Finance Lease Liabilities Payments Due [Abstract] | |
2024 | $ 110,812 |
2025 | 77,621 |
2026 | 46,763 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total lease payments | 235,196 |
Less: imputed interest | (11,991) |
Finance Lease Liability | 223,205 |
Operating Lease Liabilities Payments Due [Abstract] | |
2024 | 24,338 |
2025 | 11,540 |
2026 | 4,957 |
2027 | 3,555 |
2028 | 2,951 |
Thereafter | 56,615 |
Total lease payments | 103,956 |
Less: imputed interest | (45,583) |
Operating Lease Liability | $ 58,373 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related party notes receivable: | |||
One time cash interest proceeds | $ 4 | ||
Property Management Fee [Abstract] | |||
Management fees received exclusive of reimbursed expenses | $ 37 | $ 38.5 | $ 31.2 |
Minimum [Member] | |||
Property Management Fee [Abstract] | |||
Management fee rate | 4% | ||
Maximum [Member] | |||
Property Management Fee [Abstract] | |||
Management fee rate | 10% | ||
Sac Holdings [Member] | |||
Related party costs and expenses: | |||
Revenue, excluding dealer agreement commissions and expenses | $ 29.8 | 28.5 | 25.5 |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | |||
Related party costs and expenses: | |||
Expenses, related parties | 2.4 | 2.4 | 2.6 |
Cash flow, related party | 27.4 | 25.9 | 22.6 |
Revenue, generated by the dealer agreement from related parties | 418.9 | 417.9 | 323.8 |
Commission expenses, generated from dealer agreement with related parties | $ 88.1 | $ 88.3 | $ 69.2 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related party transactions: | |||
Management fees revenue | $ 37,073 | $ 35,194 | $ 31,603 |
Blackwater [Member] | |||
Related party transactions: | |||
Management fees revenue | 29,825 | 28,546 | 25,512 |
Mercury [Member] | |||
Related party transactions: | |||
Management fees revenue | $ 7,248 | $ 6,648 | $ 6,091 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Cost and Expense [Abstract] | |||
Related party expenses, total | $ 90,483 | $ 90,733 | $ 71,824 |
Blackwater [Member] | |||
Related Party Cost and Expense [Abstract] | |||
U-Haul lease expenses | 2,416 | 2,445 | 2,612 |
U-Haul commission expenses | $ 88,067 | $ 88,288 | $ 69,212 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Related party assets: | ||
U-Haul receivables | $ 6,324 | $ 6,364 |
Assets | 48,308 | 47,851 |
Blackwater [Member] | ||
Related party assets: | ||
Notes receivable | 42,141 | 41,364 |
Mercury [Member] | ||
Related party assets: | ||
Notes receivable | 8,402 | 5,708 |
Insurance Subsidiaries [Member] | ||
Related party assets: | ||
Other | $ (2,235) | $ 779 |
Statutory Financial Informati_3
Statutory Financial Information of Insurance Subsidiaries (Net income (loss) Capital and Surplus (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Repwest [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | $ 34,963 | $ 33,314 | $ 22,898 |
Audited statutory capital and surplus | 294,515 | 266,875 | 227,380 |
ARCOA [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 2,319 | (752) | 2,438 |
Audited statutory capital and surplus | 13,340 | 14,697 | 15,928 |
Oxford [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | (771) | 23,217 | 6,296 |
Audited statutory capital and surplus | 227,667 | 230,202 | 218,301 |
CFLIC [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 3,637 | 6,019 | 8,082 |
Audited statutory capital and surplus | 20,591 | 17,098 | 25,980 |
NAI [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 1,017 | 1,874 | 2,127 |
Audited statutory capital and surplus | $ 8,906 | $ 7,961 | $ 13,980 |
Financial Information by Geog_3
Financial Information by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fiscal year ended: | |||
Total revenues | $ 5,864,691 | $ 5,739,747 | $ 4,541,985 |
Depreciation and amortization, net of (gains) losses on disposals | 520,315 | 512,486 | 641,504 |
Interest expense | 223,958 | 167,424 | 163,502 |
Pretax earnings | 1,217,923 | 1,475,497 | 796,658 |
Income tax expense | 294,925 | 352,211 | 185,802 |
Identifiable assets | 18,124,648 | 17,299,581 | 14,651,606 |
United States [Member] | |||
Fiscal year ended: | |||
Total revenues | 5,570,264 | 5,452,027 | 4,334,083 |
Depreciation and amortization, net of (gains) losses on disposals | 514,043 | 509,517 | 631,344 |
Interest expense | 221,008 | 163,586 | 160,429 |
Pretax earnings | 1,178,264 | 1,431,155 | 773,030 |
Income tax expense | 285,724 | 342,213 | 180,845 |
Identifiable assets | 17,453,015 | 16,776,070 | 14,212,978 |
Canada [Member] | |||
Fiscal year ended: | |||
Total revenues | 294,427 | 287,720 | 207,902 |
Depreciation and amortization, net of (gains) losses on disposals | 6,272 | 2,969 | 10,160 |
Interest expense | 2,950 | 3,838 | 3,073 |
Pretax earnings | 39,659 | 44,342 | 23,628 |
Income tax expense | 9,201 | 9,998 | 4,957 |
Identifiable assets | $ 671,633 | $ 523,511 | $ 438,628 |
Consolidating financial infor_2
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
ASSETS: | |||||
Cash and cash equivalents | $ 2,060,524 | $ 2,704,137 | |||
Reinsurance recoverables and trade receivables, net | 189,498 | 229,343 | |||
Inventories, net | 151,474 | 158,888 | |||
Prepaid expenses | 241,711 | 236,915 | |||
Investments, fixed maturities and marketable equities | 2,770,394 | 2,893,399 | |||
Investments, other | 575,540 | 543,755 | |||
Deferred policy acquisition costs, net | 152,377 | 103,828 | |||
Other assets | 51,052 | 60,409 | |||
Right of use assets, financing, net | 474,765 | 620,824 | |||
Right of use assets, operating | 58,917 | 74,382 | |||
Related party assets | 48,308 | 47,851 | |||
Subtotal assets | 6,774,560 | 7,673,731 | |||
Investments in subsidiaries | 0 | 0 | |||
Property, plant and equipment, at cost: | |||||
Land | 1,537,206 | 1,283,142 | |||
Buildings and improvements | 7,088,810 | 5,974,639 | |||
Furniture and equipment | 928,241 | 846,132 | |||
Property, plant and equipment (gross) | 15,660,293 | 13,358,406 | |||
Less: Accumulated depreciation | (4,310,205) | (3,732,556) | |||
Total property, plant and equipment | 11,350,088 | 9,625,850 | |||
Total assets | 18,124,648 | 17,299,581 | $ 14,651,606 | ||
Liabilities: | |||||
Accounts payable and accrued expenses | 761,039 | 677,785 | |||
Notes, loans and leases payable | 6,108,042 | 6,022,497 | |||
Operating lease liabilities | 58,373 | 74,197 | |||
Policy benefits and losses, claims and loss expenses payable | 875,034 | 890,254 | |||
