Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jun. 30, 2022 shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | AMERCO |
Entity Central Index Key | 0000004457 |
Entity Current Reporting Status | Yes |
Entity Small Business | false |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Fiscal Year Focus | 2023 |
Trading Symbol | UHAL |
Document Type | 10-Q |
Document Fiscal Period Focus | Q1 |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 19,607,788 |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-11255 |
Entity Tax Identification Number | 88-0106815 |
Entity address, address line one | 5555 Kietzke Lane |
Entity address, address line two | Suite 100 |
Entity address, City or Town | Reno |
Entity address, State or Province | NV |
Entity address, postal zip code | 89511 |
City Area Code | 775 |
Local Phone Number | 688-6300 |
Entity Incorporation, State or Country Code | NV |
Title of 12(b) Security | Common Stock, $0.25 par value |
Security Exchange Name | NASDAQ |
Document Quarterly Report | true |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 3,098,271 | $ 2,704,137 |
Reinsurance recoverables and trade receivables, net | 219,574 | 229,343 |
Inventories, net | 164,579 | 158,888 |
Prepaid expenses | 231,714 | 236,915 |
Investments, fixed maturities and marketable equities | 2,669,986 | 2,893,399 |
Investments, other | 557,124 | 543,755 |
Deferred policy acquisition costs, net | 129,568 | 103,828 |
Other assets | 53,477 | 60,409 |
Right of use Assets - Financing | 568,223 | 620,824 |
Right of use Assets - Operating | 72,538 | 74,382 |
Related party assets | 45,190 | 47,851 |
Subtotal assets | 7,810,244 | 7,673,731 |
Property, plant and equipment, at cost: | ||
Land | 1,354,587 | 1,283,142 |
Buildings and improvements | 6,154,373 | 5,974,639 |
Furniture and equipment | 858,094 | 846,132 |
Property, plant and equipment (gross) | 13,912,488 | 13,358,406 |
Less: Accumulated depreciation | (3,891,128) | (3,732,556) |
Total property, plant and equipment | 10,021,360 | 9,625,850 |
Total assets | 17,831,604 | 17,299,581 |
Liabilities: | ||
Accounts payable and accrued expenses | 722,617 | 677,785 |
Notes, loans and leases payable | 6,232,564 | 6,022,497 |
Financing lease liability | 312,411 | |
Operating lease liability | 72,277 | 74,197 |
Policy benefits and losses, claims and loss expenses payable | 988,030 | 978,254 |
Liabilities from investment contracts | 2,374,250 | 2,336,238 |
Other policyholders' funds and liabilities | 11,999 | 10,812 |
Deferred income | 63,647 | 49,157 |
Deferred income taxes, net | 1,292,369 | 1,265,358 |
Total liabilities | 11,757,753 | 11,414,298 |
Commitments and contingencies (notes 4, 8 and 9) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,819 | 453,819 |
Accumulated other comprehensive loss | (89,246) | 46,384 |
Retained earnings | 6,376,431 | 6,052,233 |
Total stockholders' equity | 6,073,851 | 5,885,283 |
Total liabilities and stockholders' equity | 17,831,604 | 17,299,581 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Serial Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 0 | 0 |
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
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 | 671,880 | 615,679 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 4,873,554 | $ 4,638,814 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical | Jun. 30, 2022 $ / shares shares |
Series Preferred Stock With or Without Par Value [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 |
Serial Common Stock With or Without Par Value [Member] | |
Common stock: | |
Common stock, par or stated value per share | $ / shares | $ 0.25 |
Serial 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 | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||
Self-moving equipment rentals | $ 1,090,775 | $ 1,035,377 |
Self-storage revenues | 173,177 | 137,393 |
Self moving and self-storage products and service sales | 109,351 | 104,885 |
Property management fees | 9,139 | 8,449 |
Life insurance premiums | 25,781 | 28,705 |
Property and casualty insurance premiums | 19,972 | 16,869 |
Investment income interest and dividend | 33,573 | 34,999 |
Other revenue | 136,072 | 106,179 |
Total revenues | 1,597,840 | 1,472,856 |
Costs and expenses: | ||
Operating expenses | 733,167 | 614,529 |
Commission expenses | 118,493 | 113,149 |
Cost of sales | 79,671 | 69,915 |
Benefits and losses | 44,100 | 47,298 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Lease expense | 7,475 | 7,647 |
Depreciation, net of (gains) losses on disposals | 113,796 | 121,717 |
Net (gains) losses on disposal of real estate | 2,307 | (4,430) |
Total costs and expenses | 1,106,681 | 978,648 |
Earnings from operations | 491,159 | 494,208 |
Other components of net periodic benefit costs | (304) | (280) |
Interest expense | (49,799) | (39,178) |
Pretax earnings | 441,056 | 454,750 |
Income tax expense | (107,054) | (109,575) |
Earnings available to common stockholders | $ 334,002 | $ 345,175 |
Basic and diluted earnings per common share | $ 17.03 | $ 17.60 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,607,788 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation: | ||
Net gain on sale of real and personal property | $ (64,348) | $ (50,323) |
Related party: | ||
Related party revenues, net of eliminations | 9,139 | 8,449 |
Related party, costs and expenses, net of eliminations | $ 25,486 | $ 23,506 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Comprehensive income (loss) (pretax): | ||
Pretax earnings (loss) | $ 441,056 | $ 454,750 |
Comprehensive income (loss) (tax effect): | ||
Income tax expense | (107,054) | (109,575) |
Comprehensive income (loss) (net of tax): | ||
Net earnings | 334,002 | 345,175 |
Other comprehensive income (loss): | ||
Foreign currency translation (pretax) | 197 | (3,392) |
Foreign currency translation (tax effect) | 0 | 0 |
Foreign currency translation (net of tax) | 197 | (3,392) |
Unrealized gain (loss) on investments (pretax) | (173,046) | (92,451) |
Unrealized gain (loss) on investments (tax effect) | 36,664 | 19,424 |
Unrealized gain (loss) on investments (net of tax) | (136,382) | (73,027) |
Change in fair value of cash flow hedges (pretax) | 170 | (68) |
Change in fair value of cash flow hedges (tax effect) | (42) | 17 |
Change in fair value of cash flow hedges (net of tax) | 128 | (51) |
Amounts reclassifed into earnings on hedging activities (pretax) | 566 | 987 |
Amounts reclassified into earnings on hedging activities (tax effect) | (139) | (242) |
Amounts reclassified into earnings on hedging activities (net of tax) | 427 | 745 |
Total other comprehensive income (loss) (pretax) | (172,113) | (94,924) |
Total other comprehensive income (loss) (tax effect) | 36,483 | 19,199 |
Total other comprehensive income (loss) (net of tax) | (135,630) | (75,725) |
Total comprehensive income (pretax) | 268,943 | 359,826 |
Total comprehensive income (tax effect) | (70,571) | (90,376) |
Total comprehensive income (net of tax) | $ 198,372 | $ 269,450 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] |
Balance, beginning of period at Mar. 31, 2021 | $ 4,851,882 | $ 10,497 | $ 453,819 | $ 106,857 | $ 4,958,359 | $ (525,653) | $ (151,997) |
Cosolidated statement of change in equity | |||||||
Foreign currency translation | (3,392) | 0 | 0 | (3,392) | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (73,027) | 0 | 0 | (73,027) | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | (51) | 0 | 0 | (51) | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 745 | 0 | 0 | 745 | 0 | 0 | 0 |
Net earnings | 345,175 | 0 | 0 | 0 | 345,175 | 0 | 0 |
Common stock dividends | (9,804) | 0 | 0 | 0 | (9,804) | 0 | 0 |
Net activity | 259,646 | 0 | 0 | (75,725) | 335,371 | 0 | 0 |
Balance, end of period at Jun. 30, 2021 | 5,111,528 | 10,497 | 453,819 | 31,132 | 5,293,730 | (525,653) | (151,997) |
Balance, beginning of period at Mar. 31, 2022 | 5,885,283 | 10,497 | 453,819 | 46,384 | 6,052,233 | (525,653) | (151,997) |
Cosolidated statement of change in equity | |||||||
Foreign currency translation | 197 | 0 | 0 | 197 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (136,382) | 0 | 0 | (136,382) | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 128 | 0 | 0 | 128 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 427 | 0 | 0 | 427 | 0 | 0 | 0 |
Net earnings | 334,002 | 0 | 0 | 0 | 334,002 | 0 | 0 |
Common stock dividends | (9,804) | 0 | 0 | 0 | (9,804) | 0 | 0 |
Net activity | 188,568 | 0 | 0 | (135,630) | 324,198 | 0 | 0 |
Balance, end of period at Jun. 30, 2022 | $ 6,073,851 | $ 10,497 | $ 453,819 | $ (89,246) | $ 6,376,431 | $ (525,653) | $ (151,997) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Common Stock, Dividends, Per Share, Declared | $ 0.50 | $ 0.50 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow from operating activities: | ||
Net earnings | $ 334,002 | $ 345,175 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 178,144 | 172,040 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,929 | 4,361 |
Amortization of debt issuance costs | 1,473 | 1,332 |
Interest credited to policyholders | 15,157 | 15,583 |
Change in allowance for losses on trade receivables | (6,151) | (484) |
Change in allowance for inventory reserves | 4,646 | 3,403 |
Net gain on sale of real and personal property | (64,348) | (50,323) |
Net losses on disposal of real estate | 2,307 | (4,430) |
Net (gain) loss on sale of investments | 268 | (2,469) |
Net (gain) losses equity investments | 1,551 | (2,231) |
Deferred income tax | 63,493 | 82,374 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 15,894 | (8,082) |
Inventories | (10,347) | (15,765) |
Prepaid expenses | 4,935 | 162,706 |
Capitalization of deferred policy acquisition costs | (7,398) | (8,990) |
Other assets | 1,935 | (853) |
Related party assets | 484 | 562 |
Accounts payable and accrued expenses | 74,676 | 71,599 |
Policy benefits and losses, claims and loss expenses payable | 10,386 | 9,064 |
Other policyholders' funds and liabilities | 1,187 | (1,430) |
Deferred income | 14,448 | 11,863 |
Related party liabilities | 2,028 | 385 |
Net cash provided by operating activities | 651,371 | 794,213 |
Cash flow from investing activities: | ||
Escrow deposits | 4,789 | 1,887 |
Purchase of: | ||
Property, plant and equipment | (646,137) | (508,411) |
Short term investments | (22,017) | (11,810) |
Fixed maturity investments | (36,488) | (281,507) |
Equity securities | (1,366) | 0 |
Preferred stock | 0 | (8,000) |
Real estate | 0 | (67) |
Mortgage loans | (42,561) | (42,538) |
Proceeds from sale of: | ||
Property, plant and equipment | 159,180 | 182,146 |
Short term investments | 18,073 | 12,558 |
Fixed maturity investments | 55,808 | 126,956 |
Preferred stock | 362 | 0 |
Mortgage loans | 32,345 | 5,628 |
Net cash used by investing activities | (478,012) | (523,158) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 393,264 | 161,854 |
Principal repayments on credit facilities | (145,369) | (109,334) |
Payment of debt issuance costs | (1,069) | (352) |
Capital lease payments | (34,982) | (45,170) |
Common stock dividends paid | (9,804) | 0 |
Investment contract deposits | 85,767 | 113,779 |
Investment contract withdrawals | (62,911) | (64,332) |
Net cash provided by (used in) financing activities | 224,896 | 56,445 |
Effects on exchange rate on cash | (4,121) | (1,531) |
Increase (decrease) cash and cash equivalents | 394,134 | 325,969 |
Cash and cash equivalents at the beginning of period | 2,704,137 | 1,194,012 |
Cash and cash equivalents at the end of the period | $ 3,098,271 | $ 1,519,981 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block [Abstract] | |
1. Basis of Presentation | 1.Basis of Presentation AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. The condensed consolidated balance sheet as of June 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2023 and 2022 are unaudited. In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. 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. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes 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. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. |
Investments
Investments | 3 Months Ended |
Jun. 30, 2022 | |
Investments Debt Equity Securities [Abstract] | |
