Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Oct. 29, 2022 | |
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 | Q2 | |
Document Period End Date | Sep. 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 | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 3,065,115 | $ 2,704,137 |
Reinsurance recoverables and trade receivables, net | 203,202 | 229,343 |
Inventories, net | 166,136 | 158,888 |
Prepaid expenses | 236,035 | 236,915 |
Investments, fixed maturities and marketable equities | 2,615,758 | 2,893,399 |
Investments, other | 548,198 | 543,755 |
Deferred policy acquisition costs, net | 146,778 | 103,828 |
Other assets | 47,900 | 60,409 |
Right of use Assets - Financing | 529,000 | 620,824 |
Right of use Assets - Operating | 68,208 | 74,382 |
Related party assets | 48,337 | 47,851 |
Subtotal assets | 7,674,667 | 7,673,731 |
Property, plant and equipment, at cost: | ||
Land | 1,427,781 | 1,283,142 |
Buildings and improvements | 6,390,317 | 5,974,639 |
Furniture and equipment | 876,515 | 846,132 |
Property, plant and equipment (gross) | 14,509,801 | 13,358,406 |
Less: Accumulated depreciation | (4,041,125) | (3,732,556) |
Total property, plant and equipment | 10,468,676 | 9,625,850 |
Total assets | 18,143,343 | 17,299,581 |
Liabilities: | ||
Accounts payable and accrued expenses | 706,402 | 677,785 |
Notes, loans and leases payable | 6,298,831 | 6,022,497 |
Operating lease liability | 67,858 | 74,197 |
Policy benefits and losses, claims and loss expenses payable | 990,233 | 978,254 |
Liabilities from investment contracts | 2,390,028 | 2,336,238 |
Other policyholders' funds and liabilities | 12,126 | 10,812 |
Deferred income | 56,871 | 49,157 |
Deferred income taxes, net | 1,307,807 | 1,265,358 |
Total liabilities | 11,830,156 | 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 | (192,121) | 46,384 |
Retained earnings | 6,718,642 | 6,052,233 |
Total stockholders' equity | 6,313,187 | 5,885,283 |
Total liabilities and stockholders' equity | 18,143,343 | 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 | 727,953 | 615,679 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 5,087,235 | $ 4,638,814 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical | Nov. 10, 2022 $ / shares |
Amerco Common Stock [Member] | |
Common stock: | |
Common stock, par or stated value per share | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Self-moving equipment rentals | $ 1,162,025 | $ 1,179,061 | $ 2,252,800 | $ 2,214,438 |
Self-storage revenues | 185,586 | 153,485 | 358,763 | 290,878 |
Self moving and self-storage products and service sales | 96,864 | 92,191 | 206,215 | 197,076 |
Property management fees | 9,277 | 8,747 | 18,416 | 17,196 |
Life insurance premiums | 25,456 | 28,913 | 51,237 | 57,618 |
Property and casualty insurance premiums | 25,718 | 22,499 | 45,690 | 39,368 |
Net investment and Interest income | 30,509 | 36,780 | 64,082 | 71,779 |
Other revenue | 167,429 | 142,578 | 303,501 | 248,757 |
Total revenues | 1,702,864 | 1,664,254 | 3,300,704 | 3,137,110 |
Costs and expenses: | ||||
Operating expenses | 811,594 | 696,074 | 1,544,761 | 1,310,603 |
Commission expenses | 125,341 | 127,896 | 243,834 | 241,045 |
Cost of sales | 72,625 | 66,491 | 152,296 | 136,406 |
Benefits and losses | 37,363 | 44,630 | 81,463 | 91,928 |
Amortization of deferred policy acquisition costs | 6,972 | 6,750 | 14,644 | 15,573 |
Lease expense | 7,684 | 7,441 | 15,159 | 15,088 |
Depreciation, net of (gains) losses on disposals | 117,318 | 135,748 | 231,114 | 257,465 |
Net (gains) losses on disposal of real estate | 1,872 | 523 | 4,179 | (3,907) |
Total costs and expenses | 1,180,769 | 1,085,553 | 2,287,450 | 2,064,201 |
Earnings from operations | 522,095 | 578,701 | 1,013,254 | 1,072,909 |
Other components of net periodic benefit costs | (304) | (280) | (608) | (560) |
Interest expense | (57,193) | (39,545) | (106,992) | (78,723) |
Fees and amortization on early extinguishment of debt | (959) | 0 | (959) | 0 |
Pretax earnings | 463,639 | 538,876 | 904,695 | 993,626 |
Income tax expense | (111,624) | (128,978) | (218,678) | (238,553) |
Earnings available to common stockholders | $ 352,015 | $ 409,898 | $ 686,017 | $ 755,073 |
Basic and diluted earnings per common share | $ 17.95 | $ 20.90 | $ 34.99 | $ 38.51 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,607,788 | 19,607,788 | 19,607,788 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation: | ||||
Net gain on sale of real and personal property | $ (128,690) | $ (86,398) | ||
Related party: | ||||
Related party revenues, net of eliminations | $ 9,277 | $ 8,747 | 18,416 | 17,196 |
Related party, costs and expenses, net of eliminations | $ 26,989 | $ 27,147 | $ 52,475 | $ 50,653 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Comprehensive income (loss) (pretax): | ||||
Pretax earnings (loss) | $ 463,639 | $ 538,876 | $ 904,695 | $ 993,626 |
Comprehensive income (loss) (tax effect): | ||||
Income tax expense | (111,624) | (128,978) | (218,678) | (238,553) |
Comprehensive income (loss) (net of tax): | ||||
Net earnings | 352,015 | 409,898 | 686,017 | 755,073 |
Other comprehensive income (loss): | ||||
Foreign currency translation (pretax) | (739) | 992 | (542) | (2,400) |
Foreign currency translation (tax effect) | 0 | 0 | 0 | 0 |
Foreign currency translation (net of tax) | (739) | 992 | (542) | (2,400) |
Unrealized gain (loss) on investments (pretax) | (137,836) | 52,525 | (310,882) | (39,926) |
Unrealized gain (loss) on investments (tax effect) | 29,392 | (11,143) | 66,056 | 8,281 |
Unrealized gain (loss) on investments (net of tax) | (108,444) | 41,382 | (244,826) | (31,645) |
Change in fair value cash flow hedges (pretax) | 8,336 | (74) | 8,506 | (142) |
Change in fair value of cash flow hedges (tax effect) | (2,047) | 18 | (2,089) | 35 |
Change in fair value of cash flow hedges, (net of tax) | 6,289 | (56) | 6,417 | (107) |
Amounts reclassified into earnings on hedging activities (pre tax) | 24 | 1,003 | 590 | 1,990 |
Amounts reclassified into earnings on hedging activities (tax effect) | (5) | (246) | (144) | (488) |
Amounts reclassified into earnings on hedging activities (net of tax) | 19 | 757 | 446 | 1,502 |
Total other comprehensive income (loss) (pretax) | (130,215) | 54,446 | (302,328) | (40,478) |
Total other comprehensive income (loss) (tax effect) | 27,340 | (11,371) | 63,823 | 7,828 |
Total other comprehensive income (loss) (net of tax) | (102,875) | 43,075 | (238,505) | (32,650) |
Total comprehensive income (loss) (pretax) | 333,424 | 593,322 | 602,367 | 953,148 |
Total comprehensive income (loss) (tax effect) | (84,284) | (140,349) | (154,855) | (230,725) |
Total comprehensive income (loss) (net of tax) | $ 249,140 | $ 452,973 | $ 447,512 | $ 722,423 |
