Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | May 21, 2021 | Sep. 30, 2020 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | AMERCO | ||
Entity Central Index Key | 0000004457 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,206,757,547 | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 19,607,788 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-11255 | ||
Entity Tax Identification Number | 88-0106815 | ||
Entity Address Address Line 1 | 5555 Kietzke Lane | ||
Entity Address Address Line 2 | Ste. 100 | ||
Entity Address City Or Town | Reno | ||
Entity Address State Or Province | NV | ||
Entity Address Postal Zip Code | 89511 | ||
City Area Code | 775 | ||
Local Phone Number | 688-6300 | ||
Security 12b Title | Common stock, $0.25 par value | ||
Trading Symbol | UHAL | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | NV | ||
Document Annual Report | true | ||
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
ASSETS: | ||
Cash and cash equivalents | $ 1,194,012 | $ 494,352 |
Reinsurance recoverables and trade receivables, net | 224,426 | 186,672 |
Inventories, net | 105,577 | 101,083 |
Prepaid expenses | 469,144 | 562,904 |
Investments, fixed maturities and marketable equities | 2,695,656 | 2,492,738 |
Investments, other | 489,759 | 360,373 |
Deferred policy acquisition costs, net | 89,749 | 103,118 |
Other assets | 47,730 | 71,956 |
Right of use assets, financing, net | 877,038 | 1,080,353 |
Right of use assets, operating | 92,505 | 106,631 |
Related party assets | 35,395 | 34,784 |
Subtotal assets | 6,320,991 | 5,594,964 |
Property, plant and equipment, at cost: | ||
Land | 1,075,813 | 1,032,945 |
Buildings and improvements | 5,163,705 | 4,663,461 |
Furniture and equipment | 786,505 | 752,363 |
Property, plant and equipment (gross) | 11,413,668 | 10,556,222 |
Less: Accumulated depreciation | (3,083,053) | (2,713,162) |
Total property, plant and equipment | 8,330,615 | 7,843,060 |
Total assets | 14,651,606 | 13,438,024 |
Liabilities: | ||
Accounts payable and accrued expenses | 645,575 | 554,353 |
Notes, loans and leases payable | 4,668,907 | 4,621,291 |
Operating lease liabilities | 92,510 | 106,443 |
Policy benefits and losses, claims and loss expenses payable | 997,701 | 997,647 |
Liabilities from investment contracts | 2,161,530 | 1,802,217 |
Other policyholders' funds and liabilities | 12,420 | 10,190 |
Deferred income | 42,592 | 31,620 |
Deferred income taxes, net | 1,178,489 | 1,093,543 |
Total liabilities | 9,799,724 | 9,217,304 |
Commitments and contingencies (notes 9, 16, 17 and 18) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,819 | 453,819 |
Accumulated other comprehensive loss | 106,857 | 34,652 |
Retained earnings | 4,958,359 | 4,399,402 |
Unearned employee stock ownership plan shares | 0 | 0 |
Total stockholders' equity | 4,851,882 | 4,220,720 |
Total liabilities and stockholders' equity | 14,651,606 | 13,438,024 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 0 | 0 |
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
Common Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (525,653) | (525,653) |
Preferred Stock in Treasury [Member] | ||
Stockholders' equity: | ||
Treasury stock, value | (151,997) | (151,997) |
Rental Trailers and Other Rental Equipment [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | 477,921 | 511,520 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 3,909,724 | $ 3,595,933 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical | Mar. 31, 2021$ / sharesshares |
Series Preferred Stock With or Without Par Value Authorized [Member] | |
Preferred stock: | |
Preferred stock, shares authorized | 50,000,000 |
Series A Preferred Stock [Member] | |
Preferred stock: | |
Preferred stock, shares authorized | 6,100,000 |
Preferred stock, shares issued | 6,100,000 |
Series B Preferred Stock [Member] | |
Preferred stock: | |
Preferred stock, shares authorized | 100,000 |
Series Common Stock With or Without Par Value Authorized [Member] | |
Preferred stock: | |
Preferred stock, shares authorized | 250,000,000 |
Serial Common Stock [Member] | |
Common stock: | |
Common stock, shares authorized | 10,000,000 |
Common stock, par or stated value per share | $ / shares | $ 0.25 |
Common Stock [Member] | |
Common stock: | |
Common stock, shares authorized | 250,000,000 |
Common stock, par or stated value per share | $ / shares | $ 0.25 |
Amerco Common Stock [Member] | |
Common stock: | |
Common stock, shares authorized | 250,000,000 |
Common stock, shares, issued | 41,985,700 |
Common stock, shares, outstanding | 19,607,788 |
Common stock, par or stated value per share | $ / shares | $ 0.25 |
Common Stock in Treasury [Member] | |
Treasury stock: | |
Treasury stock, shares | 22,377,912 |
Preferred Stock in Treasury [Member] | |
Treasury stock: | |
Treasury stock, shares | 6,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | |||
Self-moving equipment rentals | $ 3,083,317 | $ 2,692,413 | $ 2,653,497 |
Self-storage revenues | 477,262 | 418,741 | 367,276 |
Self-moving and self-storage products and service sales | 344,929 | 265,091 | 264,146 |
Property management fees | 31,603 | 30,406 | 29,148 |
Life insurance premiums | 121,609 | 127,976 | 63,488 |
Property and casualty insurance premiums | 68,779 | 66,053 | 60,853 |
Net investment and interest income | 122,938 | 137,829 | 110,934 |
Other revenue | 291,548 | 240,359 | 219,365 |
Total revenues | 4,541,985 | 3,978,868 | 3,768,707 |
Costs and expenses: | |||
Operating expenses | 2,187,684 | 2,117,148 | 1,981,180 |
Commission expenses | 329,609 | 288,332 | 288,408 |
Cost of sales | 214,059 | 164,018 | 162,142 |
Benefits and losses | 179,512 | 174,836 | 100,277 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Lease expense | 28,470 | 26,882 | 33,158 |
Depreciation, net of (gains) losses on disposals | 609,930 | 637,063 | 554,043 |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Total costs and expenses | 3,580,838 | 3,438,740 | 3,147,720 |
Earnings from operations | 961,147 | 540,128 | 620,987 |
Other components of net periodic benefit costs | (987) | (1,054) | (1,013) |
Interest expense | (163,502) | (160,950) | (142,445) |
Pretax earnings | 796,658 | 378,124 | 477,529 |
Income tax expense | (185,802) | 63,924 | (106,672) |
Earnings available to common shareholders | $ 610,856 | $ 442,048 | $ 370,857 |
Basic and diluted earnings per common share | $ 31.15 | $ 22.55 | $ 18.93 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,603,708 | 19,592,048 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation: | |||
Net gains on disposal of personal property | $ (54,071) | $ (27,057) | $ (26,982) |
Related party: | |||
Related party revenues, net of eliminations | 31,603 | 30,406 | 29,148 |
Related party, costs and expenses, net of eliminations | $ 71,824 | $ 64,697 | $ 64,112 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Comprehensive income (loss) (pretax): | |||
Net earnings | $ 796,658 | $ 378,124 | $ 477,529 |
Comprehensive income (loss) (tax effect): | |||
Net earnings | (185,802) | 63,924 | (106,672) |
Comprehensive income (loss) (net of tax): | |||
Net earnings | 610,856 | 442,048 | 370,857 |
Other comprehensive income (loss): | |||
Foreign currency translation (pretax) | (5,694) | 9,377 | (1,759) |
Foreign currency translation (tax effect) | 0 | 0 | 0 |
Foreign currency translation (net of tax) | (5,694) | 9,377 | (1,759) |
Unrealized gain (loss) on investments (pretax) | 96,170 | 124,566 | (76,124) |
Unrealized gain (loss) on investments (tax effect) | (19,201) | (26,623) | 16,356 |
Unrealized gain (loss) on investments (net of tax) | 76,969 | 97,943 | (59,768) |
Change in fair value of cash flow hedges (pretax) | (569) | (8,352) | 598 |
Change in fair value of cash flow hedges (tax effect) | 140 | 2,051 | (147) |
Change in fair value of cash flow hedges (net of tax) | (429) | (6,301) | 451 |
Amounts reclassified into earnings on hedging activities, (pre tax) | 3,640 | (3) | 35 |
Amounts reclassified into earnings on hedging activities (tax effect) | (894) | 1 | (9) |
Amounts reclassified into earnings on hedging,( net of tax) | 2,746 | (2) | 26 |
Postretirement benefit obligation gain (loss) (pretax) | (1,838) | 441 | (1,359) |
Postretirement benefit obligation gain (loss) (tax effect) | 451 | (108) | 334 |
Postretirement benefit obligation gain (loss) (net of tax) | (1,387) | 333 | (1,025) |
Total other comprehensive income (loss) (pretax) | 91,709 | 126,029 | (78,609) |
Total other comprehensive income (loss) (tax effect) | (19,504) | (24,679) | 16,534 |
Total other comprehensive income loss, net | 72,205 | 101,350 | (62,075) |
Total comprehensive income | 888,367 | 504,153 | 398,920 |
Total comprehensive income, tax | (205,306) | 39,245 | (90,138) |
Total comprehensive income, net | $ 683,061 | $ 543,398 | $ 308,782 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] | Less: Unearned Employee Stock Ownership Plan Shares [Member] |
Balance at Mar. 31, 2018 | $ 3,408,708 | $ 10,497 | $ 452,746 | $ (4,623) | $ 3,635,561 | $ (525,653) | $ (151,997) | $ (7,823) |
Consolidated statement of change in equity | ||||||||
Unrealized net loss on investments, less adoption of ASU 2016-01 | 0 | 0 | 0 | (9,724) | 9,724 | 0 | 0 | 0 |
Increase in market value of released ESOP shares | 580 | 0 | 580 | 0 | 0 | 0 | 0 | 0 |
Release of unearned ESOP Shares | 9,392 | 0 | 0 | 0 | 0 | 0 | 0 | 9,392 |
Purchase of ESOP shares | (5,617) | 0 | 0 | 0 | 0 | 0 | 0 | (5,617) |
Foreign currency translation | (1,759) | 0 | 0 | (1,759) | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (50,044) | 0 | 0 | (50,044) | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 451 | 0 | 0 | 451 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 26 | 0 | 0 | 26 | 0 | 0 | 0 | 0 |
Adjustment to postretirement benefit obligation | (1,025) | 0 | 0 | (1,025) | 0 | 0 | 0 | 0 |
Net earnings | 370,857 | 0 | 0 | 0 | 370,857 | 0 | 0 | 0 |
Common stock dividends | (39,180) | 0 | 0 | 0 | (39,180) | 0 | 0 | 0 |
Net activity | 283,681 | 0 | 580 | (62,075) | 341,401 | 0 | 0 | 3,775 |
Balance at Mar. 31, 2019 | 3,692,389 | 10,497 | 453,326 | (66,698) | 3,976,962 | (525,653) | (151,997) | (4,048) |
Consolidated statement of change in equity | ||||||||
Increase in market value of released ESOP shares | 493 | 0 | 493 | 0 | 0 | 0 | 0 | 0 |
Release of unearned ESOP Shares | 4,253 | 0 | 0 | 0 | 0 | 0 | 0 | 4,253 |
Purchase of ESOP shares | (205) | 0 | 0 | 0 | 0 | 0 | 0 | (205) |
Foreign currency translation | 9,377 | 0 | 0 | 9,377 | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | 97,943 | 0 | 0 | 97,943 | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | (6,301) | 0 | 0 | (6,301) | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | (2) | 0 | 0 | (2) | 0 | 0 | 0 | 0 |
Adjustment to postretirement benefit obligation | 333 | 0 | 0 | 333 | 0 | 0 | 0 | 0 |
Net earnings | 442,048 | 0 | 0 | 0 | 442,048 | 0 | 0 | 0 |
Common stock dividends | (19,608) | 0 | 0 | 0 | (19,608) | 0 | 0 | 0 |
Net activity | 528,331 | 0 | 493 | 101,350 | 422,440 | 0 | 0 | 4,048 |
Balance at Mar. 31, 2020 | 4,220,720 | 10,497 | 453,819 | 34,652 | 4,399,402 | (525,653) | (151,997) | 0 |
Consolidated statement of change in equity | ||||||||
Adjustment for adoption of ASU 2016-13 | (2,880) | 0 | 0 | 0 | (2,880) | 0 | 0 | 0 |
Purchase of ESOP shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation | (5,694) | 0 | 0 | (5,694) | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | 76,969 | 0 | 0 | 76,969 | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | (429) | 0 | 0 | (429) | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 2,746 | 0 | 0 | 2,746 | 0 | 0 | 0 | 0 |
Adjustment to postretirement benefit obligation | (1,387) | 0 | 0 | (1,387) | 0 | 0 | 0 | 0 |
Net earnings | 610,856 | 0 | 0 | 0 | 610,856 | 0 | 0 | 0 |
Common stock dividends | (49,019) | 0 | 0 | 0 | (49,019) | 0 | 0 | 0 |
Net activity | 631,162 | 0 | 0 | 72,205 | 558,957 | 0 | 0 | 0 |
Balance at Mar. 31, 2021 | $ 4,851,882 | $ 10,497 | $ 453,819 | $ 106,857 | $ 4,958,359 | $ (525,653) | $ (151,997) | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity Parenthetical - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 2.50 | $ 1 | $ 2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flow from operating activities: | |||
Net earnings | $ 610,856 | $ 442,048 | $ 370,857 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 664,001 | 664,120 | 581,025 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Amortization of premiums and accretion of discounts related to investments, net | 14,229 | 13,317 | 13,107 |
Amortization of debt issuance costs | 5,948 | 4,426 | 3,923 |
Interest credited to policyholders | 55,321 | 51,857 | 35,387 |
Change in allowance for losses on trade receivables | 1,206 | (14) | 52 |
Change in allowance for inventory reserves | 1,298 | 640 | (146) |
Net gains on disposal of personal property | (54,071) | (27,057) | (26,982) |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Net gains on sales of investments | (10,058) | (13,596) | (2,663) |
Net losses on equity investments | (394) | (3,783) | 5,739 |
Deferred income taxes | 68,411 | 317,893 | 106,811 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | (39,516) | 38,129 | (31,365) |
Inventories and parts | (5,775) | 1,776 | (13,492) |
Prepaid expenses | 94,359 | (391,120) | (8,620) |
Capitalization of deferred policy acquisition costs | (36,162) | (24,447) | (25,957) |
Other assets | 29,865 | (1,295) | 157,152 |
Related party assets | (487) | (5,645) | 4,194 |
Accounts payable and accrued expenses | 92,925 | (4,530) | 10,263 |
Policy benefits and losses, claims and loss expenses payable | (1,992) | (12,618) | (236,120) |
Other policyholders' funds and liabilities | 2,230 | (4,857) | 5,007 |
Deferred income | 11,567 | (1,818) | 966 |
Related party liabilities | 60 | 1,626 | (2,067) |
Net cash provided by operating activities | 1,535,395 | 1,075,513 | 975,583 |
Cash flow from investing activities: | |||
Escrow deposits | (5,221) | 6,617 | 4,299 |
Purchase of: | |||
Property, plant and equipment | (1,441,475) | (2,309,406) | (1,869,968) |
Short term investments | (69,929) | (61,226) | (54,048) |
Fixed maturities investments | (606,233) | (379,349) | (540,045) |
Equity securities | (962) | (83) | (957) |
Preferred stock | (16,144) | 0 | 0 |
Real estate | (622) | (4,286) | (635) |
Mortgage loans | (158,071) | (62,016) | (63,611) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 537,484 | 687,375 | 606,271 |
Short term investments | 69,718 | 59,056 | 66,037 |
Fixed maturities investments | 529,239 | 268,636 | 123,551 |
Equity securities | 207 | 185 | 8,608 |
Preferred stock | 2,700 | 2,375 | 1,625 |
Real estate | 255 | 311 | 0 |
Mortgage loans | 29,525 | 25,162 | 147,737 |
Net cash used by investing activities | (1,129,529) | (1,766,649) | (1,571,136) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 922,008 | 1,121,412 | 897,311 |
Principal repayments on credit facilities | (662,588) | (349,986) | (299,748) |
Debt issuance costs | (5,793) | (5,332) | (7,243) |
Capital lease payments | (221,247) | (307,782) | (303,431) |
Employee stock ownership plan shares | 0 | (206) | (418) |
Common stock dividends paid | (49,019) | (29,404) | (39,179) |
Investment contract deposits | 517,856 | 234,640 | 400,123 |
Investment contract withdrawals | (213,864) | (151,022) | (132,833) |
Net cash provided by financing activities | 287,353 | 512,320 | 514,582 |
Effects of exchange rate on cash | 6,441 | (533) | (4,716) |
Increase (decrease) in cash and cash equivalents | 699,660 | (179,349) | (85,687) |
Cash and cash equivalents at the beginning of period | 494,352 | 673,701 | 759,388 |
Cash and cash equivalents at the end of the period | $ 1,194,012 | $ 494,352 | $ 673,701 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation AMERCO, a Nevada Corporation (“AMERCO”), has a fiscal year that ends on the 31 st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31 st of December for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020, 2019 and 2018 correspond to fiscal 2021, 2020 and 2019 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. Please see Note 3, Accounting Policies - Adoption of New Accounting Pronouncements , of the Notes to Consolidated Financial Statements. |
Principles of Consolidation
Principles of Consolidation | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Principles of Consolidation | Note 2. Principles of Consolidation We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation absorbs the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control. A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company's interest is such that it is the primary beneficiary. We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events. Please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, which are consolidated under the voting interest model. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO 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 AMERCO and all of its legal subsidiaries. F- 10 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. Moving and Storage includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. Property and Casualty Insurance includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. Life Insurance includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 3. Accounting Policies Use of Estimates The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management's most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management's estimates. Cash and Cash Equivalents We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2021 and March 31, 2020, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. F- 11 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Investments Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders' equity. We adopted ASC Topic 326, Financial Instruments Credit Losses: (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis . Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Derivative Financial Instruments Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. Inventories and parts, net Inventories and parts, net were as follows: March 31, 2021 2020 (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b) 19,972 23,070 Moving supplies and propane (b) 12,877 11,824 Subtotal 128,825 123,032 Less: LIFO reserves (21,832) (18,886) Less: excess and obsolete reserves (1,416) (3,063) Total $ 105,577 $ 101,083 (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. F- 12 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96 % of the total inventories for March 31, 2021 and 2020. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $21.8 million and $18.9 million higher as of March 31, 2021 and 2020, respectively. In fiscal 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.4 million. Property, Plant and Equipment Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 54.1 million, $ 27.1 million and $ 27.0 million during fiscal 2021, 2020 and 2019, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 21.2 million and $ 27.7 million in fiscal 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 68.8 million and $ 69.6 million for fiscal 2021 and 2020, respectively and is included in Investments, other. F- 13 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Receivables Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management's estimate of expected losses. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for doubtful accounts due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. Policy Benefits and Losses, Claims and Loss Expenses Payable Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford's liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance's liability for reported and unreported losses is based on Repwest's historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers' compensation. As a result of the long-tailed nature of the excess workers' compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers' compensation reserves, management considers multiple factors including the following: Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory F- 14 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant's life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability. We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Self-Insurance Reserves U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 427.1 million and $ 410.1 million of liabilities related to these programs as of March 31, 2021 and 2020, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2021 and 2020, the consolidated balance sheets include liabilities of $ 17.5 million and $ 15.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. Revenue Recognition Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Advertising All advertising costs are expensed as incurred. Advertising expense was $ 18.0 million, $ 13.7 million and $ 10.6 million in fiscal 2021, 2020 and 2019, respectively. Deferred Policy Acquisition Costs Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance's life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. F- 15 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”). Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs. As of December 31, 2020 and 2019, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 16.0 million and $ 16.8 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.3 million, $ 5.5 million and $ 3.7 million for the periods ended December 31, 2020, 2019 and 2018, respectively. Environmental Costs Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management's best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. Income Taxes AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax a |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4. Earnings Per Share Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted. The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. The unreleased shares, net of shares committed to be released, were 11,949 as of March 31, 2019. As of March 31, 2021 and 2020 all of these shares have been released. |
Reinsurance Recoverables and Tr
Reinsurance Recoverables and Trade Receivables, Net | 12 Months Ended |
Mar. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverables and Trade Receivables, Net | Note 5. Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows: March 31, 2021 2020 (In thousands) Reinsurance recoverable $ 66,386 $ 89,020 Trade accounts receivable 121,251 59,394 Paid losses recoverable 276 624 Accrued investment income 27,883 25,744 Premiums and agents' balances 2,546 1,582 Independent dealer receivable 258 1,015 Other receivables 10,247 9,828 228,847 187,207 Less: Allowance for doubtful accounts (4,421) (535) $ 224,426 $ 186,672 |
Investments
Investments | 12 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 6. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 27.7 million and $ 30.8 million for December 31, 2020 and 2019, respectively. F- 18 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of March 31, 2021 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Value (In thousands) U.S. treasury securities and government obligations $ 92,429 $ 12,941 $ - $ - $ - $ 105,370 U.S. government agency mortgage-backed securities 61,427 911 (1) (132) - 62,205 Obligations of states and political subdivisions 230,521 25,249 (59) (3) - 255,708 Corporate securities 1,846,507 199,447 (163) (641) (1,319) 2,043,831 Mortgage-backed securities 174,728 11,706 (1) (8) - 186,425 $ 2,405,612 $ 250,254 $ (224) $ (784) $ (1,319) $ 2,653,539 Available-for-sale investments as of March 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Fair Value (in thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) - 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 - - 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 We sold available-for-sale securities with a fair value of $ 523.9 million, $ 264.5 million and $ 114.8 million in fiscal 2021, 2020 and 2019, respectively. The gross realized gains on these sales totaled $ 9.6 million, $ 6.4 million and $ 2.0 million in fiscal 2021, 2020 and 2019, respectively. We realized gross losses on these sales of $ 2.1 million, $ 0.2 million and $ 0.2 million in fiscal 2021, 2020 and 2019, respectively. We adopted Topic 326 as of April 1, 2020. 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. F- 19 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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 were no incremental impairment charges recorded during fiscal year 2021. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows: March 31, 2021 March 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in one year or less $ 90,142 $ 91,190 $ 128,747 $ 129,420 Due after one year through five years 562,442 601,818 547,821 566,934 Due after five years through ten years 672,733 754,536 636,036 678,636 Due after ten years 905,567 1,019,570 832,334 897,371 2,230,884 |
Other Assets
Other Assets | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Other Assets | Note 7. Other Assets Other assets were as follows: March 31, 2021 2020 (In thousands) Deposits (debt-related) $ 33,952 $ 33,020 Cash surrender value of life insurance policies 567 31,371 Deposits (real estate related) 13,211 7,565 $ 47,730 $ 71,956 |
Net Investment and Interest Inc