Liabilities from investment contracts | 2,398,884 | 2,336,238 | |||
Other policyholders' funds and liabilities | 8,232 | 10,812 | |||
Deferred income | 52,282 | 49,157 | |||
Deferred income taxes | 1,334,427 | 1,286,149 | |||
Related party liabilities | 0 | 0 | |||
Total liabilities | 11,596,313 | 11,347,089 | |||
Stockholders' equity: | |||||
Additional paid-in capital | 453,643 | 453,819 | |||
Accumulated other comprehensive loss | (267,046) | 46,384 | |||
Retained earnings | 7,008,715 | 6,119,442 | |||
Total stockholders' equity | 6,528,335 | 5,952,492 | |||
Total liabilities and stockholders' equity | 18,124,648 | 17,299,581 | |||
Rental Trailers and Other Rental Equipment [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 827,696 | 615,679 | |||
Rental Trucks [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 5,278,340 | 4,638,814 | |||
Series A Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Series B Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Series A Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 0 | 0 | |||
Amerco Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 10,497 | 10,497 | |||
Common Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | (525,653) | (525,653) | |||
Preferred Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | (151,997) | (151,997) | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||||
ASSETS: | |||||
Cash and cash equivalents | 2,034,242 | 2,643,213 | |||
Reinsurance recoverables and trade receivables, net | 107,823 | 142,895 | |||
Inventories, net | 151,474 | 158,888 | |||
Prepaid expenses | 241,711 | 236,915 | |||
Investments, fixed maturities and marketable equities | 227,737 | 0 | |||
Investments, other | 23,314 | 20,653 | |||
Deferred policy acquisition costs, net | 0 | 0 | |||
Other assets | 46,438 | 57,305 | |||
Right of use assets, financing, net | 474,765 | 620,824 | |||
Right of use assets, operating | 57,978 | 74,190 | |||
Related party assets | 69,144 | 64,611 | |||
Subtotal assets | 3,434,626 | 4,019,494 | |||
Investments in subsidiaries | 450,923 | 737,073 | |||
Property, plant and equipment, at cost: | |||||
Land | 1,537,206 | 1,283,142 | |||
Buildings and improvements | 7,088,810 | 5,974,639 | |||
Furniture and equipment | 928,241 | 846,132 | |||
Property, plant and equipment (gross) | 15,660,293 | 13,358,406 | |||
Less: Accumulated depreciation | (4,310,205) | (3,732,556) | |||
Total property, plant and equipment | 11,350,088 | 9,625,850 | |||
Total assets | 15,235,637 | 14,382,417 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | 729,679 | 663,482 | |||
Notes, loans and leases payable | 6,108,042 | 6,022,497 | |||
Operating lease liabilities | 57,418 | 73,998 | |||
Policy benefits and losses, claims and loss expenses payable | 335,227 | 330,890 | |||
Liabilities from investment contracts | 0 | 0 | |||
Other policyholders' funds and liabilities | 0 | 0 | |||
Deferred income | 52,282 | 49,157 | |||
Deferred income taxes | 1,405,391 | 1,265,430 | |||
Related party liabilities | 25,082 | 25,668 | |||
Total liabilities | 8,713,121 | 8,431,122 | |||
Stockholders' equity: | |||||
Additional paid-in capital | 453,853 | 454,029 | |||
Accumulated other comprehensive loss | (272,865) | 45,187 | |||
Retained earnings | 7,008,505 | 6,119,232 | |||
Total stockholders' equity | 6,522,516 | 5,951,295 | |||
Total liabilities and stockholders' equity | 15,235,637 | 14,382,417 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 827,696 | 615,679 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 5,278,340 | 4,638,814 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 10,497 | 10,497 | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | (525,653) | (525,653) | |||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | (151,997) | (151,997) | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||||
ASSETS: | |||||
Cash and cash equivalents | 11,276 | 10,800 | |||
Reinsurance recoverables and trade receivables, net | 48,344 | 50,235 | |||
Inventories, net | 0 | 0 | |||
Prepaid expenses | 0 | 0 | |||
Investments, fixed maturities and marketable equities | 271,156 | 297,488 | |||
Investments, other | 125,130 | 114,269 | |||
Deferred policy acquisition costs, net | 0 | 0 | |||
Other assets | 730 | 371 | |||
Right of use assets, financing, net | 0 | 0 | |||
Right of use assets, operating | 914 | 93 | |||
Related party assets | 2,347 | 6,713 | |||
Subtotal assets | 459,897 | 479,969 | |||
Investments in subsidiaries | 0 | 0 | |||
Property, plant and equipment, at cost: | |||||
Land | 0 | 0 | |||
Buildings and improvements | 0 | 0 | |||
Furniture and equipment | 0 | 0 | |||
Property, plant and equipment (gross) | 0 | 0 | |||
Less: Accumulated depreciation | 0 | 0 | |||
Total property, plant and equipment | 0 | 0 | |||
Total assets | 459,897 | 479,969 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | 4,470 | 3,849 | |||
Notes, loans and leases payable | 0 | 0 | |||
Operating lease liabilities | 928 | 93 | |||
Policy benefits and losses, claims and loss expenses payable | 153,007 | $ 153,007 | 160,379 | $ 160,379 | |
Liabilities from investment contracts | 0 | 0 | |||
Other policyholders' funds and liabilities | 2,702 | 3,521 | |||
Deferred income | 0 | 0 | |||
Deferred income taxes | 1,713 | 12,803 | |||
Related party liabilities | 2,544 | 3,196 | |||
Total liabilities | 165,364 | 183,841 | |||
Stockholders' equity: | |||||
Additional paid-in capital | 91,120 | 91,120 | |||
Accumulated other comprehensive loss | (14,720) | 16,630 | |||
Retained earnings | 214,832 | 185,077 | |||
Total stockholders' equity | 294,533 | 296,128 | |||
Total liabilities and stockholders' equity | 459,897 | 479,969 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 3,301 | 3,301 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | 0 | 0 | |||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | |||||
ASSETS: | |||||
Cash and cash equivalents | 15,006 | 50,124 | |||
Reinsurance recoverables and trade receivables, net | 33,331 | 36,213 | |||
Inventories, net | 0 | 0 | |||
Prepaid expenses | 0 | 0 | |||
Investments, fixed maturities and marketable equities | 2,271,501 | 2,595,911 | |||
Investments, other | 427,096 | 408,833 | |||
Deferred policy acquisition costs, net | 152,377 | 103,828 | |||
Other assets | 3,884 | 2,733 | |||
Right of use assets, financing, net | 0 | 0 | |||
Right of use assets, operating | 25 | 99 | |||
Related party assets | 12,268 | 16,911 | |||
