Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 02, 2024 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | U-Haul Holding Company | |
Entity Central Index Key | 0000004457 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Dec. 31, 2023 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-11255 | |
Entity Tax Identification Number | 88-0106815 | |
Entity address, address line one | 5555 Kietzke Lane | |
Entity address, address line two | Suite 100 | |
Entity address, City or Town | Reno | |
Entity address, State or Province | NV | |
Entity address, postal zip code | 89511 | |
City Area Code | 775 | |
Local Phone Number | 688-6300 | |
Entity Incorporation, State or Country Code | NV | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Trading Symbol | UHAL | |
Entity Common Stock, Shares Outstanding | 19,607,788 | |
Title of 12(b) Security | Common Stock, $0.25 par value | |
Security Exchange Name | NYSE | |
Nonvoting Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Trading Symbol | UHAL.B | |
Entity Common Stock, Shares Outstanding | 176,470,092 | |
Title of 12(b) Security | Series N Non-Voting Common Stock, $0.001 par value | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
ASSETS: | ||
Cash and cash equivalents | $ 1,805,976 | $ 2,060,524 |
Reinsurance recoverables and trade receivables, net | 195,930 | 189,498 |
Prepaid Expense | 240,525 | 241,711 |
Inventories, net | 155,161 | 151,474 |
Investments, fixed maturities and marketable equities | 2,474,624 | 2,709,037 |
Equity securities, at estimated fair value | 59,675 | 61,357 |
Investments, other | 660,253 | 575,540 |
Deferred policy acquisition costs, net | 120,834 | 128,463 |
Other assets | 52,807 | 51,052 |
Right of use Assets - Financing | 326,244 | 474,765 |
Right of use Assets - Operating | 65,361 | 58,917 |
Related Parties Amounts Due | 48,766 | 48,308 |
Subtotal assets | 6,206,156 | 6,750,646 |
Property, plant and equipment, at cost: | ||
Land | 1,649,346 | 1,537,206 |
Buildings and improvements | 7,943,232 | 7,088,810 |
Furniture and equipment | 983,683 | 928,241 |
Property, plant and equipment (gross) | 17,686,592 | 15,660,293 |
Less: Accumulated depreciation | (4,890,172) | (4,310,205) |
Total property, plant and equipment | 12,796,420 | 11,350,088 |
Total assets | 19,002,576 | 18,100,734 |
Liabilities: | ||
Accounts payable and accrued expenses | 729,344 | 761,039 |
Notes, loans and leases payable | 6,437,309 | 6,108,042 |
Operating lease liability | 64,542 | 58,373 |
Policy benefits and losses, claims and loss expenses payable | 838,945 | 880,202 |
Liabilities from investment contracts | 2,363,143 | 2,398,884 |
Other policyholders' funds and liabilities | 8,012 | 8,232 |
Deferred income | 45,711 | 52,282 |
Deferred Income Tax Liabilities, Net | 1,427,769 | 1,329,489 |
Total liabilities | 11,914,775 | 11,596,543 |
Commitments and contingencies (notes 4 and 9) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,643 | 453,643 |
Accumulated other comprehensive loss | (308,642) | (285,623) |
Retained earnings | 7,609,777 | 7,003,148 |
Total stockholders' equity | 7,087,801 | 6,504,191 |
Total liabilities and stockholders' equity | 19,002,576 | 18,100,734 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Serial Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 0 | 0 |
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
Nonvoting Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 176 | 176 |
Common Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (525,653) | (525,653) |
Preferred Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (151,997) | (151,997) |
Rental Trailers and Other Rental Equipment [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | 927,038 | 827,696 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 6,183,293 | $ 5,278,340 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale Securities [Abstract] | ||
Available for sale investments, allowance for credit loss, net | $ 1,704 | $ 2,101 |
Debt Securities, Available-for-Sale, Amortized Cost, Current | $ 2,816,481 | $ 3,006,587 |
Series Preferred Stock With or Without Par Value [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 6,100,000 | 6,100,000 |
Preferred stock, shares issued | 6,100,000 | 6,100,000 |
Series B Preferred Stock [Member] | ||
Preferred stock: | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Serial Common Stock With or Without Par Value [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Serial Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Amerco Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares, issued | 41,985,700 | 41,985,700 |
Common stock, shares, outstanding | 19,607,788 | 19,607,788 |
Common stock, par or stated value per share | $ 0.25 | $ 0.25 |
Nonvoting Common Stock [Member] | ||
Common stock: | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares, outstanding | 176,470,092 | 176,470,092 |
Common stock, par or stated value per share | $ 0.001 | $ 0.001 |
Common Stock in Treasury [Member] | ||
Treasury stock: | ||
Treasury Stock Common Shares | 22,377,912 | 22,377,912 |
Preferred Stock in Treasury [Member] | ||
Treasury stock: | ||
Treasury Stock Common Shares | 6,100,000 | 6,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||||
Self-moving equipment rentals | $ 839,801 | $ 898,819 | $ 2,908,412 | $ 3,151,619 |
Self-storage revenues | 210,517 | 190,483 | 618,368 | 549,246 |
Self moving and self-storage products and service sales | 70,344 | 74,851 | 262,787 | 281,066 |
Property management fees | 10,138 | 10,080 | 28,582 | 28,496 |
Life insurance premiums | 22,574 | 24,399 | 68,203 | 75,636 |
Property and casualty insurance premiums | 26,490 | 26,852 | 72,383 | 72,542 |
Net investment and Interest income | 57,457 | 52,294 | 186,787 | 116,376 |
Other revenue | 102,193 | 97,558 | 384,160 | 401,059 |
Total revenues | 1,339,514 | 1,375,336 | 4,529,682 | 4,676,040 |
Costs and expenses: | ||||
Operating expenses | 770,405 | 733,469 | 2,368,904 | 2,278,230 |
Commission expenses | 87,955 | 95,980 | 306,843 | 339,814 |
Cost of sales | 51,536 | 54,616 | 188,831 | 206,912 |
Benefits and losses | 42,495 | 41,764 | 130,392 | 121,033 |
Amortization of deferred policy acquisition costs | 4,155 | 6,979 | 19,026 | 21,623 |
Lease expense | 9,148 | 7,792 | 25,181 | 22,951 |
Depreciation, net of (gains) losses on disposals | 173,648 | 113,866 | 465,584 | 344,980 |
Net (gains) losses on disposal of real estate | 2,584 | 859 | 5,320 | 5,038 |
Total costs and expenses | 1,141,926 | 1,055,325 | 3,510,081 | 3,340,581 |
Earnings from operations | 197,588 | 320,011 | 1,019,601 | 1,335,459 |
Other components of net periodic benefit costs | (365) | (304) | (1,094) | (912) |
Interest expense | (67,450) | (59,041) | (191,991) | (166,033) |
Fees and amortization on early extinguishment of debt | 0 | (50) | 0 | (1,009) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 129,773 | 260,616 | 826,516 | 1,167,505 |
Income tax expense | (30,549) | (61,764) | (196,946) | (280,442) |
Earnings available to common stockholders | 99,224 | 198,852 | 629,570 | 887,063 |
Common Stock [Member] | ||||
Costs and expenses: | ||||
Earnings available to common stockholders | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted earnings per common share | $ 0.46 | $ 0.98 | $ 3.09 | $ 5.39 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,607,788 | 19,607,788 | 19,607,788 |
Nonvoting Common Stock [Member] | ||||
Costs and expenses: | ||||
Earnings available to common stockholders | $ 629,570 | $ 887,063 | ||
Basic and diluted earnings per common share | $ 0.51 | $ 1.02 | $ 3.22 | $ 4.43 |
Weighted average common shares outstanding: basic and diluted | 176,470,092 | 176,470,092 | 176,470,092 | 176,470,092 |
Nonvoting Common Stock [Member] | Common Stock [Member] | ||||
Costs and expenses: | ||||
Earnings available to common stockholders | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding: basic and diluted | 196,077,880 | 196,077,880 | 196,077,880 | 196,077,880 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation: | ||||
Net of (gains) losses on sale of real and personal property | $ 36,189 | $ 70,506 | $ 138,653 | $ 199,196 |
Related party: | ||||
Related party, revenues, net of eliminations | 10,138 | 10,080 | 28,582 | 28,496 |
Related party, costs and expenses, net of eliminations | $ 20,400 | $ 20,600 | $ 69,700 | $ 73,100 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Comprehensive income (loss) (pretax): | ||||
Pretax earnings (loss) | $ 129,773 | $ 260,616 | $ 826,516 | $ 1,167,505 |
Comprehensive income (loss) (tax effect): | ||||
Income tax expense | (30,549) | (61,764) | (196,946) | (280,442) |
Comprehensive income (loss) (net of tax): | ||||
Net Income (Loss) | 99,224 | 198,852 | 629,570 | 887,063 |
Other comprehensive income (loss): | ||||
Foreign currency translation (pretax) | 5,268 | (215) | 2,888 | (757) |
Foreign currency translation (tax effect) | 0 | 0 | 0 | 0 |
Foreign currency translation (net of tax) | 5,268 | 215 | 2,888 | 757 |
Unrealized gain (loss) on investments (pretax) | 41,618 | (75,876) | 32,942 | (386,758) |
Unrealized gain (loss) on investments (tax effect) | (8,833) | 16,082 | (7,204) | 82,138 |
Unrealized gain (loss) on investments (net of tax) | 32,785 | 59,794 | 25,738 | 304,620 |
Change in fair value cash flow hedges (pretax) | 5,769 | 153 | 3,742 | 8,659 |
Change in fair value of cash flow hedges (tax effect) | (1,417) | (38) | (919) | (2,127) |
Change in fair value of cash flow hedges, (net of tax) | 4,352 | 115 | 2,823 | 6,532 |
Amounts reclassified into earnings on hedging activities (pre tax) | 1,471 | (456) | 3,966 | 134 |
Amounts reclassified into earnings on hedging activities (tax effect) | (362) | 111 | (974) | (33) |
Amounts reclassified into earnings on hedging activities (net of tax) | 1,109 | 345 | 2,992 | 101 |
Total other comprehensive income (loss) (pretax) | 43,590 | (76,394) | 30,278 | (378,722) |
Total other comprehensive income (loss) (tax effect) | (10,612) | 16,155 | (7,259) | 79,978 |
Total other comprehensive income (loss) (net of tax) | 32,978 | 60,239 | 23,019 | 298,744 |
Total comprehensive income (loss) (pretax) | 86,183 | 184,222 | 796,238 | 788,783 |
Total comprehensive income (loss) (tax effect) | (19,937) | (45,609) | (189,687) | (200,464) |
Total comprehensive income (loss) (net of tax) | $ 66,246 | $ 138,613 | $ 606,551 | $ 588,319 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] | Nonvoting Common Stock [Member] | Nonvoting Common Stock [Member] Common Stock [Member] |
Balance, beginning of period at Mar. 31, 2022 | $ 5,894,075 | $ 10,497 | $ 453,819 | $ 4,992 | $ 6,112,401 | $ 525,653 | $ 151,997 | $ 0 | |
Cosolidated statement of change in equity | |||||||||
Common stock dividend | 0 | (176) | 0 | 0 | 0 | 0 | (176) | ||
Foreign currency translation | 757 | 0 | 0 | 757 | 0 | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | 304,620 | 0 | 0 | 304,620 | 0 | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | 6,532 | 0 | 0 | 6,532 | 0 | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 101 | 0 | 0 | 101 | 0 | 0 | 0 | 0 | |
Net Income (Loss) | 887,063 | 0 | 0 | 0 | 887,063 | 0 | 0 | $ 887,063 | 0 |
Common stock dividends | (19,608) | 0 | 0 | 0 | (19,608) | 0 | 0 | 0 | |
Series N Non-Voting Common Stock dividends paid | (7,059) | 0 | 0 | 0 | (7,059) | 0 | 0 | 0 | |
Net activity | 561,652 | 0 | 176 | 298,744 | 860,396 | 0 | 0 | 176 | |
Balance, end of period at Dec. 31, 2022 | 6,455,727 | 10,497 | 453,643 | 303,736 | 6,972,797 | 525,653 | 151,997 | 176 | |
Balance, beginning of period at Sep. 30, 2022 | 6,324,173 | 10,497 | 453,819 | 243,497 | 6,781,004 | 525,653 | 151,997 | 0 | |
Cosolidated statement of change in equity | |||||||||
Common stock dividend | 0 | 0 | (176) | 0 | 0 | 0 | 0 | (176) | |
Foreign currency translation | 215 | 0 | 0 | 215 | 0 | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | 59,794 | 0 | 0 | 59,794 | 0 | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | 115 | 0 | 0 | 115 | 0 | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 345 | 0 | 0 | 345 | 0 | 0 | 0 | 0 | |
Net Income (Loss) | 198,852 | 0 | 0 | 0 | 198,852 | 0 | 0 | 0 | |
Series N Non-Voting Common Stock dividends paid | (7,059) | 0 | 0 | 0 | (7,059) | 0 | 0 | 0 | |
Net activity | 131,554 | 0 | (176) | 60,239 | 191,793 | 0 | 0 | 176 | |
Balance, end of period at Dec. 31, 2022 | 6,455,727 | 10,497 | 453,643 | 303,736 | 6,972,797 | 525,653 | 151,997 | 176 | |
Balance, beginning of period at Mar. 31, 2023 | 6,504,191 | 10,497 | 453,643 | 285,623 | 7,003,148 | 525,653 | 151,997 | 176 | |
Cosolidated statement of change in equity | |||||||||
Foreign currency translation | 2,888 | 0 | 0 | 2,888 | 0 | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | 25,738 | 0 | 0 | 25,738 | 0 | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | 2,823 | 0 | 0 | 2,823 | 0 | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 2,992 | 0 | 0 | 2,992 | 0 | 0 | 0 | 0 | |
Net Income (Loss) | 629,570 | 0 | 0 | 0 | 629,570 | 0 | 0 | $ 629,570 | 0 |
Series N Non-Voting Common Stock dividends paid | (22,941) | 0 | 0 | 0 | (22,941) | 0 | 0 | 0 | |
Net activity | 583,610 | 0 | 0 | 23,019 | 606,629 | 0 | 0 | 0 | |
Balance, end of period at Dec. 31, 2023 | 7,087,801 | 10,497 | 453,643 | 308,642 | 7,609,777 | 525,653 | 151,997 | 176 | |
Balance, beginning of period at Sep. 30, 2023 | 7,030,378 | 10,497 | 453,643 | 275,664 | 7,519,376 | 525,653 | 151,997 | 176 | |
Cosolidated statement of change in equity | |||||||||
Foreign currency translation | 5,268 | 0 | 0 | 5,268 | 0 | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | 32,785 | 0 | 0 | 32,785 | 0 | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | 4,352 | 0 | 0 | 4,352 | 0 | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 1,109 | 0 | 0 | 1,109 | 0 | 0 | 0 | 0 | |
Net Income (Loss) | 99,224 | 0 | 0 | 0 | 99,224 | 0 | 0 | 0 | |
Common stock dividends | (8,823) | 0 | 0 | 0 | (8,823) | 0 | 0 | 0 | |
Net activity | 57,423 | 0 | 0 | 32,978 | 90,401 | 0 | 0 | 0 | |
Balance, end of period at Dec. 31, 2023 | $ 7,087,801 | $ 10,497 | $ 453,643 | $ 308,642 | $ 7,609,777 | $ 525,653 | $ 151,997 | $ 176 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 1 | |||
Nonvoting Common Stock [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | $ 0.04 | $ 0.13 | $ 0.04 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flow from operating activities: | ||
Net Income (Loss) | $ 629,570 | $ 887,063 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 604,237 | 544,176 |
Amortization of premiums and accretion of discounts related to investments, net | 12,905 | 15,232 |
Amortization of debt issuance costs | 5,295 | 5,694 |
Interest credited to policyholders | 52,099 | 39,048 |
Change in allowance for losses on trade receivables | 1,155 | 4,617 |
Proceeds from Fees Received | 11,338 | 16,417 |
Net gain on sale of real and personal property | (138,653) | (199,196) |
Net losses on disposal of real estate | 5,320 | 5,038 |
Gain (Loss) on Investments | (662) | 8,695 |
Net (gains) losses on equity securities | (174) | 10,906 |
Deferred income taxes | 101,999 | 121,707 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (7,217) | (25,853) |
Inventories and parts | (3,698) | (8,673) |
Prepaid expenses | (1,509) | (7,867) |
Capitalization of deferred policy acquisition costs | (7,629) | (1,217) |
Other assets | (20,627) | (13,734) |
Related party assets | (1,073) | (26,775) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 14,216 | 62,430 |
Increase (Decrease) in Insurance Liabilities | 29,719 | 1,688 |
Other policyholders' funds and liabilities | 866 | 1,767 |
Deferred income | 7,046 | 2,168 |
Related party liabilities | 774 | 1,301 |
Net cash provided by operating activities | 1,240,043 | 1,515,680 |
Cash flow from investing activities: | ||
Escrow deposits | (1,045) | (159) |
Purchase of: | ||
Property, plant and equipment | (2,400,949) | (2,076,424) |
Fixed maturity investments | (270,383) | (491,431) |
Equity securities | (519) | (4,828) |
Investments, other | (132,963) | (205,672) |
Proceeds from sales and paydowns of: | ||
Property, plant and equipment | 598,170 | 533,595 |
Fixed maturity investments | 447,489 | 148,290 |
Equity securities | 1,417 | 1,187 |
Investments, other | 46,800 | 223,354 |
Net cash used by investing activities | (1,709,893) | (1,871,770) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 1,037,082 | 975,966 |
Principal repayments on credit facilities | (625,067) | (695,321) |
Payment of debt issuance costs | (4,072) | (4,962) |
Finance lease payments | (86,166) | (95,290) |
Securitization deposits | 236 | 137 |
Common stock dividend paid | 19,608 | |
Series N Non-Voting Common Stock dividends paid | (22,941) | (7,059) |
Investment contract deposits | 214,312 | 258,157 |
Investment contract withdrawals | (302,150) | (236,742) |
Net cash provided by financing activities | 211,234 | 175,278 |
Effects of exchange rate on cash | 4,068 | 12,706 |
Increase (decrease) in cash and cash equivalents | (254,548) | 193,518 |
Cash and cash equivalents at the beginning of period | 2,060,524 | 2,704,137 |
Cash and cash equivalents at the end of period | $ 1,805,976 | $ 2,510,619 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 99,224 | $ 198,852 | $ 629,570 | $ 887,063 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | 1. Basis of Presentation U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31 st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) noted below, the year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023. In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Intercompany accounts and transactions have been eliminated. The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Balance Sheets related to equity securities, at estimated fair value and fixed maturity securities available-for-sale net of allowance for credit loss, at estimated fair market value and amortized cost which was previously reported in investments, fixed maturities and marketable equities. The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Statements of Cash Flows related to (1) amortization of deferred policy acquisition costs which was previously reported separately and is now included in deferred policy acquisition costs, net, (2) provision for allowance for inventories and parts reserves which was previously reported separately and is now included in inventories and parts, net, (3) purchases of short term investments, real estate, and mortgage loans which were previously reported separately and are now included in investments, other, (4) non-cash lease expense which was previously reported in other assets. Income Tax Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the nine months ended December 31, 2023 and 2022 was a provision of 23.8 % and 24.1 %, respectively. Such rates differed from the federal statutory rate of 21.0 % primarily due to state and local income taxes for both periods. Income taxes paid in cash was $ 51.6 million for the nine months ended December 31, 2023. 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. The Moving and Storage operating segment (“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. The Property and Casualty Insurance operating segment (“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 insurance 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. The Life Insurance operating segment (“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. Accounting Policy Updates : The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of ASU 2018-12. Please refer to Note 17, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard. Deferred Policy Acquisition Costs Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts and are essential for the acquisition of new insurance business. These costs are not capitalized until they are incurred. Deferred acquisition costs (“DAC“) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Also recorded within DAC are sales inducements credited to policyholder account balances. Additionally, DAC includes the value of business acquired (“VOBA“), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP. DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts. Policy Benefits and Losses, Claims and Loss Expenses Payable The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately $ 373.1 million of the total liability for future policy benefits of consolidated Policy Benefits and Losses, Claims and Loss Expenses Payable. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of stockholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period expected cash flows. The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience. The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in Accounting Standards Codification (“ASC“) 820, Fair Value Measurement . We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability. The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force. Liability from Investment Contracts Liability from Investment Contracts represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder's account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for annuities and certain other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. Earnings per Share We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $ 0.25 par value (the “Voting Common Stock”), and the 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 quarters ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarters Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings available to common stockholders $ 99,224 $ 198,852 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,823 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,040 $ 19,179 Undistributed earnings per share of Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.46 $ 0.98 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90 % 90 % Net earnings available to common stockholders $ 99,224 $ 198,852 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,823 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 81,361 $ 172,614 Undistributed earnings per share of Non-Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.51 $ 1.02 The calculation of basic and diluted earnings per share for the nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: Nine months ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings available to common stockholders $ 629,570 $ 887,063 Voting Common Stock dividends declared and paid — ( 19,608 ) Non-Voting Common Stock dividends declared and paid ( 22,941 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 60,663 $ 86,040 Undistributed earnings per share of Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Voting Common Stock $ — $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.09 $ 5.39 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90 % 90 % Net earnings available to common stockholders $ 629,570 $ 887,063 Voting Common Stock dividends declared and paid — ( 19,608 ) Non-Voting Common Stock dividends declared and paid ( 22,941 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 545,966 $ 774,356 Undistributed earnings per share of Non-Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Non-Voting Common Stock $ 0.13 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.43 |