Net Investment and Interest Income | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Net Investment and Interest Income | Note 8. Net Investment and Interest Income Net investment and interest income, were as follows: Years Ended March 31, 2021 2020 2019 (In thousands) Fixed maturities $ 102,021 $ 107,434 $ 99,348 Real estate 5,769 7,304 5,538 Insurance policy loans 829 974 1,305 Mortgage loans 18,248 17,164 16,674 Short-term, amounts held by ceding reinsurers, net and other investments 3,103 9,807 (7,429) Investment income 129,970 142,683 115,436 Less: investment expenses (7,032) (4,854) (4,502) Investment income - related party, net eliminations - - - Net investment and interest income $ 122,938 $ 137,829 $ 110,934 |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | F- 21 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 9. Borrowings Long-Term Debt Long-term debt was as follows: March 31, 2021 Rates Maturities 2021 2020 (In thousands) Real estate loan (amortizing term) 1.61 % 2023 $ 82,913 $ 92,913 Senior mortgages 2.80 % - 6.62 % 2021 - 2038 2,125,324 2,029,878 Real estate loans (revolving credit) (a) 1.36 % - 1.61 % 2023 - 2025 535,000 519,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028 176,295 224,089 Fleet loans (revolving credit) 1.27 % - 2.36 % 2023 - 2025 535,000 567,000 Finance leases (rental equipment) 1.92 % - 5.04 % 2021 - 2027 513,623 734,870 Finance liability (rental equipment) 1.60 % - 4.22 % 2024 - 2029 644,375 398,834 Other obligations 2.25 % - 8.00 % 2021 - 2049 86,085 84,484 Notes, loans and finance leases payable $ 4,698,615 $ 4,651,068 Less: Debt issuance costs (29,708) (29,777) Total notes, loans and finance leases payable, net $ 4,668,907 $ 4,621,291 (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was 0.11 % and the applicable margin was 1.50 %, the sum of which was 1.61 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.80 % and 6.62 %. The weighted average interest rate of these loans as of March 31, 2021 was 4.28 %. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. F- 22 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. As of March 31, 2021, the outstanding balance of these loans in the aggregate was $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was 0.11 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.36 % and 1.61 %. AMERCO is the guarantor of these loans. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $ 200.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of March 31, 2021, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2021, the applicable LIBOR was 0.11 % and the margin was 1.38 %, the sum of which was 1.49 %. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30 % fee charged for unused capacity. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.61 % and 4.66 %. All of our rental truck amortizing loans are collateralized by the rental equipment purchased. The majority of these loans are funded at 70%, but some may be funded at 100%. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was between 0.11 % and 0.12 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.27 % and 1.36 %. Of the $ 535.0 million outstanding, $ 100.0 million is fixed with an interest rate of 2.36 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance Leases The Finance Lease balance represents our sale-leaseback transactions of rental equipment that were entered into and classified as capital leases prior to the adoption of ASC 842. The historical capital lease balance was reclassified to Right-of-Use (“ROU”) assets-finance, net. The agreements are generally seven (7) year terms with interest rates ranging from 1.92 % to 5.04 %. All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $ 865.6 million and $ 1,067.3 million as of March 31, 2021 and 2020, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2021. F- 23 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Finance Liabilities Finance liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842 which substantially changed the accounting for sale-leasebacks going forward. In accordance with the new leasing guidance, we assess if sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost. Our finance liabilities have an average term of seven (7) years and interest rates ranging from 1.60 % to 4.22 %. These finance liabilities are collateralized by our rental fleet. Other Obligations In May 2020, AMERCO, entered into a $ 200.0 million secured credit facility with PNC Bank, as agent and lead arranger of a syndicate of lenders. The interest rate, per the provision of the loan agreement, was the applicable LIBOR plus the applicable margin. This loan was paid off in October 2020. In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club ® Indenture. AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral including, but not limited to, rental equipment and real estate. U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company's affiliates or subsidiaries. As of March 31, 2021, the aggregate outstanding principal balance of the U-Notes ® issued was $ 88.6 million, of which $ 2.5 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.25 % and 8.00 % and maturity dates range between 2021 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made advances to Oxford. As of December 31, 2020, the advances had an aggregate balance of $ 70.5 million, for which Oxford pays fixed interest rates between 0.00 % and |
Interest on Borrowings
Interest on Borrowings | 12 Months Ended |
Mar. 31, 2021 | |
Interest Expense, Borrowings [Abstract] | |
Interest on Borrowings | F- 24 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 10. Interest on Borrowings Interest Expense Components of interest expense include the following: Years Ended March 31, 2021 2020 2019 (In thousands) Interest expense $ 165,484 $ 180,444 $ 150,609 Capitalized interest (11,573) (23,517) (12,733) Amortization of transaction costs 5,949 4,427 3,745 Interest expense resulting from cash flow hedges 3,642 (404) 824 Total interest expense 163,502 160,950 142,445 Interest paid in cash, including payments related to derivative contracts, amounted to $ 153.2 million, $ 168.1 million and $ 149.8 million for fiscal 2021, 2020 and 2019, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows: Revolving Credit Activity Years Ended March 31, 2021 2020 2019 (In thousands, except interest rates) Weighted average interest rate during the year 1.40 % 3.31 % 3.39 % Interest rate at year end 1.40 % 2.86 % 3.60 % Maximum amount outstanding during the year $ 1,175,000 $ 1,086,000 $ 959,400 Average amount outstanding during the year $ 1,088,293 $ 1,002,081 $ 699,415 Facility fees $ 261 $ 193 $ 374 |
Derivatives
Derivatives | 12 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 11. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of its counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows: March 31, 2021 March 31, 2020 (In thousands) Interest rate contracts designated as hedging instruments Assets $ - $ - Liabilities 5,141 8,214 Notional amount (debt) 235,000 235,000 F- 25 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The Effect of Interest Rate Contracts on the Statements of Operations Years Ended March 31, 2021 2020 2019 (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (3,071) $ 8,355 $ (633) (Gain) loss reclassified from AOCI into income $ (3,640) $ 3 $ (35) Gains or losses recognized in income on derivatives are recorded as interest expense in the consolidated statements of operations. During fiscal year 2021, we recognized a decrease in the fair value of our cash flow hedges of $0.4 million, net of taxes. During fiscal year 2021, we reclassified $ 3.6 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of March, 31 2021, we expect to reclassify $ 3.9 million of net gains on interest contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. At December 31, 2020 and 2019, these derivative hedges had a fair value of $ 6.6 million and $ 5.9 million, with notional amounts of $ 282.7 million and $ 246.8 million, respectively. 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. 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 Income | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Other Comprehensive Income Noncontrolling Interest [Text Block] | Note 12. Accumulated Other Comprehensive Income (Loss) A summary of our AOCI components, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gain on Investments Fair Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation (5,694) - - - (5,694) Unrealized net gain on investments - 76,969 - - 76,969 Change in fair value of cash flow hedges - - (429) - (429) Amounts reclassified into earnings on hedging activities - - 2,746 - 2,746 Change in post retirement benefit obligaitons - - - (1,387) (1,387) Other comprehensive income (loss) (5,694) 76,969 2,317 (1,387) 72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $ (3,988) $ 106,857 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | F- 26 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 13. Stockholders' Equity The following table lists the dividends that have been declared and issued for fiscal years 2021 and 2020. Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date December 9, 2020 $ 2.00 December 21, 2020 December 30, 2020 August 20, 2020 0.50 September 7, 2020 September 21, 2020 December 4, 2019 0.50 December 19, 2019 January 6, 2020 August 22, 2019 0.50 September 9, 2019 September 23, 2019 As of March 31, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan. |
Provision for Taxes
Provision for Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Provision for Taxes | Note 14. Provision for Taxes Earnings before taxes and the provision for taxes consisted of the following: Years Ended March 31, 2021 2020 2019 (In thousands) Pretax earnings: U.S. $ 773,030 $ 372,687 $ 466,175 Non-U.S. 23,628 5,437 11,354 Total pretax earnings $ 796,658 $ 378,124 $ 477,529 Current provision (benefit) Federal $ 100,521 $ (373,817) $ (6,114) State 16,572 (9,600) 3,420 Non-U.S. 3,404 949 1,375 120,497 (382,468) (1,319) Deferred provision (benefit) Federal 53,957 307,846 94,961 State 9,795 9,728 11,311 Non-U.S. 1,553 970 1,719 65,305 318,544 107,991 Provision for income tax expense (benefit) $ 185,802 $ (63,924) $ 106,672 Income taxes paid (net of income tax refunds received) $ 29,044 $ 6,859 $ 4,255 F- 27 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows: Years Ended March 31, 2021 2020 2019 (In percentages) Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from: NOL tax rate benefit - % (38.62) % - % State taxes, net of federal benefit 2.53 % 0.02 % 2.41 % Foreign rate differential - % 0.21 % 0.15 % Federal tax credits (0.99) % (0.53) % (0.15) % Transition tax - % - % (0.20) % Tax-exempt income (0.08) % (0.17) % - % Dividend received deduction (0.01) % (0.01) % (0.01) % Other 0.87 % 1.19 % (0.86) % Actual tax expense (benefit) of operations 23.32 % (16.91) % 22.34 % Significant components of our deferred tax assets and liabilities were as follows: March 31, 2021 2020 Deferred tax assets: (In thousands) Net operating loss and credit carry forwards $ 30,432 $ 25,973 Accrued expenses 109,740 105,171 Policy benefit and losses, claims and loss expenses payable, net 26,799 20,189 Operating leases 19,370 22,353 Total deferred tax assets $ 186,341 $ 173,686 Deferred tax liabilities: |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2021 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 15. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2021, 2020 or 2019. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP's debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2020 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $ 23.0 million, $ 10.3 million and $ 11.3 million for fiscal 2021, 2020 and 2019, respectively, which are included in operating expenses in the consolidated statements of operations. Listed below is a summary of these financing arrangements as of fiscal year-end: Outstanding as of Interest Payments Financing Date March 31, 2021 2021 2020 2019 (In thousands) June, 1991 $ - $ - $ - $ 1 July, 2009 - - 9 17 February, 2016 - - 229 190 Leveraged contributions to the Plan Trust during fiscal 2020 and 2019 were $ 5.6 million and $ 1.0 million, respectively. There was no leveraged contribution in fiscal 2021. In fiscal 2021, 2020 and 2019, the Company made non-leveraged contributions of $ 23.0 million, $ 4.0 and $ 5.2 million, respectively to the Plan Trust. In both fiscal 2021 and 2020, $ 0.0 million of dividends from unallocated shares were applied to debt. Shares held by the ESOP were as follows: Years Ended March 31, 2021 2020 (In thousands) Allocated shares 951 1,003 Unreleased shares - leveraged - - Fair value of unreleased shares - leveraged $ - $ - Unreleased shares - non-leveraged - - Fair value of unreleased shares - non-leveraged $ - $ - The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the trading value of such shares as of March 31, 2021 and March 31, 2020, respectively. During fiscal 2021, we released for allocation 38,015 non-leveraged shares. As of March 31, 2021, it is estimated there will be no shares committed to be released. F- 30 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are coordinated with Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2021 2020 2019 (In thousands) Service cost for benefits earned during the period $ 1,267 $ 1,055 $ 1,108 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 919 964 943 Other components 68 90 70 Total other components of net periodic benefit costs 987 1,054 1,013 Net periodic postretirement benefit cost $ 2,254 $ 2,109 $ 2,121 The fiscal 2021 and fiscal 2020 post retirement benefit liability included the following components: Years Ended March 31, 2021 2020 (In thousands) Beginning of year $ 27,503 $ 25,817 Service cost for benefits earned during the period 1,267 1,055 Interest cost on accumulated post retirement benefit 919 964 Net benefit payments and expense (841) (93) Actuarial (gain) loss 1,907 (240) Accumulated postretirement benefit obligation 30,755 27,503 Current liabilities 1,334 1,151 Non-current liabilities 29,421 26,352 Total post retirement benefit liability recognized in statement of financial position 30,755 27,503 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (5,286) (3,447) Cumulative net periodic benefit cost (in excess of employer contribution) $ 25,469 $ 24,056 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2021 2020 2019 (In percentages) Accumulated postretirement benefit obligation 2.93 % 3.37 % 3.83 % F- 31 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assu |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 16. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management's assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. F- 32 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments including short-term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy As of March 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 224,426 $ - $ - $ 224,426 $ 224,426 Mortgage loans, net 391,230 - - 391,230 391,230 Other investments 98,529 - - 98,529 98,529 Total $ 714,185 $ - $ - $ 714,185 $ 714,185 Liabilities Notes, loans and finance leases payable $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Total $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Fair Value Hierarchy As of March 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net 262,688 - - 262,688 262,688 Other investments 97,685 - - 97,685 97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045 Liabilities Notes, loans and finance leases payable $ 4,651,068 - $ 4,651,068 $ - $ 4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 F- 33 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of March 31, 2021 and 2020, that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of March 31, 2021 Total Level 1 Level 2 Level 3 |
Reinsurance and Policy Benefits
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | F- 34 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 17. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $ 150,000 . Direct Amount (a) Ceded to Other Companies Assumed from Other Companies Net Amount (a) Percentage of Amount Assumed to Net (In thousands) Year ended December 31, 2020 Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827 26 % Premiums earned: Life $ 58,048 $ 1 $ 5,049 $ 63,096 8 % Accident and health 57,081 211 1,388 58,258 2 % Annuity 221 - 34 255 13 % Property and casualty 70,285 - - 70,285 - % Total $ 185,635 $ 212 $ 6,471 $ 191,894 Year ended December 31, 2019 Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836 32 % Premiums earned: Life $ 53,289 $ 1 $ 5,629 $ 58,917 10 % Accident and health 66,863 226 1,563 68,200 2 % Annuity 65 - 794 859 92 % Property and casualty 69,126 - 15 69,141 - % Total $ 189,343 $ 227 $ 8,001 $ 197,117 Year ended December 31, 2018 Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767 37 % Premiums earned: Life $ 51,691 $ (1) $ (69,616) $ (17,924) 388 % Accident and health 77,813 267 1,851 79,397 2 % Annuity 1,221 - 794 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases Of Lessee Disclosure [Text Block] | Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 38 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of Topic 842 resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant and equipment, net to ROU assets financing, net. The standard also changed the manner by which we account for our equipment sale/leaseback transactions. Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our ROU assets, net: As of March 31, 2021 Finance Operating Total (In thousands) Buildings and improvements $ - $ 132,901 $ 132,901 Furniture and equipment 22,316 - 22,316 Rental trailers and other rental equipment 203,594 - 203,594 Rental trucks 1,494,098 - 1,494,098 Right-of-use assets, gross 1,720,008 132,901 1,852,909 Less: Accumulated depreciation (842,970) (40,396) (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543 As of March 31, 2020 Finance Operating Total (In thousands) Buildings and improvements $ - $ 125,547 $ 125,547 Furniture and equipment 21,113 - 21,113 Rental trailers and other rental equipment 219,581 - 219,581 Rental trucks 1,634,572 - 1,634,572 Right-of-use assets, gross 1,875,266 125,547 2,000,813 Less: Accumulated depreciation (794,913) (18,916) (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 As of March 31, 2021 and 2020, we had finance leases for the ROU assets, net of $ 513.6 million and $ 734.9 million, respectively and operating leases of $ 92.5 million and $ 106.4 million, respectively. Financing leases March 31, 2021 2020 Weighted average remaining lease term (years) 3 4 Weighted average discount rate 3.6 % 3.5 % F- 39 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Operating leases March 31, 2021 2020 Weighted average remaining lease term (years) 14.7 14 Weighted average discount rate 4.6 % 4.6 % For the last twelve months ended March 31, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 29.3 million and $ 25.9 million, respectively and our financing cash flow activities were $221.2 million and $307.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $6.8 million and $15.4 million for fiscal 2021 and 2020, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2021 2020 (In thousands) Operating lease costs $ 30,551 $ 27,494 Finance lease cost: Amortization of right-of-use assets $ 150,994 $ 186,860 Interest on lease liabilities 22,405 30,901 Total finance lease cost $ 173,399 $ 217,761 Maturities of lease liabilities were as follows: Finance leases Operating leases |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 19. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. F- 40 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) During fiscal 2021, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company's business, operations and financial results will continue to evolve in ways that the Company is not fully able to predict at this time. We have experienced customer initiated changes in behavior, actions by government entities, concerns from our workforce, and reactions from the capital markets. Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company's results of future operations, financial position and liquidity in fiscal 2022 and beyond. CARES Act The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. As a result of the federal income tax provisions of the CARES Act, we have filed applicable forms with the IRS to carryback net operating losses. These refund claims total approximately $ 366 million, none of which has been received at this time and are reflected in Prepaid expense. As refunds are received, they will reduce this amount. We have estimated and recorded the overall effects of the CARES Act and do not anticipate a material change. It is possible future legislation could reduce or delay our ability to carryback these losses. Environmental Compliance with environmental requirements of federal, state and local governments may significantly 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. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. 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 AMERCO's financial position or results of operations. Other We are named as a defendant in various litigation and claims arising out of the normal course of business. In management's opinion, none of these other matters will have a material effect on our financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 20. Related Party Transactions As set forth in the Company's Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the SEC rules and regulations and in accordance with GAAP. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO 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. F- 41 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenues Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul management fee revenue from Blackwater $ 25,512 $ 24,014 $ 23,986 U-Haul management fee revenue from Mercury 6,091 6,392 5,162 $ 31,603 $ 30,406 $ 29,148 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 $ 31.2 million, $ 29.0 million and $ 30.0 million from the above-mentioned entities during fiscal 2021, 2020 and 2019, 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 benefitting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul lease expenses to Blackwater $ 2,612 $ 2,631 $ 2,678 U-Haul commission expenses to Blackwater 69,212 62,066 61,434 $ 71,824 $ 64,697 $ 64,112 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of March 31, 2021, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements and notes with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 25.5 million, expenses of $ 2.6 million and cash flows of $ 22.6 million during fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 323.8 million and $ 69.2 million, respectively for fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $ 0.4 million. In December 2020, AMERCO contributed $ 12.0 million to Oxford in the form of a surplus note with an interest rate of 4.0 %. This note will be repaid to AMERCO with interest over the next seven years . Management determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater. F- 42 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Related Party Assets March 31, 2021 2020 (In thousands) U-Haul receivable from Blackwater $ 27,116 $ 25,293 U-Haul receivable from Mercury 9,632 9,893 Other (a) (1,353) (402) $ 35,395 $ 34,784 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2020 2019 2018 (In thousands) Repwest: Audited statutory net income $ 22,898 $ 28,614 $ 23,960 Audited statutory capital and surplus 227,380 226,999 216,763 ARCOA: Audited statutory net income 2,438 2,906 1,612 Audited statutory capital and surplus 15,928 12,851 9,390 Oxford: Audited statutory net income 6,296 18,599 11,367 Audited statutory capital and surplus 218,301 223,264 203,723 CFLIC: Audited statutory net income 8,082 8,043 8,735 Audited statutory capital and surplus 25,980 26,305 27,232 NAI: Audited statutory net income 2,127 1,942 1,436 Audited statutory capital and surplus 13,980 13,371 12,817 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2020 that could be distributed as ordinary dividends was $ 22.7 million. The statutory surplus for Oxford at December 31, 2020 that could be distributed as ordinary dividends was $ 6.3 million. Repwest paid a dividend of $ 22.6 and $ 21.6 |
Statutory Financial Information
Statutory Financial Information of Insurance Subsidiaries | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Statutory Financial Information of Insurance Subsidiaries | Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2020 2019 2018 (In thousands) Repwest: Audited statutory net income $ 22,898 $ 28,614 $ 23,960 Audited statutory capital and surplus 227,380 226,999 216,763 ARCOA: Audited statutory net income 2,438 2,906 1,612 Audited statutory capital and surplus 15,928 12,851 9,390 Oxford: Audited statutory net income 6,296 18,599 11,367 Audited statutory capital and surplus 218,301 223,264 203,723 CFLIC: Audited statutory net income 8,082 8,043 8,735 Audited statutory capital and surplus 25,980 26,305 27,232 NAI: Audited statutory net income 2,127 1,942 1,436 Audited statutory capital and surplus 13,980 13,371 12,817 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2020 that could be distributed as ordinary dividends was $ 22.7 million. The statutory surplus for Oxford at December 31, 2020 that could be distributed as ordinary dividends was $ 6.3 million. Repwest paid a dividend of $ 22.6 and $ 21.6 million to AMERCO during fiscal 2021 and 2020, respectively. Repwest did not pay a dividend to AMERCO in fiscal 2019. Oxford paid a dividend of $18.6 million to AMERCO during fiscal 2021. Oxford did not pay a dividend to AMERCO in fiscal 2020 or 2019. Restricted net assets for our insurance subsidiaries were $ 105.4 million and $ 98.5 million as of December 31, 2020 and 2019, respectively. F- 43 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus. |
Financial Information by Geogra
Financial Information by Geographic Area Data | 12 Months Ended |