Subtotal assets | 2,915,488 | 3,214,652 | |||
Investments in subsidiaries | 0 | 0 | |||
Property, plant and equipment, at cost: | |||||
Land | 0 | 0 | |||
Buildings and improvements | 0 | 0 | |||
Furniture and equipment | 0 | 0 | |||
Property, plant and equipment (gross) | 0 | 0 | |||
Less: Accumulated depreciation | 0 | 0 | |||
Total property, plant and equipment | 0 | 0 | |||
Total assets | 2,915,488 | 3,214,652 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | 26,890 | 10,454 | |||
Notes, loans and leases payable | 0 | 0 | |||
Operating lease liabilities | 27 | 106 | |||
Policy benefits and losses, claims and loss expenses payable | 386,800 | 398,985 | |||
Liabilities from investment contracts | 2,398,884 | 2,336,238 | |||
Other policyholders' funds and liabilities | 5,530 | 7,291 | |||
Deferred income | 0 | 0 | |||
Deferred income taxes | (72,677) | 7,916 | |||
Related party liabilities | 13,644 | 12,717 | |||
Total liabilities | 2,759,098 | 2,773,707 | |||
Stockholders' equity: | |||||
Additional paid-in capital | 26,271 | 26,271 | |||
Accumulated other comprehensive loss | (207,327) | 87,200 | |||
Retained earnings | 334,946 | 324,974 | |||
Total stockholders' equity | 156,390 | 440,945 | |||
Total liabilities and stockholders' equity | 2,915,488 | 3,214,652 | |||
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Series A Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 2,500 | 2,500 | |||
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | 0 | 0 | |||
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | 0 | 0 | |||
Eliminations [Member] | |||||
ASSETS: | |||||
Cash and cash equivalents | 0 | 0 | |||
Reinsurance recoverables and trade receivables, net | 0 | 0 | |||
Inventories, net | 0 | 0 | |||
Prepaid expenses | 0 | 0 | |||
Investments, fixed maturities and marketable equities | 0 | 0 | |||
Investments, other | 0 | 0 | |||
Deferred policy acquisition costs, net | 0 | 0 | |||
Other assets | 0 | 0 | |||
Right of use assets, financing, net | 0 | 0 | |||
Right of use assets, operating | 0 | 0 | |||
Related party assets | (35,451) | (40,384) | |||
Subtotal assets | (35,451) | (40,384) | |||
Investments in subsidiaries | (450,923) | (737,073) | |||
Property, plant and equipment, at cost: | |||||
Land | 0 | 0 | |||
Buildings and improvements | 0 | 0 | |||
Furniture and equipment | 0 | 0 | |||
Property, plant and equipment (gross) | 0 | 0 | |||
Less: Accumulated depreciation | 0 | 0 | |||
Total property, plant and equipment | 0 | 0 | |||
Total assets | (486,374) | (777,457) | |||
Liabilities: | |||||
Accounts payable and accrued expenses | 0 | 0 | |||
Notes, loans and leases payable | 0 | 0 | |||
Operating lease liabilities | 0 | 0 | |||
Policy benefits and losses, claims and loss expenses payable | 0 | 0 | |||
Liabilities from investment contracts | 0 | 0 | |||
Other policyholders' funds and liabilities | 0 | 0 | |||
Deferred income | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Related party liabilities | (41,270) | (41,581) | |||
Total liabilities | (41,270) | (41,581) | |||
Stockholders' equity: | |||||
Additional paid-in capital | (117,601) | (117,601) | |||
Accumulated other comprehensive loss | 227,866 | (102,633) | |||
Retained earnings | (549,568) | (509,841) | |||
Total stockholders' equity | (445,104) | (735,876) | |||
Total liabilities and stockholders' equity | (486,374) | (777,457) | |||
Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Eliminations [Member] | Rental Trucks [Member] | |||||
Property, plant and equipment, at cost: | |||||
Property subject to or available for operating lease, gross | 0 | 0 | |||
Eliminations [Member] | Series A Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Eliminations [Member] | Series B Preferred Stock [Member] | |||||
Stockholders' equity: | |||||
Preferred stock, value, issued | 0 | 0 | |||
Eliminations [Member] | Series A Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | 0 | 0 | |||
Eliminations [Member] | Amerco Common Stock [Member] | |||||
Stockholders' equity: | |||||
Common stock, value, issued | (5,801) | (5,801) | |||
Eliminations [Member] | Common Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | 0 | 0 | |||
Eliminations [Member] | Preferred Stock in Treasury [Member] | |||||
Stockholders' equity: | |||||
Treasury stock, value | $ 0 | $ 0 |
Consolidating financial infor_3
Consolidating financial information by industry segment (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | |||
Self-moving equipment rentals | $ 3,877,917 | $ 3,958,807 | $ 3,083,317 |
Self-storage revenues | 744,492 | 617,120 | 477,262 |
Self-moving and self-storage products and service sales | 357,286 | 351,447 | 344,929 |
Property management fees | 37,073 | 35,194 | 31,603 |
Life insurance premiums | 99,149 | 111,027 | 121,609 |
Property and casualty insurance premiums | 93,209 | 86,518 | 68,779 |
Net investment and interest income | 176,679 | 148,261 | 122,938 |
Other revenue | 478,886 | 431,373 | 291,548 |
Total revenues | 5,864,691 | 5,739,747 | 4,541,985 |
Costs and expenses: | |||
Operating expenses | 3,024,547 | 2,676,541 | 2,187,684 |
Commission expenses | 416,315 | 429,581 | 329,609 |
Cost of sales | 263,026 | 259,585 | 214,059 |
Benefits and losses | 165,553 | 186,647 | 179,512 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Lease expense | 30,829 | 29,910 | 28,470 |
Depreciation, net of (gains) losses on disposals | 486,795 | 482,752 | 609,930 |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Total costs and expenses | 4,420,585 | 4,094,750 | 3,580,838 |
Earnings from operations before equity in earnings of subsidiaries | 1,444,106 | 1,644,997 | 961,147 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 1,444,106 | 1,644,997 | 961,147 |
Other components of net periodic benefit costs | (1,216) | (1,120) | (987) |
Interest expense | (223,958) | (167,424) | (163,502) |
Fees and amortization on early extinguishment of debt | (1,009) | (956) | 0 |
Pretax earnings | 1,217,923 | 1,475,497 | 796,658 |
Income tax expense | (294,925) | (352,211) | (185,802) |
Earnings available to common shareholders | 922,998 | 1,123,286 | 610,856 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 3,882,620 | 3,963,535 | 3,086,824 |
Self-storage revenues | 744,492 | 617,120 | 477,262 |
Self-moving and self-storage products and service sales | 357,286 | 351,447 | 344,929 |
Property management fees | 37,073 | 35,194 | 31,603 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | 0 | 0 | 0 |