Investments
Investments | 9 Months Ended |
Dec. 31, 2023 | |
Investments Debt Equity Securities [Abstract] | |
Investments | 3. Investments We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 22.5 million and $ 23.4 million as of December 31, 2023 and March 31, 2023, respectively. Available-for-Sale Investments Available-for-sale investments as of December 31, 2023 were as follows: Amortized Gross Gross Allowance for Expected Credit Losses Fair (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 319,497 $ 2,471 $ ( 13,023 ) $ — $ 308,945 U.S. government agency mortgage-backed securities 68,501 149 ( 8,353 ) — $ 60,297 Obligations of states and political subdivisions 154,660 102 ( 16,060 ) — $ 138,702 Corporate securities 1,943,321 524 ( 247,483 ) ( 1,704 ) $ 1,694,658 Mortgage-backed securities 330,502 12 ( 58,492 ) — $ 272,022 $ 2,816,481 $ 3,258 $ ( 343,411 ) $ ( 1,704 ) $ 2,474,624 Available-for-sale investments as of March 31, 2023 were as follows: Amortized Gross Gross Allowance for Expected Credit Losses Fair (In thousands) U.S. treasury securities and government obligations $ 353,189 $ 3,061 $ ( 11,574 ) $ — $ 344,676 U.S. government agency mortgage-backed securities 34,126 40 ( 6,935 ) — $ 27,231 Obligations of states and political subdivisions 161,960 649 ( 12,104 ) — $ 150,505 Corporate securities 2,086,432 1,491 ( 216,589 ) ( 2,101 ) $ 1,869,233 Mortgage-backed securities 370,880 78 ( 53,566 ) — $ 317,392 $ 3,006,587 $ 5,319 $ ( 300,768 ) $ ( 2,101 ) $ 2,709,037 A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2023 and March 31, 2023 are as follows: December 31, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 6,825 $ ( 66 ) $ 122,372 $ ( 12,957 ) $ 129,197 $ ( 13,023 ) U.S. government agency mortgage-backed securities 6,009 ( 52 ) 31,756 ( 8,301 ) 37,765 ( 8,353 ) Obligations of states and political subdivisions 59,216 ( 3,367 ) 82,845 ( 12,693 ) 142,061 ( 16,060 ) Corporate securities 213,617 ( 9,277 ) 1,682,378 ( 238,206 ) 1,895,995 ( 247,483 ) Mortgage-backed securities 16,987 ( 486 ) 310,288 ( 58,006 ) 327,275 ( 58,492 ) $ 302,654 $ ( 13,248 ) $ 2,229,639 $ ( 330,163 ) $ 2,532,293 $ ( 343,411 ) March 31, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 79,846 $ ( 3,935 ) $ 44,374 $ ( 7,639 ) $ 124,220 $ ( 11,574 ) U.S. government agency mortgage-backed securities 2,246 ( 228 ) 30,670 ( 6,707 ) 32,916 ( 6,935 ) Obligations of states and political subdivisions 108,192 ( 8,090 ) 17,079 ( 4,014 ) 125,271 ( 12,104 ) Corporate securities 1,697,611 ( 158,038 ) 272,256 ( 58,551 ) 1,969,867 ( 216,589 ) Mortgage-backed securities 201,962 ( 13,207 ) 158,899 ( 40,359 ) 360,861 ( 53,566 ) $ 2,089,857 $ ( 183,498 ) $ 523,278 $ ( 117,270 ) $ 2,613,135 $ ( 300,768 ) Gross proceeds from matured or redeemed securities were $ 58.5 million and $ 448.9 million for the three and nine months ended December 31, 2023, respectively, and $ 42.1 million and $ 147.6 million for the three and nine months ended December 31, 2022. Included in the December 31, 2023 proceeds was $ 225.0 from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $ 1.5 million and $ 1.1 million during the first nine months of fiscal 2024 and 2023 , respectively. The gross realized losses on these sales totaled $ 1.1 million and $ 0.5 million during the first nine months of fiscal 2024 and 2023, respectively. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $ 0.4 million and $ 2.2 million net impairment charge recorded in the first nine months ended December 31, 2023 and 2022, respectively. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The adjusted cost and fair value of available-for-sale investments by contractual maturity were as follows: December 31, 2023 March 31, 2023 Amortized Fair Amortized Fair (Unaudited) (In thousands) Due in one year or less $ 323,343 $ 323,638 $ 354,875 $ 354,184 Due after one year through five years 744,486 705,900 754,175 717,552 Due after five years through ten years 650,412 566,624 736,089 665,708 Due after ten years 767,738 606,440 790,568 654,201 2,485,979 2,202,602 2,635,707 2,391,645 Mortgage-backed securities 330,502 272,022 370,880 317,392 $ 2,816,481 $ 2,474,624 $ 3,006,587 $ 2,709,037 Equity investments of common stock and non-redeemable preferred stock were as follows: December 31, 2023 March 31, 2023 Amortized Fair Amortized Fair (Unaudited) (In thousands) Common stocks $ 29,594 $ 39,534 $ 29,577 $ 39,375 Non-redeemable preferred stocks 25,144 20,141 26,054 21,982 $ 54,738 $ 59,675 $ 55,631 $ 61,357 Investments, other The carrying value of the other investments was as follows: December 31, March 31, 2023 2023 (Unaudited) (In thousands) Mortgage loans, net $ 567,784 $ 466,531 Short-term investments 993 15,921 Real estate 65,836 72,178 Policy loans 11,155 10,921 Other equity investments 14,485 9,989 $ 660,253 $ 575,540 |
Borrowings
Borrowings | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes, Loans and Finance Leases Payable, net | 4. Notes, Loans and Finance Leases Payable, net Long Term Debt Long term debt was as follows: Fiscal Year 2024 Interest Rates Maturities Weighted Avg Interest Rates (c) December 31, 2023 March 31, (Unaudited) (In thousands) Real estate loans (amortizing term) (a) 4.30 % - 6.82 % 2027 - 2037 5.90 % $ 280,737 $ 289,647 Senior mortgages 2.70 % - 5.66 % 2024 - 2042 4.19 % 2,435,443 2,371,231 Real estate loans (revolving credit) — % - — % — - 2027 - % — — Fleet loans (amortizing term) 1.61 % - 5.68 % 2024 - 2029 3.79 % 79,874 111,856 Fleet loans (revolving credit) (b) 2.36 % - 6.70 % 2026 - 2028 6.24 % 605,000 615,000 Finance leases (rental equipment) 2.49 % - 5.01 % 2024 - 2026 4.06 % 137,039 223,205 Finance liabilities (rental equipment) 1.60 % - 6.48 % 2024 - 2031 4.60 % 1,660,443 1,255,763 Private placements 2.43 % - 2.88 % 2029 - 2035 2.65 % 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2024 - 2049 6.16 % 72,869 76,648 Notes, loans and finance leases payable 6,471,405 6,143,350 Less: Debt issuance costs ( 34,096 ) ( 35,308 ) Total notes, loans and finance leases payable, net $ 6,437,309 $ 6,108,042 (a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72 % and 2.86 % based on current margin. The weighted average interest rate calculation for these loans was 4.10 % using the swap adjusted interest rate. (b) A loan has an interest rate swap fixing the rate $ 100 million of the relevant loan at 4.71 % based on current margin. The weighted average interest rate calculation for these loans was 6.13 % using the swap adjusted interest rate. (c) Weighted average rates as of December 31, 2023. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows: Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total (Unaudited) (In thousands) Notes, loans and finance leases payable $ 666,155 $ 546,192 $ 941,575 $ 955,008 $ 500,139 $ 2,862,336 $ 6,471,405 Interest on Borrowings Interest Expense Components of interest expense included the following: Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Interest expense $ 71,061 $ 60,978 Capitalized interest ( 4,006 ) ( 3,818 ) Amortization of transaction costs 1,868 2,336 Interest expense resulting from cash flow hedges ( 1,473 ) ( 455 ) Total interest expense $ 67,450 $ 59,041 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Interest expense $ 202,985 $ 168,987 Capitalized interest ( 11,738 ) ( 8,684 ) Amortization of transaction costs 4,711 5,596 Interest expense resulting from cash flow hedges ( 3,967 ) 134 Total interest expense $ 191,991 $ 166,033 Interest paid in cash was $ 61.8 million and $ 51.3 million for the third quarter of fiscal 2024 and 2023 , respectively, and $ 191.4 million and $ 156.8 million for the first nine months of fiscal 2024 and 2023 , respectively. Interest paid (received) in cash on derivative contracts was ($ 1.5 ) million and $ 0.0 million for the third quarter of fiscal 2024 and 2023 , respectively. Interest paid (received) in cash on derivative contracts was ($ 3.8 ) million and $ 0.6 million for the first nine months of fiscal 2024 and 2023, respectively. Interest Rates Interest rates and Company borrowings related to our revolving credit facilities were as follows: Revolving Credit Activity Quarter ended December 31, 2023 2022 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 6.64 % 4.68 % Interest rate at the end of the quarter 6.63 % 5.28 % Maximum amount outstanding during the quarter $ 710,000 $ 765,000 Average amount outstanding during the quarter $ 669,372 $ 710,109 Facility fees $ 259 $ 270 Revolving Credit Activity Nine months ended December 31, 2023 2022 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the period 6.47 % 3.34 % Interest rate at the end of the period 6.63 % 5.28 % Maximum amount outstanding during the period $ 715,000 $ 1,105,000 Average amount outstanding during the period $ 641,941 $ 892,680 Facility fees $ 830 $ 439 |
Derivatives
Derivatives | 9 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives Cash Flow Hedges We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense in the consolidated balance sheet were as follows: Derivatives Fair Values as of December 31, 2023 March 31, 2023 (Unaudited) (In thousands) Interest rate swaps designated as cash flow hedges: Assets $ 5,086 $ 5,311 Notional amount $ 299,987 $ 206,347 (Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2024 and 2023 , we recognized an increase in the fair value of our cash flow hedges of $ 2.8 million and $ 6.5 million, respectively, net of taxes. During the first nine months of fiscal 2024 and 2023 , we reclassified ($ 3.0 ) million and $ 0.1 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2023 , we expect to reclassify $ 5.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. Economic Hedges We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2023 and 2022 were ($ 4.6 ) million and $ 9.2 million, respectively. Derivatives Fair Values as of December 31, 2023 March 31, 2023 (Unaudited) (In thousands) Equity market contracts as economic hedging instruments: Assets $ 8,795 $ 4,295 Notional amount $ 535,537 $ 465,701 Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Accumulated Other Comprehensive Loss | 6. Accumulated Other Comprehensive Loss The following provides the details and changes in AOCI: Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of September 30, 2023 $ ( 58,919 ) $ ( 225,693 ) $ 9,299 $ ( 351 ) $ ( 275,664 ) Foreign currency translation 5,268 — — — 5,268 Unrealized net loss on investments and impact of LFBP discount rates — ( 32,785 ) — — ( 32,785 ) Change in fair value of cash flow hedges — — ( 4,352 ) — ( 4,352 ) Amounts reclassified into earnings on hedging activities — — ( 1,109 ) — ( 1,109 ) Other comprehensive income (loss) 5,268 ( 32,785 ) ( 5,461 ) — ( 32,978 ) Balance as of December 31, 2023 $ ( 53,651 ) $ ( 258,478 ) $ 3,838 $ ( 351 ) $ ( 308,642 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of March 31, 2023 $ ( 56,539 ) $ ( 232,740 ) $ 4,007 $ ( 351 ) $ ( 285,623 ) Foreign currency translation 2,888 — — — 2,888 Unrealized net loss on investments and impact of LFBP discount rates — ( 25,738 ) — — ( 25,738 ) Change in fair value of cash flow hedges — — 2,823 — 2,823 Amounts reclassified into earnings on hedging activities — — ( 2,992 ) — ( 2,992 ) Other comprehensive income (loss) 2,888 ( 25,738 ) ( 169 ) — ( 23,019 ) Balance as of December 31, 2023 $ ( 53,651 ) $ ( 258,478 ) $ 3,838 $ ( 351 ) $ ( 308,642 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of September 30, 2022 $ ( 56,299 ) $ ( 191,175 ) $ 6,419 $ ( 2,442 ) $ ( 243,497 ) Foreign currency translation ( 215 ) — — — ( 215 ) Unrealized net loss on investments and impact of LFBP discount rates — ( 59,794 ) — — ( 59,794 ) Change in fair value of cash flow hedges — — 115 — 115 Amounts reclassified into earnings on hedging activities — — ( 345 ) — ( 345 ) Other comprehensive income (loss) ( 215 ) ( 59,794 ) ( 230 ) — ( 60,239 ) Balance as of December 31, 2022 $ ( 56,514 ) $ ( 250,969 ) $ 6,189 $ ( 2,442 ) $ ( 303,736 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of March 31, 2022 $ ( 55,757 ) $ 53,651 $ ( 444 ) $ ( 2,442 ) $ ( 4,992 ) Foreign currency translation ( 757 ) — — — ( 757 ) Unrealized net loss on investments and impact of LFBP discount rates — ( 304,620 ) — — ( 304,620 ) Change in fair value of cash flow hedges — — 6,532 — 6,532 Amounts reclassified into earnings on hedging activities — — 101 — 101 Other comprehensive income (loss) ( 757 ) ( 304,620 ) 6,633 — ( 298,744 ) Balance as of December 31, 2022 $ ( 56,514 ) $ ( 250,969 ) $ 6,189 $ ( 2,442 ) $ ( 303,736 ) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
7. Stockholders' Equity | 7. Stockholders’ Equity The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2024 and 2023: Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date December 6, 2023 $ 0.05 December 18, 2023 December 29, 2023 August 17, 2023 0.04 September 19, 2023 September 29, 2023 June 7, 2023 0.04 June 20, 2023 June 30, 2023 December 7, 2022 0.04 December 19, 2022 December 30, 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 As of December 31, 2023 , no awards had been issued under the 2016 AMERCO Stock Option Plan. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 8. Leases The following tables show the components of our right-of-use (“ROU“) assets, net: As of December 31, 2023 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ — $ 145,958 $ 145,958 Furniture and equipment 1,693 — 1,693 Rental trailers and other rental equipment 114,884 — 114,884 Rental trucks 692,955 — 692,955 Right-of-use assets, gross 809,532 145,958 955,490 Less: Accumulated depreciation ( 483,288 ) ( 80,597 ) ( 563,885 ) Right-of-use assets, net $ 326,244 $ 65,361 $ 391,605 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 December 31, 2023 and March 31, 2023 , we had finance lease liabilities for the ROU assets, net of $ 137.0 million and $ 223.2 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Finance leases December 31, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 1 2 Weighted average discount rate 4.1 % 3.8 % Operating leases December 31, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 19.1 19.2 Weighted average discount rate 4.6 % 4.7 % For the nine months ended December 31, 2023 and 2022 , cash paid for leases included in our operating cash flow activities were $ 17.5 million and $ 24.0 million, respectively, and our financing cash flow activities were $ 86.2 million and $ 95.3 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $ 17.9 million and $ 5.1 million for the first nine months of fiscal 2024 and 2023, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Nine months ended December 31, 2023 December 31, 2022 (Unaudited) (In thousands) Operating lease costs $ 25,181 $ 24,483 Finance lease cost: Amortization of right-of-use assets $ 44,220 $ 62,782 Interest on lease liabilities 5,600 8,799 Total finance lease cost $ 49,820 $ 71,581 The short-term lease costs for the first nine months of fiscal 2024 and 2023 were not material. Maturities of lease liabilities were as follows: Finance leases Operating leases (Unaudited) Year ending March 31, (In thousands) 2024 (3 months) $ 20,502 $ 6,880 2025 76,714 16,232 2026 46,107 9,527 2027 — 7,455 2028 — 6,501 Thereafter — 66,126 Total lease payments 143,323 112,721 Less: imputed interest ( 6,284 ) ( 48,179 ) Present value of lease liabilities $ 137,039 $ 64,542 |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 9. 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. On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The remaining claims 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, results of operations or cash flows. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In our 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 | 9 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenue Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,135 $ 7,170 U-Haul management fee revenue from Mercury 3,003 2,910 $ 10,138 $ 10,080 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 22,585 $ 22,726 U-Haul management fee revenue from Mercury 5,997 5,770 $ 28,582 $ 28,496 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 $ 25.0 million and $ 24.9 million from the above-mentioned entities during the first nine months of fiscal 2024 and 2023, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties. Related Party Costs and Expenses Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul printing expenses to Blackwater 877 — U-Haul commission expenses to Blackwater 18,946 20,016 $ 20,427 $ 20,620 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 1,812 $ 1,812 U-Haul printing expenses to Blackwater 2,194 — U-Haul commission expenses to Blackwater 65,684 71,283 $ 69,690 $ 73,095 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. On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors. As of December 31, 2023, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 22.6 million and $ 22.7 million, expenses of $ 1.8 million and $ 1.8 million and cash flows of $ 20.9 million and $ 21.0 million, respectively, during the first nine months of fiscal 2024 and 2023 . Revenues were $ 305.2 million and $ 339.5 million and commission expenses were $ 65.7 million and $ 71.3 million, respectively, related to the Dealer Agreements, during the first nine months of fiscal 2024 and 2023. We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater. Related Party Assets December 31, March 31, 2023 2023 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 41,674 $ 42,141 U-Haul receivable from Mercury 13,711 8,402 Other (a) ( 6,619 ) ( 2,235 ) $ 48,766 $ 48,308 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 9 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Consolidating Financial Information by Industry Segment | 11. Reportable Segment Information: 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. We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments.The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment. Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 1,260,677 $ 29,303 $ 52,715 $ ( 3,181 ) $ 1,339,514 Total earnings from operations before equity in earnings of subsidiaries $ 180,467 $ 9,421 $ 8,075 $ ( 375 ) $ 197,588 Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2022 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 1,296,407 $ 28,466 $ 52,962 $ ( 2,499 ) $ 1,375,336 Total earnings from operations before equity in earnings of subsidiaries $ 304,717 $ 10,846 $ 4,821 $ ( 373 ) $ 320,011 Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 4,285,768 $ 88,994 $ 163,918 $ ( 8,998 ) $ 4,529,682 Total earnings from operations before equity in earnings of subsidiaries $ 968,862 $ 36,822 $ 15,039 $ ( 1,122 ) $ 1,019,601 Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2022 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 4,456,863 $ 74,911 $ 152,761 $ ( 8,495 ) $ 4,676,040 Total earnings from operations before equity in earnings of subsidiaries $ 1,301,277 $ 24,883 $ 10,440 $ ( 1,141 ) $ 1,335,459 Total assets by operating segment as of December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total assets $ 16,193,912 $ 480,429 $ 2,806,247 $ ( 478,012 ) $ 19,002,576 Total assets by operating segment as of March 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (In thousands) Total assets $ 15,211,493 $ 459,897 $ 2,891,574 $ ( 462,230 ) $ 18,100,734 |