Mar. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Industry Segment and Geographic Area Data | Note 22. Financial Information by Geographic Area United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021 Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal 631,344 10,160 641,504 Interest expense 160,429 3,073 163,502 Pretax earnings 773,030 23,628 796,658 Income tax expense 180,845 4,957 185,802 Identifiable assets 14,212,978 438,628 14,651,606 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020 Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal 652,110 15,414 667,524 Interest expense 157,595 3,355 160,950 Pretax earnings 372,687 5,437 378,124 Income tax expense (benefit) (65,842) 1,918 (63,924) Identifiable assets 13,016,942 421,082 13,438,024 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2019 Total revenues $ 3,597,285 $ 171,422 $ 3,768,707 Depreciation and amortization, net of gains on disposal 575,134 7,421 582,555 Interest expense 139,573 2,872 142,445 Pretax earnings 466,175 11,354 477,529 Income tax expense 103,578 3,094 106,672 Identifiable assets 11,526,876 364,837 11,891,713 |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Consolidating Financial Information by Industry Segment | F- 44 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 22A. Consolidating Financial Information by Industry Segment AMERCO's three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes, net are shown as liabilities on the consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 23. 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 or liabilities for fiscal 2021. 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 under Topic 606. 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 2021 did not have a material effect on our financial statements. F- 59 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance with Topic 842/840 Our self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases (“Topic 842”) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Therefore, upon adoption of Topic 842 on April 1, 2019, self-rental contracts are being accounted for as leases. We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Please see Note 18, Leases, of the Notes to Condensed Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter: Year Ended March 31, 2022 2023 2024 2025 2026 Thereafter (In thousands) Self-moving equipment rentals $ 4,740 $ - $ - $ - $ - $ - Property lease revenues 19,099 13,079 9,612 7,210 5,648 55,060 Total $ 23,839 $ 13,079 $ 9,612 $ 7,210 $ 5,648 $ 55,060 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. F- 60 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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. Life insurance premiums are recognized in accordance with existing guidance in ASC Topic 944, Financial Services - Insurance (“Topic 944”). Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944. 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. Net investment and interest income was recognized in accordance with existing guidance in ASC Topic 825, Financial Instruments . In the following tables, the revenue is disaggregated by timing of revenue recognition: Years Ended March 31, 2021 2020 2019 (In thousands) Revenues recognized over time $ 182,278 $ 147,565 $ 2,814,732 Revenues recognized at a point in time 396,600 309,804 305,408 Total revenues recognized under ASC 606 578,878 457,369 3,120,140 Revenues recognized under ASC 842 or 840 3,644,798 3,182,902 406,070 Revenues recognized under ASC 944 195,371 200,768 131,563 Revenues recognized under ASC 320 122,938 137,829 110,934 Total revenues $ 4,541,985 $ 3,978,868 $ 3,768,707 In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving 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 revenue, 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. Note 24 . 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 sales and rentals of equipment. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. F- 61 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Mar. 31, 2021 | |
Allowance For Credit Loss [Abstract] | |
Allowance For Credit Losses [Text Block] | Note 24 . 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 sales and rentals of equipment. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer's credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. F- 61 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5 %. 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 March 31, 2021 was $ 2.8 million. Available-for-Sale 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. 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 were no incremental impairment charges recorded during the quarter ended March 31, 2021. Accrued Interest Receivable Accrued interest receivables on available-for-sale securities totaled $ 25.0 million as of December 31, 2020 and are excluded from the estimate of credit losses. As outlined in subtopic 326-20-30-5A, 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 wrtie off accrued interest receivables by reversing interest income (subtopic 326-20-35-8A). 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. An allowance for credit losses is determined using a similar methodology as before the adoption of ASC 326. 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 loan 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. F- 62 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded, if necessary. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets as of January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivable Premiums receivable were $ 3.0 million as of January 1, 2020 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 for the twelve months of fiscal 2021: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (In thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses 155 817 - 972 Write-offs against allowance - - - - Recoveries - - - - Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Note 25. Subsequent Events Our management has evaluated subsequent events occurring after March 31, 2021. We do not believe any other subsequent events have occurred that would require further disclosure or adjustment to our financial statements. F- 63 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25. Subsequent Events Our management has evaluated subsequent events occurring after March 31, 2021. We do not believe any other subsequent events have occurred that would require further disclosure or adjustment to our financial statements. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Amerco | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I CONDENSED FINANCIAL INFORMATION OF AMERCO BALANCE SHEETS March 31, 2021 2020 (In thousands) ASSETS Cash and cash equivalents $ 751,053 $ 294,528 Investment in subsidiaries 3,284,760 2,758,509 Related party assets 1,535,355 1,734,358 Other assets 413,167 502,064 Total assets $ 5,984,335 $ 5,289,459 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Other liabilities $ 1,136,742 $ 1,068,291 1,136,742 1,068,291 Stockholders' equity: Preferred stock - - Common stock 10,497 10,497 Additional paid-in capital 454,029 454,029 Accumulated other comprehensive income (loss) 102,568 35,100 Retained earnings: Beginning of period 4,399,192 3,976,752 Adjustment for adoption of Topic 326 (2,880) - Net earnings 610,856 442,048 Dividends (49,019) (19,608) End of period 4,958,149 4,399,192 Cost of common shares in treasury (525,653) (525,653) Cost of preferred shares in treasury (151,997) (151,997) Total stockholders' equity 4,847,593 4,221,168 Total liabilities and stockholders' equity $ 5,984,335 $ 5,289,459 The accompanying notes are an integral part of these condensed financial statements. F- 64 CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF OPERATIONS Years Ended March 31, 2021 2020 2019 (In thousands, except share and per share data) Revenues: Net interest income and other revenues $ 720 $ 6,586 $ 8,601 Expenses: Operating expenses 6,753 10,622 8,840 Other expenses 115 96 93 Total expenses 6,868 10,718 8,933 Equity in earnings of subsidiaries 508,632 205,940 279,589 Interest income 135,673 130,670 112,649 Pretax earnings 638,157 332,478 391,906 Income tax benfefit (expense) (27,301) 109,570 (21,049) Earnings available to common shareholders $ 610,856 $ 442,048 $ 370,857 Basic and diluted earnings per common share $ 31.15 $ 22.55 $ 18.93 Weighted average common shares outstanding: Basic and diluted 19,607,788 19,603,708 19,592,048 The accompanying notes are an integral part of these condensed financial statements. CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF comprehensive income Years Ended March 31, 2021 2020 2019 (In thousands) Net earnings $ 610,856 $ 442,048 $ 370,857 Other comprehensive income (loss) 72,205 101,350 (62,075) Total comprehensive income $ 683,061 $ 543,398 $ 308,782 The accompanying notes are an integral part of these condensed financial statements. F- 65 CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF CASH FLOW Years Ended March 31, 2021 2020 2019 (In thousands) Cash flows from operating activities: Net earnings $ 610,856 $ 442,048 $ 370,857 Change in investments in subsidiaries (508,632) (205,94 |
Notes to Condensed Financial In
Notes to Condensed Financial Information for Amerco Only | 12 Months Ended |
Mar. 31, 2021 | |
1. Summary of Significant Accounting Policies | Note 3. Accounting Policies Use of Estimates The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management's most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management's estimates. Cash and Cash Equivalents We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2021 and March 31, 2020, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. F- 11 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Investments Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders' equity. We adopted ASC Topic 326, Financial Instruments Credit Losses: (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis . Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Derivative Financial Instruments Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. Inventories and parts, net Inventories and parts, net were as follows: March 31, 2021 2020 (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b) 19,972 23,070 Moving supplies and propane (b) 12,877 11,824 Subtotal 128,825 123,032 Less: LIFO reserves (21,832) (18,886) Less: excess and obsolete reserves (1,416) (3,063) Total $ 105,577 $ 101,083 (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. F- 12 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96 % of the total inventories for March 31, 2021 and 2020. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $21.8 million and $18.9 million higher as of March 31, 2021 and 2020, respectively. In fiscal 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.4 million. Property, Plant and Equipment Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 54.1 million, $ 27.1 million and $ 27.0 million during fiscal 2021, 2020 and 2019, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 21.2 million and $ 27.7 million in fiscal 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 68.8 million and $ 69.6 million for fiscal 2021 and 2020, respectively and is included in Investments, other. F- 13 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Receivables Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management's estimate of expected losses. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for doubtful accounts due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. Policy Benefits and Losses, Claims and Loss Expenses Payable Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford's liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance's liability for reported and unreported losses is based on Repwest's historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers' compensation. As a result of the long-tailed nature of the excess workers' compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers' compensation reserves, management considers multiple factors including the following: Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory F- 14 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant's life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability. We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Self-Insurance Reserves U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 427.1 million and $ 410.1 million of liabilities related to these programs as of March 31, 2021 and 2020, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2021 and 2020, the consolidated balance sheets include liabilities of $ 17.5 million and $ 15.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. Revenue Recognition Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Advertising All advertising costs are expensed as incurred. Advertising expense was $ 18.0 million, $ 13.7 million and $ 10.6 million in fiscal 2021, 2020 and 2019, respectively. Deferred Policy Acquisition Costs Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance's life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. F- 15 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”). Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs. As of December 31, 2020 and 2019, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 16.0 million and $ 16.8 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.3 million, $ 5.5 million and $ 3.7 million for the periods ended December 31, 2020, 2019 and 2018, respectively. Environmental Costs Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management's best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. Income Taxes AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax a |
Amerco [Member] | |
1. Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the holding Company for U-Haul International, Inc., Amerco Real Estate Company, Repwest Insurance Company and Oxford Life Insurance Company. The financial statements of the Registrant should be read in conjunction with the Consolidated Financial Statements and notes thereto included in this Annual Report. AMERCO is included in a consolidated Federal income tax return with all of its U.S. subsidiaries. Accordingly, the provision for income taxes has been calculated for Federal income taxes of AMERCO and subsidiaries included in the consolidated return of AMERCO. State taxes for all subsidiaries are allocated to the respective subsidiaries. The financial statements include only the accounts of AMERCO, which include certain of the corporate operations of AMERCO. The interest in AMERCO's majority owned subsidiaries is accounted for on the equity method. The intercompany interest income and expenses are eliminated in the Consolidated Financial Statements. |
2. Guarantees | 2. Guarantees AMERCO has guaranteed performance of certain long-term leases and other obligations. See Note 18, Leases, and Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. |
Schedule II - Amerco and Consol
Schedule II - Amerco and Consolidated Subsidiaries Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | SCHEDULE II AMERCO AND CONSOLIDATED SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Year Additions Charged to Costs and Expenses Additions Charged to Other Accounts Deductions Balance at Year End Year ended March 31, 2021 (In thousands) Allowance for doubtful accounts (deducted from trade receivable) $ 535 $ 2,179 $ 2,680 $ (973) $ 4,421 Allowance for obsolescence (deducted from inventory) $ 3,063 $ - $ - $ (1,647) $ 1,416 Allowance for LIFO (deducted from inventory) $ 18,886 $ 2,946 $ - $ - $ 21,832 Allowance for probable losses (deducted from mortgage loans) $ 493 $ - $ - $ (45) $ 448 Year ended March 31, 2020 Allowance for doubtful accounts (deducted from trade receivable) $ 549 $ 731 $ - $ (745) $ 535 Allowance for obsolescence (deducted from inventory) $ 2,322 $ 741 $ - $ - $ 3,063 Allowance for LIFO (deducted from inventory) $ 18,987 $ - $ - $ (101) $ 18,886 Allowance for probable losses (deducted from mortgage loans) $ 493 $ - $ - $ - $ 493 Year ended March 31, 2019 Allowance for doubtful accounts (deducted from trade receivable) $ 496 $ 1,550 $ - $ (1,497) $ 549 Allowance for obsolescence (deducted from inventory) $ 5,329 $ - $ - $ (3,007) $ 2,322 Allowance for LIFO (deducted from inventory) $ 16,126 $ 2,861 $ - $ - $ 18,987 Allowance for probable losses (deducted from mortgage loans) $ 618 $ - $ - $ (125) $ 493 |
Schedule V - Supplemental Infor
Schedule V - Supplemental Information (for Property-Casualty Insurance Operations) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Schedule Of Supplemental Information For Property Casualty Insurance Underwriters [Text Block] | SCHEDULE V AMERCO AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL INFORMATION (FOR PROPERTY-CASUALTY INSURANCE Operations) Years Ended December 31, 2020, 2019, AND 2018 Fiscal Year Affiliation with Registrant Deferred Policy Acquisition Cost Reserves for Unpaid Claims and Adjustment Expenses Discount if any, Deducted Unearned Premiums Net Earned Premiums (1) Net Investment Income (2) Claim and Claim Adjustment Expenses Incurred Related to Current Year Claim and Claim Adjustment Expenses Incurred Related to Prior Year Amortization of Deferred Policy Acquisition Costs Paid Claims and Claim Adjustment Expense Net Premiums Written (1) (In thousands) 2021 Consolidated property casualty entity $ - $ 177,963 $ - $ (294) $ 70,283 $ 16,335 $ 20,670 $ (3,865) $ - $ 25,759 $ 69,989 2020 Consolidated property casualty entity - 209,127 - 233 69,138 19,926 22,137 (9,535) - 24,608 66,277 2019 Consolidated property casualty entity - 228,970 - 239 60,853 9,373 19,579 (5,365) - 19,228 61,022 (1)The earned and written premiums are reported net of intersegment transactions. There were $ 1.5 million, $ 3.1 million and $ 2.8 million in written premiums and $ 1.8 million, $ 2.8 million and $ 2.6 million in earned premiums eliminated for the years ended December 31, 2020, 2019 and 2018, respectively. (2) Net Investment Income excludes net realized (gains) losses on investments of ($ 0.1 ) million, ($ 0.4 ) million and ($ 3.0 ) million for the years ended December 31, 2020, 2019 and 2018, respectively . |
Accounting Policies (Policy Tex
Accounting Policies (Policy Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Policy Text Block [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management's most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management's estimates. |
Cash and Cash Equivalents | We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2021 and March 31, 2020, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. |
Investments | Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders' equity. We adopted ASC Topic 326, Financial Instruments Credit Losses: (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis . Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. |
Derivative Financial Instruments | Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. |
Inventory, net | Inventories and parts, net were as follows: March 31, 2021 2020 (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b) 19,972 23,070 Moving supplies and propane (b) 12,877 11,824 Subtotal 128,825 123,032 Less: LIFO reserves (21,832) (18,886) Less: excess and obsolete reserves (1,416) (3,063) Total $ 105,577 $ 101,083 (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. F- 12 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96 % of the total inventories for March 31, 2021 and 2020. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $21.8 million and $18.9 million higher as of March 31, 2021 and 2020, respectively. In fiscal 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.4 million. |
Property, Plant and Equipment | Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 54.1 million, $ 27.1 million and $ 27.0 million during fiscal 2021, 2020 and 2019, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 21.2 million and $ 27.7 million in fiscal 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 68.8 million and $ 69.6 million for fiscal 2021 and 2020, respectively and is included in Investments, other. |
Receivables | Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management's estimate of expected losses. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for doubtful accounts due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. |
Policy Benefits and Losses, Claims and Loss Expenses Payable | Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford's liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance's liability for reported and unreported losses is based on Repwest's historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers' compensation. As a result of the long-tailed nature of the excess workers' compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers' compensation reserves, management considers multiple factors including the following: Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory F- 14 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant's life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our IBNR liability. We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. |
Self-Insurance Reserves | U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 427.1 million and $ 410.1 million of liabilities related to these programs as of March 31, 2021 and 2020, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2021 and 2020, the consolidated balance sheets include liabilities of $ 17.5 million and $ 15.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. |
Revenue Recognition | Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. |
Advertising | All advertising costs are expensed as incurred. Advertising expense was $ 18.0 million, $ 13.7 million and $ 10.6 million in fiscal 2021, 2020 and 2019, respectively. |
Deferred Policy Acquisition Cost | Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance's life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. F- 15 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”). Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs. As of December 31, 2020 and 2019, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 16.0 million and $ 16.8 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.3 million, $ 5.5 million and $ 3.7 million for the periods ended December 31, 2020, 2019 and 2018, respectively. |
Environmental Costs | Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management's best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. |
Income Taxes | AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Comprehensive Income (Loss) Comprehensive income (loss) consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations. |
Debt issuance costs | We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements. |
Adoption of New Accounting Pronouncements | On April 1, 2020, the Company adopted Topic 326. This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted Topic 326 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $2.9 million. On April 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The adoption of the standard did not have a material impact on our consolidated financial statements. F- 16 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) On April 1, 2020, the Company adopted ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The adoption of the standard did not have a material impact on our consolidated financial statements. |
Recent Accounting Pronouncements | In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendment prescribes standardized liability discount rate, consistency in measurement of market risk benefits, simplified amortization of DAC and enhanced disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. In November 2020, FASB issued ASU 2020-11, Financial Services - Insurance (Topic 944) , which deferred the effective date of ASU 2018-12 to years beginning after December 15, 2022. We are currently in the process of evaluating the impact of the adoption of ASU 2018-12 on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This standard provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Inter-Bank Offer Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our consolidated financial statements. In October 2020, FASB issued ASU 2020-08, Clarifying Guidance on Amortization of the Excess of the Cost Basis of Certain Callable Debt Securities Over the Amount Repayable . This standard requires that, for each reporting period, callable debt securities be reevaluated to determine if they remain subject to the guidance, which will depend on the amortized cost basis of the security and the terms of the next call option. The guidance is effective for fiscal years beginning after December 15, 2020. We do not expect this standard to have a material impact on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) . This standard permits a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives (“discounting transitions”). Extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting with certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. This standard is effective immediately, may be applied as of the beginning of the interim period that includes March 12, 2020 and is available for a limited time, generally through December 31, 2022. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF), to provide explicit guidance on accounting by issuers for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. The guidance is effective for fiscal years beginning after December 31, 2021. We are currently evaluating the impact of this standard on our consolidated financial statements. F- 17 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) From time to time, new accounting pronouncements are issued by the FASB or the Securities and Exchange Commission (“SEC”) that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. |
Accounting Policies (Table Text
Accounting Policies (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, net | March 31, 2021 2020 (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b) 19,972 23,070 Moving supplies and propane (b) 12,877 11,824 Subtotal 128,825 123,032 Less: LIFO reserves (21,832) (18,886) Less: excess and obsolete reserves (1,416) (3,063) Total $ 105,577 $ 101,083 (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales |
Reinsurance Recoverables and _2
Reinsurance Recoverables and Trade Receivables, Net (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Reinsurance Recoverables and Trade Receivables, Net [Abstract] | |
Reinsurance Recoverables and Trade Receivables, Net | March 31, 2021 2020 (In thousands) Reinsurance recoverable $ 66,386 $ 89,020 Trade accounts receivable 121,251 59,394 Paid losses recoverable 276 624 Accrued investment income 27,883 25,744 Premiums and agents' balances 2,546 1,582 Independent dealer receivable 258 1,015 Other receivables 10,247 9,828 228,847 187,207 Less: Allowance for doubtful accounts (4,421) (535) $ 224,426 $ 186,672 |
Investments (Table Text Block)
Investments (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Investments | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Value (In thousands) U.S. treasury securities and government obligations $ 92,429 $ 12,941 $ - $ - $ - $ 105,370 U.S. government agency mortgage-backed securities 61,427 911 (1) (132) - 62,205 Obligations of states and political subdivisions 230,521 25,249 (59) (3) - 255,708 Corporate securities 1,846,507 199,447 (163) (641) (1,319) 2,043,831 Mortgage-backed securities 174,728 11,706 (1) (8) - 186,425 $ 2,405,612 $ 250,254 $ (224) $ (784) $ (1,319) $ 2,653,539 Available-for-sale investments as of March 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Fair Value (in thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ - $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) - 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 - - 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | March 31, 2021 March 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in one year or less $ 90,142 $ 91,190 $ 128,747 $ 129,420 Due after one year through five years 562,442 601,818 547,821 566,934 Due after five years through ten years 672,733 754,536 636,036 678,636 Due after ten years 905,567 1,019,570 832,334 897,371 2,230,884 2,467,114 2,144,938 2,272,361 Mortgage backed securities 174,728 186,425 187,784 193,687 Redeemable preferred stocks - - 1,493 1,565 $ 2,405,612 $ 2,653,539 $ 2,334,215 $ 2,467,613 |