3. Investments | 2. 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 $ 23.8 million and $ 27.1 million as of March 31, 2022 and December 31, 2021, respectively. Available-for-Sale Investments Available-for-sale investments as of June 30, 2022 were as follows: Cost Amortized Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Gross Allowance for Expected Credit Losses Market Value Estimated (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 127,940 $ 2,947 $ (1,578) $ (2,493) $ – $ 126,816 U.S. government agency mortgage-backed securities 37,806 149 (380) (4,126) – 33,449 Obligations of states and political subdivisions 166,572 5,830 (1,275) (2,009) – 169,118 Corporate securities 1,970,857 38,302 (11,259) (51,863) (77) 1,945,960 Mortgage-backed securities 337,023 2,206 (1) (16,372) – 322,856 $ 2,640,198 $ 49,434 $ ( 14,493 ) $ ( 76,863 ) $ ( 77 ) $ 2,598,199 Available-for-sale investments as of March 31, 2022 were as follows: Cost Amortized Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Gross Allowance for Expected Credit Losses Market Value Estimated (In thousands) U.S. treasury securities and government obligations $ 128,078 $ 7,984 $ – $ (969) $ – $ 135,093 U.S. government agency mortgage-backed securities 44,678 280 (42) (3,111) – 41,805 Obligations of states and political subdivisions 178,040 15,450 – (508) – 192,982 Corporate securities 1,989,212 138,909 (402) (6,604) (60) 2,121,055 Mortgage-backed securities 324,029 7,671 (1) (1,542) – 330,157 $ 2,664,037 $ 170,294 $ ( 445 ) $ ( 12,734 ) $ ( 60 ) $ 2,821,092 We sold available-for-sale securities with a fair value of $ 54.1 million during the first quarter of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 0.3 million during the first quarter of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022. The gross realized losses on these sales totaled $ 0.1 million during the first quarter of fiscal 2023 and $ 1.4 million for the full year of fiscal 2022. 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 th |
Borrowings
Borrowings | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
4. Borrowings | 3. Borrowings Long Term Debt Long term debt was as follows: June 30, March 31, 2023 Rates Maturities 2022 2022 (Unaudited) (In thousands) Real estate loans (amortizing term) 2.27 % - 2.70 % 2023 - 2037 $ 87,147 $ 50,259 Senior mortgages 2.70 % - 5.50 % 2023 - 2042 2,322,293 2,206,268 Real estate loans (revolving credit) (a) 2.31 % - 2.56 % 2023 - 2025 535,000 535,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2029 119,576 124,651 Fleet loans (revolving credit) 1.90 % - 2.36 % 2025 - 2027 560,000 560,000 Finance leases (rental equipment) 2.16 % - 5.04 % 2022 - 2026 312,411 347,393 Finance liabilities (rental equipment) 1.60 % - 4.77 % 2024 - 2030 1,051,917 949,936 Private placements 2.43 % - 2.88 % 2029 - 2035 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2022 - 2049 81,008 86,206 Notes, loans and finance leases payable 6,269,352 6,059,713 Less: Debt issuance costs (36,788) (37,216) Total notes, loans and finance leases payable, net $ 6,232,564 $ 6,022,497 (a) A certain loan has an interest rate swap fixing the rate at 3.14% based on current margins. Real Estate Backed Loans Real Estate Loans Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2022, the applicable LIBOR was 1.20 % and the applicable margin was 1.50 %, the sum of which was 2.70 %. The default provisions of this 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. Real Estate is a borrower under another real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate per the provisions of the loan agreement, is the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margin. As of June 30, 2022, the applicable SOFR was 1.52 % and applicable margin was 0.75 %, the sum of which was 2.27 %. This loan is hedged with a SOFR interest rate swap fixed at 2.86 %. The interest rate swap is effective July 15, 2022 and expires in July 2032. The default provisions of this real estate loan includes non-payment of principal or interest and other standard reporting and change-in-control covenants. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70 |
Derivatives
Derivatives | 3 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
5. Derivatives | 4. 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. 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 our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows: June 30, 2022 March 31, 2022 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ 149 $ – Liabilities – 587 Notional amount 75,000 235,000 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2022 June 30, 2021 (Unaudited) (In thousands) Gain recognized in AOCI on interest rate contracts $ (736) $ (919) Loss reclassified from AOCI into income $ 566 $ 987 Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2023, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first quarter of fiscal 2023, we reclassified $0.4 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2022, we expect to reclassify $0.2 million of net losses on interest rate 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. As of March 31, 2022 and December 31, 2021, these derivative hedges had a fair value of $ 7.0 million and $ 7.5 million, with notional amounts of $ 434.0 million and $ 416.7 million, respectively. These derivative instruments are included in Investments, other; on the condensed 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 generally accepted accounting principles (“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 (Loss) | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block [Abstract] | |
6. Comprehensive Income (Loss) | 5. Accumulated Other Comprehensive Income (Loss) A summary of AOCI components, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gains (Losses) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance as of March 31, 2022 $ (55,757) $ 105,027 $ (444) $ (2,442) $ 46,384 Foreign currency translation 197 – – – 197 Unrealized net losses on investments – (136,382) – – (136,382) Change in fair value of cash flow hedges – – 128 – 128 Amounts reclassified into earnings on hedging activities – – 427 – 427 Other comprehensive income (loss) 197 (136,382) 555 – (135,630) Balance as of June 30, 2022 $ ( 55,560 ) $ ( 31,355 ) $ 111 $ ( 2,442 ) $ (89,246) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity [Abstract] | |
7. Stockholders' Equity | 6. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal year 2023. Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 As of June 30, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan. |
Leases
Leases | 3 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
8. Leases | 7. Leases The following tables show the components of our ROU assets, net: As of June 30, 2022 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 159,618 – 159,618 Rental trucks 1,044,124 – 1,044,124 Right-of-use assets, gross 1,218,473 139,799 1,358,272 Less: Accumulated depreciation (650,250) (67,261) (717,511) Right-of-use assets, net $ 568,223 $ 72,538 $ 640,761 As of March 31, 2022 Finance Operating Total (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 169,514 – 169,514 Rental trucks 1,114,248 – 1,114,248 Right-of-use assets, gross 1,298,493 136,444 1,434,937 Less: Accumulated depreciation (677,669) (62,062) (739,731) Right-of-use assets, net $ 620,824 $ 74,382 $ 695,206 As of June 30, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $ 312.4 million and $ 347.4 million, respectively, and operating lease liabilities of $ 72.3 million and $ 74.2 million, respectively. Finance leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 3 3 Weighted average discount rate 3.7 % 3.7 % Operating leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 16.8 16.5 Weighted average discount rate 4.6 % 4.6 % For the quarters ended June 30, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 7.9 million and $ 7.5 million, respectively, and our financing cash flow activities were $ 35.0 million and $ 45.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million for the first quarter of both fiscal 2023 and 2022. The components of lease costs were as follows: Three Months Ended June 30, 2022 June 30, 2021 (Unaudited) (In thousands) Operating lease costs $ 7,920 $ 8,077 |
Contingencies
Contingencies | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
9. Contingencies | 8. Contingencies 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. 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 other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
10. Related Party Transactions | 9. 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 Securities and Exchange Commission (“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. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen Related Party Revenue Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,729 $ 7,180 U-Haul management fee revenue from Mercury 1,410 1,269 $ 9,139 $ 8,449 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 $ 8.2 million and $ 11.3 million from the above-mentioned entities during the first quarter of fiscal 2023 and 2022, respectively. The decrease in management fees received in the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022 was due to a timing difference of the incentive fee of $4.0 million being paid in March of fiscal 2022. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 626 U-Haul commission expenses to Blackwater 24,882 22,880 $ 25,486 $ 23,506 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 June 30, 2022, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 7.7 million and $ 7.2 million, expenses of $ 0.6 million and $ 0.6 million and cash flows of $ 6.9 million and $ 6.4 million, respectively, during the first quarter of fiscal 2023 and 2022. Revenues were $ 117.9 million and $ 108.6 million and commission expenses were $ 24.9 million and $ 22.9 million, respectively, related to the Dealer Agreements, during the first quarter of fiscal 2023 and 2022. Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater. Related Party Assets June 30, March 31, 2022 2022 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 38,624 $ 41,364 U-Haul receivable from Mercury 7,539 5,708 Other (a) (973) 779 $ 45,190 $ 47,851 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
11. Consolidating Financial Information by Industry Segment | 10. 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 UHaul 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 are shown as liabilities on the condensed 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. |
Industry Segment and Geographic
Industry Segment and Geographic Area Data | 3 Months Ended |
Jun. 30, 2022 | |
Segments, Geographical Areas [Abstract] | |
12. Industry Segment and Geographic Area Data | 11. Industry Segment and Geographic Area Data United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2022 Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal 120,986 2,789 123,775 Interest expense 48,948 851 49,799 Pretax earnings 427,538 13,518 441,056 Income tax expense 103,613 3,441 107,054 Identifiable assets 17,240,646 590,958 17,831,604 Quarter Ended June 30, 2021 Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal 127,650 (1,540) 126,110 Interest expense 38,128 1,050 39,178 Pretax earnings 437,949 16,801 454,750 Income tax expense 105,302 4,273 109,575 Identifiable assets 14,661,722 453,160 15,114,882 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Jun. 30, 2022 | |
Compensation and Retirement Disclosure [Abstract] | |
13. Employee Benefit Plans | 12. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 332 $ 350 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 287 227 Other components 17 53 Total other components of net periodic benefit costs 304 280 Net periodic postretirement benefit cost $ 636 $ 630 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
14. Fair Value Measurements | 13. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of 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. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy Carrying Total Estimated As of June 30, 2022 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 219,574 $ – $ – $ 219,574 $ 219,574 Mortgage loans, net 433,385 – – 433,385 437,604 Other investments 123,739 – – 123,739 123,739 Total $ 776,698 $ – $ – $ 776,698 $ 780,917 Liabilities Notes, loans and finance leases payable 6,269,352 – 6,269,352 – 5,973,107 Total $ 6,269,352 $ – $ 6,269,352 $ – $ 5,973,107 Fair Value Hierarchy Carrying Total Estimated As of March 31, 2022 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net 423,163 – – 423,163 450,347 Other investments 120,592 – – 120,592 120,592 Total $ 773,098 $ – $ – |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 14. 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 as of June 30, 2022 and March 31, 2022. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2023 did not have a material effect on our financial statements. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance with Topic 842 The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 7, Leases, of the Notes to the 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. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter: Years Ending June 30, 2023 2024 2025 2026 2027 Thereafter (Unaudited) (In thousands) Self-moving equipment rentals $ 7,215 $ – $ – $ – $ – $ – Property lease revenues 17,434 11,177 8,425 6,587 4,946 38,344 Total $ 24,649 $ 11,177 $ 8,425 $ 6,587 $ 4,946 $ 38,344 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. In the following table, revenue is disaggregated by timing of revenue recognition: Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) Revenues recognized over time: $ 103,194 $ 79,815 Revenues recognized at a point in time: 126,355 120,718 Total revenues recognized under ASC 606 229,549 200,533 Revenues recognized under ASC 842 1,288,031 1,191,010 Revenues recognized under ASC 944 46,687 46,314 Revenues recognized under ASC 320 33,573 34,999 Total revenues $ 1,597,840 $ 1,472,856 In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Jun. 30, 2022 | |