Geographic Area Data
Geographic Area Data | 9 Months Ended |
Dec. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
Geographic Area Data | 12. Geographic Area Data United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter ended December 31, 2023 Total revenues $ 1,273,821 $ 65,693 $ 1,339,514 Depreciation and amortization, net of (gains) on disposals 176,864 3,523 180,387 Interest expense 66,772 678 67,450 Pretax earnings 125,531 4,242 129,773 Income tax expense 29,172 1,377 30,549 Identifiable assets 18,225,204 777,372 19,002,576 Quarter ended December 31, 2022 Total revenues $ 1,311,117 $ 64,219 $ 1,375,336 Depreciation and amortization, net of (gains) on disposals 119,864 1,840 121,704 Interest expense 58,367 674 59,041 Pretax earnings 253,386 7,230 260,616 Income tax expense 59,774 1,990 61,764 Identifiable assets 17,447,581 642,543 18,090,124 United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2023 Total revenues $ 4,294,310 $ 235,372 $ 4,529,682 Depreciation and amortization, net of (gains) on disposals 486,262 3,668 489,930 Interest expense 189,900 2,091 191,991 Pretax earnings 801,045 25,471 826,516 Income tax expense 189,802 7,144 196,946 Identifiable assets 18,225,204 777,372 19,002,576 Nine Months Ended December 31, 2022 Total revenues $ 4,431,570 $ 244,470 $ 4,676,040 Depreciation and amortization, net of (gains) on disposals 365,585 6,056 371,641 Interest expense 163,792 2,241 166,033 Pretax earnings 1,129,487 38,018 1,167,505 Income tax expense 270,641 9,801 280,442 Identifiable assets 17,447,581 642,543 18,090,124 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Dec. 31, 2023 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 297 $ 332 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 367 287 Other components ( 2 ) 17 Total other components of net periodic benefit costs 365 304 Net periodic postretirement benefit cost $ 662 $ 636 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 891 $ 995 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 1,102 861 Other components ( 8 ) 51 Total other components of net periodic benefit costs 1,094 912 Net periodic postretirement benefit cost $ 1,985 $ 1,907 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of derivatives are based on using pricing valuation models which include broker quotes. The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2023 and March 31, 2023, that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of December 31, 2023 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Fixed maturities - available for sale $ 2,474,624 $ 217,917 $ 2,256,648 $ 59 Preferred stock 20,141 20,141 — — Common stock 39,534 39,534 — — Derivatives 13,881 8,795 5,086 — Total $ 2,548,180 $ 286,387 $ 2,261,734 $ 59 Liabilities Embedded derivatives $ 9,645 $ — $ — $ 9,645 Total $ 9,645 $ — $ — $ 9,645 As of March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets 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 $ 2,780,000 $ 317,484 $ 2,462,457 $ 59 We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets. Cash equivalents include $ 1,520.0 million and $ 1,809.4 million as of December 31, 2023 and March 31, 2023, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The following represents our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy. Fair Value Hierarchy Carrying Total As of December 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Trade receivables, net $ 154,846 $ — $ — $ 154,846 $ 154,846 Mortgage loans, net 567,784 — — 531,880 531,880 Other investments 83,674 — — 83,674 83,674 Total $ 806,304 $ — $ — $ 770,400 $ 770,400 Liabilities Notes, loans and finance leases payable $ 6,471,405 $ — $ 6,051,219 $ — $ 6,051,219 Total $ 6,471,405 $ — $ 6,051,219 $ — $ 6,051,219 Fair Value Hierarchy Carrying Total As of March 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Trade receivables, net $ 146,736 $ — $ — $ 146,736 $ 146,736 Mortgage loans, net 466,531 — — 444,957 444,957 Other investments 109,009 — — 109,009 109,009 Total $ 722,276 $ — $ — $ 700,702 $ 700,702 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 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2023 and March 31, 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. The amount accrued in the third quarter of fiscal 2024 did not have a material effect on our financial statements. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box 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. Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2023, $0.9 million and $50.6 million, respectively, was recognized as revenue for the quarter and nine months ended December 31, 2023. Revenue Recognized in Accordance with Topic 842 ASC Topic 842, Leases (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. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements. Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. 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 Ending December 31, 2024 2025 2026 2027 2028 Thereafter (Unaudited) (In thousands) Self-moving equipment rental revenues $ 5,674 $ — $ — $ — $ — $ — Property lease revenues 21,494 15,040 12,112 8,653 5,666 33,059 Total $ 27,168 $ 15,040 $ 12,112 $ 8,653 $ 5,666 $ 33,059 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. In the following tables, revenue is disaggregated by timing of revenue recognition: Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 73,785 $ 69,797 Revenues recognized at a point in time: 85,732 92,698 Total revenues recognized under ASC 606 159,517 162,495 Revenues recognized under ASC 842 1,072,028 1,110,247 Revenues recognized under ASC 944 50,512 50,300 Revenues recognized under ASC 320 57,457 52,294 Total revenues $ 1,339,514 $ 1,375,336 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 283,468 $ 300,082 Revenues recognized at a point in time: 315,084 338,019 Total revenues recognized under ASC 606 598,552 638,101 Revenues recognized under ASC 842 3,599,867 3,772,203 Revenues recognized under ASC 944 144,476 149,360 Revenues recognized under ASC 320 186,787 116,376 Total revenues $ 4,529,682 $ 4,676,040 In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues. We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. |
Allowance For Credit Losses
Allowance For Credit Losses | 9 Months Ended |
Dec. 31, 2023 | |
Allowance For Credit Loss [Abstract] | |
Allowance for Credit Losses | 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. For credit card receivables, the Company uses a trailing 13 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. 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 % as of December 31, 2023 and March 31, 2023, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of December 31, 2023 and March 31, 2023 was $ 4.3 million and $ 3.8 million, respectively. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 30.8 million and $ 29.6 million as of December 31, 2023 and March 31, 2023 , 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 in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income. Mortgage Loans, Net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance Recoverables Reinsurance recoverables on paid and unpaid benefits was less than 1 % of the total assets as of December 31, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium Receivables Premium receivables were $ 7.2 million and $ 4.1 million as of December 31, 2023 and March 31, 2023, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (Unaudited) (in thousands) Balance as of March 31, 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 Provision for (reversal of) credit losses 556 ( 397 ) 300 459 Write-offs against allowance — — — — Recoveries — — — — Balance as of December 31, 2023 $ 4,345 $ 1,704 $ 817 $ 6,866 |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2023 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Pronouncements | 17. Accounting Pronouncements Adoption of new Accounting Pronouncements On April 1, 2023, the Company adopted ASU 2018-12 which is applicable to Oxford. The Company adopted ASU 2018-12 effective April 1, 2023 and used the modified retrospective method with a transition date of April 1, 2021. The updated accounting guidance required 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 were required to review, and update if there is a change to 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 were recorded in the Company's results of operations and the effect of changes in discount rate assumptions were recorded in other comprehensive income. 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. The Company uses 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 groups its long-duration contracts into calendar year cohorts based on the contract issue date. 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 adjusted 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 fiscal 2024, 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 guaranteed life withdrawal benefits, 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 were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12. Also in consideration of market risk benefits, upon adoption, there were impacts 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 significantly expanded 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 had no economic impact on the cash flows of our business nor influence on our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, or capital management philosophies. The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022. Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Assets Prior to adoption $ 18,124,648 $ 17,299,581 Effect of adoption: Derecognition of shadow DAC ( 25,141 ) 26,131 Re-measurement due to discount rate — — Other adjustments 1,227 1,471 Subtotal $ ( 23,914 ) $ 27,602 After adoption $ 18,100,734 $ 17,327,183 Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Liabilities Prior to adoption $ 11,596,313 $ 11,347,089 Effect of adoption: Deferred income tax adjustment on Shadow removal ( 5,280 ) 5,488 Re-measurement due to discount rate ( 1,626 ) 87,258 Deferred income tax adjustment on discount rate 342 ( 18,324 ) Other adjustments 6,794 8,511 Subtotal $ 230 $ 82,933 After adoption $ 11,596,543 $ 11,430,022 Year ended March 31, 2023 2022 (Unaudited) (In thousands) Accumulated other comprehensive income (loss) Prior to adoption $ ( 267,046 ) $ 46,384 Effect of adoption: Derecognition on shadow DAC ( 19,861 ) 20,644 Re-measurement due to discount rate 1,626 ( 87,258 ) Re-measurement due to discount rate (tax effect) ( 342 ) 18,324 Other adjustments — — Subtotal $ ( 18,577 ) $ ( 48,290 ) After adoption $ ( 285,623 ) $ ( 1,906 ) Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Stockholders' equity Prior to adoption $ 6,528,335 $ 5,952,492 Effect of adoption: Derecognition on shadow DAC ( 19,861 ) 20,644 Re-measurement due to discount rate (tax effect) 1,284 ( 68,934 ) Other adjustments ( 5,567 ) ( 7,042 ) Subtotal $ ( 24,144 ) $ ( 55,332 ) After adoption $ 6,504,191 $ 5,897,160 Year ended March 31, 2023 As previously reported Adoption impact As adjusted (Unaudited) (In thousands) Deferred policy acquisition costs, net $ 152,377 ( 23,914 ) $ 128,463 Total assets 18,124,648 ( 23,914 ) 18,100,734 Policy benefits and losses, claims and loss expenses payable 875,034 5,168 880,202 Deferred income taxes, net 1,334,427 ( 4,938 ) 1,329,489 Total liabilities 11,596,313 230 11,596,543 Accumulated other comprehensive loss ( 267,046 ) ( 18,577 ) ( 285,623 ) Retained earnings 7,008,715 ( 5,567 ) 7,003,148 Total stockholders' equity 6,528,335 ( 24,144 ) 6,504,191 Total liabilities and stockholders' equity 18,124,648 ( 23,914 ) 18,100,734 April 1, 2021 March 31, 2021 (Unaudited) (In thousands) Deferred policy acquisition costs, net $ 131,187 $ 89,749 Total assets 14,693,044 14,651,606 Policy benefits and losses, claims and loss expenses payable 1,040,951 909,701 Deferred income taxes, net 1,182,123 1,199,280 Total liabilities 9,846,608 9,732,515 Accumulated other comprehensive income 42,319 106,857 Retained earnings 5,017,451 5,025,568 Total stockholders' equity 4,846,436 4,919,091 Total liabilities and stockholders' equity 14,693,044 14,651,606 The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford. Deferred Policy Acquisition Costs Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 15,654 $ 64,552 $ 9,543 $ 89,749 Adjustments for removal of related balances in accumulated other comprehensive income 41,438 — — 41,438 Adjusted balance, beginning of year April 1, 2021 $ 57,092 $ 64,552 $ 9,543 $ 131,187 Future Policy Benefit Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 8,370 $ 310,311 $ 18,341 $ 337,022 Change in discount rate assumptions 2,307 115,978 4,847 123,132 Change in cash flow assumptions, effect of net premiums exceeding gross premiums — 1,747 — 1,747 Change in cash flow assumptions, effect of decrease of the deferred profit liability — 2,580 — 2,580 Adjusted balance, beginning of year April 1, 2021 $ 10,677 $ 430,616 $ 23,188 $ 464,481 Market Risk Benefits Deferred Annuities (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 7,339 Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk 3,791 Adjusted balance, beginning of year April 1, 2021 $ 11,130 The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12. Retained Earnings Accumulated Other Comprehensive Loss (Unaudited) (In thousands) Liability for future policy benefits $ ( 4,327 ) $ ( 123,132 ) Market risk benefits ( 3,791 ) — Deferred acquisition costs and related asset balances — 41,438 Tax effect — 17,156 Total $ ( 8,118 ) $ ( 64,538 ) Recent Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842 – Common Control Arrangements (“ASU 2023-01”). ASU 2023-01, accounting for leasehold improvements, requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The amendment is effective for fiscal years beginning after December 15, 2023. We are currently in the process of evaluating the impact if any of the adoption of ASU 2023-01 on our financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment is effective retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of adopting ASU 2023-07 on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Net | 9 Months Ended |
Dec. 31, 2023 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs, Net | 18. Deferred Policy Acquisition Costs, Net The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the nine-month periods ended December 31, 2023 and 2022. Nine Months Ended December 31, 2023 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,396 $ 66,954 $ 6,113 $ 128,463 Capitalization 8,007 3,213 177 11,397 Amortization expense ( 11,461 ) ( 6,586 ) ( 979 ) ( 19,026 ) Balance, end of period $ 51,942 $ 63,581 $ 5,311 $ 120,834 Nine Months Ended December 31, 2022 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,261 $ 67,573 $ 8,596 $ 131,430 Capitalization 14,403 5,667 336 20,406 Amortization expense ( 11,972 ) ( 4,722 ) ( 1,422 ) ( 18,116 ) Balance, end of period $ 57,692 $ 68,518 $ 7,510 $ 133,720 |
Policy Benefits and Losses, Cla
Policy Benefits and Losses, Claims and Loss Expenses Payable | 9 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Policy Benefits and Losses, Claims and Loss Expenses Payable | 19. Policy Benefits and Losses, Claims and Loss Expenses Payable The following tables present the balances and changes in the policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford. Nine Months Ended December 31, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands) Present value of expected net premiums Balance, beginning of year $ 223,118 $ 196,569 $ 419,687 Beginning balance at original discount rate $ 225,071 $ 212,454 $ 437,525 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience ( 584 ) ( 9,565 ) ( 10,149 ) Adjusted beginning of year balance $ 224,487 $ 202,889 $ 427,376 Issuances 6,692 78 6,770 Interest accrual 8,367 6,072 14,439 Net premium collected ( 29,812 ) ( 19,787 ) ( 49,599 ) Other — — — Ending balance at original discount rate $ 209,734 $ 189,252 $ 398,986 Effect of changes in discount rate assumptions (AOCI) ( 6,878 ) ( 19,722 ) ( 26,600 ) Balance, end of period $ 202,856 $ 169,530 $ 372,386 Present value of expected future policy benefits Balance, beginning of year $ 530,983 $ 210,054 $ 741,037 Beginning balance at original discount rate $ 533,688 $ 226,510 $ 760,198 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experiences ( 1,621 ) ( 8,650 ) ( 10,271 ) Adjusted beginning of year balance $ 532,067 $ 217,860 $ 749,927 Issuances 6,746 78 6,824 Interest accrual 19,830 6,520 26,350 Benefit payments ( 39,544 ) ( 22,857 ) ( 62,401 ) Other — — — Ending balance at original discount rate $ 519,099 $ 201,601 $ 720,700 Effect of changes in discount rate assumptions (AOCI) ( 19,397 ) ( 20,450 ) ( 39,847 ) Balance, end of period $ 499,702 $ 181,151 $ 680,853 End of period, LFPB net 308,467 Payout annuities and market risk benefits 31,048 Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable 9,556 Life DPL / Other life and health 23,724 LFPB flooring effect 274 Oxford end of period balance 373,069 Moving and Storage balance 317,409 Property and Casualty balance 148,467 Policy benefit and losses, claims and loss expense balance, end of period $ 838,945 Nine Months Ended December 31, 2022 Life Insurance Health Insurance Total (Unaudited) (In thousands) Present value of expected net premiums Balance, beginning of year $ 280,371 $ 280,732 $ 561,103 Beginning balance at original discount rate $ 242,741 $ 253,307 $ 496,048 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience ( 1,259 ) 1,257 ( 2 ) Adjusted beginning of year balance $ 241,482 $ 254,564 $ 496,046 Issuances 14,101 2,455 16,556 Interest accrual 9,036 7,637 16,673 Net premium collected ( 32,270 ) ( 22,466 ) ( 54,736 ) Other 0 0 0 Ending balance at original discount rate $ 232,349 $ 242,190 $ 474,539 Effect of changes in discount rate assumptions (AOCI) ( 3,811 ) ( 21,059 ) ( 24,870 ) Balance, end of period $ 228,538 $ 221,131 $ 449,669 Present value of expected future policy benefits Balance, beginning of year $ 672,254 $ 299,628 $ 971,882 Beginning balance at original discount rate $ 552,109 $ 269,177 $ 821,286 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experiences ( 150 ) 2,051 1,901 Adjusted beginning of year balance $ 551,959 $ 271,228 $ 823,187 Issuances 14,101 2,454 16,555 Interest accrual 20,654 8,137 28,791 Benefit payments ( 43,602 ) ( 25,873 ) ( 69,475 ) Other — — — Ending balance at original discount rate $ 543,112 $ 255,946 $ 799,058 Effect of changes in discount rate assumptions (AOCI) ( 9,514 ) ( 21,872 ) ( 31,386 ) Balance, end of period $ 533,598 $ 234,074 $ 767,672 End of period, LFPB net 318,003 Payout annuities and market risk benefits 33,049 Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable 10,387 Life DPL / Other life and health 35,276 LFPB flooring effect 451 Oxford end of period balance 397,166 Moving and Storage balance 342,645 Property and Casualty balance 156,259 Policy benefit and losses, claims and loss expense balance, end of period $ 896,070 Nine Months Ended December 31, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands, except for percentages and weighted average information) Expected gross premiums Undiscounted balance $ 377,068 $ 319,922 $ 696,990 Discounted balance at original discount rate $ 291,900 $ 248,221 $ 540,121 Discounted balance at current discount rate $ 281,927 $ 224,406 $ 506,333 Expected policy benefits Undiscounted balance $ 752,194 $ 260,683 $ 1,012,877 Discounted balance at original discount rate $ 519,099 $ 201,601 $ 720,700 Discounted balance at current discount rate $ 499,702 $ 181,151 $ 680,853 Mortality, lapses and morbidity Mortality actual experience 4.57 % 0.00 % Mortality expected experience 5.07 % 0.00 % Lapses actual experience 2.18 % 0.00 % Lapses expected experience 2.64 % 0.00 % Morbidity actual experience 0.00 % 81.17 % Morbidity expected experience 0.00 % 73.65 % Premiums and interest expense Gross premiums $ 39,979 $ 27,397 $ 67,376 Other premiums — Total premiums $ 67,376 Interest expense $ 11,463 $ 448 $ 11,911 Expected duration (persistency) of policies in-force (years) 6.9 6.5 Weighted average original interest rate of the liability for future policy benefits 5.00 % 4.01 % Weighted average current interest rate of the liability for future policy benefits 4.80 % 4.80 % Nine Months Ended December 31, 2022 Life Insurance Health Insurance Total (Unaudited) (In thousands, except for percentages and weighted average information) Expected gross premiums Undiscounted balance $ 413,315 $ 423,366 $ 836,681 Discounted balance at original discount rate $ 318,749 $ 325,605 $ 644,354 Discounted balance at current discount rate $ 313,083 $ 300,463 $ 613,546 Expected policy benefits Undiscounted balance $ 793,511 $ 334,704 $ 1,128,215 Discounted balance at original discount rate $ 543,111 $ 255,947 $ 799,058 Discounted balance at current discount rate $ 533,597 $ 234,075 $ 767,672 Mortality, lapses and morbidity Mortality actual experience 4.85 % 0.00 % Mortality expected experience 4.80 % 0.00 % Lapses actual experience 2.08 % 0.00 % Lapses expected experience 2.52 % 0.00 % Morbidity actual experience 0.00 % 77.94 % Morbidity expected experience 0.00 % 71.41 % Premiums and interest expense Gross premiums $ 42,977 $ 32,108 $ 75,085 Other premiums — Total premiums $ 75,085 Interest expense $ 11,618 $ 500 $ 12,118 Expected duration (persistency) of policies in-force (years) 7.0 6.7 Weighted average original interest rate of the liability for future policy benefits 5.02 % 4.02 % Weighted average current interest rate of the liability for future policy benefits 1.52 % 1.51 % The following tables present the balances and changes in Liabilities from investment contracts account balances: Nine Months Ended December 31, 2023 Deferred Annuities (Unaudited) (In thousands, except for the average credited rate) Policyholder contract deposits account balance Beginning of year $ 2,398,884 Deposits received 206,800 Surrenders and withdrawals ( 265,999 ) Benefit payments ( 29,136 ) Interest credited 52,594 Other — End of period $ 2,363,143 Weighted average credited rate 2.96 Cash surrender value $ 2,025,409 Nine Months Ended December 31, 2022 Deferred Annuities (Unaudited) (In thousands, except for the average credited rate) Policyholder contract deposits account balance Beginning of year $ 2,336,238 Deposits received 243,144 Surrenders and withdrawals ( 195,801 ) Benefit payments ( 27,207 ) Interest credited 40,328 Other — End of period $ 2,396,702 Weighted average credited rate 2.27 Cash surrender value $ 2,062,711 |
Earnings Per Share (Table Text
Earnings Per Share (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock | The calculation of basic and diluted earnings per share for the quarters ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarters Ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings available to common stockholders $ 99,224 $ 198,852 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,823 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 9,040 $ 19,179 Undistributed earnings per share of Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Voting Common Stock $ — $ — Basic and diluted earnings per share of Voting Common Stock $ 0.46 $ 0.98 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90 % 90 % Net earnings available to common stockholders $ 99,224 $ 198,852 Voting Common Stock dividends declared and paid — — Non-Voting Common Stock dividends declared and paid ( 8,823 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 90,401 $ 191,793 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 81,361 $ 172,614 Undistributed earnings per share of Non-Voting Common Stock $ 0.46 $ 0.98 Dividends declared per share of Non-Voting Common Stock $ 0.05 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 0.51 $ 1.02 The calculation of basic and diluted earnings per share for the nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: Nine months ended December 31, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10 % 10 % Net earnings available to common stockholders $ 629,570 $ 887,063 Voting Common Stock dividends declared and paid — ( 19,608 ) Non-Voting Common Stock dividends declared and paid ( 22,941 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 60,663 $ 86,040 Undistributed earnings per share of Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Voting Common Stock $ — $ 1.00 Basic and diluted earnings per share of Voting Common Stock $ 3.09 $ 5.39 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90 % 90 % Net earnings available to common stockholders $ 629,570 $ 887,063 Voting Common Stock dividends declared and paid — ( 19,608 ) Non-Voting Common Stock dividends declared and paid ( 22,941 ) ( 7,059 ) Undistributed earnings available to common stockholders $ 606,629 $ 860,396 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 545,966 $ 774,356 Undistributed earnings per share of Non-Voting Common Stock $ 3.09 $ 4.39 Dividends declared per share of Non-Voting Common Stock $ 0.13 $ 0.04 Basic and diluted earnings per share of Non-Voting Common Stock $ 3.22 $ 4.43 |
Investments (Table Text Block)
Investments (Table Text Block) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Investments Debt Equity Securities [Abstract] | ||
Available for sale investments | Available-for-sale investments as of December 31, 2023 were as follows: Amortized Gross Gross Allowance for Expected Credit Losses Fair (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 319,497 $ 2,471 $ ( 13,023 ) $ — $ 308,945 U.S. government agency mortgage-backed securities 68,501 149 ( 8,353 ) — $ 60,297 Obligations of states and political subdivisions 154,660 102 ( 16,060 ) — $ 138,702 Corporate securities 1,943,321 524 ( 247,483 ) ( 1,704 ) $ 1,694,658 Mortgage-backed securities 330,502 12 ( 58,492 ) — $ 272,022 $ 2,816,481 $ 3,258 $ ( 343,411 ) $ ( 1,704 ) $ 2,474,624 Available-for-sale investments as of March 31, 2023 were as follows: Amortized Gross Gross Allowance for Expected Credit Losses Fair (In thousands) U.S. treasury securities and government obligations $ 353,189 $ 3,061 $ ( 11,574 ) $ — $ 344,676 U.S. government agency mortgage-backed securities 34,126 40 ( 6,935 ) — $ 27,231 Obligations of states and political subdivisions 161,960 649 ( 12,104 ) — $ 150,505 Corporate securities 2,086,432 1,491 ( 216,589 ) ( 2,101 ) $ 1,869,233 Mortgage-backed securities 370,880 78 ( 53,566 ) — $ 317,392 $ 3,006,587 $ 5,319 $ ( 300,768 ) $ ( 2,101 ) $ 2,709,037 | |
Available for sale investments, unrealized losses, fair value | December 31, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 6,825 $ ( 66 ) $ 122,372 $ ( 12,957 ) $ 129,197 $ ( 13,023 ) U.S. government agency mortgage-backed securities 6,009 ( 52 ) 31,756 ( 8,301 ) 37,765 ( 8,353 ) Obligations of states and political subdivisions 59,216 ( 3,367 ) 82,845 ( 12,693 ) 142,061 ( 16,060 ) Corporate securities 213,617 ( 9,277 ) 1,682,378 ( 238,206 ) 1,895,995 ( 247,483 ) Mortgage-backed securities 16,987 ( 486 ) 310,288 ( 58,006 ) 327,275 ( 58,492 ) $ 302,654 $ ( 13,248 ) $ 2,229,639 $ ( 330,163 ) $ 2,532,293 $ ( 343,411 ) | March 31, 2023 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 79,846 $ ( 3,935 ) $ 44,374 $ ( 7,639 ) $ 124,220 $ ( 11,574 ) U.S. government agency mortgage-backed securities 2,246 ( 228 ) 30,670 ( 6,707 ) 32,916 ( 6,935 ) Obligations of states and political subdivisions 108,192 ( 8,090 ) 17,079 ( 4,014 ) 125,271 ( 12,104 ) Corporate securities 1,697,611 ( 158,038 ) 272,256 ( 58,551 ) 1,969,867 ( 216,589 ) Mortgage-backed securities 201,962 ( 13,207 ) 158,899 ( 40,359 ) 360,861 ( 53,566 ) $ 2,089,857 $ ( 183,498 ) $ 523,278 $ ( 117,270 ) $ 2,613,135 $ ( 300,768 ) |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | December 31, 2023 March 31, 2023 Amortized Fair Amortized Fair (Unaudited) (In thousands) Due in one year or less $ 323,343 $ 323,638 $ 354,875 $ 354,184 Due after one year through five years 744,486 705,900 754,175 717,552 Due after five years through ten years 650,412 566,624 736,089 665,708 Due after ten years 767,738 606,440 790,568 654,201 2,485,979 2,202,602 2,635,707 2,391,645 Mortgage-backed securities 330,502 272,022 370,880 317,392 $ 2,816,481 $ 2,474,624 $ 3,006,587 $ 2,709,037 | |
Available for sale equity investments | Equity investments of common stock and non-redeemable preferred stock were as follows: December 31, 2023 March 31, 2023 Amortized Fair Amortized Fair (Unaudited) (In thousands) Common stocks $ 29,594 $ 39,534 $ 29,577 $ 39,375 Non-redeemable preferred stocks 25,144 20,141 26,054 21,982 $ 54,738 $ 59,675 $ 55,631 $ 61,357 | |
Carrying value of Investments, other | The carrying value of the other investments was as follows: December 31, March 31, 2023 2023 (Unaudited) (In thousands) Mortgage loans, net $ 567,784 $ 466,531 Short-term investments 993 15,921 Real estate 65,836 72,178 Policy loans 11,155 10,921 Other equity investments 14,485 9,989 $ 660,253 $ 575,540 |
Notes, Loans and Finance Leases
Notes, Loans and Finance Leases Payable, net (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Long-Term Debt | Long term debt was as follows: Fiscal Year 2024 Interest Rates Maturities Weighted Avg Interest Rates (c) December 31, 2023 March 31, (Unaudited) (In thousands) Real estate loans (amortizing term) (a) 4.30 % - 6.82 % 2027 - 2037 5.90 % $ 280,737 $ 289,647 Senior mortgages 2.70 % - 5.66 % 2024 - 2042 4.19 % 2,435,443 2,371,231 Real estate loans (revolving credit) — % - — % — - 2027 - % — — Fleet loans (amortizing term) 1.61 % - 5.68 % 2024 - 2029 3.79 % 79,874 111,856 Fleet loans (revolving credit) (b) 2.36 % - 6.70 % 2026 - 2028 6.24 % 605,000 615,000 Finance leases (rental equipment) 2.49 % - 5.01 % 2024 - 2026 4.06 % 137,039 223,205 Finance liabilities (rental equipment) 1.60 % - 6.48 % 2024 - 2031 4.60 % 1,660,443 1,255,763 Private placements 2.43 % - 2.88 % 2029 - 2035 2.65 % 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2024 - 2049 6.16 % 72,869 76,648 Notes, loans and finance leases payable 6,471,405 6,143,350 Less: Debt issuance costs ( 34,096 ) ( 35,308 ) Total notes, loans and finance leases payable, net $ 6,437,309 $ 6,108,042 (a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72 % and 2.86 % based on current margin. The weighted average interest rate calculation for these loans was 4.10 % using the swap adjusted interest rate. (b) A loan has an interest rate swap fixing the rate $ 100 million of the relevant loan at 4.71 % based on current margin. The weighted average interest rate calculation for these loans was 6.13 % using the swap adjusted interest rate. (c) Weighted average rates as of December 31, 2023. |
Annual Maturities of Notes, Loans and Leases Payable | The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows: Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total (Unaudited) (In thousands) Notes, loans and finance leases payable $ 666,155 $ 546,192 $ 941,575 $ 955,008 $ 500,139 $ 2,862,336 $ 6,471,405 |
Components of interest expense | Components of interest expense included the following: Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Interest expense $ 71,061 $ 60,978 Capitalized interest ( 4,006 ) ( 3,818 ) Amortization of transaction costs 1,868 2,336 Interest expense resulting from cash flow hedges ( 1,473 ) ( 455 ) Total interest expense $ 67,450 $ 59,041 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Interest expense $ 202,985 $ 168,987 Capitalized interest ( 11,738 ) ( 8,684 ) Amortization of transaction costs 4,711 5,596 Interest expense resulting from cash flow hedges ( 3,967 ) 134 Total interest expense $ 191,991 $ 166,033 |
Interest rates and company borrowings | Interest rates and Company borrowings related to our revolving credit facilities were as follows: Revolving Credit Activity Quarter ended December 31, 2023 2022 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 6.64 % 4.68 % Interest rate at the end of the quarter 6.63 % 5.28 % Maximum amount outstanding during the quarter $ 710,000 $ 765,000 Average amount outstanding during the quarter $ 669,372 $ 710,109 Facility fees $ 259 $ 270 Revolving Credit Activity Nine months ended December 31, 2023 2022 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the period 6.47 % 3.34 % Interest rate at the end of the period 6.63 % 5.28 % Maximum amount outstanding during the period $ 715,000 $ 1,105,000 Average amount outstanding during the period $ 641,941 $ 892,680 Facility fees $ 830 $ 439 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Schedule of derivative instruments in statement of financial position, fair value | Derivatives Fair Values as of December 31, 2023 March 31, 2023 (Unaudited) (In thousands) Interest rate swaps designated as cash flow hedges: Assets $ 5,086 $ 5,311 Notional amount $ 299,987 $ 206,347 |
Equity Swap [Member] | |
Derivative [Line Items] | |
Schedule of derivative instruments in statement of financial position, fair value | Derivatives Fair Values as of December 31, 2023 March 31, 2023 (Unaudited) (In thousands) Equity market contracts as economic hedging instruments: Assets $ 8,795 $ 4,295 Notional amount $ 535,537 $ 465,701 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Table Text Block Supplement [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax | AOCI: Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of September 30, 2023 $ ( 58,919 ) $ ( 225,693 ) $ 9,299 $ ( 351 ) $ ( 275,664 ) Foreign currency translation 5,268 — — — 5,268 Unrealized net loss on investments and impact of LFBP discount rates — ( 32,785 ) — — ( 32,785 ) Change in fair value of cash flow hedges — — ( 4,352 ) — ( 4,352 ) Amounts reclassified into earnings on hedging activities — — ( 1,109 ) — ( 1,109 ) Other comprehensive income (loss) 5,268 ( 32,785 ) ( 5,461 ) — ( 32,978 ) Balance as of December 31, 2023 $ ( 53,651 ) $ ( 258,478 ) $ 3,838 $ ( 351 ) $ ( 308,642 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of March 31, 2023 $ ( 56,539 ) $ ( 232,740 ) $ 4,007 $ ( 351 ) $ ( 285,623 ) Foreign currency translation 2,888 — — — 2,888 Unrealized net loss on investments and impact of LFBP discount rates — ( 25,738 ) — — ( 25,738 ) Change in fair value of cash flow hedges — — 2,823 — 2,823 Amounts reclassified into earnings on hedging activities — — ( 2,992 ) — ( 2,992 ) Other comprehensive income (loss) 2,888 ( 25,738 ) ( 169 ) — ( 23,019 ) Balance as of December 31, 2023 $ ( 53,651 ) $ ( 258,478 ) $ 3,838 $ ( 351 ) $ ( 308,642 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of September 30, 2022 $ ( 56,299 ) $ ( 191,175 ) $ 6,419 $ ( 2,442 ) $ ( 243,497 ) Foreign currency translation ( 215 ) — — — ( 215 ) Unrealized net loss on investments and impact of LFBP discount rates — ( 59,794 ) — — ( 59,794 ) Change in fair value of cash flow hedges — — 115 — 115 Amounts reclassified into earnings on hedging activities — — ( 345 ) — ( 345 ) Other comprehensive income (loss) ( 215 ) ( 59,794 ) ( 230 ) — ( 60,239 ) Balance as of December 31, 2022 $ ( 56,514 ) $ ( 250,969 ) $ 6,189 $ ( 2,442 ) $ ( 303,736 ) Foreign Unrealized Fair Postretirement Accumulated (Unaudited) (In thousands) Balance as of March 31, 2022 $ ( 55,757 ) $ 53,651 $ ( 444 ) $ ( 2,442 ) $ ( 4,992 ) Foreign currency translation ( 757 ) — — — ( 757 ) Unrealized net loss on investments and impact of LFBP discount rates — ( 304,620 ) — — ( 304,620 ) Change in fair value of cash flow hedges — — 6,532 — 6,532 Amounts reclassified into earnings on hedging activities — — 101 — 101 Other comprehensive income (loss) ( 757 ) ( 304,620 ) 6,633 — ( 298,744 ) Balance as of December 31, 2022 $ ( 56,514 ) $ ( 250,969 ) $ 6,189 $ ( 2,442 ) $ ( 303,736 ) |
Stockholders' Equity (Table Tex
Stockholders' Equity (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Summary of Dividends Declared | The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2024 and 2023: Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date December 6, 2023 $ 0.05 December 18, 2023 December 29, 2023 August 17, 2023 0.04 September 19, 2023 September 29, 2023 June 7, 2023 0.04 June 20, 2023 June 30, 2023 December 7, 2022 0.04 December 19, 2022 December 30, 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 |
Leases (Table Text Block)
Leases (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | As of December 31, 2023 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ — $ 145,958 $ 145,958 Furniture and equipment 1,693 — 1,693 Rental trailers and other rental equipment 114,884 — 114,884 Rental trucks 692,955 — 692,955 Right-of-use assets, gross 809,532 145,958 955,490 Less: Accumulated depreciation ( 483,288 ) ( 80,597 ) ( 563,885 ) Right-of-use assets, net $ 326,244 $ 65,361 $ 391,605 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 |
Summary of Weighted-average remaining lease terms and Discount rates | Finance leases December 31, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 1 2 Weighted average discount rate 4.1 % 3.8 % Operating leases December 31, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 19.1 19.2 Weighted average discount rate 4.6 % 4.7 % |
Components of Lease Expense | Nine months ended December 31, 2023 December 31, 2022 (Unaudited) (In thousands) Operating lease costs $ 25,181 $ 24,483 Finance lease cost: Amortization of right-of-use assets $ 44,220 $ 62,782 Interest on lease liabilities 5,600 8,799 Total finance lease cost $ 49,820 $ 71,581 |
Maturities of Lease Liabilities | Finance leases Operating leases (Unaudited) Year ending March 31, (In thousands) 2024 (3 months) $ 20,502 $ 6,880 2025 76,714 16,232 2026 46,107 9,527 2027 — 7,455 2028 — 6,501 Thereafter — 66,126 Total lease payments 143,323 112,721 Less: imputed interest ( 6,284 ) ( 48,179 ) Present value of lease liabilities $ 137,039 $ 64,542 |
Related Party Transations (Tabl
Related Party Transations (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,135 $ 7,170 U-Haul management fee revenue from Mercury 3,003 2,910 $ 10,138 $ 10,080 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 22,585 $ 22,726 U-Haul management fee revenue from Mercury 5,997 5,770 $ 28,582 $ 28,496 |
Related Party costs and expenses | Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul printing expenses to Blackwater 877 — U-Haul commission expenses to Blackwater 18,946 20,016 $ 20,427 $ 20,620 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 1,812 $ 1,812 U-Haul printing expenses to Blackwater 2,194 — U-Haul commission expenses to Blackwater 65,684 71,283 $ 69,690 $ 73,095 |
Related party assets | December 31, March 31, 2023 2023 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 41,674 $ 42,141 U-Haul receivable from Mercury 13,711 8,402 Other (a) ( 6,619 ) ( 2,235 ) $ 48,766 $ 48,308 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. |