Available for sale equity investments | March 31, 2021 March 31, 2020 Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Common stocks $ 9,775 $ 20,440 $ 9,775 $ 20,015 Non-redeemable preferred stocks 20,034 21,677 5,076 5,110 $ 29,809 $ 42,117 $ 14,851 $ 25,125 |
Carrying Value of Other Investments | March 31, 2021 2020 (In thousands) Mortgage loans, net $ 391,230 $ 262,688 Short-term investments 7,234 6,995 Real estate 68,813 69,569 Policy loans 11,163 11,212 Other equity investments 11,319 9,909 $ 489,759 $ 360,373 |
Other Assets (Table Text Block)
Other Assets (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | March 31, 2021 2020 (In thousands) Deposits (debt-related) $ 33,952 $ 33,020 Cash surrender value of life insurance policies 567 31,371 Deposits (real estate related) 13,211 7,565 $ 47,730 $ 71,956 |
Net Investment and Interest I_2
Net Investment and Interest Income (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Table Text Block [Abstract] | |
Net Investment and Interest Income | Years Ended March 31, 2021 2020 2019 (In thousands) Fixed maturities $ 102,021 $ 107,434 $ 99,348 Real estate 5,769 7,304 5,538 Insurance policy loans 829 974 1,305 Mortgage loans 18,248 17,164 16,674 Short-term, amounts held by ceding reinsurers, net and other investments 3,103 9,807 (7,429) Investment income 129,970 142,683 115,436 Less: investment expenses (7,032) (4,854) (4,502) Investment income - related party, net eliminations - - - Net investment and interest income $ 122,938 $ 137,829 $ 110,934 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Long-Term Debt | March 31, 2021 Rates Maturities 2021 2020 (In thousands) Real estate loan (amortizing term) 1.61 % 2023 $ 82,913 $ 92,913 Senior mortgages 2.80 % - 6.62 % 2021 - 2038 2,125,324 2,029,878 Real estate loans (revolving credit) (a) 1.36 % - 1.61 % 2023 - 2025 535,000 519,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028 176,295 224,089 Fleet loans (revolving credit) 1.27 % - 2.36 % 2023 - 2025 535,000 567,000 Finance leases (rental equipment) 1.92 % - 5.04 % 2021 - 2027 513,623 734,870 Finance liability (rental equipment) 1.60 % - 4.22 % 2024 - 2029 644,375 398,834 Other obligations 2.25 % - 8.00 % 2021 - 2049 86,085 84,484 Notes, loans and finance leases payable $ 4,698,615 $ 4,651,068 Less: Debt issuance costs (29,708) (29,777) Total notes, loans and finance leases payable, net $ 4,668,907 $ 4,621,291 (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin |
Annual Maturities of Notes, Loans and Leases Payable | Years Ended March 31, 2022 2023 2024 2025 2026 Thereafter Total (In thousands) Notes, loans and finance leases payable, secured $ 465,884 $ 593,020 $ 1,018,407 $ 769,125 $ 352,162 $ 1,500,017 $ 4,698,615 |
Interest on Borrowings (Table T
Interest on Borrowings (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Interest Expense, Borrowings [Abstract] | |
Components of interest expense | Years Ended March 31, 2021 2020 2019 (In thousands) Interest expense $ 165,484 $ 180,444 $ 150,609 Capitalized interest (11,573) (23,517) (12,733) Amortization of transaction costs 5,949 4,427 3,745 Interest expense resulting from cash flow hedges 3,642 (404) 824 Total interest expense 163,502 160,950 142,445 |
Interest rates and company borrowings | Revolving Credit Activity Years Ended March 31, 2021 2020 2019 (In thousands, except interest rates) Weighted average interest rate during the year 1.40 % 3.31 % 3.39 % Interest rate at year end 1.40 % 2.86 % 3.60 % Maximum amount outstanding during the year $ 1,175,000 $ 1,086,000 $ 959,400 Average amount outstanding during the year $ 1,088,293 $ 1,002,081 $ 699,415 Facility fees $ 261 $ 193 $ 374 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | March 31, 2021 March 31, 2020 (In thousands) Interest rate contracts designated as hedging instruments Assets $ - $ - Liabilities 5,141 8,214 Notional amount (debt) 235,000 235,000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Table Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Unrealized Net Gain on Investments Fair Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation (5,694) - - - (5,694) Unrealized net gain on investments - 76,969 - - 76,969 Change in fair value of cash flow hedges - - (429) - (429) Amounts reclassified into earnings on hedging activities - - 2,746 - 2,746 Change in post retirement benefit obligaitons - - - (1,387) (1,387) Other comprehensive income (loss) (5,694) 76,969 2,317 (1,387) 72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $ (3,988) $ 106,857 |
Stockholders' Equity (Table Tex
Stockholders' Equity (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Dividends | Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date December 9, 2020 $ 2.00 December 21, 2020 December 30, 2020 August 20, 2020 0.50 September 7, 2020 September 21, 2020 December 4, 2019 0.50 December 19, 2019 January 6, 2020 August 22, 2019 0.50 September 9, 2019 September 23, 2019 |
Provision for Taxes (Table Text
Provision for Taxes (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Table Text Block [Abstract] | |
Provision For Taxes | Years Ended March 31, 2021 2020 2019 (In thousands) Pretax earnings: U.S. $ 773,030 $ 372,687 $ 466,175 Non-U.S. 23,628 5,437 11,354 Total pretax earnings $ 796,658 $ 378,124 $ 477,529 Current provision (benefit) Federal $ 100,521 $ (373,817) $ (6,114) State 16,572 (9,600) 3,420 Non-U.S. 3,404 949 1,375 120,497 (382,468) (1,319) Deferred provision (benefit) Federal 53,957 307,846 94,961 State 9,795 9,728 11,311 Non-U.S. 1,553 970 1,719 65,305 318,544 107,991 Provision for income tax expense (benefit) $ 185,802 $ (63,924) $ 106,672 Income taxes paid (net of income tax refunds received) $ 29,044 $ 6,859 $ 4,255 |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended March 31, 2021 2020 2019 (In percentages) Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from: NOL tax rate benefit - % (38.62) % - % State taxes, net of federal benefit 2.53 % 0.02 % 2.41 % Foreign rate differential - % 0.21 % 0.15 % Federal tax credits (0.99) % (0.53) % (0.15) % Transition tax - % - % (0.20) % Tax-exempt income (0.08) % (0.17) % - % Dividend received deduction (0.01) % (0.01) % (0.01) % Other 0.87 % 1.19 % (0.86) % Actual tax expense (benefit) of operations 23.32 % (16.91) % 22.34 % |
Components of Deferred Tax Assets and Liabilities | March 31, 2021 2020 Deferred tax assets: (In thousands) Net operating loss and credit carry forwards $ 30,432 $ 25,973 Accrued expenses 109,740 105,171 Policy benefit and losses, claims and loss expenses payable, net 26,799 20,189 Operating leases 19,370 22,353 Total deferred tax assets $ 186,341 $ 173,686 Deferred tax liabilities: Property, plant and equipment $ 1,280,703 $ 1,198,198 Operating leases 19,370 22,353 Deferred policy acquisition costs 13,696 12,795 Unrealized gains 48,667 29,873 Other 2,394 4,010 Total deferred tax liabilities 1,364,830 1,267,229 Net deferred tax liability $ 1,178,489 $ 1,093,543 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | Unrecognized Tax Benefits March 31, 2021 2020 (In thousands) Unrecognized tax benefits beginning balance $ 29,632 $ 37,201 Revaluation based on change in after tax benefit - - Additions based on tax positions related to the current year 1,479 42 Reductions for tax positions of prior years (42) (7,606) Settlements - (5) Unrecognized tax benefits ending balance $ 31,069 $ 29,632 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Table Text Block [Abstract] | |
Summary Of Financing Arrangements for Leveraged ESOP Debt | Outstanding as of Interest Payments Financing Date March 31, 2021 2021 2020 2019 (In thousands) June, 1991 $ - $ - $ - $ 1 July, 2009 - - 9 17 February, 2016 - - 229 190 |
Shares Held by the ESOP Plan | Years Ended March 31, 2021 2020 (In thousands) Allocated shares 951 1,003 Unreleased shares - leveraged - - Fair value of unreleased shares - leveraged $ - $ - Unreleased shares - non-leveraged - - Fair value of unreleased shares - non-leveraged $ - $ - |
Components of Net Periodic Post Retirement Benefit Cost | Years Ended March 31, 2021 2020 2019 (In thousands) Service cost for benefits earned during the period $ 1,267 $ 1,055 $ 1,108 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 919 964 943 Other components 68 90 70 Total other components of net periodic benefit costs 987 1,054 1,013 Net periodic postretirement benefit cost $ 2,254 $ 2,109 $ 2,121 |
Components of Post Retirement Benefit Liabilities | Years Ended March 31, 2021 2020 (In thousands) Beginning of year $ 27,503 $ 25,817 Service cost for benefits earned during the period 1,267 1,055 Interest cost on accumulated post retirement benefit 919 964 Net benefit payments and expense (841) (93) Actuarial (gain) loss 1,907 (240) Accumulated postretirement benefit obligation 30,755 27,503 Current liabilities 1,334 1,151 Non-current liabilities 29,421 26,352 Total post retirement benefit liability recognized in statement of financial position 30,755 27,503 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (5,286) (3,447) Cumulative net periodic benefit cost (in excess of employer contribution) $ 25,469 $ 24,056 |
Discount Rate Assumptions for Accumulated Postretirement Benefit Obligations | Years Ended March 31, 2021 2020 2019 (In percentages) Accumulated postretirement benefit obligation 2.93 % 3.37 % 3.83 % |
Future Net Benefit Payments Expected for Post Employee Benefit Obligations | Future Net Benefit Payments (In thousands) Year-ended: 2022 $ 1,334 2023 1,520 2024 1,719 2025 1,937 2026 2,167 2027 through 2030 12,529 Total $ 21,206 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Financial Instruments, Carrying and Estimated fair values | Fair Value Hierarchy As of March 31, 2021 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 224,426 $ - $ - $ 224,426 $ 224,426 Mortgage loans, net 391,230 - - 391,230 391,230 Other investments 98,529 - - 98,529 98,529 Total $ 714,185 $ - $ - $ 714,185 $ 714,185 Liabilities Notes, loans and finance leases payable $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Total $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Fair Value Hierarchy As of March 31, 2020 Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net 262,688 - - 262,688 262,688 Other investments 97,685 - - 97,685 97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045 Liabilities Notes, loans and finance leases payable $ 4,651,068 - $ 4,651,068 $ - $ 4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | As of March 31, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 839,250 $ 839,250 $ - $ - Fixed maturities - available for sale 2,653,539 6,967 2,646,415 157 Preferred stock 21,677 21,677 - - Common stock 20,440 20,440 - - Derivatives 6,601 6,601 - - Total $ 3,541,507 $ 894,935 $ 2,646,415 $ 157 Liabilities Derivatives $ 5,141 $ - $ 5,141 $ - Total $ 5,141 $ - $ 5,141 $ - As of March 31, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale 2,466,048 7,156 2,458,731 161 Preferred stock 6,675 6,675 - - Common stock 20,015 20,015 - - Derivatives 5,944 5,944 - - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161 Liabilities Derivatives $ 8,214 $ - $ 8,214 $ - Total $ 8,214 $ - $ 8,214 $ - |
Reinsurance and Policy Benefi_2
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Abstract] | |
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Table Text Block] | Direct Amount (a) Ceded to Other Companies Assumed from Other Companies Net Amount (a) Percentage of Amount Assumed to Net (In thousands) Year ended December 31, 2020 Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827 26 % Premiums earned: Life $ 58,048 $ 1 $ 5,049 $ 63,096 8 % Accident and health 57,081 211 1,388 58,258 2 % Annuity 221 - 34 255 13 % Property and casualty 70,285 - - 70,285 - % Total $ 185,635 $ 212 $ 6,471 $ 191,894 Year ended December 31, 2019 Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836 32 % Premiums earned: Life $ 53,289 $ 1 $ 5,629 $ 58,917 10 % Accident and health 66,863 226 1,563 68,200 2 % Annuity 65 - 794 859 92 % Property and casualty 69,126 - 15 69,141 - % Total $ 189,343 $ 227 $ 8,001 $ 197,117 Year ended December 31, 2018 Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767 37 % Premiums earned: Life $ 51,691 $ (1) $ (69,616) $ (17,924) 388 % Accident and health 77,813 267 1,851 79,397 2 % Annuity 1,221 - 794 2,015 39 % Property and casualty 60,848 |
Schedule of Effect of Reinsurance [Table Text Block] | December 31, 2020 2019 (In thousands) Unpaid losses and loss adjustment expense $ 177,963 $ 209,127 Reinsurance losses payable 979 1,214 Total $ 178,942 $ 210,341 |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | December 31, 2020 2019 2018 (In thousands) Balance at January 1 $ 209,127 $ 228,970 $ 233,554 Less: reinsurance recoverable 87,083 94,920 94,490 Net balance at January 1 122,044 134,050 139,064 Incurred related to: Current year 20,670 22,137 19,579 Prior years (3,865) (9,535) (5,365) Total incurred 16,805 12,602 14,214 Paid related to: Current year 7,664 7,366 8,838 Prior years 18,095 17,242 10,390 Total paid 25,759 24,608 19,228 Net balance at December 31 113,090 122,044 134,050 Plus: reinsurance recoverable 64,873 87,083 94,920 Balance at December 31 $ 177,963 $ 209,127 $ 228,970 |
Shortduration Insurance Contracts Claims Development [Table Text Block] | Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance As of December 31, 2020 Total of Incurred-but- Not-Reported Liabilities Plus Expected Cumulative Development Number of Accident on Reported Reported Year 2014 2015 2016 2017 2018 2019 2020 Claims Claims (In thousands, except claim counts) 2014 $ 11,691 $ 10,907 $ 10,720 $ 10,759 $ 10,748 $ 10,493 $ 10,327 $ - 10,068 2015 12,214 12,459 12,460 12,464 11,087 11,092 - 11,104 2016 13,297 13,011 13,056 11,790 11,764 - 11,469 2017 15,748 16,109 17,078 15,538 305 12,100 2018 19,580 18,386 18,027 1,464 11,981 2019 22,138 26,316 4,379 11,738 2020 20,671 10,137 11,199 |
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Table Text Block] | December 31, 2020 (In thousands) Liabilities for unpaid Property and Casualty claims and claim adjustment expenses, net of reinsurance $ 113,090 Total reinsurance recoverable on unpaid Property and Casualty claims $ 64,873 Total gross liability for unpaid Property and Casualty claims and claim adjustment expense $ 177,963 |
Shortduration Insurance Contracts Schedule Of Historical Claims Duration [Table Text Block] | Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance (In percentages) Years 1 2 3 4 5 6 7 Property and Casualty Insurance 52.2 % 21.4 % 11.0 % 2.0 % 5.6 % - % - % |
Leases (Table Text Block)
Leases (Table Text Block) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Supplemental Balance Sheet Information Related to Leases | As of March 31, 2021 Finance Operating Total (In thousands) Buildings and improvements $ - $ 132,901 $ 132,901 Furniture and equipment 22,316 - 22,316 Rental trailers and other rental equipment 203,594 - 203,594 Rental trucks 1,494,098 - 1,494,098 Right-of-use assets, gross 1,720,008 132,901 1,852,909 Less: Accumulated depreciation (842,970) (40,396) (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543 | As of March 31, 2020 Finance Operating Total (In thousands) Buildings and improvements $ - $ 125,547 $ 125,547 Furniture and equipment 21,113 - 21,113 Rental trailers and other rental equipment 219,581 - 219,581 Rental trucks 1,634,572 - 1,634,572 Right-of-use assets, gross 1,875,266 125,547 2,000,813 Less: Accumulated depreciation (794,913) (18,916) (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 |
Summary of Weighted-average remaining lease terms and Discount rates | Financing leases March 31, 2021 2020 Weighted average remaining lease term (years) 3 4 Weighted average discount rate 3.6 % 3.5 % F- 39 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Operating leases March 31, 2021 2020 Weighted average remaining lease term (years) 14.7 14 Weighted average discount rate 4.6 % 4.6 % | |
Lease costs | Twelve Months Ended March 31, 2021 2020 (In thousands) Operating lease costs $ 30,551 $ 27,494 Finance lease cost: Amortization of right-of-use assets $ 150,994 $ 186,860 Interest on lease liabilities 22,405 30,901 Total finance lease cost $ 173,399 $ 217,761 | |
Maturities of Lease Liabilities | Finance leases Operating leases Year ending March 31, (In thousands) 2022 $ 179,470 $ 24,288 2023 134,783 22,239 2024 112,732 21,257 2025 78,910 10,151 2026 47,453 4,006 Thereafter 7 62,175 Total lease payments 553,355 144,116 Less: imputed interest (39,732) (51,606) Present value of lease liabilities $ 513,623 $ 92,510 |
Related Party Transactions (Tab
Related Party Transactions (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul management fee revenue from Blackwater $ 25,512 $ 24,014 $ 23,986 U-Haul management fee revenue from Mercury 6,091 6,392 5,162 $ 31,603 $ 30,406 $ 29,148 |
Related Party Cost and Expense | Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul lease expenses to Blackwater $ 2,612 $ 2,631 $ 2,678 U-Haul commission expenses to Blackwater 69,212 62,066 61,434 $ 71,824 $ 64,697 $ 64,112 |
Due from Related Party, Recap of Assets | March 31, 2021 2020 (In thousands) U-Haul receivable from Blackwater $ 27,116 $ 25,293 U-Haul receivable from Mercury 9,632 9,893 Other (a) (1,353) (402) $ 35,395 $ 34,784 |
Statutory Financial Informati_2
Statutory Financial Information of Insurance Subsidiaries (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
Statutory Financial Information of Insurance Subsidiaries | Years Ended December 31, 2020 2019 2018 (In thousands) Repwest: Audited statutory net income $ 22,898 $ 28,614 $ 23,960 Audited statutory capital and surplus 227,380 226,999 216,763 ARCOA: Audited statutory net income 2,438 2,906 1,612 Audited statutory capital and surplus 15,928 12,851 9,390 Oxford: Audited statutory net income 6,296 18,599 11,367 Audited statutory capital and surplus 218,301 223,264 203,723 CFLIC: Audited statutory net income 8,082 8,043 8,735 Audited statutory capital and surplus 25,980 26,305 27,232 NAI: Audited statutory net income 2,127 1,942 1,436 Audited statutory capital and surplus 13,980 13,371 12,817 |
Financial Information by Geog_2
Financial Information by Geographic Area (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Industry Segment and Geographic Area Data | United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021 Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal 631,344 10,160 641,504 Interest expense 160,429 3,073 163,502 Pretax earnings 773,030 23,628 796,658 Income tax expense 180,845 4,957 185,802 Identifiable assets 14,212,978 438,628 14,651,606 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020 Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal 652,110 15,414 667,524 Interest expense 157,595 3,355 160,950 Pretax earnings 372,687 5,437 378,124 Income tax expense (benefit) (65,842) 1,918 (63,924) Identifiable assets 13,016,942 421,082 13,438,024 United States Canada Consolidated (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2019 Total revenues $ 3,597,285 $ 171,422 $ 3,768,707 Depreciation and amortization, net of gains on disposal 575,134 7,421 582,555 Interest expense 139,573 2,872 142,445 Pretax earnings 466,175 11,354 477,529 Income tax expense 103,578 3,094 106,672 Identifiable assets 11,526,876 364,837 11,891,713 |
Consolidating Financial Infor_2
Consolidating Financial Information by Industry Segment (Table Text Block) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Table Text Block Supplement [Abstract] | |||
Consolidated Balance Sheet by Industry Segment | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Assets: Cash and cash equivalents $ 1,010,275 $ 5,658 $ 178,079 $ - $ 1,194,012 Reinsurance recoverables and trade receivables, net 118,741 67,069 38,616 - 224,426 Inventories and parts, net 105,577 - - - 105,577 Prepaid expenses 469,144 - - - 469,144 Investments, fixed maturities and marketable equities - 295,753 2,399,903 - 2,695,656 Investments, other 20,733 90,412 378,614 - 489,759 Deferred policy acquisition costs, net - - 89,749 - 89,749 Other assets 44,763 436 2,531 - 47,730 Right of use assets - financing, net 877,038 - - - 877,038 Right of use assets - operating 92,245 92 168 - 92,505 Related party assets 54,042 6,854 13,850 (39,351) (c) 35,395 2,792,558 466,274 3,101,510 (39,351) 6,320,991 Investment in subsidiaries 741,860 - - (741,860) (b) - Property, plant and equipment, at cost: Land 1,075,813 - - - 1,075,813 Buildings and improvements 5,163,705 - - - 5,163,705 Furniture and equipment 786,505 - - - 786,505 Rental trailers and other rental equipment 477,921 - - - 477,921 Rental trucks 3,909,724 - - - 3,909,724 11,413,668 - - - 11,413,668 Less: Accumulated depreciation (3,083,053) - - - (3,083,053) Total property, plant and equipment 8,330,615 - - - 8,330,615 Total assets $ 11,865,033 $ 466,274 $ 3,101,510 $ (781,211) $ 14,651,606 | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Assets: Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ - $ 494,352 Reinsurance recoverables and trade receivables, net 60,073 93,995 32,604 - 186,672 Inventories and parts, net 101,083 - - - 101,083 Prepaid expenses 562,904 - - - 562,904 Investments, fixed maturities and marketable equities - 288,998 2,203,740 - 2,492,738 Investments, other 20,988 90,145 249,240 - 360,373 Deferred policy acquisition costs, net - - 103,118 - 103,118 Other assets 69,128 680 2,148 - 71,956 Right of use assets - financing, net 1,080,353 - - - 1,080,353 Right of use assets - operating 106,631 - - - 106,631 Related party assets 41,027 7,137 18,629 (32,009) (c) 34,784 2,501,265 485,749 2,639,959 (32,009) 5,594,964 Investment in subsidiaries 668,498 - - (668,498) (b) - Property, plant and equipment, at cost: Land 1,032,945 - - - 1,032,945 Buildings and improvements 4,663,461 - - - 4,663,461 Furniture and equipment 752,363 - - - 752,363 Rental trailers and other rental equipment 511,520 - - - 511,520 Rental trucks 3,595,933 - - - 3,595,933 10,556,222 - - - 10,556,222 Less: Accumulated depreciation (2,713,162) - - - (2,713,162) Total property, plant and equipment 7,843,060 - - - 7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507) $ 13,438,024 | |
Consolidated Statement of Operations by Industry Segment | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Revenues: Self-moving equipment rentals $ 3,086,824 $ - $ - $ (3,507) (c) $ 3,083,317 Self-storage revenues 477,262 - - - 477,262 Self-moving & self-storage products & service sales 344,929 - - - 344,929 Property management fees 31,603 - - - 31,603 Life insurance premiums - - 121,609 - 121,609 Property and casualty insurance premiums - 70,285 - (1,506) (c) 68,779 Net investment and interest income 2,259 16,452 107,745 (3,518) (b) 122,938 Other revenue 288,797 - 3,280 (529) (b) 291,548 Total revenues 4,231,674 86,737 232,634 (9,060) 4,541,985 Costs and expenses: Operating expenses 2,137,381 35,450 20,376 (5,523) (b,c) 2,187,684 Commission expenses 329,609 - - - 329,609 Cost of sales 214,059 - - - 214,059 Benefits and losses - 18,558 160,954 - 179,512 Amortization of deferred policy acquisition costs - - 28,293 - 28,293 Lease expense 30,551 231 135 (2,447) (b) 28,470 Depreciation, net gains on disposals 609,930 - - - 609,930 Net losses on disposal of real estate 3,281 - - - 3,281 Total costs and expenses 3,324,811 54,239 209,758 (7,970) 3,580,838 Earnings from operations before equity in earnings of subsidiaries 906,863 32,498 22,876 (1,090) 961,147 Equity in earnings of subsidiaries 44,441 - - (44,441) (d) - Earnings from operations 951,304 32,498 22,876 (45,531) 961,147 Other components of net periodic benefit costs | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Revenues: Self-moving equipment rentals $ 2,696,516 $ - $ - $ (4,103) (c) $ 2,692,413 Self-storage revenues 418,741 - - - 418,741 Self-moving & self-storage products & service sales 265,091 - - - 265,091 Property management fees 30,406 - - - 30,406 Life insurance premiums - - 127,976 - 127,976 Property and casualty insurance premiums - 69,141 - (3,088) (c) 66,053 Net investment and interest income 10,593 19,923 109,018 (1,705) (b) 137,829 Other revenue 236,419 - 4,470 (530) (b) 240,359 Total revenues 3,657,766 89,064 241,464 (9,426) 3,978,868 Costs and expenses: Operating expenses 2,069,655 33,770 21,425 (7,702) (b,c) 2,117,148 Commission expenses 288,332 - - - 288,332 Cost of sales 164,018 - - - 164,018 Benefits and losses - 12,410 162,426 - 174,836 Amortization of deferred policy acquisition costs - - 31,219 - 31,219 Lease expense 27,494 - - (612) (b) 26,882 Depreciation, net gains on disposals 637,063 - - - 637,063 Net gains on disposal of real estate (758) - - - (758) Total costs and expenses 3,185,804 46,180 215,070 (8,314) 3,438,740 Earnings from operations before equity in earnings of subsidiaries 471,962 42,884 26,394 (1,112) 540,128 Equity in earnings of subsidiaries 55,789 - - (55,789) (d) - Earnings from operations 527,751 42,884 26,394 (56,901) 540,128 Other components of net periodic benefit costs (1,054) | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (In thousands) Revenues: Self-moving equipment rentals $ 2,656,327 $ - $ - $ (2,830) (c) $ 2,653,497 Self-storage revenues 367,276 - - - 367,276 Self-moving & self-storage products & service sales 264,146 - - - 264,146 Property management fees 29,148 - - - 29,148 Life insurance premiums - - 63,488 - 63,488 Property and casualty insurance premiums - 63,488 - (2,635) (c) 60,853 Net investment and interest income 13,857 12,349 86,395 (1,667) (b) 110,934 Other revenue 215,055 - 4,831 (521) (b) 219,365 Total revenues 3,545,809 75,837 154,714 (7,653) 3,768,707 Costs and expenses: Operating expenses 1,938,317 34,218 14,613 (5,968) (b,c) 1,981,180 Commission expenses 288,408 - - - 288,408 Cost of sales 162,142 - - - 162,142 Benefits and losses - 14,213 86,064 - 100,277 Amortization of deferred policy acquisition costs - - 28,556 - 28,556 Lease expense 33,702 - - (544) (b) 33,158 Depreciation, net gains on disposals 554,043 - - - 554,043 Net gains on disposal of real estate (44) - - - (44) Total costs and expenses 2,976,568 48,431 129,233 (6,512) 3,147,720 Earnings from operations before equity in earnings of subsidiaries 569,241 27,406 25,481 (1,141) 620,987 Equity in earnings of subsidiaries 41,811 - - (41,811) (d) - Earnings from operations 611,052 27,406 25,481 (42,952) 620,987 Other components of net periodic benefit costs (1,013) |