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] | Less: Unearned Employee Stock Ownership Plan Shares [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 | (2,400) | 0 | 0 | (2,400) | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | (31,645) | 0 | 0 | (31,645) | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | (107) | 0 | 0 | (107) | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 1,502 | 0 | 0 | 1,502 | 0 | 0 | 0 | |
Net earnings | 755,073 | 0 | 0 | 0 | 755,073 | 0 | 0 | |
Common stock dividends | (19,608) | 0 | 0 | 0 | (19,608) | 0 | 0 | |
Net activity | 702,815 | 0 | 0 | (32,650) | 735,465 | 0 | 0 | |
Balance, end of period at Sep. 30, 2021 | 5,554,697 | 10,497 | 453,819 | 74,207 | 5,693,824 | (525,653) | (151,997) | |
Balance, beginning of period at Jun. 30, 2021 | 5,111,528 | 10,497 | 453,819 | 31,132 | 5,293,730 | (525,653) | (151,997) | |
Cosolidated statement of change in equity | ||||||||
Foreign currency translation | 992 | 0 | 0 | 992 | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | 41,382 | 0 | 0 | 41,382 | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | (56) | 0 | 0 | (56) | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 757 | 0 | 0 | 757 | 0 | 0 | 0 | |
Net earnings | 409,898 | 0 | 0 | 0 | 409,898 | 0 | 0 | |
Common stock dividends | (9,804) | 0 | 0 | 0 | (9,804) | 0 | 0 | |
Net activity | 443,169 | 0 | 0 | 43,075 | 400,094 | 0 | 0 | |
Balance, end of period at Sep. 30, 2021 | 5,554,697 | 10,497 | 453,819 | 74,207 | 5,693,824 | (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 | (542) | 0 | 0 | (542) | 0 | 0 | 0 | $ 0 |
Unrealized net gain (loss) on investments, net of tax | (244,826) | 0 | 0 | (244,826) | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges | 6,417 | 0 | 0 | 6,417 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities, net | 446 | 0 | 0 | 446 | 0 | 0 | 0 | $ 0 |
Net earnings | 686,017 | 0 | 0 | 0 | 686,017 | 0 | 0 | |
Common stock dividends | (19,608) | 0 | 0 | 0 | (19,608) | 0 | 0 | |
Net activity | 427,904 | 0 | 0 | (238,505) | 666,409 | 0 | 0 | |
Balance, end of period at Sep. 30, 2022 | 6,313,187 | 10,497 | 453,819 | (192,121) | 6,718,642 | (525,653) | (151,997) | |
Balance, beginning of period at Jun. 30, 2022 | 6,073,851 | 10,497 | 453,819 | (89,246) | 6,376,431 | (525,653) | (151,997) | |
Cosolidated statement of change in equity | ||||||||
Foreign currency translation | (739) | 0 | 0 | (739) | 0 | 0 | 0 | |
Unrealized net gain (loss) on investments, net of tax | (108,444) | 0 | 0 | (108,444) | 0 | 0 | 0 | |
Change in fair value of cash flow hedges | 6,289 | 0 | 0 | 6,289 | 0 | 0 | 0 | |
Amounts reclassified into earnings on hedging activities, net | 19 | 0 | 0 | 19 | 0 | 0 | 0 | |
Net earnings | 352,015 | 0 | 0 | 0 | 352,015 | 0 | 0 | |
Common stock dividends | (9,804) | 0 | 0 | 0 | (9,804) | 0 | 0 | |
Net activity | 239,336 | 0 | 0 | (102,875) | 342,211 | 0 | 0 | |
Balance, end of period at Sep. 30, 2022 | $ 6,313,187 | $ 10,497 | $ 453,819 | $ (192,121) | $ 6,718,642 | $ (525,653) | $ (151,997) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flow from operating activities: | ||
Net earnings | $ 686,017 | $ 755,073 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 359,804 | 343,863 |
Amortization of deferred policy acquisition costs | 14,644 | 15,573 |
Amortization of premiums and accretion of discounts related to investments, inc | 10,249 | 9,151 |
Amortization of debt issuance costs | 3,356 | 2,791 |
Interest credited to policyholders | 24,690 | 31,894 |
Change in allowance for losses on trade receivables | (5,494) | 222 |
Change in allowance for inventory reserves | 7,125 | 8,352 |
Net gain on sale of real and personal property | (128,690) | (86,398) |
Net losses on disposal of real estate | 4,179 | (3,907) |
Net (gain) loss on sale of investments | 7,207 | (3,432) |
Net losses on equity investments | 7,963 | (4,342) |
Deferred income tax | 103,828 | 138,916 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 32,342 | (3,771) |
Inventories | (14,416) | (45,718) |
Prepaid expenses | 3 | 266,780 |
Capitalization of deferred policy acquisition costs | (14,900) | (17,807) |
Other assets | 2,432 | (1,327) |
Related party assets | (1,640) | (2,724) |
Accounts payable and accrued expenses | 64,297 | 91,548 |
Policy benefits and losses, claims and loss expenses payable | 13,654 | 18,968 |
Other policyholders' funds and liabilities | 1,314 | (1,477) |
Deferred income | 9,458 | 7,592 |
Related party liabilities | 742 | (700) |
Net cash provided by operating activities | 1,188,164 | 1,519,120 |
Cash flow from investing activities: | ||
Escrow deposits | 9,688 | (2,341) |
Purchase of: | ||
Property, plant and equipment | (1,335,528) | (1,039,688) |
Short term investments | (36,173) | (21,669) |
Fixed maturity investments | (202,265) | (415,640) |
Equity securities | (4,356) | (36) |
Preferred stock | 0 | (8,000) |
Real estate | (4,931) | (124) |
Mortgage loans | (75,635) | (106,963) |
Proceeds from sale of: | ||
Property, plant and equipment | 329,611 | 306,946 |
Short term investments | 33,373 | 16,673 |
Fixed maturity investments | 106,527 | 230,043 |
Preferred stock | 717 | 1,894 |
Mortgage loans | 74,165 | 26,612 |
Net cash used by investing activities | (1,104,807) | (1,012,293) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 792,654 | 987,048 |
Principal repayments on credit facilities | (441,019) | (227,072) |
Payment of debt issuance costs | (3,942) | (2,092) |
Capital lease payments | (65,831) | (87,500) |
Securitization deposits | 49 | 0 |
Common stock dividends paid | (19,608) | (19,608) |
Investment contract deposits | 169,017 | 199,426 |
Investment contract withdrawals | (139,917) | (116,021) |
Net cash provided by (used in) financing activities | 291,403 | 734,181 |
Effects on exchange rate on cash | (13,782) | (4,787) |
Increase (decrease) in cash and cash equivalents | 360,978 | 1,236,221 |
Cash and cash equivalents at the beginning of period | 2,704,137 | 1,194,012 |
Cash and cash equivalents at the end of period | $ 3,065,115 | $ 2,430,233 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
1. Basis of Presentation | 1.Basis of Presentation AMERCO, a Nevada corporation (“AMERCO” or the “Company”), has a second fiscal quarter that ends on the 30 th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30 th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. 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 September 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the second quarter and first six months of fiscal 2023 and 2022 and cash flows for the first six months 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. |
Basis of Presentation (Narrativ
Basis of Presentation (Narratives) (Details) | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Insurance Regulatory Authorites: | |||
Assets held by insurance regulators | $ 22.4 | $ 27.1 | |
Available for sale securities: | |||
Fair value of sold available for sale securites | 105.5 | $ 352.3 | |
Available for sale securities, realized gains | 0.8 | $ 9.5 | |
Available for sale securities, gross realized losses | $ 1.9 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Available-for-sale Securities [Abstract] | ||