Consolidating Financial Infor_2
Consolidating Financial Information by Industry Segment (Table Text Block) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Table Text Block Supplement [Abstract] | ||
Revenues and earnings by segment | Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 1,260,677 $ 29,303 $ 52,715 $ ( 3,181 ) $ 1,339,514 Total earnings from operations before equity in earnings of subsidiaries $ 180,467 $ 9,421 $ 8,075 $ ( 375 ) $ 197,588 Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2022 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 1,296,407 $ 28,466 $ 52,962 $ ( 2,499 ) $ 1,375,336 Total earnings from operations before equity in earnings of subsidiaries $ 304,717 $ 10,846 $ 4,821 $ ( 373 ) $ 320,011 | Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 4,285,768 $ 88,994 $ 163,918 $ ( 8,998 ) $ 4,529,682 Total earnings from operations before equity in earnings of subsidiaries $ 968,862 $ 36,822 $ 15,039 $ ( 1,122 ) $ 1,019,601 Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2022 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total revenues $ 4,456,863 $ 74,911 $ 152,761 $ ( 8,495 ) $ 4,676,040 Total earnings from operations before equity in earnings of subsidiaries $ 1,301,277 $ 24,883 $ 10,440 $ ( 1,141 ) $ 1,335,459 |
Assets by operating segment | Total assets by operating segment as of December 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (Unaudited) (In thousands) Total assets $ 16,193,912 $ 480,429 $ 2,806,247 $ ( 478,012 ) $ 19,002,576 Total assets by operating segment as of March 31, 2023 were as follows: Moving & Property & Life Eliminations U-Haul Holding (In thousands) Total assets $ 15,211,493 $ 459,897 $ 2,891,574 $ ( 462,230 ) $ 18,100,734 |
Geographic Area Data (Table Tex
Geographic Area Data (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Summary of Geographic Area Data | United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter ended December 31, 2023 Total revenues $ 1,273,821 $ 65,693 $ 1,339,514 Depreciation and amortization, net of (gains) on disposals 176,864 3,523 180,387 Interest expense 66,772 678 67,450 Pretax earnings 125,531 4,242 129,773 Income tax expense 29,172 1,377 30,549 Identifiable assets 18,225,204 777,372 19,002,576 Quarter ended December 31, 2022 Total revenues $ 1,311,117 $ 64,219 $ 1,375,336 Depreciation and amortization, net of (gains) on disposals 119,864 1,840 121,704 Interest expense 58,367 674 59,041 Pretax earnings 253,386 7,230 260,616 Income tax expense 59,774 1,990 61,764 Identifiable assets 17,447,581 642,543 18,090,124 United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2023 Total revenues $ 4,294,310 $ 235,372 $ 4,529,682 Depreciation and amortization, net of (gains) on disposals 486,262 3,668 489,930 Interest expense 189,900 2,091 191,991 Pretax earnings 801,045 25,471 826,516 Income tax expense 189,802 7,144 196,946 Identifiable assets 18,225,204 777,372 19,002,576 Nine Months Ended December 31, 2022 Total revenues $ 4,431,570 $ 244,470 $ 4,676,040 Depreciation and amortization, net of (gains) on disposals 365,585 6,056 371,641 Interest expense 163,792 2,241 166,033 Pretax earnings 1,129,487 38,018 1,167,505 Income tax expense 270,641 9,801 280,442 Identifiable assets 17,447,581 642,543 18,090,124 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Post Retirement Benefit Cost | The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 297 $ 332 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 367 287 Other components ( 2 ) 17 Total other components of net periodic benefit costs 365 304 Net periodic postretirement benefit cost $ 662 $ 636 Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 891 $ 995 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 1,102 861 Other components ( 8 ) 51 Total other components of net periodic benefit costs 1,094 912 Net periodic postretirement benefit cost $ 1,985 $ 1,907 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Financial Instruments, Carrying and Estimated fair values | Fair Value Hierarchy Carrying Total As of December 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Trade receivables, net $ 154,846 $ — $ — $ 154,846 $ 154,846 Mortgage loans, net 567,784 — — 531,880 531,880 Other investments 83,674 — — 83,674 83,674 Total $ 806,304 $ — $ — $ 770,400 $ 770,400 Liabilities Notes, loans and finance leases payable $ 6,471,405 $ — $ 6,051,219 $ — $ 6,051,219 Total $ 6,471,405 $ — $ 6,051,219 $ — $ 6,051,219 Fair Value Hierarchy Carrying Total As of March 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Trade receivables, net $ 146,736 $ — $ — $ 146,736 $ 146,736 Mortgage loans, net 466,531 — — 444,957 444,957 Other investments 109,009 — — 109,009 109,009 Total $ 722,276 $ — $ — $ 700,702 $ 700,702 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 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | ||
Next five years and thereafter revenue | Year Ending December 31, 2024 2025 2026 2027 2028 Thereafter (Unaudited) (In thousands) Self-moving equipment rental revenues $ 5,674 $ — $ — $ — $ — $ — Property lease revenues 21,494 15,040 12,112 8,653 5,666 33,059 Total $ 27,168 $ 15,040 $ 12,112 $ 8,653 $ 5,666 $ 33,059 | |
Disaggregation Of Revenue | Quarter ended December 31, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 73,785 $ 69,797 Revenues recognized at a point in time: 85,732 92,698 Total revenues recognized under ASC 606 159,517 162,495 Revenues recognized under ASC 842 1,072,028 1,110,247 Revenues recognized under ASC 944 50,512 50,300 Revenues recognized under ASC 320 57,457 52,294 Total revenues $ 1,339,514 $ 1,375,336 | Nine months ended December 31, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 283,468 $ 300,082 Revenues recognized at a point in time: 315,084 338,019 Total revenues recognized under ASC 606 598,552 638,101 Revenues recognized under ASC 842 3,599,867 3,772,203 Revenues recognized under ASC 944 144,476 149,360 Revenues recognized under ASC 320 186,787 116,376 Total revenues $ 4,529,682 $ 4,676,040 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Allowance For Credit Loss [Abstract] | |
Reserve Allowance for Various Credit Loss | The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (Unaudited) (in thousands) Balance as of March 31, 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 Provision for (reversal of) credit losses 556 ( 397 ) 300 459 Write-offs against allowance — — — — Recoveries — — — — Balance as of December 31, 2023 $ 4,345 $ 1,704 $ 817 $ 6,866 |
Accounting Pronouncements (Tabl
Accounting Pronouncements (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Adoption Of New Accounting Pronouncement Adjustments To Select Tables | The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022. Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Assets Prior to adoption $ 18,124,648 $ 17,299,581 Effect of adoption: Derecognition of shadow DAC ( 25,141 ) 26,131 Re-measurement due to discount rate — — Other adjustments 1,227 1,471 Subtotal $ ( 23,914 ) $ 27,602 After adoption $ 18,100,734 $ 17,327,183 Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Liabilities Prior to adoption $ 11,596,313 $ 11,347,089 Effect of adoption: Deferred income tax adjustment on Shadow removal ( 5,280 ) 5,488 Re-measurement due to discount rate ( 1,626 ) 87,258 Deferred income tax adjustment on discount rate 342 ( 18,324 ) Other adjustments 6,794 8,511 Subtotal $ 230 $ 82,933 After adoption $ 11,596,543 $ 11,430,022 Year ended March 31, 2023 2022 (Unaudited) (In thousands) Accumulated other comprehensive income (loss) Prior to adoption $ ( 267,046 ) $ 46,384 Effect of adoption: Derecognition on shadow DAC ( 19,861 ) 20,644 Re-measurement due to discount rate 1,626 ( 87,258 ) Re-measurement due to discount rate (tax effect) ( 342 ) 18,324 Other adjustments — — Subtotal $ ( 18,577 ) $ ( 48,290 ) After adoption $ ( 285,623 ) $ ( 1,906 ) Year ended March 31, 2023 2022 (Unaudited) (In thousands) Total Stockholders' equity Prior to adoption $ 6,528,335 $ 5,952,492 Effect of adoption: Derecognition on shadow DAC ( 19,861 ) 20,644 Re-measurement due to discount rate (tax effect) 1,284 ( 68,934 ) Other adjustments ( 5,567 ) ( 7,042 ) Subtotal $ ( 24,144 ) $ ( 55,332 ) After adoption $ 6,504,191 $ 5,897,160 Year ended March 31, 2023 As previously reported Adoption impact As adjusted (Unaudited) (In thousands) Deferred policy acquisition costs, net $ 152,377 ( 23,914 ) $ 128,463 Total assets 18,124,648 ( 23,914 ) 18,100,734 Policy benefits and losses, claims and loss expenses payable 875,034 5,168 880,202 Deferred income taxes, net 1,334,427 ( 4,938 ) 1,329,489 Total liabilities 11,596,313 230 11,596,543 Accumulated other comprehensive loss ( 267,046 ) ( 18,577 ) ( 285,623 ) Retained earnings 7,008,715 ( 5,567 ) 7,003,148 Total stockholders' equity 6,528,335 ( 24,144 ) 6,504,191 Total liabilities and stockholders' equity 18,124,648 ( 23,914 ) 18,100,734 April 1, 2021 March 31, 2021 (Unaudited) (In thousands) Deferred policy acquisition costs, net $ 131,187 $ 89,749 Total assets 14,693,044 14,651,606 Policy benefits and losses, claims and loss expenses payable 1,040,951 909,701 Deferred income taxes, net 1,182,123 1,199,280 Total liabilities 9,846,608 9,732,515 Accumulated other comprehensive income 42,319 106,857 Retained earnings 5,017,451 5,025,568 Total stockholders' equity 4,846,436 4,919,091 Total liabilities and stockholders' equity 14,693,044 14,651,606 The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford. Deferred Policy Acquisition Costs Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 15,654 $ 64,552 $ 9,543 $ 89,749 Adjustments for removal of related balances in accumulated other comprehensive income 41,438 — — 41,438 Adjusted balance, beginning of year April 1, 2021 $ 57,092 $ 64,552 $ 9,543 $ 131,187 Future Policy Benefit Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 8,370 $ 310,311 $ 18,341 $ 337,022 Change in discount rate assumptions 2,307 115,978 4,847 123,132 Change in cash flow assumptions, effect of net premiums exceeding gross premiums — 1,747 — 1,747 Change in cash flow assumptions, effect of decrease of the deferred profit liability — 2,580 — 2,580 Adjusted balance, beginning of year April 1, 2021 $ 10,677 $ 430,616 $ 23,188 $ 464,481 Market Risk Benefits Deferred Annuities (Unaudited) (In thousands) Balance, end of year March 31, 2021 $ 7,339 Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk 3,791 Adjusted balance, beginning of year April 1, 2021 $ 11,130 The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12. Retained Earnings Accumulated Other Comprehensive Loss (Unaudited) (In thousands) Liability for future policy benefits $ ( 4,327 ) $ ( 123,132 ) Market risk benefits ( 3,791 ) — Deferred acquisition costs and related asset balances — 41,438 Tax effect — 17,156 Total $ ( 8,118 ) $ ( 64,538 ) |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Net (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Deferred Policy Acquisition Costs | The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the nine-month periods ended December 31, 2023 and 2022. Nine Months Ended December 31, 2023 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,396 $ 66,954 $ 6,113 $ 128,463 Capitalization 8,007 3,213 177 11,397 Amortization expense ( 11,461 ) ( 6,586 ) ( 979 ) ( 19,026 ) Balance, end of period $ 51,942 $ 63,581 $ 5,311 $ 120,834 Nine Months Ended December 31, 2022 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,261 $ 67,573 $ 8,596 $ 131,430 Capitalization 14,403 5,667 336 20,406 Amortization expense ( 11,972 ) ( 4,722 ) ( 1,422 ) ( 18,116 ) Balance, end of period $ 57,692 $ 68,518 $ 7,510 $ 133,720 |
Policy Benefits and Losses, C_2
Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block) | 9 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Present Value Expected Net Premiums and Expected Future Policy Benefits | The following tables present the balances and changes in the policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford. Nine Months Ended December 31, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands) Present value of expected net premiums Balance, beginning of year $ 223,118 $ 196,569 $ 419,687 Beginning balance at original discount rate $ 225,071 $ 212,454 $ 437,525 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience ( 584 ) ( 9,565 ) ( 10,149 ) Adjusted beginning of year balance $ 224,487 $ 202,889 $ 427,376 Issuances 6,692 78 6,770 Interest accrual 8,367 6,072 14,439 Net premium collected ( 29,812 ) ( 19,787 ) ( 49,599 ) Other — — — Ending balance at original discount rate $ 209,734 $ 189,252 $ 398,986 Effect of changes in discount rate assumptions (AOCI) ( 6,878 ) ( 19,722 ) ( 26,600 ) Balance, end of period $ 202,856 $ 169,530 $ 372,386 Present value of expected future policy benefits Balance, beginning of year $ 530,983 $ 210,054 $ 741,037 Beginning balance at original discount rate $ 533,688 $ 226,510 $ 760,198 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experiences ( 1,621 ) ( 8,650 ) ( 10,271 ) Adjusted beginning of year balance $ 532,067 $ 217,860 $ 749,927 Issuances 6,746 78 6,824 Interest accrual 19,830 6,520 26,350 Benefit payments ( 39,544 ) ( 22,857 ) ( 62,401 ) Other — — — Ending balance at original discount rate $ 519,099 $ 201,601 $ 720,700 Effect of changes in discount rate assumptions (AOCI) ( 19,397 ) ( 20,450 ) ( 39,847 ) Balance, end of period $ 499,702 $ 181,151 $ 680,853 End of period, LFPB net 308,467 Payout annuities and market risk benefits 31,048 Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable 9,556 Life DPL / Other life and health 23,724 LFPB flooring effect 274 Oxford end of period balance 373,069 Moving and Storage balance 317,409 Property and Casualty balance 148,467 Policy benefit and losses, claims and loss expense balance, end of period $ 838,945 Nine Months Ended December 31, 2022 Life Insurance Health Insurance Total (Unaudited) (In thousands) Present value of expected net premiums Balance, beginning of year $ 280,371 $ 280,732 $ 561,103 Beginning balance at original discount rate $ 242,741 $ 253,307 $ 496,048 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experience ( 1,259 ) 1,257 ( 2 ) Adjusted beginning of year balance $ 241,482 $ 254,564 $ 496,046 Issuances 14,101 2,455 16,556 Interest accrual 9,036 7,637 16,673 Net premium collected ( 32,270 ) ( 22,466 ) ( 54,736 ) Other 0 0 0 Ending balance at original discount rate $ 232,349 $ 242,190 $ 474,539 Effect of changes in discount rate assumptions (AOCI) ( 3,811 ) ( 21,059 ) ( 24,870 ) Balance, end of period $ 228,538 $ 221,131 $ 449,669 Present value of expected future policy benefits Balance, beginning of year $ 672,254 $ 299,628 $ 971,882 Beginning balance at original discount rate $ 552,109 $ 269,177 $ 821,286 Effect of changes in cash flow assumptions — — — Effect of actual variances from expected experiences ( 150 ) 2,051 1,901 Adjusted beginning of year balance $ 551,959 $ 271,228 $ 823,187 Issuances 14,101 2,454 16,555 Interest accrual 20,654 8,137 28,791 Benefit payments ( 43,602 ) ( 25,873 ) ( 69,475 ) Other — — — Ending balance at original discount rate $ 543,112 $ 255,946 $ 799,058 Effect of changes in discount rate assumptions (AOCI) ( 9,514 ) ( 21,872 ) ( 31,386 ) Balance, end of period $ 533,598 $ 234,074 $ 767,672 End of period, LFPB net 318,003 Payout annuities and market risk benefits 33,049 Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable 10,387 Life DPL / Other life and health 35,276 LFPB flooring effect 451 Oxford end of period balance 397,166 Moving and Storage balance 342,645 Property and Casualty balance 156,259 Policy benefit and losses, claims and loss expense balance, end of period $ 896,070 Nine Months Ended December 31, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands, except for percentages and weighted average information) Expected gross premiums Undiscounted balance $ 377,068 $ 319,922 $ 696,990 Discounted balance at original discount rate $ 291,900 $ 248,221 $ 540,121 Discounted balance at current discount rate $ 281,927 $ 224,406 $ 506,333 Expected policy benefits Undiscounted balance $ 752,194 $ 260,683 $ 1,012,877 Discounted balance at original discount rate $ 519,099 $ 201,601 $ 720,700 Discounted balance at current discount rate $ 499,702 $ 181,151 $ 680,853 Mortality, lapses and morbidity Mortality actual experience 4.57 % 0.00 % Mortality expected experience 5.07 % 0.00 % Lapses actual experience 2.18 % 0.00 % Lapses expected experience 2.64 % 0.00 % Morbidity actual experience 0.00 % 81.17 % Morbidity expected experience 0.00 % 73.65 % Premiums and interest expense Gross premiums $ 39,979 $ 27,397 $ 67,376 Other premiums — Total premiums $ 67,376 Interest expense $ 11,463 $ 448 $ 11,911 Expected duration (persistency) of policies in-force (years) 6.9 6.5 Weighted average original interest rate of the liability for future policy benefits 5.00 % 4.01 % Weighted average current interest rate of the liability for future policy benefits 4.80 % 4.80 % Nine Months Ended December 31, 2022 Life Insurance Health Insurance Total (Unaudited) (In thousands, except for percentages and weighted average information) Expected gross premiums Undiscounted balance $ 413,315 $ 423,366 $ 836,681 Discounted balance at original discount rate $ 318,749 $ 325,605 $ 644,354 Discounted balance at current discount rate $ 313,083 $ 300,463 $ 613,546 Expected policy benefits Undiscounted balance $ 793,511 $ 334,704 $ 1,128,215 Discounted balance at original discount rate $ 543,111 $ 255,947 $ 799,058 Discounted balance at current discount rate $ 533,597 $ 234,075 $ 767,672 Mortality, lapses and morbidity Mortality actual experience 4.85 % 0.00 % Mortality expected experience 4.80 % 0.00 % Lapses actual experience 2.08 % 0.00 % Lapses expected experience 2.52 % 0.00 % Morbidity actual experience 0.00 % 77.94 % Morbidity expected experience 0.00 % 71.41 % Premiums and interest expense Gross premiums $ 42,977 $ 32,108 $ 75,085 Other premiums — Total premiums $ 75,085 Interest expense $ 11,618 $ 500 $ 12,118 Expected duration (persistency) of policies in-force (years) 7.0 6.7 Weighted average original interest rate of the liability for future policy benefits 5.02 % 4.02 % Weighted average current interest rate of the liability for future policy benefits 1.52 % 1.51 % |
Balance Changes Liabilities Investment Contracts | The following tables present the balances and changes in Liabilities from investment contracts account balances: Nine Months Ended December 31, 2023 Deferred Annuities (Unaudited) (In thousands, except for the average credited rate) Policyholder contract deposits account balance Beginning of year $ 2,398,884 Deposits received 206,800 Surrenders and withdrawals ( 265,999 ) Benefit payments ( 29,136 ) Interest credited 52,594 Other — End of period $ 2,363,143 Weighted average credited rate 2.96 Cash surrender value $ 2,025,409 Nine Months Ended December 31, 2022 Deferred Annuities (Unaudited) (In thousands, except for the average credited rate) Policyholder contract deposits account balance Beginning of year $ 2,336,238 Deposits received 243,144 Surrenders and withdrawals ( 195,801 ) Benefit payments ( 27,207 ) Interest credited 40,328 Other — End of period $ 2,396,702 Weighted average credited rate 2.27 Cash surrender value $ 2,062,711 |
Basis of Presentation - (Narrat
Basis of Presentation - (Narratives) (Details) $ in Millions | 9 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | Segment | 3 | |
Effective tax rates, state and local | 23.80% | 24.10% |
Effective tax rate, federal | 21% | |
Liability For Future Policy Benefits Life Insurance Subsidiary | $ 373.1 | |
Income Taxes Paid | $ 51.6 |
Earnings Per Share (Narratives)
Earnings Per Share (Narratives) (Details) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
Common Stock [Member] | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par or stated value per share | $ 0.25 | |
Allocation of common stock available to share holders | 10% | |
Nonvoting Common Stock [Member] | ||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 |
Allocation of common stock available to share holders | 90% |
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 | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share Diluted Other Disclosures [Abstract] | ||||