Allowance For Credit Loss [Abstract] | |
Allowance For Credit Losses [Text Block] | 15. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2% and 6% as of June 30, 2022 and March 31, 2022, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2022, was $ 2.5 million. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 29.2 million as of March 31, 2022 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 (in accordance with 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. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverables Reinsurance recoverables on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2022 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premium receivables were $1.4 million as of March 31, 2022, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (Unaudited) (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change (291) (279) 4 (566) Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2021 $ 2,544 $ 1,041 $ 505 $ 4,090 Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Allowance change (6,162) 17 (1) (6,146) Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2022 $ 2,487 $ 77 $ 500 $ 3,064 |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements And Changes In Accounting Principles [Text Block] | 16. Accounting Pronouncements Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“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 deferred acquisition costs 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. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. |
Investments (Table Text Block)
Investments (Table Text Block) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Investments Debt Equity Securities [Abstract] | ||
Available-for-Sale Investments | Amortized Gross Gross Gross Allowance for Expected Credit Losses Estimated (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 127,940 $ 2,947 $ (1,578) $ (2,493) $ – $ 126,816 U.S. government agency mortgage-backed securities 37,806 149 (380) (4,126) – 33,449 Obligations of states and political subdivisions 166,572 5,830 (1,275) (2,009) – 169,118 Corporate securities 1,970,857 38,302 (11,259) (51,863) (77) 1,945,960 Mortgage-backed securities 337,023 2,206 (1) (16,372) – 322,856 $ 2,640,198 $ 49,434 $ ( 14,493 )$ ( 76,863 )$ ( 77 )$ 2,598,199 | Amortized Gross Gross Gross Allowance for Expected Credit Losses Estimated (In thousands) U.S. treasury securities and government obligations $ 128,078 $ 7,984 $ – $ (969) $ – $ 135,093 U.S. government agency mortgage-backed securities 44,678 280 (42) (3,111) – 41,805 Obligations of states and political subdivisions 178,040 15,450 – (508) – 192,982 Corporate securities 1,989,212 138,909 (402) (6,604) (60) 2,121,055 Mortgage-backed securities 324,029 7,671 (1) (1,542) – 330,157 $ 2,664,037 $ 170,294 $ ( 445 )$ ( 12,734 )$ ( 60 )$ 2,821,092 |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | June 30, 2022 March 31, 2022 Amortized Estimated Amortized Estimated (Unaudited) (In thousands) Due in one year or less $ 104,389 $ 105,325 $ 97,969 $ 99,432 Due after one year through five years 554,348 557,915 541,840 570,135 Due after five years through ten years 713,435 717,393 704,295 765,073 Due after ten years 931,003 894,710 995,904 1,056,295 2,303,175 2,275,343 2,340,008 2,490,935 Mortgage-backed securities 337,023 322,856 324,029 330,157 $ 2,640,198 $ 2,598,199 $ 2,664,037 $ 2,821,092 | |
Available for sale equity investments | June 30, 2022 March 31, 2022 Amortized Estimated Amortized Estimated (Unaudited) (In thousands) Common stocks $ 28,707 $ 45,837 $ 27,674 $ 46,212 Non-redeemable preferred stocks 26,054 25,950 26,054 26,095 $ 54,761 $ 71,787 $ 53,728 $ 72,307 | |
Other investments, carrying value | June 30, March 31, 2022 2022 (Unaudited) (In thousands) Mortgage loans, net $ 433,385 $ 423,163 Short-term investments 34,809 30,916 Real estate 67,539 67,824 Policy loans 10,360 10,309 Other equity investments 11,031 11,543 $ 557,124 $ 543,755 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Debt Instruments [Abstract] | |
Long-Term Debt | June 30, March 31, 2023 Rates Maturities 2022 2022 (Unaudited) (In thousands) Real estate loans (amortizing term) 2.27 % - 2.70 % 2023 - 2037 $ 87,147 $ 50,259 Senior mortgages 2.70 % - 5.50 % 2023 - 2042 2,322,293 2,206,268 Real estate loans (revolving credit) (a) 2.31 % - 2.56 % 2023 - 2025 535,000 535,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2029 119,576 124,651 Fleet loans (revolving credit) 1.90 % - 2.36 % 2025 - 2027 560,000 560,000 Finance leases (rental equipment) 2.16 % - 5.04 % 2022 - 2026 312,411 347,393 Finance liabilities (rental equipment) 1.60 % - 4.77 % 2024 - 2030 1,051,917 949,936 Private placements 2.43 % - 2.88 % 2029 - 2035 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2022 - 2049 81,008 86,206 Notes, loans and finance leases payable 6,269,352 6,059,713 Less: Debt issuance costs (36,788) (37,216) Total notes, loans and finance leases payable, net $ 6,232,564 $ 6,022,497 (a) A certain loan has an interest rate swap fixing the rate at 3.14% based on current margins. |
Annual Maturities of Notes, Loans and Leases Payable | Years Ending June 30, 2023 2024 2025 2026 2027 Thereafter Total (Unaudited) (In thousands) Notes, loans and finance leases payable, secured$ 502,394 $ 1,059,057 $ 648,440 $ 638,221 $ 671,424 $ 2,749,816 $ 6,269,352 |
Components of interest expense | Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) Interest expense $ 50,405 $ 38,935 Capitalized interest (2,618) (2,030) Amortization of transaction costs 1,446 1,286 Interest expense resulting from cash flow hedges 566 987 Total interest expense$ 49,799 $ 39,178 |
Interest rates and company borrowings | Revolving Credit Activity Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 1.99 % 1.39 % Interest rate at the end of the quarter 2.29 % 1.38 % Maximum amount outstanding during the quarter $ 1,095,000 $ 1,088,000 Average amount outstanding during the quarter $ 1,095,000 $ 1,073,055 Facility fees$ 58 $ 71 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Derivative Instrument Detail [Abstract] | |
Derivatives | June 30, 2022 March 31, 2022 (Unaudited) (In thousands) Interest rate contracts designated as hedging instruments: Assets $ 149 $ – Liabilities – 587 Notional amount 75,000 235,000 |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2022 June 30, 2021 (Unaudited) (In thousands) Gain recognized in AOCI on interest rate contracts $ (736) $ (919) Loss reclassified from AOCI into income$ 566 $ 987 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (loss) (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Table Text Block Supplement [Abstract] | |
Summary of accumulated other comprehensive income (loss) components, net of tax | Foreign Currency Translation Unrealized Net Gains (Losses) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Income (Loss) (Unaudited) (In thousands) Balance as of March 31, 2022 $ (55,757) $ 105,027 $ (444) $ (2,442) $ 46,384 Foreign currency translation 197 – – – 197 Unrealized net losses on investments – (136,382) – – (136,382) Change in fair value of cash flow hedges – – 128 – 128 Amounts reclassified into earnings on hedging activities – – 427 – 427 Other comprehensive income (loss) 197 (136,382) 555 – (135,630) Balance as of June 30, 2022$( 55,560 )$ ( 31,355 )$ 111 $ ( 2,442 )$ (89,246) |
Stockholders' Equity (Table Tex
Stockholders' Equity (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity [Abstract] | |
Common Stock Dividends | Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date April 6, 2022$ 0.50 April 18, 2022 April 29, 2022 |
Leases (Table Text Block)
Leases (Table Text Block) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Supplemental Balance Sheet Information Related to Leases | As of June 30, 2022 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 159,618 – 159,618 Rental trucks 1,044,124 – 1,044,124 Right-of-use assets, gross 1,218,473 139,799 1,358,272 Less: Accumulated depreciation (650,250) (67,261) (717,511) Right-of-use assets, net$ 568,223 $ 72,538 $ 640,761 | As of March 31, 2022 Finance Operating Total (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 169,514 – 169,514 Rental trucks 1,114,248 – 1,114,248 Right-of-use assets, gross 1,298,493 136,444 1,434,937 Less: Accumulated depreciation (677,669) (62,062) (739,731) Right-of-use assets, net$ 620,824 $ 74,382 $ 695,206 |
Summary of Weighted-average remaining lease terms and Discount rates | Finance leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 3 3 Weighted average discount rate 3.7 % 3.7 % | Operating leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 16.8 16.5 Weighted average discount rate 4.6 % 4.6 % |
Components of Lease Expense | Three Months Ended June 30, 2022 June 30, 2021 (Unaudited) (In thousands) Operating lease costs $ 7,920 $ 8,077 Finance lease cost: Amortization of right-of-use assets $ 22,396 $ 32,500 Interest on lease liabilities 3,218 4,571 Total finance lease cost$ 25,614 $ 37,071 | |
Maturities of Lease Liabilities | Finance leases Operating leases (Unaudited) Years ending June 30, (In thousands) 2023 $ 131,322 $ 24,483 2024 97,721 22,162 2025 68,034 7,188 2026 35,396 4,104 2027 – 3,273 Thereafter – 58,654 Total lease payments 332,473 119,864 Less: imputed interest (20,062) (47,587) Present value of lease liabilities$ 312,411 $ 72,277 |
Related Party Transations (Tabl
Related Party Transations (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,729 $ 7,180 U-Haul management fee revenue from Mercury 1,410 1,269 $ 9,139 $ 8,449 |
Related Party costs and expenses | Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 626 U-Haul commission expenses to Blackwater 24,882 22,880 $ 25,486 $ 23,506 |
Related party assets | June 30, March 31, 2022 2022 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 38,624 $ 41,364 U-Haul receivable from Mercury 7,539 5,708 Other (a) (973) 779 $ 45,190 $ 47,851 |
Consolidating Financial Infor_2
Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Table Text Block Supplement [Abstract] | ||
Consolidated Balance Sheet by Industry Segment | Consolidating balance sheets by industry segment as of June 30, 2022 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 2,982,541 $ 9,065 $ 106,665 $ – $ 3,098,271 Reinsurance recoverables and trade receivables, net 130,412 52,491 36,671 – 219,574 Inventories and parts, net 164,579 – – – 164,579 Prepaid expenses 231,714 – – – 231,714 Investments, fixed maturities and marketable equities – 282,715 2,387,271 – 2,669,986 Investments, other 20,653 116,696 419,775 – 557,124 Deferred policy acquisition costs, net – – 129,568 – 129,568 Other assets 50,043 480 2,954 – 53,477 Right of use assets - financing, net 568,223 – – – 568,223 Right of use assets - operating, net 71,357 1,101 80 – 72,538 Related party assets 63,718 6,964 15,364 (40,856) (c) 45,190 4,283,240 469,512 3,098,348 (40,856) 7,810,244 Investment in subsidiaries 606,813 – – (606,813) (b) – Property, plant and equipment, at cost: Land 1,354,587 – – – 1,354,587 Buildings and improvements 6,154,373 – – – 6,154,373 Furniture and equipment 858,094 – – – 858,094 Rental trailers and other rental equipment 671,880 – – – 671,880 Rental trucks 4,873,554 – – – 4,873,554 13,912,488 – – – 13,912,488 Less: Accumulated depreciation (3,891,128) – – – (3,891,128) Total property, plant and equipment, net 10,021,360 – – – 10,021,360 Total assets $ 14,911,413 $ 469,512 $ 3,098,348 | Consolidating balance sheets by industry segment as of March 31, 2022 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations AMERCO Consolidated Assets: (In thousands) Cash and cash equivalents $ 2,643,213 $ 10,800 $ 50,124 $ – $ 2,704,137 Reinsurance recoverables and trade receivables, net 142,895 50,235 36,213 – 229,343 Inventories and parts, net 158,888 – – – 158,888 Prepaid expenses 236,915 – – – 236,915 Investments, fixed maturities and marketable equities – 297,488 2,595,911 – 2,893,399 Investments, other 20,653 114,269 408,833 – 543,755 Deferred policy acquisition costs, net – – 103,828 – 103,828 Other assets 57,305 371 2,733 – 60,409 Right of use assets - financing, net 620,824 – – – 620,824 Right of use assets - operating, net 74,190 93 99 – 74,382 Related party assets 64,611 6,713 16,911 (40,384) (c) 47,851 4,019,494 479,969 3,214,652 (40,384) 7,673,731 Investment in subsidiaries 737,073 – – (737,073) (b) – Property, plant and equipment, at cost: Land 1,283,142 – – – 1,283,142 Buildings and improvements 5,974,639 – – – 5,974,639 Furniture and equipment 846,132 – – – 846,132 Rental trailers and other rental equipment 615,679 – – – 615,679 Rental trucks 4,638,814 – – – 4,638,814 13,358,406 – – – 13,358,406 Less: Accumulated depreciation (3,732,556) – – – (3,732,556) Total property, plant and equipment, net 9,625,850 – – – 9,625,850 Total assets $ 14,382,417 $ 479,969 $ 3,214,652 |