Amortized cost | $ 2,747,833 | $ 2,664,037 |
Gross unrealized gain | 8,619 | 170,294 |
Gross unrealized losses more than 12 months | (25,247) | (445) |
Gross unrealized losses less than 12 months | (176,886) | (12,734) |
Allowance for expected credit loss | (2,008) | (60) |
Estimated market value | 2,552,311 | 2,821,092 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 127,788 | 128,078 |
Gross unrealized gain | 735 | 7,984 |
Gross unrealized losses more than 12 months | (2,289) | 0 |
Gross unrealized losses less than 12 months | (4,121) | (969) |
Allowance for expected credit loss | 0 | 0 |
Estimated market value | 122,113 | 135,093 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 36,023 | 44,678 |
Gross unrealized gain | 102 | 280 |
Gross unrealized losses more than 12 months | (3,440) | (42) |
Gross unrealized losses less than 12 months | (1,897) | (3,111) |
Allowance for expected credit loss | 0 | 0 |
Estimated market value | 30,788 | 41,805 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 165,048 | 178,040 |
Gross unrealized gain | 1,853 | 15,450 |
Gross unrealized losses more than 12 months | (1,759) | 0 |
Gross unrealized losses less than 12 months | (5,521) | (508) |
Allowance for expected credit loss | 0 | 0 |
Estimated market value | 159,621 | 192,982 |
Corporate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 2,054,320 | 1,989,212 |
Gross unrealized gain | 5,535 | 138,909 |
Gross unrealized losses more than 12 months | (17,759) | (402) |
Gross unrealized losses less than 12 months | (134,689) | (6,604) |
Allowance for expected credit loss | (2,008) | (60) |
Estimated market value | 1,905,399 | 2,121,055 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost | 364,654 | 324,029 |
Gross unrealized gain | 394 | 7,671 |
Gross unrealized losses more than 12 months | 0 | (1) |
Gross unrealized losses less than 12 months | (30,658) | (1,542) |
Allowance for expected credit loss | 0 | 0 |
Estimated market value | $ 334,390 | $ 330,157 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,747,833 | $ 2,664,037 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | 2,552,311 | 2,821,092 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 114,799 | 97,969 |
Due after one year through five years | 589,259 | 541,840 |
Due after five years through ten years | 754,434 | 704,295 |
Due after ten years | 924,687 | 995,904 |
Amortized cost | 2,383,179 | 2,340,008 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 114,987 | 99,432 |
Due after one year through five years | 580,364 | 570,135 |
Due after five years through ten years | 709,509 | 765,073 |
Due after ten years | 813,061 | 1,056,295 |
Available for sale investments, estimated market value | 2,217,921 | 2,490,935 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 364,654 | 324,029 |
Available-for-sale securities, fair value: | ||
Available for sale investments, estimated market value | $ 334,390 | $ 330,157 |
Investments (Available for sa_2
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | $ 55,734 | $ 53,728 |
Estimated market value, equity investments | 63,447 | 72,307 |
Common Stock [Member] | ||
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | 29,680 | 27,674 |
Estimated market value, equity investments | 40,526 | 46,212 |
Nonredeemable Preferred Stock [Member] | ||
Debt Securities Trading And Equity Securities FvNi Cost [Abstract] | ||
Amortized cost, equity investments | 26,054 | 26,054 |
Estimated market value, equity investments | $ 22,921 | $ 26,095 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | $ 417,894 | $ 450,347 |
Investments other, amount | 548,198 | 543,755 |
Other Investments [Member] | ||
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | 424,633 | 423,163 |
Short-term investments | 33,540 | 30,916 |
Real estate, other | 72,165 | 67,824 |
Policy loans | 10,506 | 10,309 |
Other equity investments | 7,354 | 11,543 |
Investments other, amount | $ 548,198 | $ 543,755 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2022 | |
Debt instruments, face, payment, and remaining balance amount: | ||||||
New capital lease obligiations, amount | $ 100,000 | |||||
Notes, loans and leases payable | $ 6,298,831 | $ 6,298,831 | $ 6,022,497 | |||
Debt instruments, issuance and maturity dates: | ||||||
Remaining Lease Term Finance Lease Weighted Average | 2 | 3 | ||||
Interest paid related to derivative contracts [Abstract] | ||||||
Interest paid in cash | $ 63,100 | $ 40,800 | 105,400 | $ 81,700 | ||
Federal Home Loan Bank, Advances, Activity for the year [Abstract] | ||||||
Available For Sale Securities Debt Securities | 2,552,311 | 2,552,311 | $ 2,821,092 | |||
Finance Lease [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Capitalized assets, net book value | $ 529,000 | $ 529,000 | 620,800 | |||
Lease Cost [Abstract] | ||||||
Sale Leaseback Transaction Lease Terms | (7) year terms | |||||
Finance Lease [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.16% | 2.16% | ||||
Finance Lease [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 5.04% | 5.04% | ||||
Capital Lease Obligations [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Capitalized assets, net book value | $ 1,369,800 | $ 1,369,800 | $ 1,068,300 | |||
Lease Cost [Abstract] | ||||||
Sale Leaseback Transaction Lease Terms | seven (7) years | |||||
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 1.60% | 1.60% | ||||
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 5.55% | 5.55% | ||||
Private Placement | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, face amount | $ 600,000 | $ 600,000 | ||||
Line of credit, current borrowing capacity | 150,000 | 150,000 | ||||
Line of credit facility, remaining borrowing capacity | 150,000 | 150,000 | ||||
Amount held at fixed interest rates | $ 100,000 | $ 100,000 | ||||
Private Placement | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.43% | 2.43% | ||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 2.55% | 2.55% | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity year | 2030 | |||||
Private Placement | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.78% | 2.78% | ||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 2.88% | 2.88% | ||||
Debt instruments, issuance and maturity dates: | ||||||
Debt instrument, maturity year | 2035 | |||||
Other Obligations [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, face amount | $ 80,700 | $ 80,700 | ||||
Subsidiary holdings of parent company debt | $ 1,800 | $ 1,800 | ||||
Other Obligations [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 1.50% | 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% | 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] | SOFR | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 4.29% | 4.29% | ||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 0.10% | 0.10% | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, face amount | $ 210,600 | $ 210,600 | ||||