Net earnings available to common shareholders | $ 99,224 | $ 198,852 | $ 629,570 | $ 887,063 |
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 | 19,607,788 |
Percent Weighted Average Shares Outstanding Common Stock | 10% | 10% | 10% | 10% |
Net earnings available to common shareholders | $ 0 | $ 0 | $ 0 | $ 0 |
Voting Common Stock dividends declared | 0 | 0 | 0 | (19,608) |
Non-Voting Common Stock dividends declared | (8,823) | (7,059) | (22,941) | (7,059) |
Undistributed earnings available to common stockholders | 90,401 | 191,793 | 606,629 | 860,396 |
Undistributed earnings available to common stockholders, participating securities | $ 9,040 | $ 19,179 | $ 60,663 | $ 86,040 |
Undistributed earnings per share, common stock | $ 0.46 | $ 0.98 | $ 3.09 | $ 4.39 |
Dividends declared per share, distributed | 0 | 0 | 0 | 1 |
Income Loss From Continuing Operations Per Basic Share, Total | $ 0.46 | $ 0.98 | $ 3.09 | $ 5.39 |
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 | 176,470,092 |
Percent Weighted Average Shares Outstanding Common Stock | 90% | 90% | 90% | 90% |
Net earnings available to common shareholders | $ 629,570 | $ 887,063 | ||
Voting Common Stock dividends declared | $ 0 | $ 0 | 0 | (19,608) |
Non-Voting Common Stock dividends declared | (8,823) | (7,059) | (22,941) | (7,059) |
Undistributed earnings available to common stockholders | 90,401 | 191,793 | 606,629 | 860,396 |
Undistributed earnings available to common stockholders, participating securities | $ 81,361 | $ 172,614 | $ 545,966 | $ 774,356 |
Undistributed earnings per share, common stock | $ 0.46 | $ 0.98 | $ 3.09 | $ 4.39 |
Dividends declared per share, distributed | 0.05 | 0.04 | 0.13 | 0.04 |
Income Loss From Continuing Operations Per Basic Share, Total | $ 0.51 | $ 1.02 | $ 3.22 | $ 4.43 |
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 | 196,077,880 |
Net earnings available to common shareholders | $ 0 | $ 0 | $ 0 | $ 0 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Available-for-sale Securities [Abstract] | ||||
Available for sale securities, gross realized losses | $ 1.1 | $ 0.5 | ||
Gross realized gains on sales of Treasuries | 1.5 | 1.1 | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] | ||||
Assets Held by Insurance Regulators | $ 22.5 | 22.5 | $ 23.4 | |
Provision for Loan, Lease, and Other Losses [Abstract] | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 0.4 | $ 2.2 | ||
Matured or Redeemed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available for sale securities, realized gains | 58.5 | 448.9 | ||
Corporate securities [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Available for sale securities, realized gains | $ 42.1 | 147.6 | ||
Moving and Storage Treasuries | ||||
Available-for-sale Securities [Abstract] | ||||
Available for sale securities, realized gains | $ 225 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | $ 2,816,481 | $ 3,006,587 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 3,258 | 5,319 |
Gross unrealized losses more than 12 months | 343,411 | 300,768 |
Allowance for expected credit loss | (1,704) | (2,101) |
Available for sale investments, estimated market value | 2,474,624 | 2,709,037 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 319,497 | 353,189 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 2,471 | 3,061 |
Gross unrealized losses more than 12 months | 13,023 | 11,574 |
Allowance for expected credit loss | 0 | 0 |
Available for sale investments, estimated market value | 308,945 | 344,676 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 68,501 | 34,126 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 149 | 40 |
Gross unrealized losses more than 12 months | 8,353 | 6,935 |
Allowance for expected credit loss | 0 | 0 |
Available for sale investments, estimated market value | 60,297 | 27,231 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 154,660 | 161,960 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 102 | 649 |
Gross unrealized losses more than 12 months | 16,060 | 12,104 |
Allowance for expected credit loss | 0 | 0 |
Available for sale investments, estimated market value | 138,702 | 150,505 |
Corporate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 1,943,321 | 2,086,432 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 524 | 1,491 |
Gross unrealized losses more than 12 months | 247,483 | 216,589 |
Allowance for expected credit loss | (1,704) | (2,101) |
Available for sale investments, estimated market value | 1,694,658 | 1,869,233 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Current | 330,502 | 370,880 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain | 12 | 78 |
Gross unrealized losses more than 12 months | 58,492 | 53,566 |
Allowance for expected credit loss | 0 | 0 |
Available for sale investments, estimated market value | $ 272,022 | $ 317,392 |
Investments - (Available-for-sa
Investments - (Available-for-sale investments with unrealized losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | $ 302,654 | |
External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | $ 2,089,857 | |
Fair Value, Twelve Months or Longer | 2,229,639 | 523,278 |
Fair Value, Total | 2,532,293 | 2,613,135 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (13,248) | (183,498) |
Unrealized Loss, Twelve Months or Longer | (330,163) | (117,270) |
Unrealized Loss, Total | (343,411) | (300,768) |
US Treasury, Government and Corporate Securities [Member] | External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | 6,825 | 79,846 |
Fair Value, Twelve Months or Longer | 122,372 | 44,374 |
Fair Value, Total | 129,197 | 124,220 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (66) | (3,935) |
Unrealized Loss, Twelve Months or Longer | (12,957) | (7,639) |
Unrealized Loss, Total | (13,023) | (11,574) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | 6,009 | 2,246 |
Fair Value, Twelve Months or Longer | 31,756 | 30,670 |
Fair Value, Total | 37,765 | 32,916 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (52) | (228) |
Unrealized Loss, Twelve Months or Longer | (8,301) | (6,707) |
Unrealized Loss, Total | (8,353) | (6,935) |
US States and Political Subdivisions Debt Securities [Member] | External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | 59,216 | 108,192 |
Fair Value, Twelve Months or Longer | 82,845 | 17,079 |
Fair Value, Total | 142,061 | 125,271 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (3,367) | (8,090) |
Unrealized Loss, Twelve Months or Longer | (12,693) | (4,014) |
Unrealized Loss, Total | (16,060) | (12,104) |
Corporate Debt Securities [Member] | External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | 213,617 | 1,697,611 |
Fair Value, Twelve Months or Longer | 1,682,378 | 272,256 |
Fair Value, Total | 1,895,995 | 1,969,867 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (9,277) | (158,038) |
Unrealized Loss, Twelve Months or Longer | (238,206) | (58,551) |
Unrealized Loss, Total | (247,483) | (216,589) |
Collateralized Mortgage Backed Securities [Member] | External Credit Rating, Investment Grade [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract] | ||
Fair Value, Less than Twelve Months | 16,987 | 201,962 |
Fair Value, Twelve Months or Longer | 310,288 | 158,899 |
Fair Value, Total | 327,275 | 360,861 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Unrealized Loss, Less than Twelve Months | (486) | (13,207) |
Unrealized Loss, Twelve Months or Longer | (58,006) | (40,359) |
Unrealized Loss, Total | $ (58,492) | $ (53,566) |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,816,481 | $ 3,006,587 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | 2,474,624 | 2,709,037 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 323,343 | 354,875 |
Due after one year through five years | 744,486 | 754,175 |
Due after five years through ten years | 650,412 | 736,089 |
Due after ten years | 767,738 | 790,568 |
Amortized cost | 2,485,979 | 2,635,707 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 323,638 | 354,184 |
Due after one year through five years | 705,900 | 717,552 |
Due after five years through ten years | 566,624 | 665,708 |
Due after ten years | 606,440 | 654,201 |
Available for sale investments, estimated market value | 2,202,602 | 2,391,645 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 330,502 | 370,880 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | $ 272,022 | $ 317,392 |
Investments (Available for sa_2
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | $ 54,738 | $ 55,631 |
Estimated market value, equity investments | 59,675 | 61,357 |
Common Stock [Member] | ||
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | 29,594 | 29,577 |
Estimated market value, equity investments | 39,534 | 39,375 |
Nonredeemable Preferred Stock [Member] | ||
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | 25,144 | 26,054 |
Estimated market value, equity investments | $ 20,141 | $ 21,982 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | $ 531,880 | $ 444,957 |
Investments other, amount | 660,253 | 575,540 |
Other Investments [Member] | ||
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | 567,784 | 466,531 |
Short-term investments | 993 | 15,921 |
Real estate, other | 65,836 | 72,178 |
Policy loans | 11,155 | 10,921 |
Other equity investments | 14,485 | 9,989 |
Investments other, amount | $ 660,253 | $ 575,540 |
Notes, Loans and Finance Leas_2
Notes, Loans and Finance Leases Payable, net (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract] | ||||
Interest paid in cash | $ 61.8 | $ 51.3 | $ 191.4 | $ 156.8 |
Interest paid (received) in cash on derivative contracts | $ 1.5 | $ 0 | $ 3.8 | $ 0.6 |
Notes, Loans and Finance Leas_3
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | |
Debt instrument, maturities: | ||
Debt Instrument Carrying Amount | $ 6,051,219 | $ 5,710,735 |
Notes, loans and finance/capital leases payable | 6,471,405 | 6,143,350 |
Less: Debt issuance costs | (34,096) | (35,308) |
Total notes, loans and finance/capital leases payable, net | $ 6,437,309 | 6,108,042 |
Real estate loan (amortizing term) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 5.90% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2027 | |
Debt instrument, maturity year range, end | 2037 | |
Debt Instrument Carrying Amount | $ 280,737 | 289,647 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.30% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.82% | |
Senior mortgages | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 4.19% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2042 | |
Debt Instrument Carrying Amount | $ 2,435,443 | 2,371,231 |
Senior mortgages | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.70% | |
Senior mortgages | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.66% | |
Real estate loans (revolving credit) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 0% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, end | 2027 | |
Debt Instrument Carrying Amount | $ 0 | 0 |
Fleet loans (amortizing term) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 3.79% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2029 | |
Debt Instrument Carrying Amount | $ 79,874 | 111,856 |
Fleet loans (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.68% | |
Fleet loans (revolving credit) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 6.24% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2026 | |
Debt instrument, maturity year range, end | 2028 | |
Debt Instrument Carrying Amount | $ 605,000 | 615,000 |
Fleet loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.36% | |
Fleet loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.70% | |
Capital Leases (rental equipment) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 4.06% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2026 | |
Debt Instrument Carrying Amount | $ 137,039 | 223,205 |
Capital Leases (rental equipment) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.49% | |
Capital Leases (rental equipment) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.01% | |
Finance capital lease [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 4.60% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2031 | |
Debt Instrument Carrying Amount | $ 1,660,443 | 1,255,763 |
Finance capital lease [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.60% | |
Finance capital lease [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.48% | |
Private Placement | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 2.65% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2029 | |
Debt instrument, maturity year range, end | 2035 | |
Debt Instrument Carrying Amount | $ 1,200,000 | 1,200,000 |
Private Placement | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.43% | |
Private Placement | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.88% | |
Other obligations | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 6.16% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2049 | |
Debt Instrument Carrying Amount | $ 72,869 | $ 76,648 |
Other obligations | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.50% | |
Other obligations | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 8% |
Notes, Loans and Finance Leas_4
Notes, Loans and Finance Leases Payable, net (Long-term Debt Borrowings) (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Debt instrument, maturities: | ||
Debt Instrument Carrying Amount | $ 6,051,219 | $ 5,710,735 |
Real estate loan (amortizing term) [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Weighted average interest rate | 5.90% | |
Debt instrument, maturities: | ||
Debt Instrument Carrying Amount | $ 280,737 | $ 289,647 |
Real estate loan (amortizing term) [Member] | Interest Rate Swaps [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Weighted average interest rate | 4.10% | 4.10% |
Real estate loan (amortizing term) [Member] | Minimum [Member] | Interest Rate Swaps [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Interest rate | 2.72% | 2.72% |
Real estate loan (amortizing term) [Member] | Maximum [Member] | Interest Rate Swaps [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Interest rate | 2.86% | 2.86% |
Fleet Loans Revolving Credit [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Weighted average interest rate | 6.24% | |
Debt instrument, maturities: | ||
Debt Instrument Carrying Amount | $ 605,000 | $ 615,000 |
Fleet Loans Revolving Credit [Member] | Interest Rate Swaps [Member] | ||
Debt instruments, interest rate, effective percentage: | ||
Interest rate | 4.71% | 4.71% |
Weighted average interest rate | 6.13% | 6.13% |
Debt instrument, maturities: | ||
Debt Instrument Carrying Amount | $ 100,000 | $ 100,000 |
Notes, Loans and Finance Leas_5
Notes, Loans and Finance Leases Payable, net (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-term debt, by Maturity: | |
2024 | $ 666,155 |
2025 | 546,192 |
2026 | 941,575 |
2027 | 955,008 |
2028 | 500,139 |
Thereafter | 2,862,336 |
Notes, loans and finance leases payable, sum | $ 6,471,405 |
Notes, Loans and Finance Leas_6
Notes, Loans and Finance Leases Payable, net (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest expense, borrowings: | ||||
Interest expense | $ 71,061 | $ 60,978 | $ 202,985 | $ 168,987 |
Capitalized interest | (4,006) | (3,818) | (11,738) | (8,684) |
Amortization of transaction costs | 1,868 | 2,336 | 4,711 | 5,596 |
Interest expense resulting from derivatives | 1,473 | (455) | 3,967 | 134 |
Total interest expense | $ 67,450 | $ 59,041 | $ 191,991 | $ 166,033 |
Notes, Loans and Finance Leas_7
Notes, Loans and Finance Leases Payable, net (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest and debt expense: | ||||
Weighted average interest rate during the quarter | 6.64% | 4.68% | 6.47% | 3.34% |
Interest rate at quarter end | 6.63% | 5.28% | 6.63% | 5.28% |
Maximum amount outstanding during the quarter | $ 710,000 | $ 765,000 | $ 715,000 | $ 1,105,000 |
Average amount outstanding during the quarter | 669,372 | 710,109 | 641,941 | 892,680 |
Facility fees | $ 259 | $ 270 | $ 830 | $ 439 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
AOCI Attributable to Parent [Abstract] | ||||
Interest expense | $ 67,450 | $ 59,041 | $ 191,991 | $ 166,033 |
Investment Income, Net | 4,600 | 9,200 | ||
Decrease, fair value, cash flow hedges | ||||
AOCI Attributable to Parent [Abstract] | ||||
Interest expense | 2,800 | 6,500 | ||
Reclassified AOCI | ||||
AOCI Attributable to Parent [Abstract] | ||||
Interest expense | 3,000 | $ 100 | ||
Reclassification net gains Interest Rate Contracts | ||||
AOCI Attributable to Parent [Abstract] | ||||
Interest expense | $ 5,700 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Notional Amount Of Derivatives [Abstract] | ||
Derivative Asset Notional Amount | $ 5,086 | $ 5,311 |
Derivative Notional Amount | $ 299,987 | $ 206,347 |
Derivatives (Equity Market Cont
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Notional Amount Of Derivatives [Abstract] | ||
Derivative Asset Notional Amount | $ 8,795 | $ 4,295 |
Derivative Notional Amount | $ 535,537 | $ 465,701 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Summary of Accumulated Other Comprehensive Income (Loss) Components, Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | $ 285,623 | |||
Foreign currency translation | $ 5,268 | $ 215 | 2,888 | $ 757 |
Unrealized net gain on investments | 32,785 | 59,794 | 25,738 | 304,620 |
Change in fair value of cash flow hedges | 4,352 | 115 | 2,823 | 6,532 |
Amount reclassified from AOCI | 1,109 | 345 | 2,992 | 101 |
Other comprehensive income (loss) | 32,978 | 60,239 | 23,019 | 298,744 |
Balance as of December 31, 2023 | 308,642 | 308,642 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | 58,919 | 56,299 | 56,539 | 55,757 |
Foreign currency translation | 5,268 | 215 | 2,888 | 757 |
Other comprehensive income (loss) | 5,268 | 215 | 2,888 | 757 |
Balance as of December 31, 2023 | 53,651 | 56,514 | 53,651 | 56,514 |
Unrealized Net Gain on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | 225,693 | 191,175 | 232,740 | 53,651 |
Unrealized net gain on investments | 32,785 | 59,794 | 25,738 | 304,620 |
Other comprehensive income (loss) | 32,785 | 59,794 | 25,738 | 304,620 |
Balance as of December 31, 2023 | 258,478 | 250,969 | 258,478 | 250,969 |
Fair Market Value of Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | 9,299 | 6,419 | 4,007 | 444 |
Change in fair value of cash flow hedges | (4,352) | 115 | 2,823 | 6,532 |
Amount reclassified from AOCI | (1,109) | 345 | 2,992 | 101 |
Other comprehensive income (loss) | (5,461) | 230 | 169 | 6,633 |
Balance as of December 31, 2023 | 3,838 | 6,189 | 3,838 | 6,189 |
Postretirement Benefit Obligation Gain [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | 351 | 2,442 | 351 | 2,442 |
Balance as of December 31, 2023 | 351 | 2,442 | 351 | 2,442 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2023 | 275,664 | 243,497 | 285,623 | 4,992 |
Foreign currency translation | 5,268 | 215 | 2,888 | 757 |
Unrealized net gain on investments | 32,785 | 59,794 | 25,738 | 304,620 |
Change in fair value of cash flow hedges | 4,352 | 115 | 2,823 | 6,532 |
Amount reclassified from AOCI | 1,109 | 345 | 2,992 | 101 |
Other comprehensive income (loss) | (32,978) | 60,239 | 23,019 | 298,744 |
Balance as of December 31, 2023 | $ 308,642 | $ 303,736 | $ 308,642 | $ 303,736 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Dividends Declared (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common Stock [Member] | Dividends Declared Two [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Aug. 18, 2022 | Aug. 18, 2022 |
Dividend paid, amount per share | $ 0.5 | $ 0.5 |
Dividends Payable, Date of Record | Sep. 06, 2022 | Sep. 06, 2022 |
Dividends Payable, Date to be Paid | Sep. 20, 2022 | Sep. 20, 2022 |
Common Stock [Member] | Dividends Declared Three [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Apr. 06, 2022 | Apr. 06, 2022 |
Dividend paid, amount per share | $ 0.5 | $ 0.5 |
Dividends Payable, Date of Record | Apr. 18, 2022 | Apr. 18, 2022 |
Dividends Payable, Date to be Paid | Apr. 29, 2022 | Apr. 29, 2022 |
Nonvoting Common Stock [Member] | Dividend Declared One [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Dec. 06, 2023 | Dec. 06, 2023 |
Dividend paid, amount per share | $ 0.05 | $ 0.05 |