Consolidated Statement of Operations by Industry Segment | Consolidating statement of operations by industry segment for the quarter ended June 30, 2022 are as follows: Moving & Storage Property & Casualty Insurance (a) Life Eliminations AMERCO (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 1,091,710 $ – $ – $ (935) (c) $ 1,090,775 Self-storage revenues 173,177 – – – 173,177 Self-moving and self-storage products and service sales 109,351 – – – 109,351 Property management fees 9,139 – – – 9,139 Life insurance premiums – – 25,781 – 25,781 Property and casualty insurance premiums – 20,830 – (858) (c) 19,972 Net investment and interest income 4,940 2,252 27,388 (1,007) (b) 33,573 Other revenue 135,281 – 934 (143) (b) 136,072 Total revenues 1,523,598 23,082 54,103 (2,943) 1,597,840 Costs and expenses: Operating expenses 719,794 10,194 5,109 (1,930) (b,c) 733,167 Commission expenses 118,493 – – – 118,493 Cost of sales 79,671 – – – 79,671 Benefits and losses – 4,379 39,721 – 44,100 Amortization of deferred policy acquisition costs – – 7,672 – 7,672 Lease expense 7,920 158 28 (631) (b) 7,475 Depreciation, net of gains on disposals 113,796 – – – 113,796 Net losses on disposal of real estate 2,307 – – – 2,307 Total costs and expenses 1,041,981 14,731 52,530 (2,561) 1,106,681 Earnings from operations before equity in earnings of subsidiaries 481,617 8,351 1,573 (382) 491,159 Equity in earnings of subsidiaries 7,666 – – (7,666) (d) – Earnings from operations 489,283 8,351 1,573 (8,048) 491,159 Other components of net periodic benefit costs (304) – – – (304) Interest expense (50,061) – (120) 382 (b) (49,799) Pretax earnings 438,918 8,351 1,453 (7,666) 441,056 Income tax expense (104,916) (1,755) (383) – (107,054) Earnings available to common stockholders $ 334,002 | Consolidating statements of operations by industry for the quarter ended June 30, 2021 are as follows: Moving & Storage Property & Casualty Insurance (a) Life Eliminations AMERCO (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 1,036,213 $ – $ – $ (836) (c) $ 1,035,377 Self-storage revenues 137,393 – – – 137,393 Self-moving and self-storage products and service sales 104,885 – – – 104,885 Property management fees 8,449 – – – 8,449 Life insurance premiums – – 28,705 – 28,705 Property and casualty insurance premiums – 17,443 – (574) (c) 16,869 Net investment and interest income 680 6,013 29,324 (1,018) (b) 34,999 Other revenue 105,634 – 630 (85) (b) 106,179 Total revenues 1,393,254 23,456 58,659 (2,513) 1,472,856 Costs and expenses: Operating expenses 601,831 8,813 5,375 (1,490) (b,c) 614,529 Commission expenses 113,149 – – – 113,149 Cost of sales 69,915 – – – 69,915 Benefits and losses – 5,227 42,071 – 47,298 Amortization of deferred policy acquisition costs – – 8,823 – 8,823 Lease expense 8,077 184 24 (638) (b) 7,647 Depreciation, net of gains on disposals 121,717 – – – 121,717 Net gains on disposal of real estate (4,430) – – – (4,430) Total costs and expenses 910,259 14,224 56,293 (2,128) 978,648 Earnings from operations before equity in earnings of subsidiaries 482,995 9,232 2,366 (385) 494,208 Equity in earnings of subsidiaries 9,119 – – (9,119) (d) – Earnings from operations 492,114 9,232 2,366 (9,504) 494,208 Other components of net periodic benefit costs (280) – – – (280) Interest expense (39,443) – (120) 385 (b) (39,178) Pretax earnings 452,391 9,232 2,246 (9,119) 454,750 Income tax expense (107,216) (1,930) (429) – (109,575) Earnings available to common stockholders $ 345,175 $ |
Consolidated Cash Flow Statement by Industry Segment | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 334,002 $ 6,596 $ 1,070 $ (7,666) $ 334,002 Earnings from consolidated entities (7,666) – – 7,666 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 178,144 – – – 178,144 Amortization of deferred policy acquisition costs – – 7,672 – 7,672 Amortization of premiums and accretion of discounts related to investments, net – 421 4,508 – 4,929 Amortization of debt issuance costs 1,473 – – – 1,473 Interest credited to policyholders – – 15,157 – 15,157 Provision for allowance for losses on trade receivables (6,075) (76) – – (6,151) Provision for allowance for inventories and parts reserve 4,646 – – – 4,646 Net gains on disposal of personal property (64,348) – – – (64,348) Net losses on disposal of real estate 2,307 – – – 2,307 Net (gains) losses on sales of investments – (31) 299 – 268 Net losses on equity investments – 1,551 – – 1,551 Deferred income taxes 61,948 127 1,418 – 63,493 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 18,458 (2,107) (457) – 15,894 Inventories and parts (10,347) – – – (10,347) Prepaid expenses 4,935 – – – 4,935 Capitalization of deferred policy acquisition costs – – (7,398) – (7,398) Other assets 2,177 (40) (202) – 1,935 Related party assets 747 (263) – – 484 Accounts payable and accrued expenses 78,549 (549) (3,324) – 74,676 Policy benefits and losses, claims and loss expenses payable 8,875 (1,237) 2,748 – 10,386 Other policyholders' funds and liabilities – (159) 1,346 – | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination AMERCO Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 345,175 $ 7,302 $ 1,817 $ (9,119) $ 345,175 Earnings from consolidated entities (9,119) – – 9,119 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 172,040 – – – 172,040 Amortization of deferred policy acquisition costs – – 8,823 – 8,823 Amortization of premiums and accretion of discounts related to investments, net – 413 3,948 – 4,361 Amortization of debt issuance costs 1,332 – – – 1,332 Interest credited to policyholders – – 15,583 – 15,583 Provision for allowance for losses on trade receivables (478) (5) (1) – (484) Provision for allowance for inventories and parts reserve 3,403 – – – 3,403 Net gains on disposal of personal property (50,323) – – – (50,323) Net gains on disposal of real estate (4,430) – – – (4,430) Net gains on sales of investments – (37) (2,432) – (2,469) Net gains on equity investments – (2,231) – – (2,231) Deferred income taxes 81,341 604 429 – 82,374 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (1,658) (520) (5,904) – (8,082) Inventories and parts (15,765) – – – (15,765) Prepaid expenses 162,706 – – – 162,706 Capitalization of deferred policy acquisition costs – – (8,990) – (8,990) Other assets (436) (323) (94) – (853) Related party assets 302 260 – – 562 Accounts payable and accrued expenses 60,902 225 10,472 – 71,599 Policy benefits and losses, claims and loss expenses payable 5,942 352 2,770 – 9,064 Other policyholders' funds and liabilities – (461) (969) – (1,430) |
Industry Segment and Geograph_2
Industry Segment and Geographic Area Data (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Industry Segment and Geographic Area Data | United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2022 Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal 120,986 2,789 123,775 Interest expense 48,948 851 49,799 Pretax earnings 427,538 13,518 441,056 Income tax expense 103,613 3,441 107,054 Identifiable assets 17,240,646 590,958 17,831,604 Quarter Ended June 30, 2021 Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal 127,650 (1,540) 126,110 Interest expense 38,128 1,050 39,178 Pretax earnings 437,949 16,801 454,750 Income tax expense 105,302 4,273 109,575 Identifiable assets 14,661,722 453,160 15,114,882 |
Employee Benefit Plans (Table T
Employee Benefit Plans (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Post Retirement Benefit Cost | Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 332 $ 350 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 287 227 Other components 17 53 Total other components of net periodic benefit costs 304 280 Net periodic postretirement benefit cost$ 636 $ 630 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Financial Instruments, Carrying and Estimated fair values | Fair Value Hierarchy Carrying Total Estimated As of June 30, 2022 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 219,574 $ – $ – $ 219,574 $ 219,574 Mortgage loans, net 433,385 – – 433,385 437,604 Other investments 123,739 – – 123,739 123,739 Total $ 776,698 $ – $ – $ 776,698 $ 780,917 Liabilities Notes, loans and finance leases payable 6,269,352 – 6,269,352 – 5,973,107 Total$ 6,269,352 $ – $ 6,269,352 $ – $ 5,973,107 | Fair Value Hierarchy Carrying Total Estimated As of March 31, 2022 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net 423,163 – – 423,163 450,347 Other investments 120,592 – – 120,592 120,592 Total $ 773,098 $ – $ – $ 773,098 $ 800,282 Liabilities Notes, loans and finance leases payable 6,059,713 – 6,059,713 – 5,875,781 Total$ 6,059,713 $ – $ 6,059,713 $ – $ 5,875,781 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | As of June 30, 2022 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Short-term investments $ 2,845,484 $ 2,845,484 $ – $ – Fixed maturities - available for sale 2,598,199 25,456 2,572,651 92 Preferred stock 25,950 25,950 – – Common stock 45,837 45,837 – – Derivatives 7,111 6,962 149 – Total $ 5,522,581 $ 2,949,689 $ 2,572,800 $ 92 Liabilities Derivatives – – – – Total$ – $ – $ – $ – | As of March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale 2,821,092 26,914 2,794,086 92 Preferred stock 26,095 26,095 – – Common stock 46,212 46,212 – – Derivatives 7,474 7,474 – – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92 Liabilities Derivatives 587 – 587 – Total$ 587 $ – $ 587 $ – |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Next five years and thereafter revenue | Years Ending June 30, 2023 2024 2025 2026 2027 Thereafter (Unaudited) (In thousands) Self-moving equipment rentals $ 7,215 $ – $ – $ – $ – $ – Property lease revenues 17,434 11,177 8,425 6,587 4,946 38,344 Total$ 24,649 $ 11,177 $ 8,425 $ 6,587 $ 4,946 $ 38,344 |
Disaggregation Of Revenue | Quarter Ended June 30, 2022 2021 (Unaudited) (In thousands) Revenues recognized over time: $ 103,194 $ 79,815 Revenues recognized at a point in time: 126,355 120,718 Total revenues recognized under ASC 606 229,549 200,533 Revenues recognized under ASC 842 1,288,031 1,191,010 Revenues recognized under ASC 944 46,687 46,314 Revenues recognized under ASC 320 33,573 34,999 Total revenues$ 1,597,840 $ 1,472,856 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Table Text Block) | 3 Months Ended |
Jun. 30, 2022 | |
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 (Unaudited) (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change (291) (279) 4 (566) Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2021 $ 2,544 $ 1,041 $ 505 $ 4,090 Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Allowance change (6,162) 17 (1) (6,146) Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2022$ 2,487 $ 77 $ 500 $ 3,064 |
Basis of Presentation (Narrativ
Basis of Presentation (Narratives) (Details) | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Insurance Regulatory Authorites: | ||
Assets held by insurance regulators | $ 23,800,000 | $ 27,100,000 |
Available for sale securities: | ||
Fair value of sold available for sale securites | 54,100,000 | 352,300,000 |
Available-for-sale securities, gross realized gains | 300,000 | 9,500,000 |
Available-for-sale securities, gross realized losses | 100,000 | $ 1,400,000 |
Other-than-temporary impairments | $ 17 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Available-for-sale Securities [Abstract] | ||
Amortized cost | $ 2,640,198 | $ 2,664,037 |
Gross Unrealized Gains | 49,434 | 170,294 |
Gross unrealized losses more than 12 months | (14,493) | (445) |
Gross unrealized losses less than 12 months | (76,863) | (12,734) |
Allowance for Expected Credit Losses | (77) | (60) |
Estimated market value | 2,598,199 | 2,821,092 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 127,940 | 128,078 |
Gross Unrealized Gains | 2,947 | 7,984 |
Gross unrealized losses more than 12 months | (1,578) | 0 |
Gross unrealized losses less than 12 months | (2,493) | (969) |
Allowance for Expected Credit Losses | 0 | 0 |
Estimated market value | 126,816 | 135,093 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 37,806 | 44,678 |
Gross Unrealized Gains | 149 | 280 |
Gross unrealized losses more than 12 months | (380) | (42) |
Gross unrealized losses less than 12 months | (4,126) | (3,111) |
Allowance for Expected Credit Losses | 0 | 0 |
Estimated market value | 33,449 | 41,805 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 166,572 | 178,040 |
Gross Unrealized Gains | 5,830 | 15,450 |
Gross unrealized losses more than 12 months | (1,275) | 0 |
Gross unrealized losses less than 12 months | (2,009) | (508) |
Allowance for Expected Credit Losses | 0 | 0 |
Estimated market value | 169,118 | 192,982 |
Corporate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 1,970,857 | 1,989,212 |
Gross Unrealized Gains | 38,302 | 138,909 |
Gross unrealized losses more than 12 months | (11,259) | (402) |
Gross unrealized losses less than 12 months | (51,863) | (6,604) |
Allowance for Expected Credit Losses | (77) | (60) |
Estimated market value | 1,945,960 | 2,121,055 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 337,023 | 324,029 |
Gross Unrealized Gains | 2,206 | 7,671 |
Gross unrealized losses more than 12 months | (1) | (1) |
Gross unrealized losses less than 12 months | (16,372) | (1,542) |
Allowance for Expected Credit Losses | 0 | 0 |