Amount held at fixed interest rates | $ 84,200 | $ 84,200 | ||||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | SOFR | Minimum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Debt instrument, interest rate at period end | 2.31% | |||||
Applicable margin, per loan agreement, minimum rate | 0.65% | 0.65% | ||||
Sum of LIBOR and margin, maximum rate | 3.06% | 3.06% | ||||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | SOFR | Maximum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Debt instrument, interest rate at period end | 2.51% | |||||
Applicable margin, per loan agreement, maximum rate | 1.38% | 1.38% | ||||
Sum of LIBOR and margin, maximum rate | 3.99% | 3.99% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Debt Weighted Average Interest Rate | 4.09% | 4.09% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.70% | 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% | 5.50% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 2.36% | 2.36% | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, face amount | $ 615,000 | $ 615,000 | ||||
Line of credit, current borrowing capacity | 615,000 | 615,000 | ||||
Amount held at fixed interest rates | $ 615,000 | $ 615,000 | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 2.28% | 2.28% | ||||
Debt instrument, interest rate at period end | 1.15% | |||||
Sum of LIBOR and margin, maximum rate | 3.53% | 3.53% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Real estate loans (revolving credit) [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Applicable margin interest rate | 2.60% | 2.60% | ||||
Debt instrument, interest rate at period end | 1.25% | |||||
Sum of LIBOR and margin, maximum rate | 3.95% | 3.95% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | AMERCO [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Unused capacity fee | 0.30% | |||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Line of credit facility, maximum borrowing capacity | $ 150,000 | $ 150,000 | ||||
Line of credit facility increase, amount | 465,000 | |||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member] | ||||||
Debt instruments, face, payment, and remaining balance amount: | ||||||
Debt instrument, face amount | 150,000 | 150,000 | ||||
Notes, loans and leases payable | $ 150,000 | $ 150,000 | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.26% | 2.26% | ||||
Applicable margin interest rate | 1.40% | 1.40% | ||||
Sum of LIBOR and margin, maximum rate | 3.76% | 3.76% | ||||
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, effective percentage: | ||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.52% | 2.52% | ||||
Applicable margin interest rate | 1.50% | 1.50% | ||||
Sum of LIBOR and margin, maximum rate | 4.02% | 4.02% | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 1.61% | 1.61% | ||||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member] | ||||||
Debt instruments, interest rate, stated percentage: | ||||||
Debt instrument, interest rate, stated percentage | 4.99% | 4.99% | ||||
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 Securities Debt Securities | 94,000 | |||||
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] | Federal Home Loan Bank [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 | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | |
Debt instrument, maturities: | |||
Debt Instrument Carrying Amount | $ 5,930,507 | $ 5,930,507 | $ 5,875,781 |
Notes, loans and finance/capital leases payable | 6,336,570 | 6,336,570 | 6,059,713 |
Less: Debt issuance costs | (37,739) | (37,739) | (37,216) |
Total notes, loans and finance/capital leases payable, net | $ 6,298,831 | 6,298,831 | 6,022,497 |
Real estate loan (amortizing term) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2027 | ||
Debt instrument, maturity year range, end | 2037 | ||
Debt Instrument Carrying Amount | $ 294,737 | $ 294,737 | 50,259 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 3.06% | 3.06% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.29% | 4.29% | |
Senior Mortgages [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2024 | ||
Debt instrument, maturity year range, end | 2042 | ||
Debt Instrument Carrying Amount | $ 2,416,027 | $ 2,416,027 | 2,206,268 |
Senior Mortgages [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.70% | 2.70% | |
Senior Mortgages [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% | |
Real estate loans (revolving credit) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2024 | ||
Debt instrument, maturity year range, end | 2025 | ||
Debt Instrument Carrying Amount | $ 150,000 | $ 150,000 | 535,000 |
Real estate loans (revolving credit) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 3.76% | 3.76% | |
Real estate loans (revolving credit) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.02% | 4.02% | |
Fleet loans (amortizing term) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2023 | ||
Debt instrument, maturity year range, end | 2029 | ||
Debt Instrument Carrying Amount | $ 113,518 | $ 113,518 | 124,651 |
Fleet loans (amortizing term) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.61% | 1.61% | |
Fleet loans (amortizing term) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 4.99% | 4.99% | |
Fleet loans (revolving credit) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2025 | ||
Debt instrument, maturity year range, end | 2027 | ||
Debt Instrument Carrying Amount | $ 615,000 | $ 615,000 | 560,000 |
Fleet loans (revolving credit) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 3.53% | 3.53% | |
Fleet loans (revolving credit) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 3.95% | 3.95% | |
Capital Leases (rental equipment) [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2022 | ||
Debt instrument, maturity year range, end | 2026 | ||
Debt Instrument Carrying Amount | $ 281,562 | $ 281,562 | 347,393 |
Capital Leases (rental equipment) [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.16% | 2.16% | |
Capital Leases (rental equipment) [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.04% | 5.04% | |
Finance capital lease [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2024 | ||
Debt instrument, maturity year range, end | 2030 | ||
Debt Instrument Carrying Amount | $ 1,186,855 | $ 1,186,855 | 949,936 |
Finance capital lease [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.60% | 1.60% | |
Finance capital lease [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 5.55% | 5.55% | |
Private Placement | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2029 | ||
Debt instrument, maturity year range, end | 2035 | ||
Debt Instrument Carrying Amount | $ 1,200,000 | $ 1,200,000 | 1,200,000 |
Private Placement | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.43% | 2.43% | |
Private Placement | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 2.88% | 2.88% | |
Other Obligations [Member] | |||
Debt instrument, maturities: | |||