Dividends Payable, Date of Record | Dec. 18, 2023 | Dec. 18, 2023 |
Dividends Payable, Date to be Paid | Dec. 29, 2023 | Dec. 29, 2023 |
Nonvoting Common Stock [Member] | Dividends Declared Two [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Aug. 17, 2023 | Aug. 17, 2023 |
Dividend paid, amount per share | $ 0.04 | $ 0.04 |
Dividends Payable, Date of Record | Sep. 19, 2023 | Sep. 19, 2023 |
Dividends Payable, Date to be Paid | Sep. 29, 2023 | Sep. 29, 2023 |
Nonvoting Common Stock [Member] | Dividends Declared Three [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Jun. 07, 2023 | Jun. 07, 2023 |
Dividend paid, amount per share | $ 0.04 | $ 0.04 |
Dividends Payable, Date of Record | Jun. 20, 2023 | Jun. 20, 2023 |
Dividends Payable, Date to be Paid | Jun. 30, 2023 | Jun. 30, 2023 |
Nonvoting Common Stock [Member] | Dividends Declared Four [Member] | ||
Dividends Stock [Abstract] | ||
Dividends Payable, Date Declared | Dec. 07, 2022 | Dec. 07, 2022 |
Dividend paid, amount per share | $ 0.04 | $ 0.04 |
Dividends Payable, Date of Record | Dec. 19, 2022 | Dec. 19, 2022 |
Dividends Payable, Date to be Paid | Dec. 30, 2022 | Dec. 30, 2022 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 223,200 | $ 137,000 | |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability | 17,900 | ||
Cash paid for operating leases | 17,500 | $ 24,000 | |
Cash paid for finance leases | $ 86,166 | 95,290 | |
Operating Lease Payments | $ 5,100 |
Leases (Components of our right
Leases (Components of our right-of-use assets) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Finance Lease [Abstract] | ||
Buildings and Improvements | $ 145,958 | $ 128,221,000 |
Furniture and equipment | 1,693 | 9,687,000 |
Rental trailers and other rental equipment | 114,884 | 152,294,000 |
Rental trucks | 692,955 | 949,838,000 |
Right-of-use assets, gross | 955,490 | 1,240,040,000 |
Less: Accumulated depreciation | (563,885) | (706,358,000) |
Right of use assets, net | 391,605 | 533,682,000 |
Finance Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 0 | 0 |
Furniture and equipment | 1,693 | 9,687,000 |
Rental trailers and other rental equipment | 114,884 | 152,294,000 |
Rental trucks | 692,955 | 949,838,000 |
Right-of-use assets, gross | 809,532 | 1,111,819,000 |
Less: Accumulated depreciation | (483,288) | (637,054,000) |
Right of use assets, net | 326,244 | 474,765,000 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 145,958 | 128,221,000 |
Furniture and equipment | 0 | 0 |
Rental trailers and other rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right-of-use assets, gross | 145,958 | 128,221,000 |
Less: Accumulated depreciation | (80,597) | (69,304,000) |
Right of use assets, net | $ 65,361 | $ 58,917,000 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract] | ||
Remaining Lease Term Finance Lease Weighted Average | 1 | 2 |
Finance Lease Weighted Average Discount Rate Percent | 4.10% | 3.80% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | ||
Remaining Lease Term Operating Lease Weighted Average | 19.1 | 19.2 |
Operating Lease Weighted Average Discount Rate Percent | 4.60% | 4.70% |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease cost: | ||
Operating lease costs | $ 25,181 | $ 24,483,000 |
Finance lease cost: | ||
Amortization of right of use assets | 44,220 | 62,782,000 |
Interest on lease liabilities | 5,600 | 8,799,000 |
Total finance lease cost | $ 49,820 | $ 71,581,000 |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Finance Lease Liabilities Payments Due [Abstract] | ||
2024 (3 months) | $ 20,502 | |
2025 | $ 76,714 | |
2026 | 46,107 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 143,323 | |
Less: imputed interest | (6,284) | |
Financing lease liability | 137,039 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
2024 (3 months) | 27,168 | 6,880 |
2025 | 15,040 | 16,232 |
2026 | 12,112 | 9,527 |
2027 | 8,653 | 7,455 |
2028 | 5,666 | 6,501 |
Thereafter | 33,059 | 66,126 |
Total lease payments | 112,721 | |
Less: imputed interest | (48,179) | |
Operating lease liability | $ 64,542 | $ 58,373 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Sac Holdings [Member] | ||
Related party notes receivable: | ||
Interest paid (received) in cash on derivative contracts | $ 22.6 | $ 22.7 |
Related party costs and expenses: | ||
Cash flow, related party | 20.9 | 1.8 |
Revenue generated by the dealer agreement from related parties | 21 | |
Commission expenses, generated from dealer agreement with related parties | 1.8 | |
Private Mini [Member] | ||
Related party costs and expenses: | ||
Commission expenses, generated from dealer agreement with related parties | 65.7 | 71.3 |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | ||
Property Management Fee [Abstract] | ||
Property Management Fee Revenue | $ 25 | 24.9 |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member] | ||
Property Management Fee [Abstract] | ||
Management fee rate | 4% | |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member] | ||
Property Management Fee [Abstract] | ||
Management fee rate | 10% | |
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member] | ||
Related party costs and expenses: | ||
Payments For Purchase Of Other Assets 1 | $ 305.2 | $ 339.5 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related party transactions: | ||||
Management fee revenue | $ 10,138 | $ 10,080 | $ 28,582 | $ 28,496 |
Blackwater [Member] | ||||
Related party transactions: | ||||
Management fee revenue | 7,135 | 7,170 | 22,585 | 22,726 |
Mercury [Member] | ||||
Related party transactions: | ||||
Management fee revenue | $ 3,003 | $ 2,910 | $ 5,997 | $ 5,770 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related party cost and expense: | ||||
Costs and Expenses, Related Party | $ 20,400 | $ 20,600 | $ 69,700 | $ 73,100 |
Blackwater [Member] | ||||
Related party cost and expense: | ||||
Costs and Expenses, Related Party | 20,427 | 20,620 | 69,690 | 73,095 |
Lease expenses | Blackwater [Member] | ||||
Related party cost and expense: | ||||
Costs and Expenses, Related Party | 604 | 604 | 1,812 | 1,812 |
Printing expenses | Blackwater [Member] | ||||
Related party cost and expense: | ||||
Costs and Expenses, Related Party | 877 | 0 | 2,194 | 0 |
Commission expenses | Blackwater [Member] | ||||
Related party cost and expense: | ||||
Costs and Expenses, Related Party | $ 18,946 | $ 20,016 | $ 65,684 | $ 71,283 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Related Party Transaction [Line Items] | ||
Related party assets | $ 48,766 | $ 48,308 |
Blackwater [Member] | ||
Related Party Transaction [Line Items] | ||
Related party assets | 41,674 | 42,141 |
Mercury [Member] | ||
Related Party Transaction [Line Items] | ||
Related party assets | 13,711 | 8,402 |
Insurance Group [Member] | ||
Related Party Transaction [Line Items] | ||
Related party assets | $ 6,619 | $ (2,235) |
Consolidating Financial Infor_3
Consolidating Financial Information by Operating Segment - (Revenues and Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues [Abstract] | ||||
Revenues | $ 1,339,514 | $ 1,375,336 | $ 4,529,682 | $ 4,676,040 |
Earnings from operations before equity in earnings of subsidiaries, total | 197,588 | 320,011 | 1,019,601 | 1,335,459 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||||
Revenues [Abstract] | ||||
Revenues | 1,260,677 | 1,296,407 | 4,285,768 | 4,456,863 |
Earnings from operations before equity in earnings of subsidiaries, total | 180,467 | 304,717 | 968,862 | 1,301,277 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||
Revenues [Abstract] | ||||
Revenues | 29,303 | 28,466 | 88,994 | 74,911 |
Earnings from operations before equity in earnings of subsidiaries, total | 9,421 | 10,846 | 36,822 | 24,883 |
Operating Segments [Member] | Life Insurance [Member] | ||||
Revenues [Abstract] | ||||
Revenues | 52,715 | 52,962 | 163,918 | 152,761 |
Earnings from operations before equity in earnings of subsidiaries, total | 8,075 | 4,821 | 15,039 | 10,440 |
Intersegment Eliminations [Member] | ||||
Revenues [Abstract] | ||||
Revenues | 3,181 | (2,499) | (8,998) | (8,495) |
Earnings from operations before equity in earnings of subsidiaries, total | $ 375 | $ (373) | $ (1,122) | $ (1,141) |
Consolidating Financial Infor_4
Consolidating Financial Information by Operating Segment - (Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | |||
Total assets | $ 19,002,576 | $ 18,100,734 | $ 18,090,124 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
Assets [Abstract] | |||
Total assets | 16,193,912 | 15,211,493 | |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Assets [Abstract] | |||
Total assets | 480,429 | 459,897 | |
Operating Segments [Member] | Life Insurance [Member] | |||
Assets [Abstract] | |||
Total assets | 2,806,247 | 2,891,574 | |
Intersegment Eliminations [Member] | |||
Assets [Abstract] | |||
Total assets | $ (478,012) | $ (462,230) |
Geographic Area Data (Summary o
Geographic Area Data (Summary of Geographic Area Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Quarter ended: | |||||
Total revenues | $ 1,339,514 | $ 1,375,336 | $ 4,529,682 | $ 4,676,040 | |
Depreciation and amortization, net of (gains) losses on disposals | 180,387 | 121,704 | 489,930 | 371,641 | |
Interest expense | 67,450 | 59,041 | 191,991 | 166,033 | |
Pretax earnings | 129,773 | 260,616 | 826,516 | 1,167,505 | |
Income tax expense | 30,549 | 61,764 | 196,946 | 280,442 | |
Identifiable assets | 19,002,576 | 18,090,124 | 19,002,576 | 18,090,124 | $ 18,100,734 |
United States [Member] | |||||
Quarter ended: | |||||
Total revenues | 1,273,821 | 1,311,117 | 4,294,310 | 4,431,570 | |
Depreciation and amortization, net of (gains) losses on disposals | 176,864 | 119,864 | 486,262 | 365,585 | |
Interest expense | 66,772 | 58,367 | 189,900 | 163,792 | |
Pretax earnings | 125,531 | 253,386 | 801,045 | 1,129,487 | |
Income tax expense | 29,172 | 59,774 | 189,802 | 270,641 | |
Identifiable assets | 18,225,204 | 17,447,581 | 18,225,204 | 17,447,581 | |
Canada [Member] | |||||
Quarter ended: | |||||
Total revenues | 65,693 | 64,219 | 235,372 | 244,470 | |
Depreciation and amortization, net of (gains) losses on disposals | 3,523 | 1,840 | 3,668 | 6,056 | |
Interest expense | 678 | 674 | 2,091 | 2,241 | |
Pretax earnings | 4,242 | 7,230 | 25,471 | 38,018 | |
Income tax expense | 1,377 | 1,990 | 7,144 | 9,801 | |
Identifiable assets | $ 777,372 | $ 642,543 | $ 777,372 | $ 642,543 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Postemployment Benefits [Abstract] | ||||
Service cost for benefits earned during the period | $ 297 | $ 332 | $ 891 | $ 995 |
Other components of net periodic benefit costs: | ||||
Interest cost on accumulated postretirement benefit | 367 | 287 | 1,102 | 861 |
Other components | 2 | 17 | 8 | 51 |
Total other components of net periodic benefit costs | 365 | 304 | 1,094 | 912 |
Net periodic postretirement benefit cost | $ 662 | $ 636 | $ 1,985 | $ 1,907 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,805,976 | $ 2,060,524 |
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||
Liabilities Fair Value Carrying Value | 6,051,219 | 5,710,735 |
Carrying Value [Member] | ||
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | 1,520,000 | 1,809,400 |
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||
Liabilities Fair Value Carrying Value | $ 6,471,405 | $ 6,143,350 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Assets | ||
Receivables, Fair Value Disclosure | $ 154,846 | $ 146,736 |
Mortgage loans, net | 531,880 | 444,957 |
Other investments | 83,674 | 109,009 |
Total | 770,400 | 700,702 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,051,219 | 5,710,735 |
Total | 6,051,219 | 5,710,735 |
Level 2 [Member] | ||
Liabilities | ||
Notes, loans and leases payable, gross | 6,051,219 | 5,710,735 |
Total | 6,051,219 | 5,710,735 |
Level 3 [Member] | ||
Assets | ||
Receivables, Fair Value Disclosure | 154,846 | 146,736 |
Mortgage loans, net | 531,880 | 444,957 |
Other investments | 83,674 | 109,009 |
Total | 770,400 | 700,702 |
Carrying Value [Member] | ||
Assets | ||
Receivables, Fair Value Disclosure | 154,846 | 146,736 |
Mortgage loans, net | 567,784 | 466,531 |
Other investments | 83,674 | 109,009 |
Total | 806,304 | 722,276 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,471,405 | 6,143,350 |
Total | $ 6,471,405 | $ 6,143,350 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Assets: | ||
Fixed maturities - available for sale | $ 2,474,624 | $ 2,709,037 |
Preferred stock | 20,141 | 21,982 |
Common stock | 39,534 | 39,375 |
Derivatives | 13,881 | 9,606 |
Total | 2,548,180 | 2,780,000 |
Liabilities: | ||
Guaranteed residual values of TRAC leases | 9,645 | |
Total | 9,645 | |
Level 1 [Member] | ||
Assets: | ||
Fixed maturities - available for sale | 217,917 | 251,832 |
Preferred stock | 20,141 | 21,982 |
Common stock | 39,534 | 39,375 |
Derivatives | 8,795 | 4,295 |
Total | 286,387 | 317,484 |
Liabilities: | ||
Guaranteed residual values of TRAC leases | 0 | |
Total | 0 | |
Level 2 [Member] | ||
Assets: | ||
Fixed maturities - available for sale | 2,256,648 | 2,457,146 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 5,086 | 5,311 |
Total | 2,261,734 | 2,462,457 |
Liabilities: | ||
Guaranteed residual values of TRAC leases | 0 | |
Total | 0 | |
Level 3 [Member] | ||
Assets: | ||
Fixed maturities - available for sale | 59 | 59 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | 59 | $ 59 |
Liabilities: | ||
Guaranteed residual values of TRAC leases | 9,645 | |
Total | $ 9,645 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||||
Revenues Recognized Over Time | $ 73,785 | $ 69,797 | $ 283,468 | $ 300,082 |
Revenues recognized at a point in time | 85,732 | 92,698 | 315,084 | 338,019 |
Total revenues recognized under ASC 606 | 159,517 | 162,495 | 598,552 | 638,101 |
Revenues recognized under ASC 840 | 1,072,028 | 1,110,247 | 3,599,867 | 3,772,203 |
Revenues recognized under ASC 944 | 50,512 | 50,300 | 144,476 | 149,360 |
Revenues recognized under ASC 320 | 57,457 | 52,294 | 186,787 | 116,376 |
Total revenues | $ 1,339,514 | $ 1,375,336 | $ 4,529,682 | $ 4,676,040 |
Revenue Recognition (Revenue ov
Revenue Recognition (Revenue over time) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2024 | $ 27,168 | $ 6,880 |
2025 | 15,040 | 16,232 |
2026 | 12,112 | 9,527 |
2027 | 8,653 | 7,455 |
2028 | 5,666 | 6,501 |
Thereafter | 33,059 | $ 66,126 |
Self-moving equipment rentals | ||
Operating Lease Liabilities Payments Due [Abstract] | ||
2024 | 5,674 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Property lease revenues | ||
Operating Lease Liabilities Payments Due [Abstract] | ||
2024 | 21,494 | |
2025 | 15,040 | |
2026 | 12,112 | |
2027 | 8,653 | |
2028 | 5,666 | |
Thereafter | $ 33,059 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narratives) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable Impaired [Line Items] | |||
Trade receivable components | Segment | 2 | ||
Percentage of estimated gain loss | 4% | 4% | |
Paid and unpaid percentage | 1% | ||
Allowance for expected credit losses | $ 4.3 | $ 3.8 | |
Available for sale securities, accrued interest receivable | 30.8 | $ 29.6 | |
Premiums Receivable Gross | $ 7.2 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Premiums Receivable Gross | $ 4.1 | ||
Credit card receivables | |||
Financing Receivable Impaired [Line Items] | |||
Average Historical Chargeback Term | For credit card receivables, the Company uses a trailing 13 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days. | ||
Accrued interest receivables | |||
Financing Receivable Impaired [Line Items] | |||
Average Historical Chargeback Term | Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. |
Allowance for Credit Losses (Re
Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | $ 6,407 | $ 9,210 |
Transition adjustment current expected credit losses | 459 | (2,803) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
December 31, 2023 | 6,866 | 6,407 |
Trade Receivables | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 3,789 | 8,649 |
Transition adjustment current expected credit losses | 556 | (4,860) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
December 31, 2023 | 4,345 | 3,789 |
Investments, Fixed Maturities | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 2,101 | 60 |
Transition adjustment current expected credit losses | 397 | 2,041 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
December 31, 2023 | 1,704 | 2,101 |
Investments, Other | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 517 | 501 |
Transition adjustment current expected credit losses | 300 | 16 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
December 31, 2023 | $ 817 | $ 517 |
Accounting Pronouncements (Adop
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Statements Adjusted [Abstract] | ||||||
Assets | $ 18,100,734 | $ 19,002,576 | $ 18,090,124 | |||
Liabilities | 11,596,543 | 11,914,775 | ||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 6,504,191 | $ 5,894,075 | $ 7,087,801 | $ 7,030,378 | $ 6,455,727 | $ 6,324,173 |
Scenario Previously Reported [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Assets | 18,124,648 | 17,299,581 | ||||
Liabilities | 11,596,313 | 11,347,089 | ||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 6,528,335 | 5,952,492 | ||||
Cumulative Effect Period Of Adoption Adjustment [Member] | Life And Annuity Insurance Product Line [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Derecognition of shadow reserves | (25,141) | 26,131 | ||||
Re-measurement due to discount rate | 0 | 0 | ||||
Other adjustments | 1,227 | 1,471 | ||||
Subtotal | (23,914) | 27,602 | ||||
After adoption | 18,100,734 | 17,327,183 | ||||
Cumulative Effect Of Adoption Liabilities [Member] | Life And Annuity Insurance Product Line [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Derecognition of FIT on shadow reserves | (5,280) | 5,488 | ||||
Re-measurement due to discount rate | (1,626) | 87,258 | ||||
Re-measurement due to discount rate FIT | 342 | (18,324) | ||||
Other adjustments | 6,794 | 8,511 | ||||
Subtotal | 230 | 82,933 | ||||
After adoption | 11,596,543 | 11,430,022 | ||||
Cumulative Effect Of Adoption Comprehensive Income [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 267,046 | 46,384 | ||||
Cumulative Effect Of Adoption Comprehensive Income [Member] | Life And Annuity Insurance Product Line [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Derecognition of FIT on shadow reserves | 19,861 | 20,644 | ||||
Re-measurement due to discount rate | 1,626 | 87,258 | ||||
Re-measurement due to discount rate FIT | 342 | 18,324 | ||||
Other adjustments | 0 | 0 | ||||
Subtotal | 18,577 | 48,290 | ||||
After adoption | 285,623 | 1,906 | ||||
Cumulative Effect Of Adoption Stockholders Equity [Member] | Life And Annuity Insurance Product Line [Member] | ||||||
Statements Adjusted [Abstract] | ||||||
Derecognition of shadow reserves | 19,861 | 20,644 | ||||
Re-measurement due to discount rate FIT | 1,284 | 68,934 | ||||
Other adjustments | 5,567 | 7,042 | ||||
Subtotal | 24,144 | 55,332 | ||||
After adoption | $ 6,504,191 | $ 5,897,160 |
Accounting Pronouncements (Cons
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 |
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | $ 120,834 | $ 128,463 | ||
Assets | 19,002,576 | 18,100,734 | $ 18,090,124 | |
Policy benefits and losses, claims and loss expenses payable | 838,945 | 880,202 | ||
Deferred Income Tax Liabilities, Net | 1,427,769 | 1,329,489 | ||
Total liabilities | 11,914,775 | 11,596,543 | ||
Accumulated other comprehensive loss | 308,642 | 285,623 | ||
Retained earnings | 7,609,777 | 7,003,148 | ||
Stockholders' Equity Attributable to Parent | 7,087,801 | 6,504,191 | ||
Liabilities and Equity | $ 19,002,576 | $ 18,100,734 | ||
Before Transition Date [Member] | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | $ 89,749 | |||
Assets | 14,651,606 | |||
Policy benefits and losses, claims and loss expenses payable | 909,701 | |||
Deferred Income Tax Liabilities, Net | 1,199,280 | |||
Total liabilities | 9,732,515 | |||
Accumulated other comprehensive loss | 106,857 | |||
Retained earnings | 5,025,568 | |||
Stockholders' Equity Attributable to Parent | 4,919,091 | |||
Liabilities and Equity | 14,651,606 | |||
After Transition Date [Member] | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | 131,187 | |||