Estimated market value | $ 322,856 | $ 330,157 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,640,198 | $ 2,664,037 |
Available-for-sale securities, fair value: | ||
Estimated market value | 2,598,199 | 2,821,092 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 104,389 | 97,969 |
Due after one year through five years | 554,348 | 541,840 |
Due after five years through ten years | 713,435 | 704,295 |
Due after ten years | 931,003 | 995,904 |
Amortized cost | 2,303,175 | 2,340,008 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 105,325 | 99,432 |
Due after one year through five years | 557,915 | 570,135 |
Due after five years through ten years | 717,393 | 765,073 |
Due after ten years | 894,710 | 1,056,295 |
Estimated market value | 2,275,343 | 2,490,935 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 337,023 | 324,029 |
Available-for-sale securities, fair value: | ||
Estimated market value | $ 322,856 | $ 330,157 |
Investments (Available for sa_2
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | $ 54,761 | $ 53,728 |
Estimated market value, equity investments | 71,787 | 72,307 |
Common stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 28,707 | 27,674 |
Estimated market value, equity investments | 45,837 | 46,212 |
Non-redeemable preferred stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 26,054 | 26,054 |
Estimated market value, equity investments | $ 25,950 | $ 26,095 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | $ 437,604 | $ 450,347 |
Other equity investments | 7,000 | 7,500 |
Investments other, amount | 557,124 | 543,755 |
Other Investments [Member] | ||
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | 433,385 | 423,163 |
Short-term investments | 34,809 | 30,916 |
Real estate, other | 67,539 | 67,824 |
Policy loans | 10,360 | 10,309 |
Other equity investments | 11,031 | 11,543 |
Investments other, amount | $ 557,124 | $ 543,755 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 6,232,564 | $ 6,022,497 | |
Debt instruments, issuance and maturity dates: | |||
Remaining Lease Term Finance Lease Weighted Average | 16.8 | 16.5 | |
Interest paid related to derivative contracts [Abstract] | |||
Interest paid in cash | $ 42,300 | $ 40,900 | |
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Capitalized assets, net book value | $ 568,200 | $ 620,800 | |
Lease Cost [Abstract] | |||
Sale Leaseback Transaction Lease Terms | (7) year terms | ||
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.16% | ||
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.04% | ||
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Capitalized assets, net book value | $ 1,276,000 | $ 1,068,300 | |
Lease Cost [Abstract] | |||
Sale Leaseback Transaction Lease Terms | seven (7) years | ||
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.60% | ||
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.77% | ||
Other Obligations [Member] | AMERCO [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Notes, loans and leases payable | $ 82,900 | ||
Subsidiary holdings of parent company debt | $ 1,900 | ||
Other Obligations [Member] | AMERCO [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.50% | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2022 | ||
Other Obligations [Member] | AMERCO [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 8% | ||
Debt instruments, issuance and maturity dates: | |||
Debt instrument, maturity year | 2049 | ||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.86% | ||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.20% | ||
Applicable margin interest rate | 1.50% | ||
Debt instrument, interest rate at period end | 1.52% | ||
Applicable margin, per loan agreement, minimum rate | 0.75% | ||
Applicable margin, per loan agreement, maximum rate | 2.27% | ||
Sum of LIBOR and margin, maximum rate | 2.70% | ||
Amerco Real Estate Company [Member] | AMERCO [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.06% | ||
Debt instrument, interest rate at period end | 1.38% | ||
Sum of LIBOR and margin, maximum rate | 2.44% | ||
Unused capacity fee | 0.30% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 200,000 | ||
Line of credit, current borrowing capacity | 300,000 | ||
Line of credit facility, remaining borrowing capacity | 150,000 | ||
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Debt instrument, original face amount | 385,000 | ||
Line of credit facility, maximum borrowing capacity | $ 385,000 | ||
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 0.93% | ||
Debt instrument, interest rate at period end | 1.25% | ||
Sum of LIBOR and margin, maximum rate | 2.31% | ||
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.06% | ||
Debt instrument, interest rate at period end | 1.50% | ||
Sum of LIBOR and margin, maximum rate | 2.56% | ||
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% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.70% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.50% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
LIBOR | 1.06% | ||
Applicable margin, per loan agreement, minimum rate | 1.25% | ||
Applicable margin, per loan agreement, maximum rate | 1.90% | ||
Debt instruments, face, payment, and remaining balance amount: | |||
Line of credit facility, maximum borrowing capacity | $ 560,000 | ||
Line of credit, current borrowing capacity | 415,000 | ||
Amounts held at LIBOR plus margin | 415,000 | ||
Amount held at fixed interest rates | 100,000 | ||
New capital lease obligiations, amount | $ 175,000 | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | Minimum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Debt instrument, interest rate at period end | 1.15% | ||
Sum of LIBOR and margin, maximum rate | 2.21% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | Maximum [Member] | |||
Debt instruments, interest rate, effective percentage: | |||
Debt instrument, interest rate at period end | 1.25% | ||
Sum of LIBOR and margin, maximum rate | 2.31% | ||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck (amortizing loans) First Loan [Member] | |||
Debt instruments, face, payment, and remaining balance amount: | |||
Debt instrument, face amount | $ 615,000 | ||
Life Insurance [Member] | Federal Home Loan Bank [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Aggregate deposit amount | 60,000 | ||
Available for sale equity securities, noncurrent | 97,200 | ||
Available for sale equity securities pledged as collateral | $ 62,800 | ||
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 0.49% | ||
Life Insurance [Member] | Other Obligations [Member] | Maximum [Member] | |||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | |||
Deposit interest rate | 1.72% |
Borrowings (Long-term Debt Borr
Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Debt instrument, maturities: | ||
Notes, loans and leases payable, gross | $ 5,973,107 | $ 5,875,781 |
Notes, loans and finance/capital leases payable | 6,269,352 | 6,059,713 |
Less: Debt issuance costs | (36,788) | (37,216) |
Total notes, loans and finance/capital leases payable, net | $ 6,232,564 | 6,022,497 |
Real estate loan (amortizing term) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2037 | |
Notes, loans and leases payable, gross | $ 87,147 | 50,259 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.27% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.70% | |
Senior Mortgages [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2042 | |
Notes, loans and leases payable, gross | $ 2,322,293 | 2,206,268 |
Senior Mortgages [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.70% | |
Senior Mortgages [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.50% | |
Real estate loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2025 | |
Notes, loans and leases payable, gross | $ 535,000 | 535,000 |
Real estate loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.31% | |
Real estate loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.56% | |
Fleet loans (amortizing term) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2022 | |
Debt instrument, maturity year range, end | 2029 | |
Notes, loans and leases payable, gross | $ 119,576 | 124,651 |
Fleet loans (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.66% | |
Fleet loans (revolving credit) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2025 | |
Debt instrument, maturity year range, end | 2027 | |
Notes, loans and leases payable, gross | $ 560,000 | 560,000 |
Fleet loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.90% | |
Fleet loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.36% | |
Capital Leases (rental equipment) [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2022 | |
Debt instrument, maturity year range, end | 2026 | |
Notes, loans and leases payable, gross | $ 312,411 | 347,393 |
Capital Leases (rental equipment) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.16% | |
Capital Leases (rental equipment) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.04% | |
Finance capital lease [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2030 | |
Notes, loans and leases payable, gross | $ 1,051,917 | 949,936 |
Finance capital lease [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.60% | |
Finance capital lease [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.77% | |
Private placements [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2029 | |
Debt instrument, maturity year range, end | 2035 | |
Notes, loans and leases payable, gross | $ 1,200,000 | 1,200,000 |
Private placements [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.43% | |
Private placements [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.88% | |
Other Obligations [Member] | ||
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2022 | |
Debt instrument, maturity year range, end | 2049 | |
Notes, loans and leases payable, gross | $ 81,008 | $ 86,206 |
Other Obligations [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.50% | |
Other Obligations [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 8% |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Long-term debt, by Maturity: | |
2022 | $ 502,394 |
2023 | 1,059,057 |
2024 | 648,440 |
2025 | 638,221 |
2026 | 671,424 |
Thereafter | 2,749,816 |
Long term debt, amount | $ 6,269,352 |
Borrowings (Components of Inter
Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Interest expense, borrowings: | ||
Interest expense | $ 50,405 | $ 38,935 |
Capitalized interest | (2,618) | (2,030) |
Amortization of transaction costs | 1,446 | 1,286 |
Interest expense resulting from derivatives | 566 | 987 |
Total interest expense | $ 49,799 | $ 39,178 |
Borrowings (Interest Rates and
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and debt expense: | ||
Weighted average interest rate during the quarter | 1.99% | 1.39% |
Interest rate at quarter end | 2.29% | 1.38% |
Maximum amount outstanding during the quarter | $ 1,095,000 | $ 1,088,000 |
Average amount outstanding during the quarter | 1,095,000 | 1,073,055 |
Facility fees | $ 58 | $ 71 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Interest Rate Derivatives [Abstract] | ||
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months | $ 0.1 | |
Other Investments | 7 | $ 7.5 |
Derivative Asset Notional Amount | $ 434 | $ 416.7 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Interest Rate Fair Value Hedges [Abstract] | ||
Assets | $ 149 | $ 0 |
Liabilities | 0 | 587 |
Notional amount (debt) | $ 75,000 | $ 235,000 |
Derivatives (Effect of Interest
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
The effect of interest rate contracts on the statement of operations: | ||
(Gain) loss recognized in AOCI on interest rate contracts (effective portion) | $ (736) | $ (919) |
Loss recognized in income on interest rate contracts | $ 566 | $ 987 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) components of net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | $ 46,384 | |
Foreign currency translation | 197 | $ (3,392) |
Unrealized net gain on investments | (136,382) | (73,027) |
Change in fair value of cash flow hedges | 128 | (51) |
Amounts reclassified into earnings on hedging activities | 427 | 745 |
Other comprehensive income (loss) | (135,630) | (75,725) |
Balance as of June 30, 2021 | (89,246) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | (55,757) | |
Foreign currency translation | 197 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | 197 | |
Balance as of June 30, 2021 | (55,560) | |
Unrealized Net Gain on Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | 105,027 | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | (136,382) | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | (136,382) | |
Balance as of June 30, 2021 | (31,355) | |
Fair Market Value of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | (444) | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 128 | |
Amounts reclassified into earnings on hedging activities | 427 | |
Other comprehensive income (loss) | 555 | |
Balance as of June 30, 2021 | 111 | |
Postretirement Benefit Obligation Gain [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | (2,442) | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | 0 | |