Consolidated Cash Flow Statement by Industry Segment | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 610,856 $ 25,720 $ 18,721 $ (44,441) $ 610,856 Earnings from consolidated subsidiaries (44,441) - - 44,441 - Adjustments to reconcile net earnings to cash provided by operations: Depreciation 664,001 - - - 664,001 Amortization of deferred policy acquisition costs - - 28,293 - 28,293 Amortization of premiums and accretion of discounts related to investments, net - 1,578 12,651 - 14,229 Amortization of debt issuance costs 5,948 - - - 5,948 Interest credited to policyholders - - 55,321 - 55,321 Change in allowance for losses on trade receivables 1,424 (217) (1) - 1,206 Change in allowance for inventories and parts reserve 1,298 - - - 1,298 Net gains on disposal of personal property (54,071) - - - (54,071) Net losses on disposal of real estate 3,281 - - - 3,281 Net gains on sales of investments - (158) (9,900) - (10,058) Net gains on equity securities - (394) - - (394) Deferred income taxes 72,407 459 (4,455) - 68,411 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (60,806) 27,302 (6,012) - (39,516) Inventories and parts (5,775) - - - (5,775) Prepaid expenses 94,359 - - - 94,359 Capitalization of deferred policy acquisition costs - - (36,162) - (36,162) Other assets 29,879 537 (551) - 29,865 Related party assets (12,790) 303 - 12,000 (b) (487) Accounts payable and accrued expenses 96,309 (3,497) 113 - 92,925 Policy benefits and losses, claims and loss expenses payable 14,919 (31,398) 14,487 - (1,992) Other policyholders' funds and liabilities - (2,053) 4,283 - 2,230 Deferred income 10,959 - 608 - | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 442,048 $ 33,928 $ 21,861 $ (55,789) $ 442,048 Earnings from consolidated subsidiaries (55,789) - - 55,789 - Adjustments to reconcile net earnings to cash provided by operations: Depreciation 664,120 - - - 664,120 Amortization of deferred policy acquisition costs - - 31,219 - 31,219 Amortization of premiums and accretion of discounts related to investments, net - 1,469 11,848 - 13,317 Amortization of debt issuance costs 4,426 - - - 4,426 Interest credited to policyholders - - 51,857 - 51,857 Change in allowance for losses on trade receivables (14) - - - (14) Change in allowance for inventories and parts reserve 640 - - - 640 Net gains on disposal of personal property (27,057) - - - (27,057) Net gains on disposal of real estate (758) - - - (758) Net gains on sales of investments - (355) (13,241) - (13,596) Net gains on equity securities - (3,783) - - (3,783) Deferred income taxes 323,980 (2,847) (3,240) - 317,893 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 30,771 8,127 (769) - 38,129 Inventories and parts 1,776 - - - 1,776 Prepaid expenses (391,120) - - - (391,120) Capitalization of deferred policy acquisition costs - - (24,447) - (24,447) Other assets (3,099) 2,098 (294) - (1,295) Related party assets (5,106) (539) - - (5,645) Accounts payable and accrued expenses (4,428) 2,688 (2,790) - (4,530) Policy benefits and losses, claims and loss expenses payable 3,092 (19,618) 3,908 - (12,618) Other policyholders' funds and liabilities - 491 (5,348) - (4,857) Deferred income (1,818) - - - (1,818) Related party liabilities | Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 370,857 $ 21,708 $ 20,103 $ (41,811) $ 370,857 Earnings from consolidated subsidiaries (41,811) - - 41,811 - Adjustments to reconcile net earnings to cash provided by operations: Depreciation 581,025 - - - 581,025 Amortization of deferred policy acquisition costs - - 28,556 - 28,556 Amortization of premiums and accretion of discounts related to investments, net - 1,361 11,746 - 13,107 Amortization of debt issuance costs 3,923 - - - 3,923 Interest credited to policyholders - - 35,387 - 35,387 Change in allowance for losses on trade receivables 57 - (5) - 52 Change in allowance for inventories and parts reserve (146) - - - (146) Net gains on disposal of personal property (26,982) - - - (26,982) Net gains on disposal of real estate (44) - - - (44) Net (gains) losses on sales of investments - (2,971) 308 - (2,663) Net losses on equity securities - 5,739 - - 5,739 Deferred income taxes 112,434 830 (6,453) - 106,811 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (26,160) (2,438) (2,767) - (31,365) Inventories and parts (13,492) - - - (13,492) Prepaid expenses (8,620) - - - (8,620) Capitalization of deferred policy acquisition costs - - (25,957) - (25,957) Other assets 159,126 (1,449) (525) - 157,152 Related party assets 3,857 339 (2) - 4,194 Accounts payable and accrued expenses 6,454 257 3,552 - 10,263 Policy benefits and losses, claims and loss expenses payable (159,793) (4,400) (71,927) - (236,120) Other policyholders' funds and liabilities - (117) 5,124 - 5,007 Deferred income 966 - - - 966 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Lease schedule over next five years and thereafter | Year Ended March 31, 2022 2023 2024 2025 2026 Thereafter (In thousands) Self-moving equipment rentals $ 4,740 $ - $ - $ - $ - $ - Property lease revenues 19,099 13,079 9,612 7,210 5,648 55,060 Total $ 23,839 $ 13,079 $ 9,612 $ 7,210 $ 5,648 $ 55,060 |
Disaggregation of revenue | Years Ended March 31, 2021 2020 2019 (In thousands) Revenues recognized over time $ 182,278 $ 147,565 $ 2,814,732 Revenues recognized at a point in time 396,600 309,804 305,408 Total revenues recognized under ASC 606 578,878 457,369 3,120,140 Revenues recognized under ASC 842 or 840 3,644,798 3,182,902 406,070 Revenues recognized under ASC 944 195,371 200,768 131,563 Revenues recognized under ASC 320 122,938 137,829 110,934 Total revenues $ 4,541,985 $ 3,978,868 $ 3,768,707 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Table Text Block) | 12 Months Ended |
Mar. 31, 2021 | |
Allowance For Credit Loss [Abstract] | |
Accounts Receivable Allowance For Credit Loss [Table Text Block] | Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (In thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses 155 817 - 972 Write-offs against allowance - - - - Recoveries - - - - Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 |
Principles of Consolidation (Na
Principles of Consolidation (Narratives) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Accounting Policies (Narratives
Accounting Policies (Narratives) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Cash, Insured and Uninsured [Abstract] | ||||||
Cash, FDIC Insured Amount | $ 250,000 | |||||
Cash, CDIC insured amount | $ 100,000 | |||||
LIFO Method Related Items [Abstract] | ||||||
Percentage of LIFO inventory | 96.00% | |||||
Inventory, LIFO reserve | $ 21,832,000 | $ 18,886,000 | ||||
Effect of LIFO inventory liquidation on income | 400,000 | |||||
Disposition of Property, Plant and Equipment | ||||||
Net amount of (gains) losses netted against depreciation expense | 54,100,000 | 27,100,000 | $ 27,000,000 | |||
Additional operating expenses | $ 21,200,000 | 27,700,000 | ||||
Schedule of rental trucks depreciation: | ||||||
Percentage reduction for year one, depreciation | 16.00% | |||||
Percentage reduction for year two, depreciation | 13.00% | |||||
Percentage reduction for year three, depreciation | 11.00% | |||||
Percentage reduction for year four, depreciation | 9.00% | |||||
Percentage reduction for year five, depreciation | 8.00% | |||||
Percentage reduction for year six, depreciation | 7.00% | |||||
Percentage reduction for year seven, depreciation | 6.00% | |||||
Salvage value percentage under the old declining balance method | 15.00% | |||||
Salvage value percentage | 5.70% | |||||
Real Estate Companies Disclosures [Abstract] | ||||||
Carrying value of surplus real estate | $ 68,800,000 | 69,600,000 | ||||
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | ||||||
Self insurance reserve | 427,100,000 | 410,100,000 | ||||
Accrued insurance, noncurrent | 17,500,000 | 15,700,000 | ||||
Marketing and Advertising Expense [Abstract] | ||||||
Advertising expense | 18,000,000 | 13,700,000 | 10,600,000 | |||
Policyholder Benefits and Claims Incurred [Abstract] | ||||||
Deferred sales inducements, net | $ 16,000,000 | $ 16,800,000 | ||||
Deferred sales inducements, amortization expense | $ 4,300,000 | $ 5,500,000 | $ 3,700,000 | |||
Adoption of New Accounting Pronounements | ||||||
Other components of net periodic benefit cost | 987,000 | 1,054,000 | $ 1,013,000 | |||
Operating lease commitment, asset | 877,038,000 | $ 1,080,353,000 | ||||
Operating lease commitment, liability | $ 92,510,000 |
Accounting Policies (Inventorie
Accounting Policies (Inventories, net) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory, Net [Abstract] | ||
Truck and trailer parts and accessories (a) | $ 95,976 | $ 88,138 |
Hitches and towing components (b) | 19,972 | 23,070 |
Moving supplies and propane (b) | 12,877 | 11,824 |
Subtotal | 128,825 | 123,032 |
Less: LIFO reserves | (21,832) | (18,886) |
Less: excess and obsolete reserves | (1,416) | (3,063) |
Total | $ 105,577 | $ 101,083 |
Earnings Per Share (Narratives)
Earnings Per Share (Narratives) (Details) | 12 Months Ended |
Mar. 31, 2019shares | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |
Employee stock ownership plan, unreleased shares | 11,949 |
Reinsurance Recoverables and _3
Reinsurance Recoverables and Trade Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Reinsurance Recoverables and Trade Receivables, Net [Abstract] | |||
Reinsurance recoverable | $ 66,386 | $ 64,873 | $ 89,020 |
Trade accounts receivable | 121,251 | 59,394 | |
Paid losses recoverable | 276 | 624 | |
Accrued investment income | 27,883 | 25,744 | |
Premiums and agents' balances | 2,546 | 1,582 | |
Independent dealer receivables | 258 | 1,015 | |
Other receivables | 10,247 | 9,828 | |
Reinsurance recoverables and trade receivables, gross | 228,847 | 187,207 | |
Less: Allowance for doubtful accounts | (4,421) | (535) | |
Reinsurance recoverables and trade receivables, net | $ 224,426 | $ 186,672 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Assets held by insurance regulators | $ 27.7 | $ 30.8 | |||
Fair value of sold available-for-sale securities | $ 523.9 | $ 264.5 | $ 114.8 | ||
Available-for-sale securities, gross realized gains | 9.6 | 6.4 | 2 | ||
Available-for-sale securities, gross realized losses | $ 2.1 | $ 0.2 | 0.2 | ||
Mortgages [Member] | Minimum [Member] | |||||
Real Estate [Abstract] | |||||
Mortgage loan interest rate | 3.80% | ||||
Debt instrument, maturity year | 2021 | ||||
Available for sale investments, unrealized loss position | |||||
Available for sale investments, unrealized loss position | $ 0.4 | ||||
Mortgages [Member] | Maximum [Member] | |||||
Real Estate [Abstract] | |||||
Mortgage loan interest rate | 8.20% | ||||
Debt instrument, maturity year | 2036 | ||||
Available for sale investments, unrealized loss position | |||||
Available for sale investments, unrealized loss position | $ 0.5 |
Investments (Available-for-sale
Investments (Available-for-sale investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Available-for-sale securities, investments: | ||
Amortized cost | $ 2,405,612 | $ 2,334,215 |
Gross unrealized gains | 250,254 | 135,767 |
Gross unrealized losses more than 12 months | (224) | (1,077) |
Gross unrealized losses less than 12 months | (784) | (1,292) |
Allowance for Expected Credit Losses | (1,319) | |
Estimated market value | 2,653,539 | 2,467,613 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 92,429 | 112,421 |
Gross unrealized gains | 12,941 | 7,959 |
Gross unrealized losses more than 12 months | 0 | (1) |
Gross unrealized losses less than 12 months | 0 | 0 |
Allowance for Expected Credit Losses | 0 | |
Estimated market value | 105,370 | 120,379 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 61,427 | 88,449 |
Gross unrealized gains | 911 | 759 |
Gross unrealized losses more than 12 months | (1) | (1) |
Gross unrealized losses less than 12 months | (132) | (373) |
Allowance for Expected Credit Losses | 0 | |
Estimated market value | 62,205 | 88,834 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 230,521 | 287,643 |
Gross unrealized gains | 25,249 | 20,664 |
Gross unrealized losses more than 12 months | (59) | (155) |
Gross unrealized losses less than 12 months | (3) | 0 |
Allowance for Expected Credit Losses | 0 | |
Estimated market value | 255,708 | 308,152 |
Corporate securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 1,846,507 | 1,656,425 |
Gross unrealized gains | 199,447 | 100,302 |
Gross unrealized losses more than 12 months | (163) | (919) |
Gross unrealized losses less than 12 months | (641) | (812) |
Allowance for Expected Credit Losses | (1,319) | |
Estimated market value | 2,043,831 | 1,754,996 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | 174,728 | 187,784 |
Gross unrealized gains | 11,706 | 6,011 |
Gross unrealized losses more than 12 months | (1) | (1) |
Gross unrealized losses less than 12 months | (8) | (107) |
Allowance for Expected Credit Losses | 0 | |
Estimated market value | 186,425 | 193,687 |
Redeemable Preferred Stocks [Member] | ||
Available-for-sale securities, investments: | ||
Amortized cost | $ 0 | 1,493 |
Gross unrealized gains | 72 | |
Gross unrealized losses more than 12 months | 0 | |
Gross unrealized losses less than 12 months | 0 | |
Estimated market value | $ 1,565 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,405,612 | $ 2,334,215 |
Available-for-sale securities, fair value: | ||
Estimated market value | 2,653,539 | 2,467,613 |
Us Government Corporate Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 90,142 | 128,747 |
Due after one year through five years | 562,442 | 547,821 |
Due after five years through ten years | 672,733 | 636,036 |
Due after ten years | 905,567 | 832,334 |
Amortized cost | 2,230,884 | 2,144,938 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 91,190 | 129,420 |
Due after one year through five years | 601,818 | 566,934 |
Due after five years through ten years | 754,536 | 678,636 |
Due after ten years | 1,019,570 | 897,371 |
Estimated market value | 2,467,114 | 2,272,361 |
Mortgage backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 174,728 | 187,784 |
Available-for-sale securities, fair value: | ||
Estimated market value | 186,425 | 193,687 |
Redeemable Preferred Stocks [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 0 | 1,493 |
Available-for-sale securities, fair value: | ||
Estimated market value | $ 0 | $ 1,565 |
Investments (Available for sale
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | $ 29,809 | $ 14,851 |
Estimated market value, equity investments | 42,117 | 25,125 |
Common stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 9,775 | 9,775 |
Estimated market value, equity investments | 20,440 | 20,015 |
Non-redeemable preferred stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 20,034 | 5,076 |
Estimated market value, equity investments | $ 21,677 | $ 5,110 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Investments [Abstract] | ||
Mortgage loans, net | $ 391,230 | $ 262,688 |
Short-term investments | 7,234 | 6,995 |
Real estate | 68,813 | 69,569 |
Policy loans | 11,163 | 11,212 |
Other equity investments | 11,319 | 9,909 |
Total investments | $ 489,759 | $ 360,373 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Other Assets [Abstract] | ||
Deposits (debt-related) | $ 33,952 | $ 33,020 |
Cash surrender value of life insurance policies | 567 | 31,371 |
Deposits (real estate related) | 13,211 | 7,565 |
Other assets, total | $ 47,730 | $ 71,956 |
Net Investment and Interest I_3
Net Investment and Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Net Investment Income [Line Items] | |||
Investment income | $ 129,970 | $ 142,683 | $ 115,436 |
Less: investment expenses | (7,032) | (4,854) | (4,502) |
Investment income, related party | 0 | 0 | 0 |
Net investment and interest income | 122,938 | 137,829 | 110,934 |
Fixed Maturities [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 102,021 | 107,434 | 99,348 |
Real Estate [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 5,769 | 7,304 | 5,538 |
Insurance policy loans [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 829 | 974 | 1,305 |
Mortgage loans [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | 18,248 | 17,164 | 16,674 |
Short-term, amounts held by ceding reinsurers, net and other investments [Member] | |||
Net Investment Income [Line Items] | |||
Investment income | $ 3,103 | $ 9,807 | $ (7,429) |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 4,668,907 | $ 4,621,291 | |
Debt instruments, issuance and maturity dates: | |||
Remaining Lease Term Finance Lease Weighted Average | 3 | 4 | |
Real estate loan (amortizing term) [Member] | Minimum [Member] | |||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2021 | ||
Real estate loan (amortizing term) [Member] | Maximum [Member] | |||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2036 | ||
Rental Truck (securitizations) [Member] | Amerco [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.61% | ||
Rental Truck (securitizations) [Member] | Amerco [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.66% | ||
Capital Lease Obligations [Member] | Amerco [Member] | |||
Lease Cost [Abstract] | |||
Sale Leaseback Transaction Lease Terms | (7) years | ||
Capital Lease Obligations [Member] | Amerco [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.60% | ||
Capital Lease Obligations [Member] | Amerco [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.22% | ||
Finance Lease [Member] | Amerco [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Capitalized assets, net book value | $ 865,600 | $ 1,067,300 | |
Lease Cost [Abstract] | |||
Sale Leaseback Transaction Lease Terms | (7) year terms | ||
Finance Lease [Member] | Amerco [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.92% | ||
Finance Lease [Member] | Amerco [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.04% | ||
Other Obligations [Member] | Amerco [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Amounts held at LIBOR plus margin | $ 200,000 | ||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan (amortizing term) [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.11% | ||
Applicable margin interest rate | 1.50% | ||
Sum of LIBOR and margin, maximum rate | 1.61% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Debt Weighted Average Interest Rate | 4.28% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.80% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior mortgages [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 6.62% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | Amerco [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.11% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 385,000 | ||
Notes, loans and leases payable | $ 385,000 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | Amerco [Member] | Minimum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Applicable margin interest rate | 1.25% | ||
Sum of LIBOR and margin, maximum rate | 1.36% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | Amerco [Member] | Maximum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Applicable margin interest rate | 1.50% | ||
Sum of LIBOR and margin, maximum rate | 1.61% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.36% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 590,000 | ||
Notes, loans and leases payable | 535,000 | ||
Amount held at fixed interest rate | $ 100,000 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | Minimum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.11% | ||
Applicable margin interest rate | 1.15% | ||
Sum of LIBOR and margin, maximum rate | 1.27% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | Maximum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.12% | ||
Applicable margin interest rate | 1.25% | ||
Sum of LIBOR and margin, maximum rate | 1.36% | ||
Amerco Real Estate Company [Member] | Working capital loans two [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.11% | ||
Applicable margin interest rate | 1.38% | ||
Sum of LIBOR and margin, maximum rate | 1.49% | ||
Unused capacity fee | 0.30% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Aggregate borrowing capacity, amount | $ 200,000 | ||
Line of credit facility, maximum borrowing capacity | 300,000 | ||
Line of credit facility, remaining borrowing capacity | 150,000 | ||
Amerco, Us Bank, National Association, Trustee [Member] | Amerco [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | 88,600 | ||
Subsidiary holdings of parent company debt | $ 2,500 | ||
Amerco, Us Bank, National Association, Trustee [Member] | Amerco [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.25% | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2021 | ||
Amerco, Us Bank, National Association, Trustee [Member] | Amerco [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2049 | ||
Life Insurance [Member] | FHLB [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit amount | $ 70,500 | ||
Available for sale equity securities, noncurrent | 153,700 | ||
Available for sale equity securities pledged as collateral | $ 78,800 | ||
Life Insurance [Member] | FHLB [Member] | Minimum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 0.00% | ||
Life Insurance [Member] | FHLB [Member] | Maximum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 2.67% |
Borrowings (Long-term debt borr
Borrowings (Long-term debt borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt instrument, maturities: | ||
Notes, loans and finance/capital leases payable | $ 4,698,615 | $ 4,651,068 |
Less: Debt issuance costs | (29,708) | (29,777) |
Total notes, loans and finance/capital leases payable, net | $ 4,668,907 | 4,621,291 |
Real estate loan (amortizing term) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, end | 2023 | |
Notes, loans and finance/capital leases payable | $ 82,913 | 92,913 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year | 2021 | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year | 2036 | |
Senior mortgages [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2021 | |
Debt instrument, maturity year range, end | 2038 | |
Notes, loans and finance/capital leases payable | $ 2,125,324 | 2,029,878 |
Senior mortgages [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.80% | |
Senior mortgages [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.62% | |
Real estate loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2025 | |
Notes, loans and finance/capital leases payable | $ 535,000 | 519,000 |
Real estate loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.36% | |
Real estate loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2022 | |
Debt instrument, maturity year range, end | 2028 | |
Notes, loans and finance/capital leases payable | $ 176,295 | 224,089 |
Fleet loans (amortizing) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.66% | |
Fleet loans (securitization) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2025 | |
Notes, loans and finance/capital leases payable | $ 535,000 | 567,000 |
Fleet loans (securitization) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.27% | |
Fleet loans (securitization) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.36% | |
Fleet Loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2021 | |
Debt instrument, maturity year range, end | 2027 | |
Notes, loans and finance/capital leases payable | $ 513,623 | 734,870 |
Fleet Loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.92% | |
Fleet Loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.04% | |
Capital leases (rental equipment) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2029 | |
Notes, loans and finance/capital leases payable | $ 644,375 | 398,834 |
Capital leases (rental equipment) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.60% | |
Capital leases (rental equipment) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.22% | |
Other Obligations [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2021 | |
Debt instrument, maturity year range, end | 2049 | |
Notes, loans and finance/capital leases payable | $ 86,085 | $ 84,484 |
Other Obligations [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.25% | |
Other Obligations [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 8.00% |
Borrowings (Annual maturities o
Borrowings (Annual maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Long-term debt, by Maturity: | |
2022 | $ 465,884 |
2023 | 593,020 |
2024 | 1,018,407 |
2025 | 769,125 |
2026 | 352,162 |
Thereafter | 1,500,017 |
Total | $ 4,698,615 |
Interest on Borrowings (Narrati
Interest on Borrowings (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | |||
Interest paid in cash including payments related to derivative contracts | $ 153.2 | $ 168.1 | $ 149.8 |
Interest on Borrowings (Compone
Interest on Borrowings (Components of interest expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Interest expense, borrowings: | |||
Interest expense | $ 165,484 | $ 180,444 | $ 150,609 |
Capitalized interest | (11,573) | (23,517) | (12,733) |
Amortization of transaction costs | 5,949 | 4,427 | 3,745 |
Interest expense resulting rom derivatives | 3,642 | (404) | 824 |
Total interest expense | $ 163,502 | $ 160,950 | $ 142,445 |
Interest on Borrowings (Interes
Interest on Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and debt expense: | |||
Weighted average interest rate during the year | 1.40% | 3.31% | 3.39% |
Interest rate at year end | 1.40% | 2.86% | 3.60% |
Maximum amount outstanding during the year | $ 1,175,000 | $ 1,086,000 | $ 959,400 |
Average amount outstanding during the year | 1,088,293 | 1,002,081 | 699,415 |
Facility fees | $ 261 | $ 193 | $ 374 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax | $ (429) | $ (6,301) | $ 451 |
Notional amount of operating lease | 3,600 | ||