Assets | 14,693,044 | |||
Policy benefits and losses, claims and loss expenses payable | 1,040,951 | |||
Deferred Income Tax Liabilities, Net | 1,182,123 | |||
Total liabilities | 9,846,608 | |||
Accumulated other comprehensive loss | 42,319 | |||
Retained earnings | 5,017,451 | |||
Stockholders' Equity Attributable to Parent | 4,846,436 | |||
Liabilities and Equity | $ 14,693,044 |
Accounting Pronouncements (Effe
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | $ 120,834 | $ 128,463 | ||
Assets | 19,002,576 | 18,100,734 | $ 18,090,124 | |
Policy benefits and losses, claims and loss expenses payable | 838,945 | 880,202 | ||
Deferred Income Tax Liabilities, Net | 1,427,769 | 1,329,489 | ||
Total liabilities | 11,914,775 | 11,596,543 | ||
Accumulated other comprehensive loss | (308,642) | (285,623) | ||
Retained earnings | 7,609,777 | 7,003,148 | ||
Stockholders' Equity Attributable to Parent | 7,087,801 | 6,504,191 | ||
Liabilities and Equity | 19,002,576 | 18,100,734 | ||
Operating Segments [Member] | Life Insurance [Member] | ||||
Statements Adjusted [Abstract] | ||||
Assets | $ 2,806,247 | 2,891,574 | ||
Previously Reported | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | 152,377 | |||
Assets | 18,124,648 | $ 17,299,581 | ||
Policy benefits and losses, claims and loss expenses payable | 875,034 | |||
Deferred Income Tax Liabilities, Net | 1,334,427 | |||
Total liabilities | 11,596,313 | $ 11,347,089 | ||
Accumulated other comprehensive loss | (267,046) | |||
Retained earnings | 7,008,715 | |||
Stockholders' Equity Attributable to Parent | 6,528,335 | |||
Liabilities and Equity | 18,124,648 | |||
Effect of adoption | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | (23,914) | |||
Assets | (23,914) | |||
Policy benefits and losses, claims and loss expenses payable | 5,168 | |||
Deferred Income Tax Liabilities, Net | (4,938) | |||
Total liabilities | 230 | |||
Accumulated other comprehensive loss | (18,577) | |||
Retained earnings | (5,567) | |||
Stockholders' Equity Attributable to Parent | (24,144) | |||
Liabilities and Equity | $ (23,914) |
Accounting Pronouncements (Defe
Accounting Pronouncements (Deferred Acquisition Costs) (Details) $ in Thousands | Mar. 31, 2021 USD ($) |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | |
Balance, end of year March 31, 2021 | $ 89,749 |
Adjustments for removal of related balances in accumulated other comprehensive income | 41,438 |
Adjusted balance, beginning of year April 1, 2021 | 131,187 |
Deferred Fixed Annuity [Member] | |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | |
Balance, end of year March 31, 2021 | 15,654 |
Adjustments for removal of related balances in accumulated other comprehensive income | 41,438 |
Adjusted balance, beginning of year April 1, 2021 | 57,092 |
Life And Annuity Insurance Product Line [Member] | |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | |
Balance, end of year March 31, 2021 | 64,552 |
Adjustments for removal of related balances in accumulated other comprehensive income | 0 |
Adjusted balance, beginning of year April 1, 2021 | 64,552 |
Health Insurance Product Line [Member] | |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | |
Balance, end of year March 31, 2021 | 9,543 |
Adjustments for removal of related balances in accumulated other comprehensive income | 0 |
Adjusted balance, beginning of year April 1, 2021 | $ 9,543 |
Accounting Pronouncements (De_2
Accounting Pronouncements (Deferred Future Policy Benefits) (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Mar. 31, 2021 |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | $ 337,022 | |
Change in discount rate assumptions | $ 123,132 | |
Change in cash flow assumptions, net of premiums exceeding gross premiums | 1,747 | |
Change in cash flow assumptions, effect of decrease of the deferred profit liability | 2,580 | |
Adjusted balance, beginning of year April 1, 2021 | 464,481 | |
Deferred Fixed Annuity [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 8,370 | |
Change in discount rate assumptions | 2,307 | |
Change in cash flow assumptions, net of premiums exceeding gross premiums | 0 | |
Change in cash flow assumptions, effect of decrease of the deferred profit liability | 0 | |
Adjusted balance, beginning of year April 1, 2021 | 10,677 | |
Life And Annuity Insurance Product Line [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 310,311 | |
Change in discount rate assumptions | 115,978 | |
Change in cash flow assumptions, net of premiums exceeding gross premiums | 1,747 | |
Change in cash flow assumptions, effect of decrease of the deferred profit liability | 2,580 | |
Adjusted balance, beginning of year April 1, 2021 | 430,616 | |
Health Insurance Product Line [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 18,341 | |
Change in discount rate assumptions | 4,847 | |
Change in cash flow assumptions, net of premiums exceeding gross premiums | 0 | |
Change in cash flow assumptions, effect of decrease of the deferred profit liability | $ 0 | |
Adjusted balance, beginning of year April 1, 2021 | $ 23,188 |
Accounting Pronouncements (Mark
Accounting Pronouncements (Market Risk Benefits) (Details) - Deferred Fixed Annuity [Member] $ in Thousands | Mar. 31, 2021 USD ($) |
Market Risk Benefit After Increase Decrease From Instrument Specific Credit Risk Alternative [Abstract] | |
Balance, end of year March 31, 2021 | $ 7,339 |
Adjustment for difference between carrying amount and fair value, excepts for the difference due to instrument specific credit risk | 3,791 |
Adjusted balance, beginning of year April 1, 2021 | $ 11,130 |
Accounting Pronouncements (Tran
Accounting Pronouncements (Transition Adjustment Stockholders' Equity) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
Liability For Future Policy Benefits [Abstract] | ||||||
Deferred acquisition costs and related asset balances | $ 120,834 | $ 128,463 | $ 133,720 | $ 131,430 | ||
Tax effect | 308,642 | 285,623 | ||||
Stockholders' Equity Attributable to Parent | 7,087,801 | 6,504,191 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Liability For Future Policy Benefits [Abstract] | ||||||
Tax effect | 308,642 | $ 275,664 | $ 285,623 | $ 303,736 | $ 243,497 | $ 4,992 |
Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member] | ||||||
Liability For Future Policy Benefits [Abstract] | ||||||
Liability For Future Policy Benefits | (4,327) | |||||
Market risk benefits | (3,791) | |||||
Stockholders' Equity Attributable to Parent | (8,118) | |||||
Cumulative Effect Period Of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Liability For Future Policy Benefits [Abstract] | ||||||
Liability For Future Policy Benefits | (123,132) | |||||
Deferred acquisition costs and related asset balances | 41,438 | |||||
Tax effect | 17,156 | |||||
Stockholders' Equity Attributable to Parent | $ (64,538) |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs, Net (Schedule of Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | $ 128,463 | $ 131,430 |
Capitalization | 11,397 | 20,406 |
Amortization expense | (19,026) | (18,116) |
Balance, end of year | 120,834 | 133,720 |
Payout Annuities | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 55,396 | 55,261 |
Capitalization | 8,007 | 14,403 |
Amortization expense | (11,461) | (11,972) |
Balance, end of year | 51,942 | 57,692 |
Life Insurance | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 66,954 | 67,573 |
Capitalization | 3,213 | 5,667 |
Amortization expense | (6,586) | (4,722) |
Balance, end of year | 63,581 | 68,518 |
Health Insurance | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 6,113 | 8,596 |
Capitalization | 177 | 336 |
Amortization expense | (979) | (1,422) |
Balance, end of year | $ 5,311 | $ 7,510 |
Policy Benefits And Losses Clai
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Net Premiums) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Apr. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Liability For Future Policy Benefit Expected Net Premium [Roll Forward] | ||||||
Balance, beginning of the year | $ 123,132 | |||||
Effect of actual variances from expected variances | $ 2,580 | |||||
Other | 464,481 | |||||
Effect of changes in discount rate assumptions (AOCI) | 337,022 | |||||
Life Insurance [Member] | ||||||
Liability For Future Policy Benefit Expected Net Premium [Roll Forward] | ||||||
Balance, beginning of the year | $ 419,687 | $ 561,103 | ||||
Beginning balance at original discount rate | 437,525 | 496,048 | ||||
Effect of actual variances from expected variances | $ 2 | |||||
Adjust beginning of year balance | $ 427,376 | 496,046 | ||||
Issuances | 6,770 | 16,556 | ||||
Interest accrual | 14,439 | 16,673 | ||||
Net premium collected | 49,599 | 54,736 | ||||
Ending balance at original discount rate | 398,986 | 474,539 | ||||
Effect of changes in discount rate assumptions (AOCI) | 26,600 | 24,870 | ||||
Balance, end of period | 372,386 | 449,669 | ||||
Life Insurance Segment [Member] | Oxford | ||||||
Liability For Future Policy Benefit Expected Net Premium [Roll Forward] | ||||||
Balance, beginning of the year | 223,118 | 280,371 | ||||
Beginning balance at original discount rate | 225,071 | 242,741 | ||||
Effect of actual variances from expected variances | 1,621 | 1,259 | ||||
Adjust beginning of year balance | 224,487 | 241,482 | ||||
Issuances | 6,692 | 14,101 | ||||
Interest accrual | 8,367 | 9,036 | ||||
Net premium collected | 29,812 | 32,270 | ||||
Ending balance at original discount rate | 209,734 | 232,349 | ||||
Effect of changes in discount rate assumptions (AOCI) | 6,878 | 3,811 | ||||
Balance, end of period | 202,856 | 228,538 | ||||
Health Insurance Product Line [Member] | ||||||
Liability For Future Policy Benefit Expected Net Premium [Roll Forward] | ||||||
Balance, beginning of the year | 4,847 | |||||
Effect of actual variances from expected variances | 0 | |||||
Other | $ 23,188 | |||||
Effect of changes in discount rate assumptions (AOCI) | $ 18,341 | |||||
Health Insurance Product Line [Member] | Oxford | ||||||
Liability For Future Policy Benefit Expected Net Premium [Roll Forward] | ||||||
Balance, beginning of the year | 196,569 | 280,732 | ||||
Beginning balance at original discount rate | 212,454 | 253,307 | ||||
Effect of actual variances from expected variances | 8,650 | 1,257 | ||||
Adjust beginning of year balance | $ 202,889 | $ 254,564 | ||||
Issuances | 78 | 2,455 | ||||
Interest accrual | 6,072 | 7,637 | ||||
Net premium collected | 19,787 | 22,466 | ||||
Ending balance at original discount rate | 189,252 | 242,190 | ||||
Effect of changes in discount rate assumptions (AOCI) | 19,722 | 21,059 | ||||
Balance, end of period | $ 169,530 | $ 221,131 |
Policy Benefits And Losses Cl_2
Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Future Policy Benefits) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward] | |||||
Payout annuities and market risk benefits | $ 2,363,143 | $ 2,398,884 | |||
Life and annuity ICOS and IBNR / Reinsurance losses payable | $ 41,438 | ||||
End of period balance, Oxford | 373,100 | ||||
Policy benefit and losses, claims and loss expense balance, end of period | 838,945 | 880,202 | |||
Life Insurance [Member] | |||||
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 741,037 | $ 971,882 | 971,882 | ||
Beginning balance at original discount rate | 760,198 | 821,286 | 821,286 | ||
Effect of actual variances from expected experience | 10,149 | 10,271 | $ 1,901 | ||
Adjusted beginning of year balance | 749,927 | 823,187 | |||
Issuances | 6,824 | 16,555 | |||
Interest accrual | 26,350 | 28,791 | |||
Net premium collected | 62,401 | 69,475 | |||
Ending balance at original discount rate | 720,700 | 799,058 | 760,198 | 821,286 | |
Effect of changes in discount rate assumptions (AOCI) | 39,847 | 31,386 | |||
Balance, end of the year | 680,853 | 767,672 | 741,037 | 971,882 | |
End of period, LFPB, net | 308,467 | 318,003 | |||
Payout annuities and market risk benefits | 31,048 | 33,049 | |||
Life and annuity ICOS and IBNR / Reinsurance losses payable | 9,556 | 10,387 | |||
Life DPL/Other life and health | 23,724 | 35,276 | |||
End of period balance, Oxford | 373,069 | 397,166 | |||
Balance, Moving and Storage | 317,409 | 342,645 | |||
Balance, Property and Casualty | 148,467 | 156,259 | |||
Policy benefit and losses, claims and loss expense balance, end of period | 838,945 | 896,070 | |||
Life Insurance Segment [Member] | Oxford | |||||
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 530,983 | 672,254 | 672,254 | ||
Beginning balance at original discount rate | 533,688 | 552,109 | 552,109 | ||
Effect of actual variances from expected experience | 584 | 150 | |||
Adjusted beginning of year balance | 532,067 | 551,959 | |||
Issuances | 6,746 | 14,101 | |||
Interest accrual | 19,830 | 20,654 | |||
Net premium collected | 39,544 | 43,602 | |||
Ending balance at original discount rate | 519,099 | 543,112 | 533,688 | 552,109 | |
Effect of changes in discount rate assumptions (AOCI) | 19,397 | 9,514 | |||
Balance, end of the year | 499,702 | 533,598 | 530,983 | 672,254 | |
Health Insurance Product Line [Member] | |||||
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward] | |||||
Life and annuity ICOS and IBNR / Reinsurance losses payable | $ 0 | ||||
Health Insurance Product Line [Member] | Oxford | |||||
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward] | |||||
Balance, beginning of year | 210,054 | 299,628 | 299,628 | ||
Beginning balance at original discount rate | 226,510 | 269,177 | 269,177 | ||
Effect of actual variances from expected experience | 9,565 | 2,051 | |||
Adjusted beginning of year balance | 217,860 | 271,228 | |||
Issuances | 78 | 2,454 | |||
Interest accrual | 6,520 | 8,137 | |||
Net premium collected | 22,857 | 25,873 | |||
Ending balance at original discount rate | 201,601 | 255,946 | 226,510 | 269,177 | |
Effect of changes in discount rate assumptions (AOCI) | 20,450 | 21,872 | |||
Balance, end of the year | $ 181,151 | $ 234,074 | $ 210,054 | $ 299,628 |
Policy Benefits And Losses Cl_3
Policy Benefits And Losses Claims And Loss Expenses Payable (Sensitive Life Insurance Type Products) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Liability For Future Policy Benefits [Abstract] | ||||
Gross premiums | $ 67,376 | $ 75,085 | $ 67,376 | $ 75,085 |
Gross premiums | 67,376 | 75,085 | 67,376 | 75,085 |
Interest expense | 67,450 | 59,041 | 191,991 | 166,033 |
Expected gross premiums: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | 696,990 | 836,681 | 696,990 | 836,681 |
Discounted balance at original discount rate | 540,121 | 644,354 | 540,121 | 644,354 |
Discounted balance at current discount rate | 506,333 | 613,546 | 506,333 | 613,546 |
Expected policy benefits: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | 1,012,877 | 1,128,215 | 1,012,877 | 1,128,215 |
Discounted balance at original discount rate | 720,700 | 799,058 | 720,700 | 799,058 |
Discounted balance at current discount rate | 680,853 | 767,672 | 680,853 | 767,672 |
Life Insurance [Member] | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Interest expense | 11,911 | 12,118 | ||
Oxford | Life Insurance [Member] | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Interest expense | 11,463 | |||
Life Insurance Segment [Member] | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Gross premiums | $ 39,979 | $ 42,977 | $ 39,979 | $ 42,977 |
Expected future lifetime (persistency) of policies in force (years) | 6 years 10 months 24 days | 7 years | 6 years 10 months 24 days | 7 years |
Weighted average original interest rate of the liability for future policy benefits | 5% | 5.02% | 5% | 5.02% |
Weighted average current interest rate of the liability for future policy benefits | 4.80% | 1.52% | 4.80% | 1.52% |
Life Insurance Segment [Member] | Expected gross premiums: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | $ 377,068 | $ 413,315 | $ 377,068 | $ 413,315 |
Discounted balance at original discount rate | 291,900 | 318,749 | 291,900 | 318,749 |
Discounted balance at current discount rate | 281,927 | 313,083 | 281,927 | 313,083 |
Life Insurance Segment [Member] | Expected policy benefits: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | 752,194 | 793,511 | 752,194 | 793,511 |
Discounted balance at original discount rate | 519,099 | 543,111 | 519,099 | 543,111 |
Discounted balance at current discount rate | $ 499,702 | $ 533,597 | $ 499,702 | $ 533,597 |
Life Insurance Segment [Member] | Lapses actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.0457 | 0.0485 | 0.0457 | 0.0485 |
Life Insurance Segment [Member] | Mortality expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.0507 | 0.048 | 0.0507 | 0.048 |
Life Insurance Segment [Member] | Lapses actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.0218 | 0.0208 | 0.0218 | 0.0208 |
Life Insurance Segment [Member] | Lapses expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.0264 | 0.0252 | 0.0264 | 0.0252 |
Life Insurance Segment [Member] | Morbidity actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Life Insurance Segment [Member] | Morbidity expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Life Insurance Segment [Member] | Oxford | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Interest expense | $ 11,618 | |||
Health Insurance Product Line [Member] | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Gross premiums | $ 27,397 | $ 32,108 | $ 27,397 | $ 32,108 |
Expected future lifetime (persistency) of policies in force (years) | 6 years 6 months | 6 years 8 months 12 days | 6 years 6 months | 6 years 8 months 12 days |
Weighted average original interest rate of the liability for future policy benefits | 4.01% | 4.02% | 4.01% | 4.02% |
Weighted average current interest rate of the liability for future policy benefits | 4.80% | 1.51% | 4.80% | 1.51% |
Health Insurance Product Line [Member] | Expected gross premiums: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | $ 319,922 | $ 423,366 | $ 319,922 | $ 423,366 |
Discounted balance at original discount rate | 248,221 | 325,605 | 248,221 | 325,605 |
Discounted balance at current discount rate | 224,406 | 300,463 | 224,406 | 300,463 |
Health Insurance Product Line [Member] | Expected policy benefits: | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Undiscounted balance | 260,683 | 334,704 | 260,683 | 334,704 |
Discounted balance at original discount rate | 201,601 | 255,947 | 201,601 | 255,947 |
Discounted balance at current discount rate | $ 181,151 | $ 234,075 | $ 181,151 | $ 234,075 |
Health Insurance Product Line [Member] | Lapses actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Health Insurance Product Line [Member] | Mortality expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Health Insurance Product Line [Member] | Lapses actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Health Insurance Product Line [Member] | Lapses expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0 | 0 | 0 | 0 |
Health Insurance Product Line [Member] | Morbidity actual experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.8117 | 0.7794 | 0.8117 | 0.7794 |
Health Insurance Product Line [Member] | Morbidity expected experience | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Market Risk Benefit Measurement Input | 0.7365 | 0.7141 | 0.7365 | 0.7141 |
Health Insurance Product Line [Member] | Oxford | ||||
Liability For Future Policy Benefits [Abstract] | ||||
Interest expense | $ 448 | $ 500 |
Policy Benefits And Losses Cl_4
Policy Benefits And Losses Claims And Loss Expenses Payable (Balance Changes Liabilities Investment Contracts) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Policyholder Account Balance [Roll Forward] | ||
Policyholder contract deposits account balance Beginning of year | $ 8,232 | |
End of period | 8,012 | |
Deferred Fixed Annuity [Member] | ||
Policyholder Account Balance [Roll Forward] | ||
Policyholder contract deposits account balance Beginning of year | 2,398,884 | $ 2,336,238 |
Deposits received | 206,800 | 243,144 |
Surrenders and withdrawals | (265,999) | (195,801) |
Benefit payments | (29,136) | (27,207) |
Interest credited | 52,594 | 40,328 |
End of period | $ 2,363,143 | $ 2,396,702 |
Weighted average credited rate | 2.96% | 2.27% |
Cash surrender value | $ 2,025,409 | $ 2,062,711 |