Balance as of June 30, 2021 | (2,442) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2021 | 46,384 | |
Foreign currency translation | 197 | (3,392) |
Unrealized net gain on investments | (136,382) | (73,027) |
Change in fair value of cash flow hedges | 128 | (51) |
Amounts reclassified into earnings on hedging activities | 427 | $ 745 |
Other comprehensive income (loss) | (135,630) | |
Balance as of June 30, 2021 | $ (89,246) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 3 Months Ended |
Jun. 30, 2022 $ / shares | |
Dividends [Abstract] | |
Dividends payable, date declared | Apr. 06, 2022 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Apr. 18, 2022 |
Dividends payable, date to be paid | Apr. 29, 2022 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 312.4 | $ 347.4 |
Operating Cash Flows For Financing Leases | 72.3 | 74.2 |
Cash paid for finance leases | 7.9 | 7.5 |
Cash paid for operating leases | $ 35 | $ 45.2 |
Leases (Components of our right
Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Finance Lease [Abstract] | ||
Buildings and Improvements | $ 139,799 | $ 136,444 |
Furniture and equipment | 14,731 | 14,731 |
Rental trailers and other rental equipment | 159,618 | 169,514 |
Rental trucks | 1,044,124 | 1,114,248 |
Right-of-use assets, gross | 1,358,272 | 1,434,937 |
Less: Accumulated depreciation | (717,511) | (739,731) |
Right of use assets, net | 640,761 | 695,206 |
Finance Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 0 | 0 |
Furniture and equipment | 14,731 | 14,731 |
Rental trailers and other rental equipment | 159,618 | 169,514 |
Rental trucks | 1,044,124 | 1,114,248 |
Right-of-use assets, gross | 1,218,473 | 1,298,493 |
Less: Accumulated depreciation | (650,250) | (677,669) |
Right of use assets, net | 568,223 | 620,824 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 139,799 | 136,444 |
Furniture and equipment | 0 | 0 |
Rental trailers and other rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right-of-use assets, gross | 139,799 | 136,444 |
Less: Accumulated depreciation | (67,261) | (62,062) |
Right of use assets, net | $ 72,538 | $ 74,382 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate[Abstract] | ||
Remaining Lease Term Operating Lease Weighted Average | 3 | 3 |
Finance Lease Weighted Average Discount Rate Percent | 3.70% | 3.70% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | ||
Remaining Lease Term Finance Lease Weighted Average | 16.8 | 16.5 |
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 | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Lease cost: | ||
Operating lease costs | $ 7,920 | $ 8,077 |
Finance lease cost: | ||
Amortization of right of use assets | 22,396 | 32,500 |
Interest on lease liabilities | 3,218 | 4,571 |
Total finance lease cost | $ 25,614 | $ 37,071 |
Leases (Maturities of lease lia
Leases (Maturities of lease liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Finance Lease Liabilities Payments Due [Abstract] | ||
2023 | $ 131,322 | |
2024 | 97,721 | |
2025 | 68,034 | |
2026 | 35,396 | |
2027 | 0 | |
Thereafter | 0 | |
Total lease payments | 332,473 | |
Less: imputed interest | (20,062) | |
Present value of finance lease liabilities | 312,411 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
2023 | 24,483 | |
2024 | 22,162 | |
2025 | 7,188 | |
2026 | 4,104 | |
2027 | 3,273 | |
Thereafter | 58,654 | |
Total lease payments | 119,864 | |
Less: inputed interest | (47,587) | |
Present value of operating lease liabilities | $ 72,277 | $ 74,197 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Sac Holdings [Member] | ||
Property Management Fee [Abstract] | ||
Property Management Fee Revenue | $ 8.2 | $ 11.3 |
Sac Holdings [Member] | Minimum [Member] | ||
Property Management Fee [Abstract] | ||
Management fee rate | 4% | |
Sac Holdings [Member] | Maximum [Member] | ||
Property Management Fee [Abstract] | ||
Management fee rate | 10% | |
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | ||
Related party costs and expenses: | ||
Revenue, excluding dealer agreement commissions and expenses | $ 7.7 | 7.2 |
Expenses, related parties | 0.6 | 0.6 |
Cash flow, related party | 6.9 | 6.4 |
Revenue generated by the dealer agreement from related parties | 117.9 | 108.6 |
Commission expenses, generated from dealer agreement with related parties | $ 24.9 | $ 22.9 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related party transactions: | ||
Management fee revenue | $ 9,139 | $ 8,449 |
Revenue from related parties | 9,139 | 8,449 |
Blackwater [Member] | ||
Related party transactions: | ||
Management fee revenue | 7,729 | 7,180 |
Mercury [Member] | ||
Related party transactions: | ||
Management fee revenue | $ 1,410 | $ 1,269 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related party cost and expense: | ||
Related party expenses, total | $ 25,486 | $ 23,506 |
Blackwater [Member] | ||
Related party cost and expense: | ||
U-Haul lease expenses | 604 | 626 |
U-Haul commission expenses | $ 24,882 | $ 22,880 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Related party assets: | ||
Amounts due to related parties | $ (973) | $ 779 |
Related party assets | 45,190 | 47,851 |
Blackwater [Member] | ||
Related party assets: | ||
Notes receivable | 38,624 | 41,364 |
Mercury [Member] | ||
Related party assets: | ||
Notes receivable | $ 7,539 | $ 5,708 |
Consolidating financial infor_3
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 |
ASSETS: | ||||
Cash and cash equivalents | $ 3,098,271 | $ 2,704,137 | $ 1,519,981 | $ 1,194,012 |
Reinsurance recoverables and trade receivables, net | 219,574 | 229,343 | ||
Inventories, net | 164,579 | 158,888 | ||
Prepaid expenses | 231,714 | 236,915 | ||
Investments, fixed maturities and marketable equities | 2,669,986 | 2,893,399 | ||
Investments, other | 557,124 | 543,755 | ||
Deferred policy acquisition costs, net | 129,568 | 103,828 | ||
Other assets | 53,477 | 60,409 | ||
Right of use Assets - Financing | 568,223 | 620,824 | ||
Right of use Assets - Operating | 72,538 | 74,382 | ||
Related party assets | 45,190 | 47,851 | ||
Subtotal assets | 7,810,244 | 7,673,731 | ||
Investments in subsidiaries | 0 | 0 | ||
Property, plant and equipment, at cost: | ||||
Land | 1,354,587 | 1,283,142 | ||
Buildings and improvements | 6,154,373 | 5,974,639 | ||
Furniture and equipment | 858,094 | 846,132 | ||
Property, plant and equipment (gross) | 13,912,488 | 13,358,406 | ||
Less: Accumulated depreciation | (3,891,128) | (3,732,556) | ||
Total property, plant and equipment | 10,021,360 | 9,625,850 | ||
Total assets | 17,831,604 | 17,299,581 | 15,114,882 | |
Liabilities: | ||||
Accounts payable and accrued expenses | 722,617 | 677,785 | ||
Notes, loans and leases payable | 6,232,564 | 6,022,497 | ||
Financing lease liability | 312,411 | |||
Operating lease liability | 72,277 | 74,197 | ||
Policy benefits and losses, claims and loss expenses payable | 988,030 | 978,254 | ||
Liabilities from investment contracts | 2,374,250 | 2,336,238 | ||
Other policyholders' funds and liabilities | 11,999 | 10,812 | ||
Deferred income | 63,647 | 49,157 | ||
Deferred income taxes, net | 1,292,369 | 1,265,358 | ||
Related party liabilities | 0 | 0 | ||
Total liabilities | 11,757,753 | 11,414,298 | ||
Stockholders' equity: | ||||
Additional paid-in capital | 453,819 | 453,819 | ||
Accumulated other comprehensive loss | (89,246) | 46,384 | ||
Retained earnings | 6,376,431 | 6,052,233 | ||
Total stockholders' equity | 6,073,851 | 5,885,283 | ||
Total liabilities and stockholders' equity | 17,831,604 | 17,299,581 | ||
Rental Trailers and Other Rental Equipment [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 671,880 | 615,679 | ||
Rental Trucks [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 4,873,554 | 4,638,814 | ||
Series A Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Series B Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Serial Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock, value, issued | 0 | 0 | ||
Amerco Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock, value, issued | 10,497 | 10,497 | ||
Common Stock in Treasury [Member] | ||||
Stockholders' equity: | ||||
Treasury stock, value | (525,653) | (525,653) | ||
Preferred Stock in Treasury [Member] | ||||
Stockholders' equity: | ||||
Treasury stock, value | (151,997) | (151,997) | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | 2,982,541 | 2,643,213 | 1,455,973 | 1,010,275 |
Reinsurance recoverables and trade receivables, net | 130,412 | 142,895 | ||
Inventories, net | 164,579 | 158,888 | ||
Prepaid expenses | 231,714 | 236,915 | ||
Investments, fixed maturities and marketable equities | 0 | 0 | ||
Investments, other | 20,653 | 20,653 | ||
Deferred policy acquisition costs, net | 0 | 0 | ||
Other assets | 50,043 | 57,305 | ||
Right of use Assets - Financing | 568,223 | 620,824 | ||
Right of use Assets - Operating | 71,357 | 74,190 | ||
Related party assets | 63,718 | 64,611 | ||
Subtotal assets | 4,283,240 | 4,019,494 | ||
Investments in subsidiaries | 606,813 | 737,073 | ||
Property, plant and equipment, at cost: | ||||
Land | 1,354,587 | 1,283,142 | ||
Buildings and improvements | 6,154,373 | 5,974,639 | ||
Furniture and equipment | 858,094 | 846,132 | ||
Property, plant and equipment (gross) | 13,912,488 | 13,358,406 | ||
Less: Accumulated depreciation | (3,891,128) | (3,732,556) | ||
Total property, plant and equipment | 10,021,360 | 9,625,850 | ||
Total assets | 14,911,413 | 14,382,417 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 712,167 | 663,482 | ||
Notes, loans and leases payable | 6,232,564 | 6,022,497 | ||
Operating lease liability | 71,083 | 73,998 | ||
Policy benefits and losses, claims and loss expenses payable | 427,155 | 418,890 | ||
Liabilities from investment contracts | 0 | 0 | ||
Other policyholders' funds and liabilities | 0 | 0 | ||
Deferred income | 63,647 | 49,157 | ||
Deferred income taxes, net | 1,306,768 | 1,244,639 | ||
Related party liabilities | 26,918 | 25,668 | ||
Total liabilities | 8,840,302 | 8,498,331 | ||
Stockholders' equity: | ||||
Additional paid-in capital | 454,029 | 454,029 | ||
Accumulated other comprehensive loss | (91,986) | 45,187 | ||
Retained earnings | 6,376,221 | 6,052,023 | ||
Total stockholders' equity | 6,071,111 | 5,884,086 | ||
Total liabilities and stockholders' equity | 14,911,413 | 14,382,417 | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 671,880 | 615,679 | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 4,873,554 | 4,638,814 | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial 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 | 9,065 | 10,800 | 3,246 | 5,658 |
Reinsurance recoverables and trade receivables, net | 52,491 | 50,235 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Investments, fixed maturities and marketable equities | 282,715 | 297,488 | ||
Investments, other | 116,696 | 114,269 | ||
Deferred policy acquisition costs, net | 0 | 0 | ||
Other assets | 480 | 371 | ||
Right of use Assets - Financing | 0 | 0 | ||
Right of use Assets - Operating | 1,101 | 93 | ||
Related party assets | 6,964 | 6,713 | ||
Subtotal assets | 469,512 | 479,969 | ||
Investments in subsidiaries | 0 | 0 | ||
Property, plant and equipment, at cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements | 0 | 0 | ||
Furniture and equipment | 0 | 0 | ||
Property, plant and equipment (gross) | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Total property, plant and equipment | 0 | 0 | ||
Total assets | 469,512 | 479,969 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 3,299 | 3,849 | ||
Notes, loans and leases payable | 0 | 0 | ||
Operating lease liability | 1,108 | 93 | ||
Policy benefits and losses, claims and loss expenses payable | 159,142 | 160,379 | ||
Liabilities from investment contracts | 0 | 0 | ||
Other policyholders' funds and liabilities | 3,362 | 3,521 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes, net | 9,412 | 12,803 | ||
Related party liabilities | 3,701 | 3,196 | ||
Total liabilities | 180,024 | 183,841 | ||
Stockholders' equity: | ||||
Additional paid-in capital | 91,120 | 91,120 | ||
Accumulated other comprehensive loss | 3,394 | 16,630 | ||
Retained earnings | 191,673 | 185,077 | ||
Total stockholders' equity | 289,488 | 296,128 | ||
Total liabilities and stockholders' equity | 469,512 | 479,969 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 0 | 0 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 0 | 0 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial 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 | 106,665 | 50,124 | 60,762 | 178,079 |
Reinsurance recoverables and trade receivables, net | 36,671 | 36,213 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Investments, fixed maturities and marketable equities | 2,387,271 | 2,595,911 | ||
Investments, other | 419,775 | 408,833 | ||
Deferred policy acquisition costs, net | 129,568 | 103,828 | ||
Other assets | 2,954 | 2,733 | ||
Right of use Assets - Financing | 0 | 0 | ||
Right of use Assets - Operating | 80 | 99 | ||
Related party assets | 15,364 | 16,911 | ||