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months | 3,900 | ||
Derivative hedge market value | 6,600 | 5,900 | |
Derivative Notional Amount | $ 282,700 | $ 246,800 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Interest Rate Fair Value Hedges [Abstract] | ||
Assets | $ 0 | $ 0 |
Liabilities | (5,141) | (8,214) |
Notional amount (debt) | $ 235,000 | $ 235,000 |
Derivatives (Effect of interest
Derivatives (Effect of interest rate contracts on statement of operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Effect of Interest rate Contracts [Abstract] | |||
(Gain) recognized in AOCI on interest rate contracts (effective portion) | $ 3,071 | $ (8,355) | $ 633 |
Gain reclassified from AOCI into income | $ (3,640) | $ 3 | $ (35) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | $ 34,652 | ||
Foreign currency translation | (5,694) | $ 9,377 | $ (1,759) |
Unrealized net loss on investments | 76,969 | 97,943 | (59,768) |
Change in fair value of cash flow hedges | (429) | (6,301) | 451 |
Amounts reclassified into earnings on hedging activities | 2,746 | (2) | 26 |
Change in postretirement benfit obligations | (1,387) | 333 | (1,025) |
Other comprehensive income (loss) | 72,205 | 101,350 | (62,075) |
Balance as of March 31, 2021 | 106,857 | 34,652 | |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | (47,235) | ||
Foreign currency translation | (5,694) | ||
Unrealized net loss on investments | 0 | ||
Change in fair value of cash flow hedges | 0 | ||
Amounts reclassified into earnings on hedging activities | 0 | ||
Change in postretirement benfit obligations | 0 | ||
Other comprehensive income (loss) | (5,694) | ||
Balance as of March 31, 2021 | (52,929) | (47,235) | |
Unrealized Gain (Loss) on Investments | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | 90,684 | ||
Foreign currency translation | 0 | ||
Unrealized net loss on investments | 76,969 | ||
Change in fair value of cash flow hedges | 0 | ||
Amounts reclassified into earnings on hedging activities | 0 | ||
Change in postretirement benfit obligations | 0 | ||
Other comprehensive income (loss) | 76,969 | ||
Balance as of March 31, 2021 | 167,653 | 90,684 | |
Fair Market Value of Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | (6,196) | ||
Foreign currency translation | 0 | ||
Unrealized net loss on investments | 0 | ||
Change in fair value of cash flow hedges | (429) | ||
Amounts reclassified into earnings on hedging activities | 2,746 | ||
Change in postretirement benfit obligations | 0 | ||
Other comprehensive income (loss) | 2,317 | ||
Balance as of March 31, 2021 | (3,879) | (6,196) | |
Postretirement Benefit Obligation Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | (2,601) | ||
Foreign currency translation | 0 | ||
Unrealized net loss on investments | 0 | ||
Change in fair value of cash flow hedges | 0 | ||
Amounts reclassified into earnings on hedging activities | 0 | ||
Change in postretirement benfit obligations | (1,387) | ||
Other comprehensive income (loss) | (1,387) | ||
Balance as of March 31, 2021 | (3,988) | (2,601) | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | |||
Balance as of March 31, 2020 | 34,652 | ||
Foreign currency translation | (5,694) | 9,377 | (1,759) |
Unrealized net loss on investments | 76,969 | ||
Change in fair value of cash flow hedges | (429) | ||
Amounts reclassified into earnings on hedging activities | 2,746 | (2) | 26 |
Change in postretirement benfit obligations | (1,387) | 333 | $ (1,025) |
Other comprehensive income (loss) | 72,205 | ||
Balance as of March 31, 2021 | $ 106,857 | $ 34,652 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 12 Months Ended |
Mar. 31, 2021$ / shares | |
Dividends Declared | |
Dividends payable, date declared | Dec. 9, 2020 |
Dividend paid, amount per share | $ 2 |
Dividends payable, date of record | Dec. 21, 2020 |
Dividends payable, date to be paid | Dec. 30, 2020 |
Dividends declared two [Member] | |
Dividends Declared | |
Dividends payable, date declared | Aug. 20, 2020 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Sep. 7, 2020 |
Dividends payable, date to be paid | Sep. 21, 2020 |
Dividends declared three [Member] | |
Dividends Declared | |
Dividends payable, date declared | Dec. 4, 2019 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Dec. 19, 2019 |
Dividends payable, date to be paid | Jan. 6, 2020 |
Dividends declared four [Member] | |
Dividends Declared | |
Dividends payable, date declared | Aug. 22, 2019 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Sep. 9, 2019 |
Dividends payable, date to be paid | Sep. 23, 2019 |
Provision for Taxes (Narratives
Provision for Taxes (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
NOL and credit carryforwards, federal amount | $ 146 | |
NOL and credit carryfowards, state amount | 384.9 | $ 337.3 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 14.3 | $ 12.8 |
Unrecognized tax benefits, income tax penalties and interest expense | $ 1.5 |
Provision for Taxes (Earnings b
Provision for Taxes (Earnings before taxes and provision for taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Pretax earnings: | |||
U.S. | $ 773,030 | $ 372,687 | $ 466,175 |
Non-U.S. | 23,628 | 5,437 | 11,354 |
Total pretax earnings | 796,658 | 378,124 | 477,529 |
Current provision (benefit) | |||
Federal | 100,521 | (373,817) | (6,114) |
State | 16,572 | (9,600) | 3,420 |
Non-U.S. | 3,404 | 949 | 1,375 |
Current provision (benefit), total | 120,497 | (382,468) | (1,319) |
Deferred provision (benefit) | |||
Federal | 53,957 | 307,846 | 94,961 |
State | 9,795 | 9,728 | 11,311 |
Non-U.S. | 1,553 | 970 | 1,719 |
Deferred provision (benefit), total | 65,305 | 318,544 | 107,991 |
Provision for income tax expense | 185,802 | (63,924) | 106,672 |
Income taxes paid (net of income tax refunds) | $ 29,044 | $ 6,859 | $ 4,255 |
Provision for Taxes (Effective
Provision for Taxes (Effective income tax rate reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Increase (Reduction) in Rate Resulting from [Abstract] | |||
NOL tax rate benefit | 0.00% | (38.62%) | 0.00% |
State taxes, net of federal benefit | 2.53% | 0.02% | 2.41% |
Foreign rate differential | 0.00% | 0.21% | 0.15% |
Federal tax credits | 0.99% | 0.53% | 0.15% |
Transition tax | 0.00% | 0.00% | (0.20%) |
Tax exempt income | (0.08%) | (0.17%) | 0.00% |
Dividends received deduction | 0.01% | 0.01% | 0.01% |
Other | 0.87% | 1.19% | (0.86%) |
Actual tax expense of operations | 23.32% | (16.91%) | 22.34% |
Provision for Taxes (Significan
Provision for Taxes (Significant components of deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | ||
Net operating loss and credit carry forwards | $ 30,432 | $ 25,973 |
Accrued expenses | 109,740 | 105,171 |
Policy benefits and losses, claims and loss expenses payable, net | 26,799 | 20,189 |
Operating leases, assets | 19,370 | 22,353 |
Total deferred tax assets | 186,341 | 173,686 |
Deferred tax liabilities: | ||
Property, plant and equipment | 1,280,703 | 1,198,198 |
Operating leases, liabilities | 19,370 | 22,353 |
Deferred policy acquisition costs | 13,696 | 12,795 |
Unrealized gains | 48,667 | 29,873 |
Other | 2,394 | 4,010 |
Total deferred tax liabilities | 1,364,830 | 1,267,229 |
Net deferred tax liability | $ 1,178,489 | $ 1,093,543 |
Provision for Taxes (Reconcilia
Provision for Taxes (Reconciliation of total amounts of unrecognized tax benefits roll forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits beginning balance | $ 29,632 | $ 37,201 |
Revaluation based on change in after tax benefit | 0 | 0 |
Additions based on tax positions related to the current year | 1,479 | 42 |
Reductions for tax positions of prior years | (42) | (7,606) |
Settlements | 0 | (5) |
Unrecognized tax benefits ending balance | $ 31,069 | $ 29,632 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Compensation of related costs, Share-based Payments [Abstract] | |||
Employee stock ownership plan (ESOP), compensation expense | $ 23,000,000 | $ 10,300,000 | $ 11,300,000 |
Employee stock ownership plan (ESOP), cash contributions to ESOP | 5,600,000 | 1,000,000 | |
Cash contributions to ESOP non leveraged | 23,000,000 | $ 4,000,000 | $ 5,200,000 |
Unallocated common stock dividend, debt repayment | $ 0 | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 5.00% | 6.90% | |
Defined benefit plan, ultimate health care cost trend rate | 4.00% | 4.50% | |
Post retirement health insurance [Member] | |||
Deferred Compensation Arrangements [Abstract] | |||
Lifetime maximum benefit paid per individual | $ 20,000 | ||
Post retirement life insurance [Member] | |||
Deferred Compensation Arrangements [Abstract] | |||
Lifetime maximum benefit paid per individual | 3,000 | ||
Additional benefit requirement amount | $ 100 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Financing Arrangements for Leveraged ESOP Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Issued June, 1991 [Member] | |||
Debt Disclosure [Abstract] | |||
Employee stock ownership plan (ESOP), debt structure, indirect loan, amount | $ 0 | ||
Employee stock ownership plan (ESOP), interest payments | 0 | $ 0 | $ 1 |
Issued July, 2009 [Member] | |||
Debt Disclosure [Abstract] | |||
Employee stock ownership plan (ESOP), debt structure, indirect loan, amount | 0 | ||
Employee stock ownership plan (ESOP), interest payments | 0 | 9 | 17 |
Issued February, 2016 [Member] | |||
Debt Disclosure [Abstract] | |||
Employee stock ownership plan (ESOP), debt structure, indirect loan, amount | 0 | ||
Employee stock ownership plan (ESOP), interest payments | $ 0 | $ 229 | $ 190 |
Employee Benefit Plans (Shares
Employee Benefit Plans (Shares Held by the ESOP Plan) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated shares | 951 | 1,003 |
Unreleased shares | 0 | 0 |
Fair value of unreleased shares | $ 0 | $ 0 |
Unreleased shares non-leveraged | 0 | 0 |
Fair value of unreleased shares non-leveraged | $ 0 | $ 0 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic post retirement benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Postemployment Benefits [Abstract] | |||
Service cost for benefits earned during the period | $ 1,267 | $ 1,055 | $ 1,108 |
Interest cost on accumulated postretirement benefit | 919 | 964 | 943 |
Other components | 68 | 90 | 70 |
Total other components of net periodic benefit costs | 987 | 1,054 | 1,013 |
Net periodic postretirement benefit cost | $ 2,254 | $ 2,109 | $ 2,121 |
Employee Benefit Plans (Compo_2
Employee Benefit Plans (Components of Postretirement Benefit Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning of year | $ 27,503 | $ 25,817 | |
Service cost for benefits earned during the period | 1,267 | 1,055 | $ 1,108 |
Interest cost on accumulated post retirement benefit | 919 | 964 | 943 |
Net benefit payments and expense | (841) | (93) | |
Actuarial loss | 1,907 | (240) | |
Accumulated postretirement benefit obligation | 30,755 | 27,503 | $ 25,817 |
Liabilities: | |||
Current liabilities | 1,334 | 1,151 | |
Non-currrent liabilities | 29,421 | 26,352 | |
Total post retirement benefit liability recognized in statement of financial position | 30,755 | 27,503 | |
Components included in accumulated other comprehensive income (loss): | |||
Unrecognized net loss | (5,286) | (3,447) | |
Cumulative net periodic benefit cost (in excess of employer contribution) | $ 25,469 | $ 24,056 |
Employee Benefit Plans (Discoun
Employee Benefit Plans (Discount Rate Assumptions in Computation of Accumulated Postretirement Benefit Obligation) (Details) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Accumulated postretirement benefit obligation | 2.93% | 3.37% | 3.83% |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Net Benefit Payments Expected for Post Employee Benefit Obligations) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2022 | $ 1,334 |
2023 | 1,520 |
2024 | 1,719 |
2025 | 1,937 |
2026 | 2,167 |
2027 through 2030 | 12,529 |
Total | $ 21,206 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales | $ 0.2 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Assets | ||
Reinsurance recoverables and trade receivables, net | $ 224,426 | $ 186,672 |
Mortgage loans, net | 391,230 | 262,688 |
Other investments | 98,529 | 97,685 |
Total | 714,185 | 547,045 |
Liabilities | ||
Notes, loans and leases payable, gross | 4,449,691 | 4,342,308 |
Total | 4,449,691 | 4,342,308 |
Level 1 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 0 | 0 |
Mortgage loans, net | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 0 | 0 |
Mortgage loans, net | 0 | 0 |
Other investments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Notes, loans and leases payable, gross | 4,698,615 | 4,651,068 |
Total | 4,698,615 | 4,651,068 |
Level 3 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 224,426 | 186,672 |
Mortgage loans, net | 391,230 | 262,688 |
Other investments | 98,529 | 97,685 |
Total | 714,185 | 547,045 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Carrying Value [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 224,426 | 186,672 |
Mortgage loans, net | 391,230 | 262,688 |
Other investments | 98,529 | 97,685 |
Total | 714,185 | 547,045 |
Liabilities | ||
Notes, loans and leases payable, gross | 4,698,615 | 4,651,068 |
Total | $ 4,698,615 | $ 4,651,068 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Level within the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Assets: | ||
Short-term investments | $ 839,250 | $ 369,279 |
Fixed maturities - available for sale | 2,653,539 | 2,466,048 |
Preferred stock | 21,677 | 6,675 |
Common stock | 20,440 | 20,015 |
Derivatives | 6,601 | 5,944 |
Total | 3,541,507 | 2,867,961 |
Liabilities: | ||
Derivatives | 5,141 | 8,214 |
Total | 5,141 | 8,214 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 839,250 | 368,968 |
Fixed maturities - available for sale | 6,967 | 7,156 |
Preferred stock | 21,677 | 6,675 |
Common stock | 20,440 | 20,015 |
Derivatives | 6,601 | 5,944 |
Total | 894,935 | 408,758 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Short-term investments | 0 | 311 |
Fixed maturities - available for sale | 2,646,415 | 2,458,731 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | 2,646,415 | 2,459,042 |
Liabilities: | ||
Derivatives | 5,141 | 8,214 |
Total | 5,141 | 8,214 |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Fixed maturities - available for sale | 157 | 161 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | 157 | 161 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | $ 0 | $ 0 |
Reinsurance and Policy Benefi_3
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable (Narratives) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | ||
Maximum amount of life insurance retained on any one life | $ 150,000 | |
Letters of credit held at year end from re-insurers | $ 100,000 | |
Letters of credit issued at year end | 1,500,000 | |
Reinsurance recoverable, gross | 64,900,000 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ 31,200,000 |
Reinsurance and Policy Benefi_4
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable (Insurance Subsidiaries Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Year ended December 31, | |||
Direct amount (a) - Life insurance in force | $ 1,031,634 | $ 957,280 | $ 941,822 |
Ceded to other companies - Life insurance in force | 73 | 7 | 207 |
Assumed from other companies - Life insurance in force | 356,266 | 441,563 | 548,152 |
Net amount (a) - Life insurance in force | $ 1,387,827 | $ 1,398,836 | $ 1,489,767 |
Percentage of amount assumed to net - Life insurance in force | 26.00% | 32.00% | 37.00% |
Direct amount (a) | $ 185,635 | $ 189,343 | $ 191,573 |
Ceded to Other Companies | 212 | 227 | 266 |
Assumed from Other Companies | 6,471 | 8,001 | (66,971) |
Net amount (a) | 191,894 | 197,117 | 124,336 |
Premiums earned: Life [Member] | |||
Year ended December 31, | |||
Direct amount (a) | 58,048 | 53,289 | 51,691 |
Ceded to Other Companies | 1 | 1 | (1) |
Assumed from Other Companies | 5,049 | 5,629 | (69,616) |
Net amount (a) | $ 63,096 | $ 58,917 | $ (17,924) |
Percentage of amount assumed to net | 8.00% | 10.00% | 388.00% |
Premiums earned: Accident and health [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 57,081 | $ 66,863 | $ 77,813 |
Ceded to Other Companies | 211 | 226 | 267 |
Assumed from Other Companies | 1,388 | 1,563 | 1,851 |
Net amount (a) | $ 58,258 | $ 68,200 | $ 79,397 |
Percentage of amount assumed to net | 2.00% | 2.00% | 2.00% |
Premiums earned: Annuity [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 221 | $ 65 | $ 1,221 |
Ceded to Other Companies | 0 | 0 | 0 |
Assumed from Other Companies | 34 | 794 | 794 |
Net amount (a) | $ 255 | $ 859 | $ 2,015 |
Percentage of amount assumed to net | 13.00% | 92.00% | 39.00% |
Premiums earned: Property and casualty [Member] | |||
Year ended December 31, | |||
Direct amount (a) | $ 70,285 | $ 69,126 | $ 60,848 |
Ceded to Other Companies | 0 | 0 | 0 |
Assumed from Other Companies | 0 | 15 | 0 |
Net amount (a) | $ 70,285 | $ 69,141 | $ 60,848 |
Percentage of amount assumed to net | 0.00% | 0.00% | 0.00% |
Reinsurance and Policy Benefi_5
Reinsurance and Policy Benefits and Losses Claims and Loss Expenses Payable (Policy Benefits and Losses, Claims and Loss Expenses Payable for Property and Casualty Insurance) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | $ 177,963 | |||||
Total | $ 997,701 | $ 997,647 | ||||
Property and Casualty Insurance [Member] | ||||||
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | 177,963 | $ 209,127 | $ 228,970 | $ 233,554 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||||
Reinsurance: | ||||||
Unpaid losses and loss adjustment expense | 177,963 | 209,127 | ||||
Reinsurance losses payable | 979 | 1,214 | ||||
Total | $ 178,942 | $ 178,942 | $ 210,341 | $ 210,341 |
Reinsurance and Policy Benefi_6
Reinsurance and Policy Benefits and Losses, Claims, and Loss Expenses Payable (Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses for Property and Casualty Insurance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Paid related to: | |||
Net balance at December 31 | $ 113,090 | ||
Plus: reinsurance recoverables | 64,873 | ||
Balance at December 31 | 177,963 | ||
Property and Casualty Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance at January 1 | 209,127 | $ 228,970 | $ 233,554 |
Less: reinsurance recoverables | 87,083 | 94,920 | 94,490 |
Net balance at January 1 | 122,044 | 134,050 | 139,064 |
Incurred related to: | |||
Current year | 20,670 | 22,137 | 19,579 |
Prior years | (3,865) | (9,535) | (5,365) |
Total incurred | 16,805 | 12,602 | 14,214 |
Paid related to: | |||
Current year | 7,664 | 7,366 | 8,838 |
Prior years | 18,095 | 17,242 | 10,390 |
Total paid | 25,759 | 24,608 | 19,228 |
Net balance at December 31 | 113,090 | 122,044 | 134,050 |
Plus: reinsurance recoverables | 64,873 | 87,083 | 94,920 |
Balance at December 31 | 177,963 | 209,127 | $ 228,970 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance at January 1 | 209,127 | ||
Paid related to: | |||
Balance at December 31 | $ 177,963 | $ 209,127 |
Reinsurance and Policy Benefi_7
Reinsurance and Policy Benefits and Losses, Claims, and Loss Expenses Payable (Incurred Claims Development) (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 16,285 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,199 | ||||||
Accident Year 2014 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 10,327 | $ 10,493 | $ 10,748 | $ 10,759 | $ 10,720 | $ 10,907 | $ 11,691 |
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 10,068 | ||||||
Accident Year 2015 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 11,092 | 11,087 | 12,464 | 12,460 | 12,459 | $ 12,214 | |
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,104 | ||||||
Accident Year 2016 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 11,764 | 11,790 | 13,056 | 13,011 | $ 13,297 | ||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 0 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,469 | ||||||
Accident Year 2017 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 15,538 | 17,078 | 16,109 | $ 15,748 | |||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 305 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 12,100 | ||||||
Accident Year 2018 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 18,027 | 18,386 | $ 19,580 | ||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 1,464 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,981 | ||||||
Accident Year 2019 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 26,316 | $ 22,138 | |||||
Shortduration Insurance Contracts Incurred But Not Reported Ibnr Claims Liability Net | $ 4,379 | ||||||
Shortduration Insurance Contracts Number Of Reported Claims | 11,738 | ||||||
Accident Year 2020 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Incurred Claims And Allocated Claim Adjustment Expense Net | $ 20,671 |
Reinsurance And Policy Benefi_8
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Cumulative Paid Claims And Allocated Claim Adjustment Expense Net Of Reinsurance) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | $ 85,747 | ||||||
All outstanding liabilities before 2012, net of reinsurance | 85,101 | ||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 113,090 | ||||||
Accident Year 2014 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 10,327 | $ 10,327 | $ 10,325 | $ 9,293 | $ 9,270 | $ 8,087 | $ 6,154 |
Accident Year 2015 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 11,092 | 11,087 | 10,343 | 9,730 | 9,601 | $ 7,509 | |
Accident Year 2016 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 11,764 | 11,746 | 11,643 | 10,665 | $ 7,777 | ||
Accident Year 2017 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 15,012 | 14,825 | 11,638 | $ 8,970 | |||
Accident Year 2018 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 15,150 | 12,698 | $ 8,838 | ||||
Accident Year 2019 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | 14,737 | $ 7,366 | |||||
Accident Year 2020 [Member] | |||||||
Incurred claims development [Abstract] | |||||||
Shortduration Insurance Contracts Cumulative Paid Claims And Allocated Claim Adjustment Expense Net | $ 7,665 |
Reinsurance And Policy Benefi_9
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Total Gross Liability For Unpaid Property And Casualty Claims And Claim Adjustment Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Shortduration Insurance Contracts Liability For Unpaid Claims And Allocated Claim Adjustment Expense Net [Abstract] | |||
Liabilities for unpaid property and casualty claims and claim adjustment expenses, net of reinsurance | $ 113,090 | ||
Total reinsurance recoverable on unpaid property and casualty claims | $ 66,386 | 64,873 | $ 89,020 |
Total gross liability for unpaid Property and Casualty claims and claim adjustment expense | $ 177,963 |
Reinsurance And Policy Benef_10
Reinsurance And Policy Benefits And Losses Claims And Loss Expenses Payable (Average Annual Percentage Payout Of Incurred Claims By Age Net Of Reinsurance) (Details) - Property and Casualty Insurance [Member] | Dec. 31, 2020 |
Average annual Percentage Payout [Abstract] | |
Year 1 | 52.20% |
Year 2 | 21.40% |
Year 3 | 11.00% |
Year 4 | 2.00% |
Year 5 | 5.60% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 105.4 | |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability | 948.2 | |
Operating Cash Flows For Financing Leases | 513.6 | $ 734.9 |
Cash paid for finance leases | 29.3 | 25.9 |
Cash paid for operating leases | $ 92.5 | $ 106.4 |
Leases (Components Right Of Use
Leases (Components Right Of Use Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Finance Lease [Abstract] | ||
Building and Improvements | $ 132,901 | $ 125,547 |
Furniture and equipment | 22,316 | 21,113 |
Rental trailers and rental equipment | 203,594 | 219,581 |
Rental trucks | 1,494,098 | 1,634,572 |
Right Of Use Assets Gross | 1,852,909 | 2,000,813 |
less: accumulated depreciation | (883,366) | (813,829) |
Right of use assets, net | 969,543 | 1,186,984 |
Finance Lease [Member] | ||
Finance Lease [Abstract] | ||
Building and Improvements | 0 | 0 |
Furniture and equipment | 22,316 | 21,113 |
Rental trailers and rental equipment | 203,594 | 219,581 |
Rental trucks | 1,494,098 | 1,634,572 |
Right Of Use Assets Gross | 1,720,008 | 1,875,266 |
less: accumulated depreciation | (842,970) | (794,913) |
Right of use assets, net | 877,038 | 1,080,353 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Building and Improvements | 132,901 | 125,547 |
Furniture and equipment | 0 | 0 |
Rental trailers and rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right Of Use Assets Gross | 132,901 | 125,547 |
less: accumulated depreciation | (40,396) | (18,916) |
Right of use assets, net | $ 92,505 | $ 106,631 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract] | ||
Remaining Lease Term Finance Lease Weighted Average | 3 | 4 |
Finance Lease Weighted Average Discount Rate Percent | 3.60% | 3.50% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | ||
Remaining Lease Term Operating Lease Weighted Average | 14.7 | 14 |
Operating Lease Weighted Average Discount Rate Percent | 4.60% | 4.60% |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease Cost [Abstract] | ||
Operating Lease cost | $ 30,551 | $ 27,494 |
Finance Lease Cost [Abstract] | ||
Finance Lease Right Of Use Asset Amortization | 150,994 | 186,860 |
Finance Lease Interest Expense | 22,405 | 30,901 |
Sum of finance lease cost | $ 173,399 | $ 217,761 |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Finance Lease Liabilities Payments Due [Abstract] | |
2022 | $ 179,470 |
2023 | 134,783 |
2024 | 112,732 |
2025 | 78,910 |
2026 | 47,453 |
Thereafter | 7 |
Total lease payments | 553,355 |
Less: imputed interest | (39,732) |
Finance Lease Liability | 513,623 |
Operating Lease Liabilities Payments Due [Abstract] | |
2022 | 24,288 |
2023 | 22,239 |
2024 | 21,257 |
2025 | 10,151 |
2026 | 4,006 |
Thereafter | 62,175 |
Total lease payments | 144,116 |
Less: imputed interest | (51,606) |
Operating Lease Liability | $ 92,510 |
Contingencies (Narratives) (Det
Contingencies (Narratives) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Covid 19 Pandemic | |
Unusual Or Infrequent Item Net Gain Loss [Abstract] | |
CARES act, refund estimate | $ 366 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Sac Holdings [Member] | ||||
Related party costs and expenses: | ||||