Net investment and interest income | 70,992 | 3,135 | 2,259 |
Other revenue | 475,251 | 427,836 | 288,797 |
Total revenues | 5,567,714 | 5,398,267 | 4,231,674 |
Costs and expenses: | |||
Operating expenses | 2,966,982 | 2,621,270 | 2,137,381 |
Commission expenses | 416,315 | 429,581 | 329,609 |
Cost of sales | 263,026 | 259,585 | 214,059 |
Benefits and losses | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | 32,878 | 31,973 | 30,551 |
Depreciation, net of (gains) losses on disposals | 486,795 | 482,752 | 609,930 |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Total costs and expenses | 4,171,592 | 3,821,041 | 3,324,811 |
Earnings from operations before equity in earnings of subsidiaries | 1,396,122 | 1,577,226 | 906,863 |
Equity in earnings of subsidiaries | 39,727 | 54,746 | 44,441 |
Earnings from operations | 1,435,849 | 1,631,972 | 951,304 |
Other components of net periodic benefit costs | (1,216) | (1,120) | (987) |
Interest expense | (224,999) | (168,491) | (164,592) |
Fees and amortization on early extinguishment of debt | (1,009) | (956) | |
Pretax earnings | 1,208,625 | 1,461,405 | 785,725 |
Income tax expense | (285,627) | (338,119) | (174,869) |
Earnings available to common shareholders | 922,998 | 1,123,286 | 610,856 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | 96,242 | 89,667 | 70,285 |
Net investment and interest income | 7,270 | 25,376 | 16,452 |
Other revenue | 0 | 0 | 0 |
Total revenues | 103,512 | 115,043 | 86,737 |
Costs and expenses: | |||
Operating expenses | 45,035 | 42,456 | 35,450 |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 21,535 | 22,448 | 18,558 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | 372 | 359 | 231 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | 66,942 | 65,263 | 54,239 |
Earnings from operations before equity in earnings of subsidiaries | 36,570 | 49,780 | 32,498 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 36,570 | 49,780 | 32,498 |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Fees and amortization on early extinguishment of debt | 0 | 0 | |
Pretax earnings | 36,570 | 49,780 | 32,498 |
Income tax expense | (6,815) | (10,378) | (6,778) |
Earnings available to common shareholders | 29,755 | 39,402 | 25,720 |
Operating Segments [Member] | Life Insurance [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 99,149 | 111,027 | 121,609 |
Property and casualty insurance premiums | 0 | 0 | 0 |
Net investment and interest income | 102,448 | 123,809 | 107,745 |
Other revenue | 4,503 | 3,976 | 3,280 |
Total revenues | 206,100 | 238,812 | 232,634 |
Costs and expenses: | |||
Operating expenses | 21,115 | 21,112 | 20,376 |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 144,018 | 164,199 | 160,954 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Lease expense | 108 | 109 | 135 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | 193,165 | 219,274 | 209,758 |
Earnings from operations before equity in earnings of subsidiaries | 12,935 | 19,538 | 22,876 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 12,935 | 19,538 | 22,876 |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | (480) | (480) | 0 |
Fees and amortization on early extinguishment of debt | 0 | 0 | |
Pretax earnings | 12,455 | 19,058 | 22,876 |
Income tax expense | (2,483) | (3,714) | (4,155) |
Earnings available to common shareholders | 9,972 | 15,344 | 18,721 |
Eliminations [Member] | |||
Revenues: | |||
Self-moving equipment rentals | (4,703) | (4,728) | (3,507) |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | (3,033) | (3,149) | (1,506) |
Net investment and interest income | (4,031) | (4,059) | (3,518) |
Other revenue | (868) | (439) | (529) |
Total revenues | (12,635) | (12,375) | (9,060) |
Costs and expenses: | |||
Operating expenses | (8,585) | (8,297) | (5,523) |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | (2,529) | (2,531) | (2,447) |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | (11,114) | (10,828) | (7,970) |
Earnings from operations before equity in earnings of subsidiaries | (1,521) | (1,547) | (1,090) |
Equity in earnings of subsidiaries | (39,727) | (54,746) | (44,441) |
Earnings from operations | (41,248) | (56,293) | (45,531) |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | 1,521 | 1,547 | 1,090 |
Fees and amortization on early extinguishment of debt | 0 | 0 | |
Pretax earnings | (39,727) | (54,746) | (44,441) |
Income tax expense | 0 | 0 | 0 |
Earnings available to common shareholders | $ (39,727) | $ (54,746) | $ (44,441) |
Consolidating financial infor_4
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | |||
Net earnings | $ 922,998 | $ 1,123,286 | $ 610,856 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 733,879 | 696,955 | 664,001 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Amortization of premiums and accretion of discounts related to investments, inc | 20,066 | 19,749 | 14,229 |
Amortization of debt issuance costs | 7,087 | 5,659 | 5,948 |
Interest credited to policyholders | 55,822 | 64,692 | 55,321 |
Change in allowance for losses on trade receivables | (4,860) | 4,227 | 1,206 |
Change in allowance for inventory reserves | 9,490 | 15,235 | 1,298 |
Net gains on disposal of personal property | (247,084) | (214,203) | (54,071) |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Net gains on sales of investments | 8,300 | (11,872) | (10,058) |
Net (gains) losses on equity investments | 9,091 | (7,837) | (394) |
Deferred income taxes | 131,754 | 101,091 | 68,411 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 44,714 | (9,187) | (39,516) |
Inventories and parts | (2,225) | (68,536) | (5,775) |
Prepaid expenses | (5,575) | 232,342 | 94,359 |
Capitalization of deferred policy acquisition costs | (25,202) | (32,626) | (36,162) |
Other assets | 16,027 | 15,349 | 44,251 |
Related party assets | (544) | (10,357) | (487) |
Accounts payable and accrued expenses | 34,263 | 10,514 | 78,718 |
Policy benefits and losses, claims and loss expenses payable | (13,708) | (19,692) | (1,992) |
Other policyholders' funds and liabilities | (2,580) | (1,608) | 2,230 |
Deferred income | 5,137 | 5,399 | 11,388 |
Related party liabilities | (760) | (2,079) | 60 |
Net cash provided by operating activities | 1,729,610 | 1,946,235 | 1,535,395 |
Cash flow from investing activities: | |||
Escrow deposits | 9,298 | (9,328) | (5,221) |
Purchase of: | |||