Subtotal assets | 3,098,348 | 3,214,652 | ||
Investments in subsidiaries | 0 | 0 | ||
Property, plant and equipment, at cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements | 0 | 0 | ||
Furniture and equipment | 0 | 0 | ||
Property, plant and equipment (gross) | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Total property, plant and equipment | 0 | 0 | ||
Total assets | 3,098,348 | 3,214,652 | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 7,151 | 10,454 | ||
Notes, loans and leases payable | 0 | 0 | ||
Operating lease liability | 86 | 106 | ||
Policy benefits and losses, claims and loss expenses payable | 401,733 | 398,985 | ||
Liabilities from investment contracts | 2,374,250 | 2,336,238 | ||
Other policyholders' funds and liabilities | 8,637 | 7,291 | ||
Deferred income | 0 | 0 | ||
Deferred income taxes, net | (23,811) | 7,916 | ||
Related party liabilities | 12,977 | 12,717 | ||
Total liabilities | 2,781,023 | 2,773,707 | ||
Stockholders' equity: | ||||
Additional paid-in capital | 26,271 | 26,271 | ||
Accumulated other comprehensive loss | (37,490) | 87,200 | ||
Retained earnings | 326,044 | 324,974 | ||
Total stockholders' equity | 317,325 | 440,945 | ||
Total liabilities and stockholders' equity | 3,098,348 | 3,214,652 | ||
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 0 | 0 | ||
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 0 | 0 | ||
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Operating Segments [Member] | Life Insurance [Member] | Serial 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 | ||
Consolidation, 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 | 0 | 0 | ||
Right of use Assets - Operating | 0 | 0 | ||
Related party assets | (40,856) | (40,384) | ||
Subtotal assets | (40,856) | (40,384) | ||
Investments in subsidiaries | (606,813) | (737,073) | ||
Property, plant and equipment, at cost: | ||||
Land | 0 | 0 | ||
Buildings and improvements | 0 | 0 | ||
Furniture and equipment | 0 | 0 | ||
Property, plant and equipment (gross) | 0 | 0 | ||
Less: Accumulated depreciation | 0 | 0 | ||
Total property, plant and equipment | 0 | 0 | ||
Total assets | (647,669) | (777,457) | ||
Liabilities: | ||||
Accounts payable and accrued expenses | 0 | 0 | ||
Notes, loans and leases payable | 0 | 0 | ||
Operating lease liability | 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, net | 0 | 0 | ||
Related party liabilities | (43,596) | (41,581) | ||
Total liabilities | (43,596) | (41,581) | ||
Stockholders' equity: | ||||
Additional paid-in capital | (117,601) | (117,601) | ||
Accumulated other comprehensive loss | 36,836 | (102,633) | ||
Retained earnings | (517,507) | (509,841) | ||
Total stockholders' equity | (604,073) | (735,876) | ||
Total liabilities and stockholders' equity | (647,669) | (777,457) | ||
Consolidation, 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 | ||
Consolidation, Eliminations [Member] | Rental Trucks [Member] | ||||
Property, plant and equipment, at cost: | ||||
Property subject to or available for operating lease, gross | 0 | 0 | ||
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member] | ||||
Stockholders' equity: | ||||
Preferred stock, value, issued | 0 | 0 | ||
Consolidation, Eliminations [Member] | Serial Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock, value, issued | 0 | 0 | ||
Consolidation, Eliminations [Member] | Amerco Common Stock [Member] | ||||
Stockholders' equity: | ||||
Common stock, value, issued | (5,801) | (5,801) | ||
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member] | ||||
Stockholders' equity: | ||||
Treasury stock, value | 0 | 0 | ||
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member] | ||||
Stockholders' equity: | ||||
Treasury stock, value | $ 0 | $ 0 |
Consolidating financial infor_4
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||
Self-moving equipment rentals | $ 1,090,775 | $ 1,035,377 |
Self-storage revenues | 173,177 | 137,393 |
Self moving and self-storage products and service sales | 109,351 | 104,885 |
Property management fees | 9,139 | 8,449 |
Life insurance premiums | 25,781 | 28,705 |
Property and casualty insurance premiums | 19,972 | 16,869 |
Investment income interest and dividend | 33,573 | 34,999 |
Other revenue | 136,072 | 106,179 |
Total revenues | 1,597,840 | 1,472,856 |
Costs and expenses: | ||
Operating expenses | 733,167 | 614,529 |
Commission expenses | 118,493 | 113,149 |
Cost of sales | 79,671 | 69,915 |
Benefits and losses | 44,100 | 47,298 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Lease expense | 7,475 | 7,647 |
Depreciation, net of (gains) losses on disposals | 113,796 | 121,717 |
Net (gains) losses on disposal of real estate | 2,307 | (4,430) |
Total costs and expenses | 1,106,681 | 978,648 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 491,159 | 494,208 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 491,159 | 494,208 |
Other components of net periodic benefit costs | (304) | (280) |
Interest expense | (49,799) | (39,178) |
Pretax earnings | 441,056 | 454,750 |
Income tax expense | (107,054) | (109,575) |
Earnings available to common stockholders | 334,002 | 345,175 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 1,091,710 | 1,036,213 |
Self-storage revenues | 173,177 | 137,393 |
Self moving and self-storage products and service sales | 109,351 | 104,885 |
Property management fees | 9,139 | 8,449 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | 0 | 0 |
Investment income interest and dividend | 4,940 | 680 |
Other revenue | 135,281 | 105,634 |
Total revenues | 1,523,598 | 1,393,254 |
Costs and expenses: | ||
Operating expenses | 719,794 | 601,831 |
Commission expenses | 118,493 | 113,149 |
Cost of sales | 79,671 | 69,915 |
Benefits and losses | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | 7,920 | 8,077 |
Depreciation, net of (gains) losses on disposals | 113,796 | 121,717 |
Net (gains) losses on disposal of real estate | 2,307 | (4,430) |
Total costs and expenses | 1,041,981 | 910,259 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 481,617 | 482,995 |
Equity in earnings of subsidiaries | 7,666 | 9,119 |
Earnings from operations | 489,283 | 492,114 |
Other components of net periodic benefit costs | (304) | (280) |
Interest expense | (50,061) | (39,443) |
Pretax earnings | 438,918 | 452,391 |
Income tax expense | (104,916) | (107,216) |
Earnings available to common stockholders | 334,002 | 345,175 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 0 | 0 |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | 20,830 | 17,443 |
Investment income interest and dividend | 2,252 | 6,013 |
Other revenue | 0 | 0 |
Total revenues | 23,082 | 23,456 |
Costs and expenses: | ||
Operating expenses | 10,194 | 8,813 |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 4,379 | 5,227 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | 158 | 184 |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | 14,731 | 14,224 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 8,351 | 9,232 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 8,351 | 9,232 |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | 0 | 0 |
Pretax earnings | 8,351 | 9,232 |
Income tax expense | (1,755) | (1,930) |
Earnings available to common stockholders | 6,596 | 7,302 |
Operating Segments [Member] | Life Insurance [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 0 | 0 |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 25,781 | 28,705 |
Property and casualty insurance premiums | 0 | 0 |
Investment income interest and dividend | 27,388 | 29,324 |
Other revenue | 934 | 630 |
Total revenues | 54,103 | 58,659 |
Costs and expenses: | ||
Operating expenses | 5,109 | 5,375 |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 39,721 | 42,071 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Lease expense | 28 | 24 |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | 52,530 | 56,293 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 1,573 | 2,366 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 1,573 | 2,366 |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | (120) | (120) |
Pretax earnings | 1,453 | 2,246 |
Income tax expense | (383) | (429) |
Earnings available to common stockholders | 1,070 | 1,817 |
Consolidation, Eliminations [Member] | ||
Revenues: | ||
Self-moving equipment rentals | (935) | (836) |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | (858) | (574) |
Investment income interest and dividend | (1,007) | (1,018) |
Other revenue | (143) | (85) |
Total revenues | (2,943) | (2,513) |
Costs and expenses: | ||
Operating expenses | (1,930) | (1,490) |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | (631) | (638) |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | (2,561) | (2,128) |
Earnings (loss) from operations before equity in earnings of subsidiaries | (382) | (385) |
Equity in earnings of subsidiaries | (7,666) | (9,119) |
Earnings from operations | (8,048) | (9,504) |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | 382 | 385 |
Pretax earnings | (7,666) | (9,119) |
Income tax expense | 0 | 0 |
Earnings available to common stockholders | $ (7,666) | $ (9,119) |
Consolidating financial infor_5
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow from operating activities: | ||
Net earnings | $ 334,002 | $ 345,175 |
Earnings from consolidated entities | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 178,144 | 172,040 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,929 | 4,361 |
Amortization of debt issuance costs | 1,473 | 1,332 |
Interest credited to policyholders | 15,157 | 15,583 |
Change in allowance for losses on trade receivables | (6,151) | (484) |
Change in allowance for inventory reserves | 4,646 | 3,403 |
Net gain on sale of real and personal property | (64,348) | (50,323) |
Net losses on disposal of real estate | 2,307 | (4,430) |
Net (gain) loss on sale of investments | 268 | (2,469) |
Net (gain) losses equity investments | 1,551 | (2,231) |
Deferred income tax | 63,493 | 82,374 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 15,894 | (8,082) |
Inventories | (10,347) | (15,765) |
Prepaid expenses | 4,935 | 162,706 |
Capitalization of deferred policy acquisition costs | (7,398) | (8,990) |
Other assets | 1,935 | (853) |
Related party assets | 484 | 562 |
Accounts payable and accrued expenses | 74,676 | 71,599 |
Policy benefits and losses, claims and loss expenses payable | 10,386 | 9,064 |
Other policyholders' funds and liabilities | 1,187 | (1,430) |
Deferred income | 14,448 | 11,863 |
Related party liabilities | 2,028 | 385 |
Net cash provided by operating activities | 651,371 | 794,213 |
Cash flow from investing activities: | ||
Escrow deposits | 4,789 | 1,887 |
Purchase of: | ||
Property, plant and equipment | (646,137) | (508,411) |
Short term investments | (22,017) | (11,810) |
Fixed maturity investments | (36,488) | (281,507) |
Equity securities | (1,366) | 0 |
Preferred stock | 0 | (8,000) |
Real estate | 0 | (67) |
Mortgage loans | (42,561) | (42,538) |
Proceeds from sale of: | ||
Property, plant and equipment | 159,180 | 182,146 |
Short term investments | 18,073 | 12,558 |
Fixed maturity investments | 55,808 | 126,956 |
Preferred stock | 362 | 0 |
Mortgage loans | 32,345 | 5,628 |
Net cash used by investing activities | (478,012) | (523,158) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 393,264 | 161,854 |
Principal repayments on credit facilities | (145,369) | (109,334) |
Payment of debt issuance costs | (1,069) | (352) |
Capital lease payments | (34,982) | (45,170) |
Common stock dividends paid | (9,804) | 0 |
Investment contract deposits | 85,767 | 113,779 |
Investment contract withdrawals | (62,911) | (64,332) |
Net cash provided by (used in) financing activities | 224,896 | 56,445 |
Effects on exchange rate on cash | (4,121) | (1,531) |
Increase (decrease) cash and cash equivalents | 394,134 | 325,969 |
Cash and cash equivalents at the beginning of period | 2,704,137 | 1,194,012 |
Cash and cash equivalents at the end of the period | 3,098,271 | 1,519,981 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 334,002 | 345,175 |
Earnings from consolidated entities | (7,666) | (9,119) |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 178,144 | 172,040 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 |
Amortization of debt issuance costs | 1,473 | 1,332 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | (6,075) | (478) |
Change in allowance for inventory reserves | 4,646 | 3,403 |
Net gain on sale of real and personal property | (64,348) | (50,323) |
Net losses on disposal of real estate | 2,307 | (4,430) |
Net (gain) loss on sale of investments | 0 | 0 |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | 61,948 | 81,341 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 18,458 | (1,658) |
Inventories | (10,347) | (15,765) |
Prepaid expenses | 4,935 | 162,706 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | 2,177 | (436) |
Related party assets | 747 | 302 |
Accounts payable and accrued expenses | 78,549 | 60,902 |
Policy benefits and losses, claims and loss expenses payable | 8,875 | 5,942 |