Payments to aquire assets, other | $ 0.4 | |||
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | ||||
Property Management Fee [Abstract] | ||||
Management fees received exclusive of reimbursed expenses | 31.2 | $ 29 | $ 30 | |
Related party costs and expenses: | ||||
Revenue, excluding dealer agreement commissions and expenses | 25.5 | |||
Expenses, related parties | 2.6 | |||
Cash flow, related party | 22.6 | |||
Revenue, generated by the dealer agreement from related parties | 323.8 | |||
Commission expenses, generated from dealer agreement with related parties | $ 69.2 | |||
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member] | ||||
Property Management Fee [Abstract] | ||||
Management fee rate | 4.00% | |||
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member] | ||||
Property Management Fee [Abstract] | ||||
Management fee rate | 10.00% | |||
Amerco, Uhaul Intl [Member] | ||||
Related party notes receivable: | ||||
Notes receivable, related party | $ 12 | |||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||
Debt instrument, interest rate, stated percentage | 4.00% | |||
Surplus note, payment term | seven years |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Related party transactions: | |||
Management fees revenue | $ 31,603 | $ 30,406 | $ 29,148 |
Revenue from related parties | 31,603 | 30,406 | 29,148 |
Blackwater [Member] | |||
Related party transactions: | |||
Management fees revenue | 25,512 | 24,014 | 23,986 |
Mercury [Member] | |||
Related party transactions: | |||
Management fees revenue | $ 6,091 | $ 6,392 | $ 5,162 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Cost and Expense [Abstract] | |||
Related party expenses, total | $ 71,824 | $ 64,697 | $ 64,112 |
Blackwater [Member] | |||
Related Party Cost and Expense [Abstract] | |||
U-Haul lease expenses | 2,612 | 2,631 | 2,678 |
U-Haul commission expenses | $ 69,212 | $ 62,066 | $ 61,434 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Related party assets: | ||
U-Haul receivables | $ 10,247 | $ 9,828 |
Related party assets | 35,395 | 34,784 |
Blackwater [Member] | ||
Related party assets: | ||
Notes receivable | 27,116 | 25,293 |
Mercury [Member] | ||
Related party assets: | ||
Notes receivable | 9,632 | 9,893 |
Insurance Subsidiaries [Member] | ||
Related party assets: | ||
Other | $ (1,353) | $ (402) |
Statutory Financial Informati_3
Statutory Financial Information of Insurance Subsidiaries (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Casualty Insurance [Member] | Repwest [Member] | ||||
Statutory financial information of insurance subsidiaries: | ||||
Statutory accounting practices, statutory amount available for dividend payments | $ 22.7 | |||
Dividend payments restrictions schedule, amounts paid | $ 22.6 | $ 21.6 | ||
Restricted net assets, subsidiaries | 105.4 | $ 98.5 | ||
Life Insurance [Member] | Oxford [Member] | ||||
Statutory financial information of insurance subsidiaries: | ||||
Statutory accounting practices, statutory amount available for dividend payments | $ 6.3 |
Statutory Financial Informati_4
Statutory Financial Information of Insurance Subsidiaries (Net income (loss) Capital and Surplus (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Repwest [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | $ 22,898 | $ 28,614 | $ 23,960 |
Audited statutory capital and surplus | 227,380 | 226,999 | 216,763 |
ARCOA [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 2,438 | 2,906 | 1,612 |
Audited statutory capital and surplus | 15,928 | 12,851 | 9,390 |
Oxford [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 6,296 | 18,599 | 11,367 |
Audited statutory capital and surplus | 218,301 | 223,264 | 203,723 |
CFLIC [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 8,082 | 8,043 | 8,735 |
Audited statutory capital and surplus | 25,980 | 26,305 | 27,232 |
NAI [Member] | |||
Statutory financial information of insurance subsidiaries: | |||
Audit statutory net income (loss) | 2,127 | 1,942 | 1,436 |
Audited statutory capital and surplus | $ 13,980 | $ 13,371 | $ 12,817 |
Financial Information by Geog_3
Financial Information by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Fiscal year ended: | |||
Total revenues | $ 4,541,985 | $ 3,978,868 | $ 3,768,707 |
Depreciation and amortization, net of (gains) losses on disposals | 641,504 | 667,524 | 582,555 |
Interest expense | 163,502 | 160,950 | 142,445 |
Pretax earnings | 796,658 | 378,124 | 477,529 |
Income tax expense | 185,802 | (63,924) | 106,672 |
Identifiable assets | 14,651,606 | 13,438,024 | 11,891,713 |
United States [Member] | |||
Fiscal year ended: | |||
Total revenues | 4,334,083 | 3,797,849 | 3,597,285 |
Depreciation and amortization, net of (gains) losses on disposals | 631,344 | 652,110 | 575,134 |
Interest expense | 160,429 | 157,595 | 139,573 |
Pretax earnings | 773,030 | 372,687 | 466,175 |
Income tax expense | 180,845 | (65,842) | 103,578 |
Identifiable assets | 14,212,978 | 13,016,942 | 11,526,876 |
Canada [Member] | |||
Fiscal year ended: | |||
Total revenues | 207,902 | 181,019 | 171,422 |
Depreciation and amortization, net of (gains) losses on disposals | 10,160 | 15,414 | 7,421 |
Interest expense | 3,073 | 3,355 | 2,872 |
Pretax earnings | 23,628 | 5,437 | 11,354 |
Income tax expense | 4,957 | 1,918 | 3,094 |
Identifiable assets | $ 438,628 | $ 421,082 | $ 364,837 |
Consolidating financial infor_3
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS: | ||||||
Cash and cash equivalents | $ 1,194,012 | $ 494,352 | $ 673,701 | $ 759,388 | ||
Reinsurance recoverables and trade receivables, net | 224,426 | 186,672 | ||||
Inventories, net | 105,577 | 101,083 | ||||
Prepaid expenses | 469,144 | 562,904 | ||||
Investments, fixed maturities and marketable equities | 2,695,656 | 2,492,738 | ||||
Investments, other | 489,759 | 360,373 | ||||
Deferred policy acquisition costs, net | 89,749 | 103,118 | ||||
Other assets | 47,730 | 71,956 | ||||
Right of use assets, financing, net | 877,038 | 1,080,353 | ||||
Right of use assets, operating | 92,505 | 106,631 | ||||
Related party assets | 35,395 | 34,784 | ||||
Subtotal assets | 6,320,991 | 5,594,964 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Property, plant and equipment, at cost: | ||||||
Land | 1,075,813 | 1,032,945 | ||||
Buildings and improvements | 5,163,705 | 4,663,461 | ||||
Furniture and equipment | 786,505 | 752,363 | ||||
Property, plant and equipment (gross) | 11,413,668 | 10,556,222 | ||||
Less: Accumulated depreciation | (3,083,053) | (2,713,162) | ||||
Total property, plant and equipment | 8,330,615 | 7,843,060 | ||||
Total assets | 14,651,606 | 13,438,024 | 11,891,713 | |||
Liabilities: | ||||||
Accounts payable and accrued expenses | 645,575 | 554,353 | ||||
Notes, loans and leases payable | 4,668,907 | 4,621,291 | ||||
Operating lease liabilities | 92,510 | 106,443 | ||||
Policy benefits and losses, claims and loss expenses payable | 997,701 | 997,647 | ||||
Liabilities from investment contracts | 2,161,530 | 1,802,217 | ||||
Other policyholders' funds and liabilities | 12,420 | 10,190 | ||||
Deferred income | 42,592 | 31,620 | ||||
Deferred income taxes | 1,178,489 | 1,093,543 | ||||
Related party liabilities | 0 | 0 | ||||
Total liabilities | 9,799,724 | 9,217,304 | ||||
Stockholders' equity: | ||||||
Additional paid-in capital | 453,819 | 453,819 | ||||
Accumulated other comprehensive loss | 106,857 | 34,652 | ||||
Retained earnings | 4,958,359 | 4,399,402 | ||||
Unearned employee stock ownership plan shares | 0 | 0 | ||||
Total stockholders' equity | 4,851,882 | 4,220,720 | ||||
Total liabilities and stockholders' equity | 14,651,606 | 13,438,024 | ||||
Rental Trailers and Other Rental Equipment [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 477,921 | 511,520 | ||||
Rental Trucks [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 3,909,724 | 3,595,933 | ||||
Series A Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Series B Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Series A Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 0 | 0 | ||||
Amerco Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 10,497 | 10,497 | ||||
Common Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | (525,653) | (525,653) | ||||
Preferred Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | (151,997) | (151,997) | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||||||
ASSETS: | ||||||
Cash and cash equivalents | 1,010,275 | 459,078 | 643,918 | 702,036 | ||
Reinsurance recoverables and trade receivables, net | 118,741 | 60,073 | ||||
Inventories, net | 105,577 | 101,083 | ||||
Prepaid expenses | 469,144 | 562,904 | ||||
Investments, fixed maturities and marketable equities | 0 | 0 | ||||
Investments, other | 20,733 | 20,988 | ||||
Deferred policy acquisition costs, net | 0 | 0 | ||||
Other assets | 44,763 | 69,128 | ||||
Right of use assets, financing, net | 877,038 | 1,080,353 | ||||
Right of use assets, operating | 92,245 | 106,631 | ||||
Related party assets | 54,042 | 41,027 | ||||
Subtotal assets | 2,792,558 | 2,501,265 | ||||
Investments in subsidiaries | 741,860 | 668,498 | ||||
Property, plant and equipment, at cost: | ||||||
Land | 1,075,813 | 1,032,945 | ||||
Buildings and improvements | 5,163,705 | 4,663,461 | ||||
Furniture and equipment | 786,505 | 752,363 | ||||
Property, plant and equipment (gross) | 11,413,668 | 10,556,222 | ||||
Less: Accumulated depreciation | (3,083,053) | (2,713,162) | ||||
Total property, plant and equipment | 8,330,615 | 7,843,060 | ||||
Total assets | 11,865,033 | 11,012,823 | ||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 636,257 | 545,685 | ||||
Notes, loans and leases payable | 4,657,720 | 4,609,844 | ||||
Operating lease liabilities | 92,236 | 106,443 | ||||
Policy benefits and losses, claims and loss expenses payable | 427,073 | 410,107 | ||||
Liabilities from investment contracts | 0 | 0 | ||||
Other policyholders' funds and liabilities | 0 | 0 | ||||
Deferred income | 42,592 | 31,620 | ||||
Deferred income taxes | 1,136,149 | 1,063,681 | ||||
Related party liabilities | 25,413 | 24,275 | ||||
Total liabilities | 7,017,440 | 6,791,655 | ||||
Stockholders' equity: | ||||||
Additional paid-in capital | 454,029 | 454,029 | ||||
Accumulated other comprehensive loss | 102,568 | 35,100 | ||||
Retained earnings | 4,958,149 | 4,399,192 | ||||
Unearned employee stock ownership plan shares | 0 | 0 | ||||
Total stockholders' equity | 4,847,593 | 4,221,168 | ||||
Total liabilities and stockholders' equity | 11,865,033 | 11,012,823 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 477,921 | 511,520 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 3,909,724 | 3,595,933 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 10,497 | 10,497 | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | (525,653) | (525,653) | ||||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | (151,997) | (151,997) | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||||
ASSETS: | ||||||
Cash and cash equivalents | 5,658 | 4,794 | 5,757 | 6,639 | ||
Reinsurance recoverables and trade receivables, net | 67,069 | 93,995 | ||||
Inventories, net | 0 | 0 | ||||
Prepaid expenses | 0 | 0 | ||||
Investments, fixed maturities and marketable equities | 295,753 | 288,998 | ||||
Investments, other | 90,412 | 90,145 | ||||
Deferred policy acquisition costs, net | 0 | 0 | ||||
Other assets | 436 | 680 | ||||
Right of use assets, financing, net | 0 | 0 | ||||
Right of use assets, operating | 92 | 0 | ||||
Related party assets | 6,854 | 7,137 | ||||
Subtotal assets | 466,274 | 485,749 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Property, plant and equipment, at cost: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements | 0 | 0 | ||||
Furniture and equipment | 0 | 0 | ||||
Property, plant and equipment (gross) | 0 | 0 | ||||
Less: Accumulated depreciation | 0 | 0 | ||||
Total property, plant and equipment | 0 | 0 | ||||
Total assets | 466,274 | 485,749 | ||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 2,029 | 5,530 | ||||
Notes, loans and leases payable | 0 | 0 | ||||
Operating lease liabilities | 96 | 0 | ||||
Policy benefits and losses, claims and loss expenses payable | 178,942 | $ 178,942 | 210,341 | $ 210,341 | ||
Liabilities from investment contracts | 0 | 0 | ||||
Other policyholders' funds and liabilities | 3,698 | 5,751 | ||||
Deferred income | 0 | 0 | ||||
Deferred income taxes | 13,046 | 8,447 | ||||
Related party liabilities | 5,821 | 4,616 | ||||
Total liabilities | 203,632 | 234,685 | ||||
Stockholders' equity: | ||||||
Additional paid-in capital | 91,120 | 91,120 | ||||
Accumulated other comprehensive loss | 22,546 | 12,581 | ||||
Retained earnings | 145,675 | 144,062 | ||||
Unearned employee stock ownership plan shares | 0 | 0 | ||||
Total stockholders' equity | 262,642 | 251,064 | ||||
Total liabilities and stockholders' equity | 466,274 | 485,749 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 3,301 | 3,301 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | 0 | 0 | ||||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | ||||||
ASSETS: | ||||||
Cash and cash equivalents | 178,079 | 30,480 | 24,026 | 50,713 | ||
Reinsurance recoverables and trade receivables, net | 38,616 | 32,604 | ||||
Inventories, net | 0 | 0 | ||||
Prepaid expenses | 0 | 0 | ||||
Investments, fixed maturities and marketable equities | 2,399,903 | 2,203,740 | ||||
Investments, other | 378,614 | 249,240 | ||||
Deferred policy acquisition costs, net | 89,749 | 103,118 | ||||
Other assets | 2,531 | 2,148 | ||||
Right of use assets, financing, net | 0 | 0 | ||||
Right of use assets, operating | 168 | 0 | ||||
Related party assets | 13,850 | 18,629 | ||||
Subtotal assets | 3,101,510 | 2,639,959 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Property, plant and equipment, at cost: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements | 0 | 0 | ||||
Furniture and equipment | 0 | 0 | ||||
Property, plant and equipment (gross) | 0 | 0 | ||||
Less: Accumulated depreciation | 0 | 0 | ||||
Total property, plant and equipment | 0 | 0 | ||||
Total assets | 3,101,510 | 2,639,959 | ||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 7,289 | 3,138 | ||||
Notes, loans and leases payable | 11,187 | 11,447 | ||||
Operating lease liabilities | 178 | 0 | ||||
Policy benefits and losses, claims and loss expenses payable | 391,686 | 377,199 | ||||
Liabilities from investment contracts | 2,161,530 | 1,802,217 | ||||
Other policyholders' funds and liabilities | 8,722 | 4,439 | ||||
Deferred income | 0 | 0 | ||||
Deferred income taxes | 29,294 | 21,415 | ||||
Related party liabilities | 12,406 | 2,670 | ||||
Total liabilities | 2,622,292 | 2,222,525 | ||||
Stockholders' equity: | ||||||
Additional paid-in capital | 26,271 | 26,271 | ||||
Accumulated other comprehensive loss | 140,817 | 78,550 | ||||
Retained earnings | 309,630 | 310,113 | ||||
Unearned employee stock ownership plan shares | 0 | 0 | ||||
Total stockholders' equity | 479,218 | 417,434 | ||||
Total liabilities and stockholders' equity | 3,101,510 | 2,639,959 | ||||
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Series A Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 2,500 | 2,500 | ||||
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | 0 | 0 | ||||
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | 0 | 0 | ||||
Eliminations [Member] | ||||||
ASSETS: | ||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | ||
Reinsurance recoverables and trade receivables, net | 0 | 0 | ||||
Inventories, net | 0 | 0 | ||||
Prepaid expenses | 0 | 0 | ||||
Investments, fixed maturities and marketable equities | 0 | 0 | ||||
Investments, other | 0 | 0 | ||||
Deferred policy acquisition costs, net | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Right of use assets, financing, net | 0 | 0 | ||||
Right of use assets, operating | 0 | 0 | ||||
Related party assets | (39,351) | (32,009) | ||||
Subtotal assets | (39,351) | (32,009) | ||||
Investments in subsidiaries | (741,860) | (668,498) | ||||
Property, plant and equipment, at cost: | ||||||
Land | 0 | 0 | ||||
Buildings and improvements | 0 | 0 | ||||
Furniture and equipment | 0 | 0 | ||||
Property, plant and equipment (gross) | 0 | 0 | ||||
Less: Accumulated depreciation | 0 | 0 | ||||
Total property, plant and equipment | 0 | 0 | ||||
Total assets | (781,211) | (700,507) | ||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 0 | 0 | ||||
Notes, loans and leases payable | 0 | 0 | ||||
Operating lease liabilities | 0 | 0 | ||||
Policy benefits and losses, claims and loss expenses payable | 0 | 0 | ||||
Liabilities from investment contracts | 0 | 0 | ||||
Other policyholders' funds and liabilities | 0 | 0 | ||||
Deferred income | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Related party liabilities | (43,640) | (31,561) | ||||
Total liabilities | (43,640) | (31,561) | ||||
Stockholders' equity: | ||||||
Additional paid-in capital | (117,601) | (117,601) | ||||
Accumulated other comprehensive loss | (159,074) | (91,579) | ||||
Retained earnings | (455,095) | (453,965) | ||||
Unearned employee stock ownership plan shares | 0 | 0 | ||||
Total stockholders' equity | (737,571) | (668,946) | ||||
Total liabilities and stockholders' equity | (781,211) | (700,507) | ||||
Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Eliminations [Member] | Rental Trucks [Member] | ||||||
Property, plant and equipment, at cost: | ||||||
Property subject to or available for operating lease, gross | 0 | 0 | ||||
Eliminations [Member] | Series A Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Eliminations [Member] | Series B Preferred Stock [Member] | ||||||
Stockholders' equity: | ||||||
Preferred stock, value, issued | 0 | 0 | ||||
Eliminations [Member] | Series A Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | 0 | 0 | ||||
Eliminations [Member] | Amerco Common Stock [Member] | ||||||
Stockholders' equity: | ||||||
Common stock, value, issued | (5,801) | (5,801) | ||||
Eliminations [Member] | Common Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | 0 | 0 | ||||
Eliminations [Member] | Preferred Stock in Treasury [Member] | ||||||
Stockholders' equity: | ||||||
Treasury stock, value | $ 0 | $ 0 |
Consolidating financial infor_4
Consolidating financial information by industry segment (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | |||
Self-moving equipment rentals | $ 3,083,317 | $ 2,692,413 | $ 2,653,497 |
Self-storage revenues | 477,262 | 418,741 | 367,276 |
Self-moving and self-storage products and service sales | 344,929 | 265,091 | 264,146 |
Property management fees | 31,603 | 30,406 | 29,148 |
Life insurance premiums | 121,609 | 127,976 | 63,488 |
Property and casualty insurance premiums | 68,779 | 66,053 | 60,853 |
Net investment and interest income | 122,938 | 137,829 | 110,934 |
Other revenue | 291,548 | 240,359 | 219,365 |
Total revenues | 4,541,985 | 3,978,868 | 3,768,707 |
Costs and expenses: | |||
Operating expenses | 2,187,684 | 2,117,148 | 1,981,180 |
Commission expenses | 329,609 | 288,332 | 288,408 |
Cost of sales | 214,059 | 164,018 | 162,142 |
Benefits and losses | 179,512 | 174,836 | 100,277 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Lease expense | 28,470 | 26,882 | 33,158 |
Depreciation, net of (gains) losses on disposals | 609,930 | 637,063 | 554,043 |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Total costs and expenses | 3,580,838 | 3,438,740 | 3,147,720 |
Earnings from operations before equity in earnings of subsidiaries | 961,147 | 540,128 | 620,987 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 961,147 | 540,128 | 620,987 |
Other components of net periodic benefit costs | (987) | (1,054) | (1,013) |
Interest expense | (163,502) | (160,950) | (142,445) |
Pretax earnings | 796,658 | 378,124 | 477,529 |
Income tax expense | (185,802) | 63,924 | (106,672) |
Earnings available to common shareholders | 610,856 | 442,048 | 370,857 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 3,086,824 | 2,696,516 | 2,656,327 |
Self-storage revenues | 477,262 | 418,741 | 367,276 |
Self-moving and self-storage products and service sales | 344,929 | 265,091 | 264,146 |
Property management fees | 31,603 | 30,406 | 29,148 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | 0 | 0 | 0 |
Net investment and interest income | 2,259 | 10,593 | 13,857 |
Other revenue | 288,797 | 236,419 | 215,055 |
Total revenues | 4,231,674 | 3,657,766 | 3,545,809 |
Costs and expenses: | |||
Operating expenses | 2,137,381 | 2,069,655 | 1,938,317 |
Commission expenses | 329,609 | 288,332 | 288,408 |
Cost of sales | 214,059 | 164,018 | 162,142 |
Benefits and losses | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | 30,551 | 27,494 | 33,702 |
Depreciation, net of (gains) losses on disposals | 609,930 | 637,063 | 554,043 |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Total costs and expenses | 3,324,811 | 3,185,804 | 2,976,568 |
Earnings from operations before equity in earnings of subsidiaries | 906,863 | 471,962 | 569,241 |
Equity in earnings of subsidiaries | 44,441 | 55,789 | 41,811 |
Earnings from operations | 951,304 | 527,751 | 611,052 |
Other components of net periodic benefit costs | (987) | (1,054) | (1,013) |
Interest expense | (164,592) | (162,062) | (143,586) |
Pretax earnings | 785,725 | 364,635 | 466,453 |
Income tax expense | (174,869) | 77,413 | (95,596) |
Earnings available to common shareholders | 610,856 | 442,048 | 370,857 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | 70,285 | 69,141 | 63,488 |
Net investment and interest income | 16,452 | 19,923 | 12,349 |
Other revenue | 0 | 0 | 0 |
Total revenues | 86,737 | 89,064 | 75,837 |
Costs and expenses: | |||
Operating expenses | 35,450 | 33,770 | 34,218 |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 18,558 | 12,410 | 14,213 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | 231 | 0 | 0 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | 54,239 | 46,180 | 48,431 |
Earnings from operations before equity in earnings of subsidiaries | 32,498 | 42,884 | 27,406 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 32,498 | 42,884 | 27,406 |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Pretax earnings | 32,498 | 42,884 | 27,406 |
Income tax expense | (6,778) | (8,956) | (5,698) |
Earnings available to common shareholders | 25,720 | 33,928 | 21,708 |
Operating Segments [Member] | Life Insurance [Member] | |||
Revenues: | |||
Self-moving equipment rentals | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 121,609 | 127,976 | 63,488 |
Property and casualty insurance premiums | 0 | 0 | 0 |
Net investment and interest income | 107,745 | 109,018 | 86,395 |
Other revenue | 3,280 | 4,470 | 4,831 |
Total revenues | 232,634 | 241,464 | 154,714 |
Costs and expenses: | |||
Operating expenses | 20,376 | 21,425 | 14,613 |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 160,954 | 162,426 | 86,064 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Lease expense | 135 | 0 | 0 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | 209,758 | 215,070 | 129,233 |
Earnings from operations before equity in earnings of subsidiaries | 22,876 | 26,394 | 25,481 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Earnings from operations | 22,876 | 26,394 | 25,481 |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Pretax earnings | 22,876 | 26,394 | 25,481 |
Income tax expense | (4,155) | (4,533) | (5,378) |
Earnings available to common shareholders | 18,721 | 21,861 | 20,103 |
Eliminations [Member] | |||
Revenues: | |||
Self-moving equipment rentals | (3,507) | (4,103) | (2,830) |
Self-storage revenues | 0 | 0 | 0 |
Self-moving and self-storage products and service sales | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 |
Property and casualty insurance premiums | (1,506) | (3,088) | (2,635) |
Net investment and interest income | (3,518) | (1,705) | (1,667) |
Other revenue | (529) | (530) | (521) |
Total revenues | (9,060) | (9,426) | (7,653) |
Costs and expenses: | |||
Operating expenses | (5,523) | (7,702) | (5,968) |
Commission expenses | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Benefits and losses | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Lease expense | (2,447) | (612) | (544) |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Total costs and expenses | (7,970) | (8,314) | (6,512) |
Earnings from operations before equity in earnings of subsidiaries | (1,090) | (1,112) | (1,141) |
Equity in earnings of subsidiaries | (44,441) | (55,789) | (41,811) |
Earnings from operations | (45,531) | (56,901) | (42,952) |
Other components of net periodic benefit costs | 0 | 0 | 0 |
Interest expense | 1,090 | 1,112 | 1,141 |
Pretax earnings | (44,441) | (55,789) | (41,811) |
Income tax expense | 0 | 0 | 0 |
Earnings available to common shareholders | $ (44,441) | $ (55,789) | $ (41,811) |
Consolidating financial infor_5
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flow from operating activities: | |||
Net earnings | $ 610,856 | $ 442,048 | $ 370,857 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 664,001 | 664,120 | 581,025 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Amortization of premiums and accretion of discounts related to investments, net | 14,229 | 13,317 | 13,107 |
Amortization of debt issuance costs | 5,948 | 4,426 | 3,923 |
Interest credited to policyholders | 55,321 | 51,857 | 35,387 |
Change in allowance for losses on trade receivables | 1,206 | (14) | 52 |
Change in allowance for inventory reserves | 1,298 | 640 | (146) |
Net gains on disposal of personal property | (54,071) | (27,057) | (26,982) |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Net gains on sales of investments | (10,058) | (13,596) | (2,663) |
Net losses on equity investments | (394) | (3,783) | 5,739 |
Deferred income taxes | 68,411 | 317,893 | 106,811 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | (39,516) | 38,129 | (31,365) |
Inventories and parts | (5,775) | 1,776 | (13,492) |
Prepaid expenses | 94,359 | (391,120) | (8,620) |
Capitalization of deferred policy acquisition costs | (36,162) | (24,447) | (25,957) |
Other assets | 29,865 | (1,295) | 157,152 |
Related party assets | (487) | (5,645) | 4,194 |
Accounts payable and accrued expenses | 92,925 | (4,530) | 10,263 |
Policy benefits and losses, claims and loss expenses payable | (1,992) | (12,618) | (236,120) |
Other policyholders' funds and liabilities | 2,230 | (4,857) | 5,007 |