Property, plant and equipment | (2,723,901) | (2,136,537) | (1,441,475) |
Short term investments | (60,037) | (74,418) | (69,929) |
Fixed maturities investments | (563,452) | (627,326) | (606,233) |
Equity Securities | (4,932) | (19,299) | (962) |
Preferred stock | 0 | (8,000) | (16,144) |
Real estate | (8,685) | (261) | (622) |
Mortgage loans | (204,579) | (158,147) | (158,071) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 701,331 | 623,235 | 537,484 |
Short term investments | 74,457 | 51,591 | 69,718 |
Fixed maturities investments | 196,635 | 360,937 | 529,239 |
Equity Securities | 1,286 | 2,046 | 207 |
Preferred stock | 0 | 2,000 | 2,700 |
Real estate | 0 | 113 | 255 |
Mortgage loans | 161,194 | 126,218 | 29,525 |
Net cash used by investing activities | (2,421,385) | (1,867,176) | (1,129,529) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 1,017,898 | 1,969,474 | 922,008 |
Principal repayments on credit facilities | (801,994) | (437,506) | (662,588) |
Debt issuance costs | (5,237) | (13,156) | (5,793) |
Capital lease payments | (124,188) | (166,262) | (221,247) |
Securitization deposits | 217 | 0 | 0 |
Voting Common stock dividends paid | (19,608) | (29,412) | (49,019) |
Series N Non-Voting Common Stock Dividends | (14,117) | 0 | 0 |
Net contribution from (to) related party | 0 | ||
Investment contract deposits | 341,483 | 347,520 | 517,856 |
Investment contract withdrawals | (334,659) | (237,503) | (213,864) |
Net cash provided by financing activities | 59,795 | 1,433,155 | 287,353 |
Effects of exchange rate on cash | (11,633) | (2,089) | 6,441 |
Increase (decrease) cash and cash equivalents | (643,613) | 1,510,125 | 699,660 |
Cash and cash equivalents at beginning of period | 2,704,137 | 1,194,012 | 494,352 |
Cash and cash equivalents at the end of period | 2,060,524 | 2,704,137 | 1,194,012 |
Property and Casualty Insurance [Member] | |||
Cash flow from financing activities: | |||
Effects of exchange rate on cash | 0 | ||
Increase (decrease) cash and cash equivalents | 476 | ||
Cash and cash equivalents at beginning of period | 10,800 | ||
Cash and cash equivalents at the end of period | 11,276 | 10,800 | |
Life Insurance [Member] | |||
Cash flow from financing activities: | |||
Effects of exchange rate on cash | 0 | ||
Increase (decrease) cash and cash equivalents | (35,118) | ||
Cash and cash equivalents at beginning of period | 50,124 | ||
Cash and cash equivalents at the end of period | 15,006 | 50,124 | |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 922,998 | 1,123,286 | 610,856 |
Earnings from consolidated subsidiaries | (39,727) | (54,746) | (44,441) |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 733,879 | 696,955 | 664,001 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 | 0 |
Amortization of debt issuance costs | 7,087 | 5,659 | 5,948 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | (4,714) | 4,689 | 1,424 |
Change in allowance for inventory reserves | 9,490 | 15,235 | 1,298 |
Net gains on disposal of personal property | (247,084) | (214,203) | (54,071) |
Net gains on disposal of real estate | 5,596 | (4,120) | 3,281 |
Net gains on sales of investments | 0 | 0 | 0 |
Net (gains) losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | 137,159 | 106,869 | 72,407 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 39,510 | (28,776) | (60,806) |
Inventories and parts | (2,225) | (68,536) | (5,775) |
Prepaid expenses | (5,575) | 232,342 | 94,359 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 17,102 | 15,136 | 44,265 |
Related party assets | (4,898) | (10,517) | (12,790) |
Accounts payable and accrued expenses | 16,935 | 5,601 | 82,102 |
Policy benefits and losses, claims and loss expenses payable | 5,849 | (8,428) | 14,919 |
Other policyholders' funds and liabilities | 0 | 0 | 0 |
Deferred income | 3,371 | 6,551 | 10,780 |
Related party liabilities | (1,048) | 255 | 1,136 |
Net cash provided by operating activities | 1,593,705 | 1,823,252 | 1,428,893 |
Cash flow from investing activities: | |||
Escrow deposits | 9,298 | (9,328) | (5,221) |
Purchase of: | |||
Property, plant and equipment | (2,726,967) | (2,136,537) | (1,441,475) |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | (224,999) | 0 | 0 |
Equity Securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | |
Real estate | (2,677) | (33) | 0 |
Mortgage loans | 0 | 0 | 0 |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 701,331 | 623,235 | 537,484 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity Securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | |
Real estate | 0 | 113 | 255 |
Mortgage loans | 0 | 0 | 0 |
Net cash used by investing activities | (2,244,014) | (1,522,550) | (908,957) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 1,017,898 | 1,969,474 | 912,408 |
Principal repayments on credit facilities | (801,994) | (426,319) | (652,728) |
Debt issuance costs | (5,237) | (13,156) | (5,793) |
Capital lease payments | (124,188) | (166,262) | (221,247) |
Securitization deposits | 217 | ||
Voting Common stock dividends paid | (19,608) | (29,412) | (49,019) |
Series N Non-Voting Common Stock Dividends | (14,117) | ||
Net contribution from (to) related party | 41,199 | ||
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | 52,971 | 1,334,325 | 24,820 |
Effects of exchange rate on cash | (11,633) | (2,089) | 6,441 |
Increase (decrease) cash and cash equivalents | (608,971) | 1,632,938 | 551,197 |
Cash and cash equivalents at beginning of period | 2,643,213 | 1,010,275 | 459,078 |
Cash and cash equivalents at the end of period | 2,034,242 | 2,643,213 | 1,010,275 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 29,755 | 39,402 | 25,720 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 1,691 | 1,638 | 1,578 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | (146) | (456) | (217) |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | 44 | (991) | (158) |
Net (gains) losses on equity investments | 9,091 | (7,837) | (394) |
Deferred income taxes | (2,757) | 1,347 | 459 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 2,322 | 17,180 | 27,302 |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 2 | 346 | 537 |
Related party assets | 4,354 | 160 | 303 |
Accounts payable and accrued expenses | 625 | 1,821 | (3,497) |
Policy benefits and losses, claims and loss expenses payable | (7,372) | (18,563) | (31,398) |
Other policyholders' funds and liabilities | (819) | (177) | (2,053) |