Debt instrument, maturity year range, start | 2022 | ||
Debt instrument, maturity year range, end | 2049 | ||
Debt Instrument Carrying Amount | $ 78,871 | $ 78,871 | $ 86,206 |
Other Obligations [Member] | Minimum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 1.50% | 1.50% | |
Other Obligations [Member] | Maximum [Member] | |||
Debt instruments, interest rate, stated percentage: | |||
Debt instrument, interest rate, stated percentage | 8% | 8% |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Long-term debt, by Maturity: | |
2023 | $ 505,734 |
2024 | 712,067 |
2025 | 659,201 |
2026 | 747,211 |
2027 | 928,575 |
Thereafter | 2,783,782 |
Notes, loans and finance leases payable, sum | $ 6,336,570 |
Borrowings (Components of Inter
Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest expense, borrowings: | ||||
Interest expense | $ 57,604 | $ 39,804 | $ 108,009 | $ 78,739 |
Capitalized interest | (2,248) | (2,722) | (4,866) | (4,752) |
Amortization of transaction costs | 1,814 | 1,460 | 3,260 | 2,746 |
Interest expense resulting from derivatives | 23 | 1,003 | 589 | 1,990 |
Total interest expense | $ 57,193 | $ 39,545 | $ 106,992 | $ 78,723 |
Borrowings (Interest Rates and
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and debt expense: | ||||
Weighted average interest rate during the quarter | 3.32% | 1.39% | 2.66% | 1.38% |
Interest rate at quarter end | 3.80% | 1.38% | 3.80% | 1.38% |
Maximum amount outstanding during the quarter | $ 1,102,000 | $ 1,093,000 | $ 1,105,000 | $ 1,093,000 |
Average amount outstanding during the quarter | 877,522 | 1,090,283 | 984,464 | 1,081,716 |
Facility fees | $ 111 | $ 61 | $ 169 | $ 131 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Rate Derivatives [Abstract] | ||
Notional amount of operating lease | $ 6.4 | $ 0.1 |
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months | 0.4 | $ 105 |
Amounts reclassified from AOCI to interest expense | $ 0.4 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Notional Amount Of Derivatives [Abstract] | ||
Derivative Asset Notional Amount | $ 8,508 | $ 0 |
Derivative Liability, Notional Amount | 0 | 587 |
Derivative Notional Amount | $ 210,587 | $ 235,000 |
Derivatives (Effect of Interest
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest rate contracts | ||
Derivative Gain Loss On Derivative Net [Abstract] | ||
(Gain) loss reclassified from AOCI into Income | $ 8,360 | $ 929 |
AOCI into Income | ||
Derivative Gain Loss On Derivative Net [Abstract] | ||
(Gain) loss reclassified from AOCI into Income | $ 24 | $ 1,003 |
Derivatives (Equity Market Cont
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Notional Amount Of Derivatives [Abstract] | ||
Derivative Asset Notional Amount | $ 1,659 | $ 7,474 |
Derivative Liability, Notional Amount | 0 | 0 |
Derivative Notional Amount | $ 502,457 | $ 416,739 |
Comprehensive Income (Loss) (Ac
Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | $ 46,384 | |||
Foreign currency translation | $ (739) | $ 992 | (542) | $ (2,400) |
Unrealized net gain on investments | (108,444) | 41,382 | (244,826) | (31,645) |
Change in fair value of cash flow hedges | 6,289 | (56) | 6,417 | (107) |
Amount reclassified from AOCI | 19 | 757 | 446 | 1,502 |
Other comprehensive income (loss) | (102,875) | 43,075 | (238,505) | (32,650) |
Balance as of September 30, 2020 | (192,121) | (192,121) | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | (55,757) | |||
Foreign currency translation | (542) | |||
Unrealized net gain on investments | 0 | |||
Change in fair value of cash flow hedges | 0 | |||
Amount reclassified from AOCI | 0 | |||
Other comprehensive income (loss) | (542) | |||
Balance as of September 30, 2020 | (56,299) | (56,299) | ||
Unrealized Net Gain on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | 105,027 | |||
Foreign currency translation | 0 | |||
Unrealized net gain on investments | (244,826) | |||
Change in fair value of cash flow hedges | 0 | |||
Amount reclassified from AOCI | 0 | |||
Other comprehensive income (loss) | (244,826) | |||
Balance as of September 30, 2020 | (139,799) | (139,799) | ||
Fair Market Value of Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | (444) | |||
Foreign currency translation | 0 | |||
Unrealized net gain on investments | 0 | |||
Change in fair value of cash flow hedges | 6,417 | |||
Amount reclassified from AOCI | 446 | |||
Other comprehensive income (loss) | 6,863 | |||
Balance as of September 30, 2020 | 6,419 | 6,419 | ||
Postretirement Benefit Obligation Gain [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | (2,442) | |||
Foreign currency translation | 0 | |||
Unrealized net gain on investments | 0 | |||
Change in fair value of cash flow hedges | 0 | |||
Amount reclassified from AOCI | 0 | |||
Other comprehensive income (loss) | 0 | |||
Balance as of September 30, 2020 | (2,442) | (2,442) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||||
Balance as of March 31, 2020 | 46,384 | |||
Foreign currency translation | (739) | 992 | (542) | (2,400) |
Unrealized net gain on investments | (108,444) | 41,382 | (244,826) | (31,645) |
Change in fair value of cash flow hedges | 6,289 | (56) | 6,417 | (107) |
Amount reclassified from AOCI | 19 | $ 757 | 446 | $ 1,502 |
Other comprehensive income (loss) | (238,505) | |||
Balance as of September 30, 2020 | $ (192,121) | $ (192,121) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 6 Months Ended |
Sep. 30, 2022 $ / shares | |
Dividends Declared Two [Member] | |
Dividends Stock [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 |
Dividends Declared Three [Member] | |
Dividends Stock [Abstract] | |
Dividends Payable, Date Declared | Aug. 18, 2022 |
Dividend paid, amount per share | $ 0.50 |
Dividends Payable, Date of Record | Sep. 06, 2022 |
Dividends Payable, Date to be Paid | Sep. 20, 2022 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 281.6 | $ 347.4 | ||
Right Of Use Asset Obtained In Exchange For Finance Lease Liability | $ 67.9 | $ 74.2 | ||
Cash paid for operating leases | $ 16 | $ 15.2 | ||
Cash paid for finance leases | 65.8 | 87.5 | ||
Operating Lease Payments | $ 3.6 | $ 3.8 |
Leases (Components of our right
Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Finance Lease [Abstract] | ||
Buildings and Improvements | $ 141,302 | $ 136,444 |
Furniture and equipment | 14,731 | 14,731 |
Rental trailers and other rental equipment | 153,020 | 169,514 |
Rental trucks | 996,946 | 1,114,248 |
Right-of-use assets, gross | 1,305,999 | 1,434,937 |
Less: Accumulated depreciation | (708,791) | (739,731) |
Right of use assets, net | 597,208 | 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 | 153,020 | 169,514 |
Rental trucks | 996,946 | 1,114,248 |
Right-of-use assets, gross | 1,164,697 | 1,298,493 |
Less: Accumulated depreciation | (635,697) | (677,669) |
Right of use assets, net | 529,000 | 620,824 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 141,302 | 136,444 |
Furniture and equipment | 0 | 0 |