Deferred income | 11,567 | (1,818) | 966 |
Related party liabilities | 60 | 1,626 | (2,067) |
Net cash provided by operating activities | 1,535,395 | 1,075,513 | 975,583 |
Cash flow from investing activities: | |||
Escrow deposits | (5,221) | 6,617 | 4,299 |
Purchase of: | |||
Property, plant and equipment | (1,441,475) | (2,309,406) | (1,869,968) |
Short term investments | (69,929) | (61,226) | (54,048) |
Fixed maturities investments | (606,233) | (379,349) | (540,045) |
Equity securities | (962) | (83) | (957) |
Preferred stock | (16,144) | 0 | 0 |
Real estate | (622) | (4,286) | (635) |
Mortgage loans | (158,071) | (62,016) | (63,611) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 537,484 | 687,375 | 606,271 |
Short term investments | 69,718 | 59,056 | 66,037 |
Fixed maturities investments | 529,239 | 268,636 | 123,551 |
Equity securities | 207 | 185 | 8,608 |
Preferred stock | 2,700 | 2,375 | 1,625 |
Real estate | 255 | 311 | 0 |
Mortgage loans | 29,525 | 25,162 | 147,737 |
Net cash used by investing activities | (1,129,529) | (1,766,649) | (1,571,136) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 922,008 | 1,121,412 | 897,311 |
Principal repayments on credit facilities | (662,588) | (349,986) | (299,748) |
Debt issuance costs | (5,793) | (5,332) | (7,243) |
Capital lease payments | (221,247) | (307,782) | (303,431) |
Employee stock ownership plan shares | 0 | (206) | (418) |
Common stock dividends paid | (49,019) | (29,404) | (39,179) |
Net contribution from (to) related party | 0 | 0 | |
Investment contract deposits | 517,856 | 234,640 | 400,123 |
Investment contract withdrawals | (213,864) | (151,022) | (132,833) |
Net cash provided by financing activities | 287,353 | 512,320 | 514,582 |
Effects of exchange rate on cash | 6,441 | (533) | (4,716) |
Increase (decrease) in cash and cash equivalents | 699,660 | (179,349) | (85,687) |
Cash and cash equivalents at the beginning of period | 494,352 | 673,701 | 759,388 |
Cash and cash equivalents at the end of the period | 1,194,012 | 494,352 | 673,701 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 610,856 | 442,048 | 370,857 |
Earnings from consolidated subsidiaries | (44,441) | (55,789) | (41,811) |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 664,001 | 664,120 | 581,025 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, net | 0 | 0 | 0 |
Amortization of debt issuance costs | 5,948 | 4,426 | 3,923 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | 1,424 | (14) | 57 |
Change in allowance for inventory reserves | 1,298 | 640 | (146) |
Net gains on disposal of personal property | (54,071) | (27,057) | (26,982) |
Net gains on disposal of real estate | 3,281 | (758) | (44) |
Net gains on sales of investments | 0 | 0 | 0 |
Net losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | 72,407 | 323,980 | 112,434 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | (60,806) | 30,771 | (26,160) |
Inventories and parts | (5,775) | 1,776 | (13,492) |
Prepaid expenses | 94,359 | (391,120) | (8,620) |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 29,879 | (3,099) | 159,126 |
Related party assets | (12,790) | (5,106) | 3,857 |
Accounts payable and accrued expenses | 96,309 | (4,428) | 6,454 |
Policy benefits and losses, claims and loss expenses payable | 14,919 | 3,092 | (159,793) |
Other policyholders' funds and liabilities | 0 | 0 | 0 |
Deferred income | 10,959 | (1,818) | 966 |
Related party liabilities | 1,136 | (1,170) | (2,711) |
Net cash provided by operating activities | 1,428,893 | 980,494 | 958,940 |
Cash flow from investing activities: | |||
Escrow deposits | (5,221) | 6,617 | 4,299 |
Purchase of: | |||
Property, plant and equipment | (1,441,475) | (2,309,406) | (1,869,968) |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity securities | 0 | 0 | 0 |
Preferred stock | 0 | ||
Real estate | 0 | 0 | (236) |
Mortgage loans | 0 | 0 | 0 |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 537,484 | 687,375 | 606,271 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | 0 |
Real estate | 255 | 311 | |
Mortgage loans | 0 | 0 | 0 |
Net cash used by investing activities | (908,957) | (1,615,103) | (1,259,634) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 912,408 | 1,118,912 | 897,311 |
Principal repayments on credit facilities | (652,728) | (347,486) | (299,748) |
Debt issuance costs | (5,793) | (5,332) | (7,243) |
Capital lease payments | (221,247) | (307,782) | (303,431) |
Employee stock ownership plan shares | (206) | (418) | |
Common stock dividends paid | (49,019) | (29,404) | (39,179) |
Net contribution from (to) related party | 41,199 | 21,600 | |
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | 24,820 | 450,302 | 247,292 |
Effects of exchange rate on cash | 6,441 | (533) | (4,716) |
Increase (decrease) in cash and cash equivalents | 551,197 | (184,840) | (58,118) |
Cash and cash equivalents at the beginning of period | 459,078 | 643,918 | 702,036 |
Cash and cash equivalents at the end of the period | 1,010,275 | 459,078 | 643,918 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 25,720 | 33,928 | 21,708 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, net | 1,578 | 1,469 | 1,361 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | (217) | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | (158) | (355) | (2,971) |
Net losses on equity investments | (394) | (3,783) | 5,739 |
Deferred income taxes | 459 | (2,847) | 830 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 27,302 | 8,127 | (2,438) |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 537 | 2,098 | (1,449) |
Related party assets | 303 | (539) | 339 |
Accounts payable and accrued expenses | (3,497) | 2,688 | 257 |
Policy benefits and losses, claims and loss expenses payable | (31,398) | (19,618) | (4,400) |
Other policyholders' funds and liabilities | (2,053) | 491 | (117) |
Deferred income | 0 | 0 | 0 |
Related party liabilities | 1,187 | 819 | 944 |
Net cash provided by operating activities | 19,369 | 22,478 | 19,803 |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | (69,929) | (60,590) | (53,878) |
Fixed maturities investments | (18,823) | (13,001) | (33,775) |
Equity securities | 0 | 0 | 0 |
Preferred stock | 0 | ||
Real estate | 0 | (328) | (187) |
Mortgage loans | (18,035) | (18,050) | (20,031) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 69,669 | 59,056 | 58,767 |
Fixed maturities investments | 20,854 | 25,386 | 12,305 |
Equity securities | 0 | 185 | 8,608 |
Preferred stock | 2,700 | 1,375 | 1,625 |
Real estate | 0 | 0 | |
Mortgage loans | 17,659 | 4,126 | 5,881 |
Net cash used by investing activities | 4,095 | (1,841) | (20,685) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Employee stock ownership plan shares | 0 | 0 | |
Common stock dividends paid | 0 | 0 | 0 |
Net contribution from (to) related party | (22,600) | (21,600) | |
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | (22,600) | (21,600) | 0 |
Effects of exchange rate on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 864 | (963) | (882) |
Cash and cash equivalents at the beginning of period | 4,794 | 5,757 | 6,639 |
Cash and cash equivalents at the end of the period | 5,658 | 4,794 | 5,757 |
Operating Segments [Member] | Life Insurance [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 18,721 | 21,861 | 20,103 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 28,293 | 31,219 | 28,556 |
Amortization of premiums and accretion of discounts related to investments, net | 12,651 | 11,848 | 11,746 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 55,321 | 51,857 | 35,387 |
Change in allowance for losses on trade receivables | (1) | 0 | (5) |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | (9,900) | (13,241) | 308 |
Net losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | (4,455) | (3,240) | (6,453) |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | (6,012) | (769) | (2,767) |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | (36,162) | (24,447) | (25,957) |
Other assets | (551) | (294) | (525) |
Related party assets | 0 | 0 | (2) |
Accounts payable and accrued expenses | 113 | (2,790) | 3,552 |
Policy benefits and losses, claims and loss expenses payable | 14,487 | 3,908 | (71,927) |
Other policyholders' funds and liabilities | 4,283 | (5,348) | 5,124 |
Deferred income | 608 | 0 | 0 |
Related party liabilities | 9,737 | 1,977 | (300) |
Net cash provided by operating activities | 87,133 | 72,541 | (3,160) |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 0 | (636) | (170) |
Fixed maturities investments | (587,410) | (366,348) | (506,270) |
Equity securities | (962) | (83) | (957) |
Preferred stock | (16,144) | ||
Real estate | (622) | (3,958) | (212) |
Mortgage loans | (140,036) | (43,966) | (43,580) |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 49 | 0 | 7,270 |
Fixed maturities investments | 508,385 | 243,250 | 111,246 |
Equity securities | 207 | 0 | 0 |
Preferred stock | 0 | 1,000 | 0 |
Real estate | 0 | 0 | |
Mortgage loans | 11,866 | 21,036 | 141,856 |
Net cash used by investing activities | (224,667) | (149,705) | (290,817) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 9,600 | 2,500 | 0 |
Principal repayments on credit facilities | (9,860) | (2,500) | 0 |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Employee stock ownership plan shares | 0 | 0 | |
Common stock dividends paid | 0 | 0 | 0 |
Net contribution from (to) related party | (18,599) | 0 | |
Investment contract deposits | 517,856 | 234,640 | 400,123 |
Investment contract withdrawals | (213,864) | (151,022) | (132,833) |
Net cash provided by financing activities | 285,133 | 83,618 | 267,290 |
Effects of exchange rate on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 147,599 | 6,454 | (26,687) |
Cash and cash equivalents at the beginning of period | 30,480 | 24,026 | 50,713 |
Cash and cash equivalents at the end of the period | 178,079 | 30,480 | 24,026 |
Eliminations [Member] | |||
Cash flow from operating activities: | |||
Net earnings | (44,441) | (55,789) | (41,811) |
Earnings from consolidated subsidiaries | 44,441 | 55,789 | 41,811 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, net | 0 | 0 | 0 |
Amortization of debt issuance costs | 0 | 0 | 0 |
Interest credited to policyholders | 0 | 0 | 0 |
Change in allowance for losses on trade receivables | 0 | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 | 0 |
Net gains on disposal of personal property | 0 | 0 | 0 |
Net gains on disposal of real estate | 0 | 0 | 0 |
Net gains on sales of investments | 0 | 0 | 0 |
Net losses on equity investments | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | 0 | 0 | 0 |
Inventories and parts | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 | 0 |
Other assets | 0 | 0 | 0 |
Related party assets | 12,000 | 0 | 0 |
Accounts payable and accrued expenses | 0 | 0 | 0 |
Policy benefits and losses, claims and loss expenses payable | 0 | 0 | 0 |
Other policyholders' funds and liabilities | 0 | 0 | 0 |
Deferred income | 0 | 0 | 0 |
Related party liabilities | (12,000) | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flow from investing activities: | |||
Escrow deposits | 0 | 0 | 0 |
Purchase of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity securities | 0 | 0 | 0 |
Preferred stock | 0 | ||
Real estate | 0 | 0 | 0 |
Mortgage loans | 0 | 0 | 0 |
Proceeds from sale and paydowns of: | |||
Property, plant and equipment | 0 | 0 | 0 |
Short term investments | 0 | 0 | 0 |
Fixed maturities investments | 0 | 0 | 0 |
Equity securities | 0 | 0 | 0 |
Preferred stock | 0 | 0 | 0 |
Real estate | 0 | 0 | |
Mortgage loans | 0 | 0 | 0 |
Net cash used by investing activities | 0 | 0 | 0 |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 0 | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Capital lease payments | 0 | 0 | 0 |
Employee stock ownership plan shares | 0 | 0 | |
Common stock dividends paid | 0 | 0 | 0 |
Net contribution from (to) related party | 0 | 0 | |
Investment contract deposits | 0 | 0 | 0 |
Investment contract withdrawals | 0 | 0 | 0 |
Net cash provided by financing activities | 0 | 0 | 0 |
Effects of exchange rate on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at the end of the period | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Revenue Ov
Revenue Recognition (Revenue Over Time) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Contract With Customer Liability [Abstract] | |
2022 | $ 23,839 |
2023 | 13,079 |
2024 | 9,612 |
2025 | 7,210 |
2026 | 5,648 |
Thereafter | 55,060 |
Self Moving Equipment | |
Contract With Customer Liability [Abstract] | |
2022 | 4,740 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Property Lease Revenue | |
Contract With Customer Liability [Abstract] | |
2022 | 19,099 |
2023 | 13,079 |
2024 | 9,612 |
2025 | 7,210 |
2026 | 5,648 |
Thereafter | $ 55,060 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |||
Revenues recognized over time | $ 182,278 | $ 147,565 | $ 2,814,732 |
Revenues recognized at point in time | 396,600 | 309,804 | 305,408 |
Total revenues recognized under ASC 606 | 578,878 | 457,369 | 3,120,140 |
Revenues recognized under ASC 840 | 3,644,798 | 3,182,902 | 406,070 |
Revenues recognized under ASC 944 | 195,371 | 200,768 | 131,563 |
Revenues recognized under ASC 320 | 122,938 | 137,829 | 110,934 |
Total revenues | $ 4,541,985 | $ 3,978,868 | $ 3,768,707 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narratives) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Receivables [Abstract] | |
Trade receivable components | 2 |
Historical loss rate | 5.00% |
Allowance for expected credit losses | $ 2.8 |
Available for sale securities, accrued interest receivable | $ 25 |
Financing Receivable Additional Disclosures [Abstract] | |
Reinsurance paid percentage of total assets | 1.00% |
Premiums Receivable Gross | $ 3 |
Credit card receivables | |
Receivables [Abstract] | |
Average Historical Chargeback Term | For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. |
Commercial Real Estate Portfolio Segment [Member] | |
Financing Receivable Additional Disclosures [Abstract] | |
Modeling of mortgage loans | 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 loan are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. |
Allowance for Credit Losses (Re
Allowance for Credit Losses (Reserve Allowance Various Credit Loss) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Valuation And Qualifying Accounts [Abstract] | |
March 31, 2020 | $ 3,684 |
Transition adjustment expected credit loss current | 972 |
Write-offs against allowance | 0 |
Recoveries | 0 |
March 31, 2021 | 4,656 |
Trade Receivables | |
Valuation And Qualifying Accounts [Abstract] | |
March 31, 2020 | 2,680 |
Transition adjustment expected credit loss current | 155 |
Write-offs against allowance | 0 |
Recoveries | 0 |
March 31, 2021 | 2,835 |
Investments, Fixed Maturities | |
Valuation And Qualifying Accounts [Abstract] | |
March 31, 2020 | 503 |
Transition adjustment expected credit loss current | 817 |
Write-offs against allowance | 0 |
Recoveries | 0 |
March 31, 2021 | 1,320 |
Investments, Other | |
Valuation And Qualifying Accounts [Abstract] | |
March 31, 2020 | 501 |
Transition adjustment expected credit loss current | 0 |
Write-offs against allowance | 0 |
Recoveries | 0 |
March 31, 2021 | $ 501 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of AMERCO (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes Paid, Net [Abstract] | |||
Income taxes paid (net of income tax refunds) | $ 29,044 | $ 6,859 | $ 4,255 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of AMERCO (Balance Sheets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
ASSETS: | ||||
Cash and cash equivalents | $ 1,194,012 | $ 494,352 | $ 673,701 | $ 759,388 |
Investments in subsidiaries | 0 | 0 | ||
Related party assets | 35,395 | 34,784 | ||
Total assets | 14,651,606 | 13,438,024 | 11,891,713 | |
Liabilities: | ||||
Other Liabilities | 9,799,724 | 9,217,304 | ||
Stockholders' equity: | ||||
Additional paid-in capital | 453,819 | 453,819 | ||
Accumulated other comprehensive loss | 106,857 | 34,652 | ||
Consolidated statement of change in equity | ||||
Beginning of period | 4,399,402 | |||
Adjustment for adoption of ASU 2016-13 | (2,880) | |||
Net earnings | 610,856 | 442,048 | 370,857 | |
End of period | 4,958,359 | 4,399,402 | ||
Total stockholders' equity | 4,851,882 | 4,220,720 | ||
Total liabilities and stockholders' equity | 14,651,606 | 13,438,024 | ||
Common Stock in Treasury [Member] | ||||
Consolidated statement of change in equity | ||||
Cost of shares in treasury | (525,653) | (525,653) | ||
Preferred Stock in Treasury [Member] | ||||
Consolidated statement of change in equity | ||||
Cost of shares in treasury | (151,997) | (151,997) | ||
Amerco [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | 751,053 | 294,528 | 428,950 | $ 469,209 |
Investments in subsidiaries | 3,284,760 | 2,758,509 | ||
Related party assets | 1,535,355 | 1,734,358 | ||
Other assets | 413,167 | 502,064 | ||
Total assets | 5,984,335 | 5,289,459 | ||
Liabilities: | ||||
Other Liabilities | 1,136,742 | 1,068,291 | ||
Stockholders' equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 10,497 | 10,497 | ||
Additional paid-in capital | 454,029 | 454,029 | ||
Accumulated other comprehensive loss | 102,568 | 35,100 | ||
Consolidated statement of change in equity | ||||
Beginning of period | 4,399,192 | 3,976,752 | ||
Adjustment for adoption of ASU 2016-13 | (2,880) | 0 | ||
Net earnings | 610,856 | 442,048 | 370,857 | |
Dividends | (49,019) | (19,608) | ||
End of period | 4,958,149 | 4,399,192 | $ 3,976,752 | |
Total stockholders' equity | 4,847,593 | 4,221,168 | ||
Total liabilities and stockholders' equity | 5,984,335 | 5,289,459 | ||
Amerco [Member] | Common Stock in Treasury [Member] | ||||
Consolidated statement of change in equity | ||||
Cost of shares in treasury | (525,653) | (525,653) | ||
Amerco [Member] | Preferred Stock in Treasury [Member] | ||||
Consolidated statement of change in equity | ||||
Cost of shares in treasury | $ (151,997) | $ (151,997) |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of AMERCO (Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | |||
Net interest income from subs | $ 4,541,985 | $ 3,978,868 | $ 3,768,707 |
Expenses: | |||
Operating expenses | 2,187,684 | 2,117,148 | 1,981,180 |
Total costs and expenses | 3,580,838 | 3,438,740 | 3,147,720 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Pretax earnings | 796,658 | 378,124 | 477,529 |
Income tax expense | (185,802) | 63,924 | (106,672) |
Earnings available to common shareholders | $ 610,856 | $ 442,048 | $ 370,857 |
Basic and diluted earnings per common share | $ 31.15 | $ 22.55 | $ 18.93 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,603,708 | 19,592,048 |
Amerco [Member] | |||
Revenues: | |||
Net interest income from subs | $ 720 | $ 6,586 | $ 8,601 |
Expenses: | |||
Operating expenses | 6,753 | 10,622 | 8,840 |
Other expenses | 115 | 96 | 93 |
Total costs and expenses | 6,868 | 10,718 | 8,933 |
Equity in earnings of subsidiaries | 508,632 | 205,940 | 279,589 |
Interest income | 135,673 | 130,670 | 112,649 |
Pretax earnings | 638,157 | 332,478 | 391,906 |
Income tax expense | (27,301) | 109,570 | (21,049) |
Earnings available to common shareholders | $ 610,856 | $ 442,048 | $ 370,857 |
Basic and diluted earnings per common share | $ 31.15 | $ 22.55 | $ 18.93 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,603,708 | 19,592,048 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information Of AMERCO (Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Net earnings | $ 610,856 | $ 442,048 | $ 370,857 |
Amerco [Member] | |||
Net earnings | 610,856 | 442,048 | 370,857 |
Other comprehensive income (loss) | 72,205 | 101,350 | (62,075) |
Total comprehensive income | $ 683,061 | $ 543,398 | $ 308,782 |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of AMERCO (Statements of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flow from operating activities: | |||
Net earnings | $ 610,856 | $ 442,048 | $ 370,857 |
Earnings from consolidated subsidiaries | 0 | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 664,001 | 664,120 | 581,025 |
Net loss on sales of investments | (10,058) | (13,596) | (2,663) |
Deferred income taxes | 68,411 | 317,893 | 106,811 |
Net change in other operating assets and liabilities: | |||
Reinsurance recoverables and trade receivables | (39,516) | 38,129 | (31,365) |
Prepaid expenses | 94,359 | (391,120) | (8,620) |
Other assets | 29,865 | (1,295) | 157,152 |
Related party assets | (487) | (5,645) | 4,194 |
Accounts payable and accrued expenses | 92,925 | (4,530) | 10,263 |
Net cash provided by operating activities | 1,535,395 | 1,075,513 | 975,583 |
Cash flow from investing activities: | |||
Purchases of property, plant and equipment | (1,441,475) | (2,309,406) | (1,869,968) |
Proceeds of equity securities | 207 | 185 | 8,608 |
Net cash used by investing activities | (1,129,529) | (1,766,649) | (1,571,136) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 922,008 | 1,121,412 | 897,311 |
Principal repayments on credit facilities | (662,588) | (349,986) | (299,748) |
Debt issuance costs | (5,793) | (5,332) | (7,243) |
Common stock dividends paid | (49,019) | (29,404) | (39,179) |
Net contribution from (to) related party | 0 | 0 | |
Net Cash Provided by (Used in) Financing Activities | 287,353 | 512,320 | 514,582 |
Effects of exchange rate on cash | 6,441 | (533) | (4,716) |
Increase (decrease) in cash and cash equivalents | 699,660 | (179,349) | (85,687) |
Cash and cash equivalents at the beginning of period | 494,352 | 673,701 | 759,388 |
Cash and cash equivalents at the end of the period | 1,194,012 | 494,352 | 673,701 |
Amerco [Member] | |||
Cash flow from operating activities: | |||
Net earnings | 610,856 | 442,048 | 370,857 |
Earnings from consolidated subsidiaries | (508,632) | (205,940) | (279,589) |
Adjustments to reconcile net earnings to cash provided by operations: | |||
Depreciation | 1 | 1 | 1 |
Net loss on sales of investments | 924 | 0 | 0 |
Deferred income taxes | 72,407 | 323,980 | 112,434 |
Net change in other operating assets and liabilities: | |||
Prepaid expenses | 88,898 | (381,190) | (6,289) |
Other assets | 0 | 22 | (40) |
Related party assets | (12,000) | 0 | 0 |
Accounts payable and accrued expenses | (4,019) | 1,935 | 2,260 |
Net cash provided by operating activities | 248,435 | 180,856 | 199,634 |
Cash flow from investing activities: | |||
Purchases of property, plant and equipment | (3) | 0 | (1) |
Proceeds of equity securities | 0 | 0 | 0 |
Net cash used by investing activities | (3) | 0 | (1) |
Cash flow from financing activities: | |||
Borrowings from credit facilities | 200,000 | 0 | 0 |
Principal repayments on credit facilities | (200,000) | 0 | 0 |
Debt issuance costs | (924) | 0 | 0 |
Proceeds from (repayments) of intercompany loans | 211,064 | (311,534) | (196,382) |
Common stock dividends paid | (49,019) | (29,404) | (39,179) |
Net contribution from (to) related party | 41,199 | 21,600 | 0 |
Net Cash Provided by (Used in) Financing Activities | 202,320 | (319,338) | (235,561) |
Effects of exchange rate on cash | 5,773 | 4,060 | (4,331) |
Increase (decrease) in cash and cash equivalents | 456,525 | (134,422) | (40,259) |
Cash and cash equivalents at the beginning of period | 294,528 | 428,950 | 469,209 |
Cash and cash equivalents at the end of the period | $ 751,053 | $ 294,528 | $ 428,950 |
Schedule II - AMERCO and Cons_2
Schedule II - AMERCO and Consolidated Subsidiaries, Valuation and Qualifying Accounts (Details) - Amerco [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for doubtful accounts (deducted from trade receivable) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 535 | $ 549 | $ 496 |
Additions charged to cost and expenses | 2,179 | 731 | 1,550 |
Additions charged to other accounts | 2,680 | 0 | 0 |
Deductions | (973) | (745) | (1,497) |
Balance at year end | 4,421 | 535 | 549 |
Allowance for obsolescence (deducted from inventory) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 3,063 | 2,322 | 5,329 |
Additions charged to cost and expenses | 0 | 741 | 0 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | (1,647) | 0 | (3,007) |
Balance at year end | 1,416 | 3,063 | 2,322 |
Allowance for LIFO (deducted from inventory) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 18,886 | 18,987 | 16,126 |
Additions charged to cost and expenses | 2,946 | 0 | 2,861 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | 0 | (101) | 0 |
Balance at year end | 21,832 | 18,886 | 18,987 |
Allowance for probable losses (deducted from mortgage loans) [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 493 | 493 | 618 |
Additions charged to cost and expenses | 0 | 0 | 0 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | (45) | 0 | (125) |
Balance at year end | $ 448 | $ 493 | $ 493 |
Schedule V - AMERCO and Consoli
Schedule V - AMERCO and Consolidated Subsidiaries, Supplemental Information (for Property-Casualty Insurance Operations) (Details) - Property Casualty Insurance Operations [Member] - Amerco [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Information For Property And Casualty Insurance Underwriters [Abstract] | |||
Deferred policy acquisition costs | $ 0 | $ 0 | $ 0 |
Reserves for unpaid claims and claims adjustment expense | 177,963 | 209,127 | 228,970 |
Discount if any, deducted | (294) | 233 | 239 |
Unearned premiums | 70,283 | 69,138 | 60,853 |
Net earned premiums (1) | 16,335 | 19,926 | 9,373 |
Net investment income (2) | 20,670 | 22,137 | 19,579 |
Claim and claim adjustment expenses incurred related to current year | (3,865) | (9,535) | (5,365) |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 |
Paid claims and claim adjustment expense | 25,759 | 24,608 | 19,228 |
Net premiums written (1) | $ 69,989 | $ 66,277 | $ 61,022 |
Schedule V - AMERCO and Conso_2
Schedule V - AMERCO and Consolidated Subsidiaries, Supplemental Information (for Property-Casualty Insurance Operations), Parenthetical (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment Income, Net [Abstract] | |||
Premiums Earned, Net | $ 191,894 | $ 197,117 | $ 124,336 |
Property Casualty Insurance Operations [Member] | Amerco [Member] | |||
Investment Income, Net [Abstract] | |||
Written premiums, net | 1,500 | 3,100 | 2,800 |
Premiums Earned, Net | 1,800 | 2,800 | 2,600 |
(Gain) Loss on Investments | $ 100 | $ 400 | $ 3,000 |