Deferred income | 0 | 0 | 0 |
Related party liabilities | (640) | (2,644) | 1,187 |
Net cash provided by operating activities | 36,150 | 31,226 | 19,369 |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | (59,425) | (74,418) | (69,929) |
Fixed maturities investments | (41,391) | (10,248) | (18,823) |
Equity Securities | (3,281) | (17,919) | 0 |
Preferred stock | 0 | 0 | |
Real estate | (5,031) | (59) | 0 |
Mortgage loans | (37,612) | (24,032) | (18,035) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 74,457 | 50,737 | 69,669 |
Fixed maturities investments | 18,940 | 24,201 | 20,854 |
Equity Securities | 1,280 | 20 | 0 |
Preferred stock | 2,000 | 2,700 | |
Real estate | 0 | 0 | 0 |
Mortgage loans | 16,389 | 23,634 | 17,659 |
Net cash used by investing activities | (35,674) | (26,084) | 4,095 |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Securitization deposits | 0 | ||
Voting Common stock dividends paid | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | ||
Net contribution from (to) related party | (22,600) | ||
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | 0 | 0 | (22,600) |
Effects of exchange rate on cash | 0 | 0 | |
Increase (decrease) cash and cash equivalents | 5,142 | 864 | |
Cash and cash equivalents at beginning of period | 10,800 | 5,658 | 4,794 |
Cash and cash equivalents at the end of period | 10,800 | 5,658 | |
Operating Segments [Member] | Life Insurance [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 9,972 | 15,344 | 18,721 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 27,924 | 33,854 | 28,293 |
Amortization of premiums and accretion of discounts related to investments, inc | 18,375 | 18,111 | 12,651 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 55,822 | 64,692 | 55,321 |
Change in allowance for losses on trade receivables | 0 | (6) | (1) |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | 8,256 | (10,881) | (9,900) |
Net (gains) losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | (2,648) | (7,125) | (4,455) |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 2,882 | 2,409 | (6,012) |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | (25,202) | (32,626) | (36,162) |
Other assets | (1,077) | (133) | (551) |
Related party assets | 0 | 0 | 0 |
Accounts payable and accrued expenses | 16,703 | 3,092 | 113 |
Policy benefits and losses, claims and loss expenses payable | (12,185) | 7,299 | 14,487 |
Other policyholders' funds and liabilities | (1,761) | (1,431) | 4,283 |
Deferred income | 1,766 | (1,152) | 608 |
Related party liabilities | 928 | 310 | 9,737 |
Net cash provided by operating activities | 99,755 | 91,757 | 87,133 |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | (612) | 0 | 0 |
Fixed maturities investments | (297,062) | (617,078) | (587,410) |
Equity Securities | (1,651) | (1,380) | (962) |
Preferred stock | (8,000) | (16,144) | |
Real estate | (977) | (169) | (622) |
Mortgage loans | (166,967) | (134,115) | (140,036) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 0 | 854 | 49 |
Fixed maturities investments | 177,695 | 336,736 | 508,385 |
Equity Securities | 6 | 2,026 | 207 |
Preferred stock | 0 | 0 | |
Real estate | 3,066 | 0 | 0 |
Mortgage loans | 144,805 | 102,584 | 11,866 |
Net cash used by investing activities | (141,697) | (318,542) | (224,667) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 0 | 9,600 |
Principal repayments on credit facilities | 0 | (11,187) | (9,860) |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Securitization deposits | 0 | ||
Voting Common stock dividends paid | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | ||
Net contribution from (to) related party | (18,599) | ||
Investment contract deposits | 341,483 | 347,520 | 517,856 |
Investment contract withdrawals | (334,659) | (237,503) | (213,864) |
Net cash provided by financing activities | 6,824 | 98,830 | 285,133 |
Effects of exchange rate on cash | 0 | 0 | |
Increase (decrease) cash and cash equivalents | (127,955) | 147,599 | |
Cash and cash equivalents at beginning of period | 50,124 | 178,079 | 30,480 |
Cash and cash equivalents at the end of period | 50,124 | 178,079 | |
Eliminations [Member] | |||
Cash flow from operating activities: | |||
Net earnings | (39,727) | (54,746) | (44,441) |
Earnings from consolidated subsidiaries | 39,727 | 54,746 | 44,441 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 | 0 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | 0 | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | 0 | 0 | 0 |
Net (gains) losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 0 | 0 | 0 |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 0 | 0 | 0 |
Related party assets | 0 | 0 | 12,000 |
Accounts payable and accrued expenses | 0 | 0 | 0 |
Policy benefits and losses, claims and loss expenses payable | 0 | 0 | 0 |
Other policyholders' funds and liabilities | 0 | 0 | 0 |
Deferred income | 0 | 0 | 0 |
Related party liabilities | 0 | 0 | (12,000) |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 3,066 | 0 | 0 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity Securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | |
Real estate | 0 | 0 | 0 |
Mortgage loans | 0 | 0 | 0 |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity Securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | |
Real estate | (3,066) | 0 | 0 |
Mortgage loans | 0 | 0 | 0 |
Net cash used by investing activities | 0 | 0 | 0 |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Securitization deposits | 0 | ||
Voting Common stock dividends paid | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | ||
Net contribution from (to) related party | 0 | ||
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | 0 | 0 | 0 |
Effects of exchange rate on cash | 0 | 0 | 0 |
Increase (decrease) cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at the end of period | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Revenue Ov
Revenue Recognition (Revenue Over Time) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Contract With Customer Liability [Abstract] | |
2022 | $ 24,973 |
2023 | 12,378 |
2024 | 9,552 |
2025 | 7,680 |
2026 | 5,050 |
Thereafter | 38,998 |
Self Moving Equipment | |
Contract With Customer Liability [Abstract] | |
2022 | 5,750 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Property Lease Revenue | |
Contract With Customer Liability [Abstract] | |
2022 | 19,223 |
2023 | 12,378 |
2024 | 9,552 |