Rental trailers and other rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right-of-use assets, gross | 141,302 | 136,444 |
Less: Accumulated depreciation | (73,094) | (62,062) |
Right of use assets, net | $ 68,208 | $ 74,382 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract] | ||
Remaining Lease Term Finance Lease Weighted Average | 2 | 3 |
Finance Lease Weighted Average Discount Rate Percent | 3.80% | 3.70% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | ||
Remaining Lease Term Operating Lease Weighted Average | 17.2 | 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 | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Lease cost: | ||
Operating lease costs | $ 16,181 | $ 16,101 |
Finance lease cost: | ||
Amortization of right of use assets | 43,173 | 62,243 |
Interest on lease liabilities | 6,142 | 8,780 |
Lease cost, financed | $ 49,315 | $ 71,023 |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Finance Lease Liabilities Payments Due [Abstract] | ||
2022 | $ 128,721 | |
2023 | 86,959 | |
2024 | 62,221 | |
2025 | 20,767 | |
2026 | 0 | |
Thereafter | 0 | |
Total lease payments | 298,668 | |
Less: imputed interest | (17,106) | |
Financing lease liability | 281,562 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
2022 | 24,635 | |
2023 | 18,692 | |
2024 | 6,647 | |
2025 | 3,599 | |
2026 | 3,172 | |
Thereafter | 57,924 | |
Total lease payments | 114,669 | |
Less: inputed interest | (46,811) | |
Operating lease liability | $ 67,858 | $ 74,197 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Sac Holdings [Member] | ||
Related party costs and expenses: | ||
Revenue, excluding dealer agreement commissions and expenses | $ 16.9 | $ 19.4 |
Expenses, related party | $ 4 | |
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 | $ 15.6 | 14.6 |
Expenses, related party | 1.2 | 1.2 |
Cash flow, related party | 14.3 | 13.3 |
Revenue generated by the dealer agreement from related parties | 245 | 234.6 |
Commission expenses, generated from dealer agreement with related parties | $ 51.3 | $ 49.4 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related party transactions: | ||||
Management fee revenue | $ 9,277 | $ 8,747 | $ 18,416 | $ 17,196 |
Revenue from related parties | 9,277 | 8,747 | 18,416 | 17,196 |
Blackwater [Member] | ||||
Related party transactions: | ||||
Management fee revenue | 7,827 | 7,428 | 15,556 | 14,608 |
Mercury [Member] | ||||
Related party transactions: | ||||
Management fee revenue | $ 1,450 | $ 1,319 | $ 2,860 | $ 2,588 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related party cost and expense: | ||||
Related party expenses, total | $ 26,989 | $ 27,147 | $ 52,475 | $ 50,653 |
Blackwater [Member] | ||||
Related party cost and expense: | ||||
Expenses, related party | 604 | 611 | ||
U-Haul commission expenses | $ 26,385 | $ 26,536 | $ 51,267 | $ 49,416 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Related party assets: | ||
Related party assets | $ 48,337 | $ 47,851 |
Blackwater [Member] | ||
Related party assets: | ||
Notes receivable | 44,109 | 41,364 |
Mercury [Member] | ||
Related party assets: | ||
Notes receivable | 5,399 | 5,708 |
Insurance Group [Member] | ||
Related party assets: | ||
Amounts due to related parties | $ (1,171) | $ 779 |
Consolidating financial informa
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
ASSETS: | |||
Cash and cash equivalents | $ 3,065,115 | $ 2,704,137 | |
Reinsurance recoverables and trade receivables, net | 203,202 | 229,343 | |
Inventories, net | 166,136 | 158,888 | |
Prepaid expenses | 236,035 | 236,915 | |
Investments, fixed maturities and marketable equities | 2,615,758 | 2,893,399 | |
Investments, other | 548,198 | 543,755 | |
Deferred policy acquisition costs, net | 146,778 | 103,828 | |
Other assets | 47,900 | 60,409 | |
Right of use Assets - Financing | 529,000 | 620,824 | |
Right of use Assets - Operating | 68,208 | 74,382 | |
Related party assets | 48,337 | 47,851 | |
Subtotal assets | 7,674,667 | 7,673,731 | |
Investments in subsidiaries | 0 | 0 | |
Property, plant and equipment, at cost: | |||
Land | 1,427,781 | 1,283,142 | |
Buildings and improvements | 6,390,317 | 5,974,639 | |
Furniture and equipment | 876,515 | 846,132 | |
Property, plant and equipment (gross) | 14,509,801 | 13,358,406 | |
Less: Accumulated depreciation | (4,041,125) | (3,732,556) | |
Total property, plant and equipment | 10,468,676 | 9,625,850 | |
Total assets | 18,143,343 | 17,299,581 | $ 16,337,228 |
Liabilities: | |||
Accounts payable and accrued expenses | 706,402 | 677,785 | |
Notes, loans and leases payable | 6,298,831 | 6,022,497 | |
Operating lease liability | 67,858 | 74,197 | |
Policy benefits and losses, claims and loss expenses payable | 990,233 | 978,254 | |
Liabilities from investment contracts | 2,390,028 | 2,336,238 | |
Other policyholders' funds and liabilities | 12,126 | 10,812 | |
Deferred income | 56,871 | 49,157 | |
Deferred income taxes, net | 1,307,807 | 1,265,358 | |
Related party liabilities | 0 | 0 | |
Total liabilities | 11,830,156 | 11,414,298 | |
Stockholders' equity: | |||
Additional paid-in capital | 453,819 | 453,819 | |
Accumulated other comprehensive loss | (192,121) | 46,384 | |
Retained earnings | 6,718,642 | 6,052,233 | |
Total stockholders' equity | 6,313,187 | 5,885,283 | |
Total liabilities and stockholders' equity | 18,143,343 | 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 | 727,953 | 615,679 | |
Rental Trucks [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 5,087,235 | 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 | 3,025,390 | 2,643,213 | |
Reinsurance recoverables and trade receivables, net | 117,336 | 142,895 | |
Inventories, net | 166,136 | 158,888 | |
Prepaid expenses | 236,035 | 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 | 44,194 | 57,305 | |
Right of use Assets - Financing | 529,000 | 620,824 | |
Right of use Assets - Operating | 67,107 | 74,190 | |
Related party assets | 66,682 | 64,611 | |
Subtotal assets | 4,272,533 | 4,019,494 | |
Investments in subsidiaries | 502,299 | 737,073 | |
Property, plant and equipment, at cost: | |||
Land | 1,427,781 | 1,283,142 | |
Buildings and improvements | 6,390,317 | 5,974,639 | |
Furniture and equipment | 876,515 | 846,132 | |
Property, plant and equipment (gross) | 14,509,801 | 13,358,406 | |
Less: Accumulated depreciation | (4,041,125) | (3,732,556) | |
Total property, plant and equipment | 10,468,676 | 9,625,850 | |
Total assets | 15,243,508 | 14,382,417 | |
Liabilities: | |||
Accounts payable and accrued expenses | 695,610 | 663,482 | |
Notes, loans and leases payable | 6,298,831 | 6,022,497 | |
Operating lease liability | 66,743 | 73,998 | |
Policy benefits and losses, claims and loss expenses payable | 436,854 | 418,890 | |
Liabilities from investment contracts | 0 | 0 | |
Other policyholders' funds and liabilities | 0 | 0 | |
Deferred income | 56,871 | 49,157 | |
Deferred income taxes, net | 1,354,154 | 1,244,639 | |
Related party liabilities | 26,124 | 25,668 | |