Other policyholders' funds and liabilities | 0 | 0 |
Deferred income | 14,501 | 12,125 |
Related party liabilities | 1,251 | 1,422 |
Net cash provided by operating activities | 623,577 | 764,481 |
Cash flow from investing activities: | ||
Escrow deposits | 4,789 | 1,887 |
Purchase of: | ||
Property, plant and equipment | (646,137) | (508,411) |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Equity securities | 0 | |
Preferred stock | 0 | 0 |
Real estate | 0 | 0 |
Mortgage loans | 0 | 0 |
Proceeds from sale of: | ||
Property, plant and equipment | 159,180 | 182,146 |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Preferred stock | 0 | |
Mortgage loans | 0 | 0 |
Net cash used by investing activities | (482,168) | (324,378) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 393,264 | 161,854 |
Principal repayments on credit facilities | (145,369) | (109,206) |
Payment of debt issuance costs | (1,069) | (352) |
Capital lease payments | (34,982) | (45,170) |
Common stock dividends paid | (9,804) | |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 202,040 | 7,126 |
Effects on exchange rate on cash | (4,121) | (1,531) |
Increase (decrease) cash and cash equivalents | 339,328 | 445,698 |
Cash and cash equivalents at the beginning of period | 2,643,213 | 1,010,275 |
Cash and cash equivalents at the end of the period | 2,982,541 | 1,455,973 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 6,596 | 7,302 |
Earnings from consolidated entities | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 421 | 413 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | (76) | (5) |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | (31) | (37) |
Net (gain) losses equity investments | 1,551 | (2,231) |
Deferred income tax | 127 | 604 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (2,107) | (520) |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | (40) | (323) |
Related party assets | (263) | 260 |
Accounts payable and accrued expenses | (549) | 225 |
Policy benefits and losses, claims and loss expenses payable | (1,237) | 352 |
Other policyholders' funds and liabilities | (159) | (461) |
Deferred income | 0 | 0 |
Related party liabilities | 517 | (1,972) |
Net cash provided by operating activities | 4,750 | 3,607 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | (21,966) | (11,680) |
Fixed maturity investments | (9,839) | (7,466) |
Equity securities | (1,366) | |
Preferred stock | 0 | 0 |
Real estate | 0 | 0 |
Mortgage loans | (6,975) | (4,850) |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 18,073 | 12,558 |
Fixed maturity investments | 6,852 | 5,136 |
Preferred stock | 362 | |
Mortgage loans | 8,374 | 283 |
Net cash used by investing activities | (6,485) | (6,019) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 |
Payment of debt issuance costs | 0 | 0 |
Capital lease payments | 0 | 0 |
Common stock dividends paid | 0 | |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | (1,735) | (2,412) |
Cash and cash equivalents at the beginning of period | 10,800 | 5,658 |
Cash and cash equivalents at the end of the period | 9,065 | 3,246 |
Operating Segments [Member] | Life Insurance [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 1,070 | 1,817 |
Earnings from consolidated entities | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 0 | 0 |
Amortization of deferred policy acquisition costs | 7,672 | 8,823 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,508 | 3,948 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 15,157 | 15,583 |
Change in allowance for losses on trade receivables | 0 | (1) |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | 299 | (2,432) |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | 1,418 | 429 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (457) | (5,904) |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | (7,398) | (8,990) |
Other assets | (202) | (94) |
Related party assets | 0 | 0 |
Accounts payable and accrued expenses | (3,324) | 10,472 |
Policy benefits and losses, claims and loss expenses payable | 2,748 | 2,770 |
Other policyholders' funds and liabilities | 1,346 | (969) |
Deferred income | (53) | (262) |
Related party liabilities | 260 | 935 |
Net cash provided by operating activities | 23,044 | 26,125 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | (51) | (130) |
Fixed maturity investments | (26,649) | (274,041) |
Equity securities | 0 | |
Preferred stock | 0 | (8,000) |
Real estate | 0 | (67) |
Mortgage loans | (35,586) | (37,688) |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 0 | 0 |
Fixed maturity investments | 48,956 | 121,820 |
Preferred stock | 0 | |
Mortgage loans | 23,971 | 5,345 |
Net cash used by investing activities | 10,641 | (192,761) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 0 | 0 |
Principal repayments on credit facilities | 0 | (128) |
Payment of debt issuance costs | 0 | 0 |
Capital lease payments | 0 | 0 |
Common stock dividends paid | 0 | |
Investment contract deposits | 85,767 | 113,779 |
Investment contract withdrawals | (62,911) | (64,332) |
Net cash provided by (used in) financing activities | 22,856 | 49,319 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | 56,541 | (117,317) |
Cash and cash equivalents at the beginning of period | 50,124 | 178,079 |
Cash and cash equivalents at the end of the period | 106,665 | 60,762 |
Consolidation, Eliminations [Member] | ||
Cash flow from operating activities: | ||
Net earnings | (7,666) | (9,119) |
Earnings from consolidated entities | 7,666 | 9,119 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | 0 | 0 |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | 0 | 0 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | 0 | 0 |
Related party assets | 0 | 0 |
Accounts payable and accrued expenses | 0 | 0 |
Policy benefits and losses, claims and loss expenses payable | 0 | 0 |
Other policyholders' funds and liabilities | 0 | 0 |
Deferred income | 0 | 0 |
Related party liabilities | 0 | 0 |
Net cash provided by operating activities | 0 | 0 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Equity securities | 0 | |
Preferred stock | 0 | 0 |
Real estate | 0 | 0 |
Mortgage loans | 0 | 0 |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Preferred stock | 0 | |
Mortgage loans | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 |
Payment of debt issuance costs | 0 | 0 |
Capital lease payments | 0 | 0 |
Common stock dividends paid | 0 | |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of period | 0 | 0 |
Cash and cash equivalents at the end of the period | $ 0 | $ 0 |
Industry Segment and Geograph_3
Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Quarter ended: | |||
Total revenues | $ 1,597,840 | $ 1,472,856 | |
Depreciation and amortization, net of (gains) losses on disposals | 123,775 | 126,110 | |
Interest expense | 49,799 | 39,178 | |
Pretax earnings (loss) | 441,056 | 454,750 | |
Income tax expense | 107,054 | 109,575 | |
Identifiable assets | 17,831,604 | 15,114,882 | $ 17,299,581 |
United States [Member] | |||
Quarter ended: | |||
Total revenues | 1,510,386 | 1,396,361 | |
Depreciation and amortization, net of (gains) losses on disposals | 120,986 | 127,650 | |
Interest expense | 48,948 | 38,128 | |
Pretax earnings (loss) | 427,538 | 437,949 | |
Income tax expense | 103,613 | 105,302 | |
Identifiable assets | 17,240,646 | 14,661,722 | |
Canada [Member] | |||
Quarter ended: | |||
Total revenues | 87,454 | 76,495 | |
Depreciation and amortization, net of (gains) losses on disposals | 2,789 | (1,540) | |
Interest expense | 851 | 1,050 | |
Pretax earnings (loss) | 13,518 | 16,801 | |
Income tax expense | 3,441 | 4,273 | |
Identifiable assets | $ 590,958 | $ 453,160 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Postemployment Benefits [Abstract] | ||
Service cost for benefits earned during the period | $ 332 | $ 350 |
Other components of net periodic benefit costs: | ||
Interest cost on accumulated postretirement benefit | 287 | 227 |
Other components | 17 | 53 |
Total other components of net periodic benefit costs | 304 | 280 |
Net periodic postretirement benefit cost | $ 636 | $ 630 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales | $ 0.1 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Assets | ||
Reinsurance recoverables and trade receivables, net | $ 219,574 | $ 229,343 |
Mortgage loans, net | 437,604 | 450,347 |
Other investments | 123,739 | 120,592 |
Total | 780,917 | 800,282 |
Liabilities | ||
Notes, loans and leases payable, gross | 5,973,107 | 5,875,781 |
Total | 5,973,107 | 5,875,781 |
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 | 6,269,352 | 6,059,713 |
Total | 6,269,352 | 6,059,713 |
Level 3 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 219,574 | 229,343 |
Mortgage loans, net | 433,385 | 423,163 |
Other investments | 123,739 | 120,592 |
Total | 776,698 | 773,098 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Carrying Value [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 219,574 | 229,343 |
Mortgage loans, net | 433,385 | 423,163 |
Other investments | 123,739 | 120,592 |
Total | 776,698 | 773,098 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,269,352 | 6,059,713 |
Total | $ 6,269,352 | $ 6,059,713 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Assets: | ||
Short-term investments | $ 2,845,484 | $ 2,482,154 |
Fixed maturities - available for sale | 2,598,199 | 2,821,092 |
Preferred stock | 25,950 | 26,095 |
Common stock | 45,837 | 46,212 |
Derivatives | 7,111 | 7,474 |
Total | 5,522,581 | 5,383,027 |
Liabilities: | ||
Derivatives | 0 | 587 |
Total | 0 | 587 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 2,845,484 | 2,482,154 |
Fixed maturities - available for sale | 25,456 | 26,914 |
Preferred stock | 25,950 | 26,095 |
Common stock | 45,837 | 46,212 |
Derivatives | 6,962 | 7,474 |
Total | 2,949,689 | 2,588,849 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Fixed maturities - available for sale | 2,572,651 | 2,794,086 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 149 | 0 |
Total | 2,572,800 | 2,794,086 |
Liabilities: | ||
Derivatives | 0 | 587 |
Total | 0 | 587 |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Fixed maturities - available for sale | 92 | 92 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | 92 | 92 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | $ 0 | $ 0 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | ||
Revenues Recognized Over Time | $ 103,194 | $ 79,815 |
Revenues recognized at a point in time | 126,355 | 120,718 |
Total revenues recognized under ASC 606 | 229,549 | 200,533 |
Revenues recognized under ASC 840 | 1,288,031 | 1,191,010 |
Revenues recognized under ASC 944 | 46,687 | 46,314 |
Revenues recognized under ASC 320 | 33,573 | 34,999 |
Total revenues | $ 1,597,840 | $ 1,472,856 |
Revenue Recognition (Revenue ov
Revenue Recognition (Revenue over time) (Details) $ in Thousands | Mar. 31, 2022 USD ($) |
Contract With Customer Liability [Abstract] | |
2020 | $ 24,649 |
2021 | 11,177 |
2022 | 8,425 |
2023 | 6,587 |
2024 | 4,946 |
Thereafter | 38,344 |
Self Moving Equipment [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 7,215 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Property Lease Revenue [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 17,434 |
2021 | 11,177 |
2022 | 8,425 |
2023 | 6,587 |
2024 | 4,946 |
Thereafter | $ 38,344 |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narratives) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Receivables [Abstract] | |
Trade receivable components | 2 |
Allowance for expected credit losses | $ 2.5 |
Available for sale securities, accrued interest receivable | $ 29.2 |
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | |
Reinsurance paid percentage of total assets | 1% |
Premiums Receivable Gross | $ 1.4 |
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 to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days. |
Commercial Real Estate Portfolio Segment [Member] | |
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | |
Modeling of mortgage loans | Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. |
Allowance For Credit Losses (Re
Allowance For Credit Losses (Reserve Allowance For Various Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2021 | $ 9,210 | $ 4,656 |
Transition adjustment current expected credit losses | (6,146) | (566) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2021 | 3,064 | 4,090 |
Trade Receivables | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2021 | 8,649 | 2,835 |
Transition adjustment current expected credit losses | (6,162) | (291) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2021 | 2,487 | 2,544 |
Investments, Fixed Maturities | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2021 | 60 | 1,320 |
Transition adjustment current expected credit losses | 17 | (279) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2021 | 77 | 1,041 |
Investments, Other | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2021 | 501 | 501 |
Transition adjustment current expected credit losses | (1) | 4 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2021 | $ 500 | $ 505 |