2025 | 7,680 |
2026 | 5,050 |
Thereafter | $ 38,998 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |||
Revenues recognized over time | $ 320,822 | $ 284,401 | $ 182,278 |
Revenues recognized at point in time | 425,584 | 414,985 | 396,600 |
Total revenues recognized under ASC 606 | 746,406 | 699,386 | 578,878 |
Revenues recognized under ASC 840 | 4,744,746 | 4,690,434 | 3,644,798 |
Revenues recognized under ASC 944 | 196,860 | 201,666 | 195,371 |
Revenues recognized under ASC 320 | 176,679 | 148,261 | 122,938 |
Total revenues | $ 5,864,691 | $ 5,739,747 | $ 4,541,985 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | |||
Reinsurance paid percentage of total assets | 1% | ||
Premiums Receivable Gross | $ 4.1 | $ 1.7 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | |||
Modeling of mortgage loans | 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 Credit Losses (Re
Allowance for Credit Losses (Reserve Allowance Various Credit Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | $ 9,210 | $ 6,242 |
Transition adjustment expected credit loss current | (2,803) | 2,968 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
March 31, 2023 | 6,407 | 9,210 |
Trade Receivables | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 8,649 | 4,421 |
Transition adjustment expected credit loss current | (4,860) | 4,228 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
March 31, 2023 | 3,789 | 8,649 |
Investments, Fixed Maturities | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 60 | 1,320 |
Transition adjustment expected credit loss current | 2,041 | (1,260) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
March 31, 2023 | 2,101 | 60 |
Investments, Other | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 501 | 501 |
Transition adjustment expected credit loss current | 16 | 0 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
March 31, 2023 | $ 517 | $ 501 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of U-Haul Holding Company (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes Paid, Net [Abstract] | |||
Income taxes paid (net of income tax refunds) | $ 145,680 | $ (4,548) | $ 29,044 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of U-Haul Holding Company (Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
ASSETS: | |||
Cash and cash equivalents | $ 2,060,524 | $ 2,704,137 | |
Investments in subsidiaries | 0 | 0 | |
Related party assets | 48,308 | 47,851 | |
Total assets | 18,124,648 | 17,299,581 | $ 14,651,606 |
Liabilities: | |||
Other Liabilities | 11,596,313 | 11,347,089 | |
Stockholders' equity: | |||
Additional paid-in capital | 453,643 | 453,819 | |
Accumulated other comprehensive loss | (267,046) | 46,384 | |
Consolidated statement of change in equity | |||
Beginning of period | 6,119,442 | ||
Net earnings | 922,998 | 1,123,286 | 610,856 |
Series N Non-Voting Common Stock Dividends | (14,117) | 0 | 0 |
End of period | 7,008,715 | 6,119,442 | |
Total stockholders' equity | 6,528,335 | 5,952,492 | |
Total liabilities and stockholders' equity | 18,124,648 | 17,299,581 | |
Nonvoting Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock | 176 | 0 | |
Consolidated statement of change in equity | |||
Net earnings | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | 0 | ||
Common Stock in Treasury [Member] | |||
Consolidated statement of change in equity | |||
Cost of shares in treasury | (525,653) | (525,653) | |
Preferred Stock in Treasury [Member] | |||
Consolidated statement of change in equity | |||
Cost of shares in treasury | (151,997) | (151,997) | |
U-Haul Holding Company [Member] | |||
ASSETS: | |||
Cash and cash equivalents | 1,662,790 | 2,085,447 | |
Investments in subsidiaries | 4,575,886 | 4,308,020 | |
Related party assets | 2,482,280 | 1,842,445 | |
Other assets | 403,191 | 178,691 | |
Total assets | 9,124,147 | 8,414,603 | |
Liabilities: | |||
Other Liabilities | 2,601,631 | 2,463,308 | |
Stockholders' equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 10,497 | 10,497 | |
Additional paid-in capital | 453,853 | 454,029 | |
Accumulated other comprehensive loss | (272,865) | 45,187 | |
Consolidated statement of change in equity | |||
Beginning of period | 6,119,232 | 5,025,358 | |
Net earnings | 922,998 | 1,123,286 | 610,856 |
Dividends | (19,608) | (29,412) | |
Series N Non-Voting Common Stock Dividends | (14,117) | 0 | |
End of period | 7,008,505 | 6,119,232 | $ 5,025,358 |
Total stockholders' equity | 6,522,516 | 5,951,295 | |
Total liabilities and stockholders' equity | 9,124,147 | 8,414,603 | |
U-Haul Holding Company [Member] | Nonvoting Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock | 176 | 0 | |
U-Haul Holding Company [Member] | Common Stock in Treasury [Member] | |||
Consolidated statement of change in equity | |||
Cost of shares in treasury | (525,653) | (525,653) | |
U-Haul Holding Company [Member] | Preferred Stock in Treasury [Member] | |||
Consolidated statement of change in equity | |||
Cost of shares in treasury | $ (151,997) | $ (151,997) |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of U-Haul Holding Company (Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | |||
Net interest income from subs | $ 5,864,691 | $ 5,739,747 | $ 4,541,985 |
Expenses: | |||
Operating expenses | 3,024,547 | 2,676,541 | 2,187,684 |
Total costs and expenses | 4,420,585 | 4,094,750 | 3,580,838 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Pretax earnings | 1,217,923 | 1,475,497 | 796,658 |
Income tax expense | (294,925) | (352,211) | (185,802) |
Net earnings available to common shareholders | 922,998 | 1,123,286 | 610,856 |
U-Haul Holding Company [Member] | |||
Revenues: | |||
Net interest income from subs | 54,823 | 1,516 | 720 |
Expenses: | |||
Operating expenses | 13,937 | 5,517 | 6,753 |
Other expenses | 127 | 115 | 115 |
Total costs and expenses | 14,064 | 5,632 | 6,868 |
Equity in earnings of subsidiaries | 581,043 | 1,011,841 | 508,632 |
Interest income | 413,170 | 131,400 | 135,673 |
Pretax earnings | 1,034,972 | 1,139,125 | 638,157 |
Income tax expense | (111,974) | (15,839) | (27,301) |
Net earnings available to common shareholders | $ 922,998 | $ 1,123,286 | $ 610,856 |
Basic and diluted earnings per common share | $ 5.54 | $ 5.58 | $ 2.87 |
Weighted average common shares outstanding: basic and diluted | 176,470,092 | 176,470,092 | 176,470,092 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of U-Haul Holding Company (Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings | $ 922,998 | $ 1,123,286 | $ 610,856 |