Total liabilities | 8,935,187 | 8,498,331 | |
Stockholders' equity: | |||
Additional paid-in capital | 454,029 | 454,029 | |
Accumulated other comprehensive loss | (196,987) | 45,187 | |
Retained earnings | 6,718,432 | 6,052,023 | |
Total stockholders' equity | 6,308,321 | 5,884,086 | |
Total liabilities and stockholders' equity | 15,243,508 | 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 | 727,953 | 615,679 | |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 5,087,235 | 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 | 11,196 | 10,800 | |
Reinsurance recoverables and trade receivables, net | 51,720 | 50,235 | |
Inventories, net | 0 | 0 | |
Prepaid expenses | 0 | 0 | |
Investments, fixed maturities and marketable equities | 267,482 | 297,488 | |
Investments, other | 119,926 | 114,269 | |
Deferred policy acquisition costs, net | 0 | 0 | |
Other assets | 698 | 371 | |
Right of use Assets - Financing | 0 | 0 | |
Right of use Assets - Operating | 1,039 | 93 | |
Related party assets | 5,862 | 6,713 | |
Subtotal assets | 457,923 | 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 | 457,923 | 479,969 | |
Liabilities: | |||
Accounts payable and accrued expenses | 5,245 | 3,849 | |
Notes, loans and leases payable | 0 | 0 | |
Operating lease liability | 1,048 | 93 | |
Policy benefits and losses, claims and loss expenses payable | 156,998 | 160,379 | |
Liabilities from investment contracts | 0 | 0 | |
Other policyholders' funds and liabilities | 3,633 | 3,521 | |
Deferred income | 0 | 0 | |
Deferred income taxes, net | 5,189 | 12,803 | |
Related party liabilities | 3,001 | 3,196 | |
Total liabilities | 175,114 | 183,841 | |
Stockholders' equity: | |||
Additional paid-in capital | 91,120 | 91,120 | |
Accumulated other comprehensive loss | (7,804) | 16,630 | |
Retained earnings | 196,192 | 185,077 | |
Total stockholders' equity | 282,809 | 296,128 | |
Total liabilities and stockholders' equity | 457,923 | 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 | 28,529 | 50,124 | |
Reinsurance recoverables and trade receivables, net | 34,146 | 36,213 | |
Inventories, net | 0 | 0 | |
Prepaid expenses | 0 | 0 | |
Investments, fixed maturities and marketable equities | 2,348,276 | 2,595,911 | |
Investments, other | 407,619 | 408,833 | |
Deferred policy acquisition costs, net | 146,778 | 103,828 | |
Other assets | 3,008 | 2,733 | |
Right of use Assets - Financing | 0 | 0 | |
Right of use Assets - Operating | 62 | 99 | |
Related party assets | 13,234 | 16,911 | |
Subtotal assets | 2,981,652 | 3,214,652 | |
Investments in subsidiaries | 0 | 0 | |
Property, plant and equipment, at cost: | |||
Land | 0 | 0 | |
Buildings and improvements | 0 | 0 | |
Furniture and equipment | 0 | 0 | |
Property, plant and equipment (gross) | 0 | 0 | |
Less: Accumulated depreciation | 0 | 0 | |
Total property, plant and equipment | 0 | 0 | |
Total assets | 2,981,652 | 3,214,652 | |
Liabilities: | |||
Accounts payable and accrued expenses | 5,547 | 10,454 | |
Notes, loans and leases payable | 0 | 0 | |
Operating lease liability | 67 | 106 | |
Policy benefits and losses, claims and loss expenses payable | 396,381 | 398,985 | |
Liabilities from investment contracts | 2,390,028 | 2,336,238 | |
Other policyholders' funds and liabilities | 8,493 | 7,291 | |
Deferred income | 0 | 0 | |
Deferred income taxes, net | (51,536) | 7,916 | |
Related party liabilities | 13,182 | 12,717 | |
Total liabilities | 2,762,162 | 2,773,707 | |
Stockholders' equity: | |||
Additional paid-in capital | 26,271 | 26,271 | |
Accumulated other comprehensive loss | (136,861) | 87,200 | |
Retained earnings | 327,580 | 324,974 | |
Total stockholders' equity | 219,490 | 440,945 | |
Total liabilities and stockholders' equity | 2,981,652 | 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 | |
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 | (37,441) | (40,384) | |
Subtotal assets | (37,441) | (40,384) | |
Investments in subsidiaries | (502,299) | (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 | (539,740) | (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 | (42,307) | (41,581) | |
Total liabilities | (42,307) | (41,581) | |
Stockholders' equity: | |||
Additional paid-in capital | (117,601) | (117,601) | |
Accumulated other comprehensive loss | 149,531 | (102,633) | |
Retained earnings | (523,562) | (509,841) | |
Total stockholders' equity | (497,433) | (735,876) | |
Total liabilities and stockholders' equity | (539,740) | (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_2
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Self-moving equipment rentals | $ 1,162,025 | $ 1,179,061 | $ 2,252,800 | $ 2,214,438 |
Self-storage revenues | 185,586 | 153,485 | 358,763 | 290,878 |
Self moving and self-storage products and service sales | 96,864 | 92,191 | 206,215 | 197,076 |
Property management fees | 9,277 | 8,747 | 18,416 | 17,196 |
Life insurance premiums | 25,456 | 28,913 | 51,237 | 57,618 |
Property and casualty insurance premiums | 25,718 | 22,499 | 45,690 | 39,368 |
Net investment and Interest income | 30,509 | 36,780 | 64,082 | 71,779 |
Other revenue | 167,429 | 142,578 | 303,501 | 248,757 |
Total revenues | 1,702,864 | 1,664,254 | 3,300,704 | 3,137,110 |
Costs and expenses: | ||||
Operating expenses | 811,594 | 696,074 | 1,544,761 | 1,310,603 |
Commission expenses | 125,341 | 127,896 | 243,834 | 241,045 |
Cost of sales | 72,625 | 66,491 | 152,296 | 136,406 |
Benefits and losses | 37,363 | 44,630 | 81,463 | 91,928 |
Amortization of deferred policy acquisition costs | 6,972 | 6,750 | 14,644 | 15,573 |
Lease expense | 7,684 | 7,441 | 15,159 | 15,088 |
Depreciation, net of (gains) losses on disposals | 117,318 | 135,748 | 231,114 | 257,465 |
Net (gains) losses on disposal of real estate | 1,872 | 523 | 4,179 | (3,907) |
Total costs and expenses | 1,180,769 | 1,085,553 | 2,287,450 | 2,064,201 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 522,095 | 578,701 | 1,013,254 | 1,072,909 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Earnings from operations | 522,095 | 578,701 | 1,013,254 | 1,072,909 |
Fees and amortization on early extinguishment of debt | (959) | 0 | (959) | 0 |
Other components of net periodic benefit costs | (304) | (280) | (608) | (560) |
Interest expense | (57,193) | (39,545) | (106,992) | (78,723) |
Pretax earnings | 463,639 | 538,876 | 904,695 | 993,626 |
Income tax expense | (111,624) | (128,978) | (218,678) | (238,553) |
Earnings available to common stockholders | 352,015 | 409,898 | 686,017 | 755,073 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||||
Revenues: | ||||
Self-moving equipment rentals | 1,163,376 | 1,180,329 | 2,255,086 | 2,216,542 |
Self-storage revenues | 185,586 | 153,485 | 358,763 | 290,878 |
Self moving and self-storage products and service sales | 96,864 | 92,191 | 206,215 | 197,076 |
Property management fees | 9,277 | 8,747 | 18,416 | 17,196 |
Life insurance premiums | 0 | 0 | 0 | 0 |