U-Haul Holding Company [Member] | |||
Net earnings | 922,998 | 1,123,286 | 610,856 |
Other comprehensive income (loss) | (318,052) | (57,381) | 67,468 |
Total comprehensive income | $ 604,946 | $ 1,065,905 | $ 678,324 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of U-Haul Holding Company (Statements of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flow from operating activities: | |||
Net earnings | $ 922,998 | $ 1,123,286 | $ 610,856 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 733,879 | 696,955 | 664,001 |
Net loss on sales of investments | 8,300 | (11,872) | (10,058) |
Deferred income taxes | 131,754 | 101,091 | 68,411 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 44,714 | (9,187) | (39,516) |
Prepaid expenses | (5,575) | 232,342 | 94,359 |
Other assets | 16,027 | 15,349 | 44,251 |
Related party assets | (544) | (10,357) | (487) |
Accounts payable and accrued expenses | 34,263 | 10,514 | 78,718 |
Net cash provided by operating activities | 1,729,610 | 1,946,235 | 1,535,395 |
Cash flow from investing activities: | |||
Purchases of property, plant and equipment | (2,723,901) | (2,136,537) | (1,441,475) |
Net cash used by investing activities | (2,421,385) | (1,867,176) | (1,129,529) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 1,017,898 | 1,969,474 | 922,008 |
Principal repayments on credit facilities | (801,994) | (437,506) | (662,588) |
Debt issuance costs | (5,237) | (13,156) | (5,793) |
Voting Common stock dividends paid | (19,608) | (29,412) | (49,019) |
Net contribution from (to) related party | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 59,795 | 1,433,155 | 287,353 |
Effects of exchange rate on cash | (11,633) | (2,089) | 6,441 |
Increase (decrease) cash and cash equivalents | (643,613) | 1,510,125 | 699,660 |
Cash and cash equivalents at beginning of period | 2,704,137 | 1,194,012 | 494,352 |
Cash and cash equivalents at the end of period | 2,060,524 | 2,704,137 | 1,194,012 |
U-Haul Holding Company [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 922,998 | 1,123,286 | 610,856 |
Earnings from consolidated subsidiaries | (581,043) | (1,011,841) | (508,632) |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 3 | 1 | 1 |
Net loss on sales of investments | 859 | 292 | 924 |
Deferred income taxes | 137,159 | 106,869 | 72,407 |
Net change in other operating assets and liabilities: | |||
Prepaid expenses | 6,120 | 234,490 | 88,898 |
Other assets | (2,884) | (4) | 0 |
Related party assets | (120) | (240) | (12,000) |
Accounts payable and accrued expenses | (2,499) | 5,461 | (4,019) |
Net cash provided by operating activities | 480,593 | 458,314 | 248,435 |
Cash flow from investing activities: | |||
Purchases of property, plant and equipment | (1) | (11) | (3) |
Net cash used by investing activities | (225,000) | (11) | (3) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 1,200,000 | 200,000 |
Principal repayments on credit facilities | 0 | 0 | (200,000) |
Debt issuance costs | 0 | (8,468) | (924) |
Proceeds from (repayments) of intercompany loans | (637,585) | (284,438) | 211,064 |
Voting Common stock dividends paid | (19,608) | (29,412) | (49,019) |
Net contribution from (to) related party | 0 | 0 | 41,199 |
Net Cash Provided by (Used in) Financing Activities | (671,310) | 877,682 | 202,320 |
Effects of exchange rate on cash | (6,940) | (1,591) | 5,773 |
Increase (decrease) cash and cash equivalents | (422,657) | 1,334,394 | 456,525 |
Cash and cash equivalents at beginning of period | 2,085,447 | 751,053 | 294,528 |
Cash and cash equivalents at the end of period | $ 1,662,790 | $ 2,085,447 | $ 751,053 |
Schedule II - U-Haul Holding _2
Schedule II - U-Haul Holding Company and Consolidated Subsidiaries, Valuation and Qualifying Accounts (Details) - U-Haul Holding Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for doubtful accounts (deducted from trade receivable) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 4,421 | $ 535 | |
Additions charged to cost and expenses | 2,179 | ||
Additions charged to other accounts | 2,680 | ||
Deductions | (973) | ||
Balance at year end | 4,421 | ||
Allowance for obsolescence (deducted from inventory) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 1,080 | 1,416 | 3,063 |
Additions charged to cost and expenses | 0 | 0 | 0 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | (151) | (336) | (1,647) |
Balance at year end | 929 | 1,080 | 1,416 |
Allowance for LIFO (deducted from inventory) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 37,400 | 21,832 | 18,886 |
Additions charged to cost and expenses | 9,665 | 15,568 | 2,946 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at year end | $ 47,065 | 37,400 | 21,832 |
Allowance for probable losses (deducted from mortgage loans) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 448 | 493 | |
Additions charged to cost and expenses | 0 | ||
Additions charged to other accounts | 0 | ||
Deductions | (45) | ||
Balance at year end | $ 448 |
Schedule V - U-Haul Holding Com
Schedule V - U-Haul Holding Company and Consolidated Subsidiaries, Supplemental Information (for Property-Casualty Insurance Operations) (Details) - Property Casualty Insurance Operations [Member] - U-Haul Holding Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Information For Property And Casualty Insurance Underwriters [Abstract] | |||
Deferred policy acquisition costs | $ 0 | $ 0 | $ 0 |
Reserves for unpaid claims and claims adjustment expense | 151,874 | 159,162 | 177,963 |
Discount if any, deducted | 0 | 0 | 0 |
Unearned premiums | (97) | 334 | (294) |
Net earned premiums (1) | 96,242 | 89,667 | 70,285 |
Net investment income (2) | 7,314 | 24,385 | 16,335 |
Claim and claim adjustment expenses incurred related to current year | 27,570 | 28,980 | 20,670 |
Prior years | (5,828) | (6,290) | (3,865) |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Paid claims and claim adjustment expense | 22,965 | 24,012 | 25,759 |
Net premiums written (1) | $ 96,145 | $ 90,002 | $ 69,989 |
Schedule V - U-Haul Holding C_2
Schedule V - U-Haul Holding Company and Consolidated Subsidiaries, Supplemental Information (for Property-Casualty Insurance Operations), Parenthetical (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Income, Net [Abstract] | |||
Premiums Earned, Net | $ 195,391 | $ 200,694 | $ 191,894 |