Property and casualty insurance premiums | 0 | 0 | 0 | 0 |
Net investment and Interest income | 15,077 | 675 | 20,017 | 1,355 |
Other revenue | 166,678 | 141,572 | 301,959 | 247,206 |
Total revenues | 1,636,858 | 1,576,999 | 3,160,456 | 2,970,253 |
Costs and expenses: | ||||
Operating expenses | 796,498 | 682,329 | 1,516,292 | 1,284,160 |
Commission expenses | 125,341 | 127,896 | 243,834 | 241,045 |
Cost of sales | 72,625 | 66,491 | 152,296 | 136,406 |
Benefits and losses | 0 | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Lease expense | 8,261 | 8,024 | 16,181 | 16,101 |
Depreciation, net of (gains) losses on disposals | 117,318 | 135,748 | 231,114 | 257,465 |
Net (gains) losses on disposal of real estate | 1,872 | 523 | 4,179 | (3,907) |
Total costs and expenses | 1,121,915 | 1,021,011 | 2,163,896 | 1,931,270 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 514,943 | 555,988 | 996,560 | 1,038,983 |
Equity in earnings of subsidiaries | 6,055 | 18,289 | 13,721 | 27,408 |
Earnings from operations | 520,998 | 574,277 | 1,010,281 | 1,066,391 |
Fees and amortization on early extinguishment of debt | (959) | (959) | ||
Other components of net periodic benefit costs | (304) | (280) | (608) | (560) |
Interest expense | (57,459) | (39,814) | (107,520) | (79,257) |
Pretax earnings | 462,276 | 534,183 | 901,194 | 986,574 |
Income tax expense | (110,261) | (124,285) | (215,177) | (231,501) |
Earnings available to common stockholders | 352,015 | 409,898 | 686,017 | 755,073 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||
Revenues: | ||||
Self-moving equipment rentals | 0 | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 | 0 |
Property and casualty insurance premiums | 25,960 | 23,357 | 46,790 | 40,800 |
Net investment and Interest income | (2,597) | 6,182 | (345) | 12,195 |
Other revenue | 0 | 0 | 0 | 0 |
Total revenues | 23,363 | 29,539 | 46,445 | 52,995 |
Costs and expenses: | ||||
Operating expenses | 11,576 | 10,768 | 21,770 | 19,581 |
Commission expenses | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Benefits and losses | 6,075 | 3,560 | 10,454 | 8,787 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Lease expense | 26 | 22 | 184 | 206 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 | 0 | 0 |
Total costs and expenses | 17,677 | 14,350 | 32,408 | 28,574 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 5,686 | 15,189 | 14,037 | 24,421 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Earnings from operations | 5,686 | 15,189 | 14,037 | 24,421 |
Fees and amortization on early extinguishment of debt | 0 | 0 | ||
Other components of net periodic benefit costs | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Pretax earnings | 5,686 | 15,189 | 14,037 | 24,421 |
Income tax expense | (1,167) | (3,176) | (2,922) | (5,106) |
Earnings available to common stockholders | 4,519 | 12,013 | 11,115 | 19,315 |
Operating Segments [Member] | Life Insurance [Member] | ||||
Revenues: | ||||
Self-moving equipment rentals | 0 | 0 | 0 | 0 |
Self-storage revenues | 0 | 0 | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 | 0 |
Life insurance premiums | 25,456 | 28,913 | 51,237 | 57,618 |
Property and casualty insurance premiums | 0 | 0 | 0 | 0 |
Net investment and Interest income | 19,041 | 30,942 | 46,429 | 60,266 |
Other revenue | 1,199 | 1,130 | 2,133 | 1,760 |
Total revenues | 45,696 | 60,985 | 99,799 | 119,644 |
Costs and expenses: | ||||
Operating expenses | 5,558 | 5,223 | 10,667 | 10,598 |
Commission expenses | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Benefits and losses | 31,288 | 41,070 | 71,009 | 83,141 |
Amortization of deferred policy acquisition costs | 6,972 | 6,750 | 14,644 | 15,573 |
Lease expense | 26 | 29 | 54 | 53 |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 | 0 | 0 |
Total costs and expenses | 43,844 | 53,072 | 96,374 | 109,365 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 1,852 | 7,913 | 3,425 | 10,279 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Earnings from operations | 1,852 | 7,913 | 3,425 | 10,279 |
Fees and amortization on early extinguishment of debt | 0 | 0 | ||
Other components of net periodic benefit costs | 0 | 0 | 0 | 0 |
Interest expense | (120) | (120) | (240) | (240) |
Pretax earnings | 1,732 | 7,793 | 3,185 | 10,039 |
Income tax expense | (196) | (1,517) | (579) | (1,946) |
Earnings available to common stockholders | 1,536 | 6,276 | 2,606 | 8,093 |
Consolidation, Eliminations [Member] | ||||
Revenues: | ||||
Self-moving equipment rentals | (1,351) | (1,268) | (2,286) | (2,104) |
Self-storage revenues | 0 | 0 | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 | 0 | 0 |
Property management fees | 0 | 0 | 0 | 0 |
Life insurance premiums | 0 | 0 | 0 | 0 |
Property and casualty insurance premiums | (242) | (858) | (1,100) | (1,432) |
Net investment and Interest income | (1,012) | (1,019) | (2,019) | (2,037) |
Other revenue | (448) | (124) | (591) | (209) |
Total revenues | (3,053) | (3,269) | (5,996) | (5,782) |
Costs and expenses: | ||||
Operating expenses | (2,038) | (2,246) | (3,968) | (3,736) |
Commission expenses | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Benefits and losses | 0 | 0 | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Lease expense | (629) | (634) | (1,260) | (1,272) |
Depreciation, net of (gains) losses on disposals | 0 | 0 | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 | 0 | 0 |
Total costs and expenses | (2,667) | (2,880) | (5,228) | (5,008) |
Earnings (loss) from operations before equity in earnings of subsidiaries | (386) | (389) | (768) | (774) |
Equity in earnings of subsidiaries | (6,055) | (18,289) | (13,721) | (27,408) |
Earnings from operations | (6,441) | (18,678) | (14,489) | (28,182) |
Fees and amortization on early extinguishment of debt | 0 | 0 | ||
Other components of net periodic benefit costs | 0 | 0 | 0 | 0 |
Interest expense | 386 | 389 | 768 | 774 |
Pretax earnings | (6,055) | (18,289) | (13,721) | (27,408) |
Income tax expense | 0 | 0 | 0 | 0 |
Earnings available to common stockholders | $ (6,055) | $ (18,289) | $ (13,721) | $ (27,408) |
Consolidating financial infor_3
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flow from operating activities: | ||||
Net earnings | $ 352,015 | $ 409,898 | $ 686,017 | $ 755,073 |
Earnings from consolidated entities | 0 | 0 | ||
Adjustments to reconcile net earnings to cash provided by operations: | ||||
Depreciation | 359,804 | 343,863 | ||
Amortization of deferred policy acquisition costs | 6,972 | 6,750 | 14,644 | 15,573 |
Amortization of premiums and accretion of discounts related to investments, inc | 10,249 | 9,151 | ||
Amortization of debt issuance costs | 3,356 | 2,791 | ||
Interest credited to policyholders | 24,690 | 31,894 | ||
Change in allowance for losses on trade receivables | (5,494) | 222 | ||
Change in allowance for inventory reserves | 7,125 | 8,352 | ||
Net gain on sale of real and personal property | (128,690) | (86,398) | ||
Net losses on disposal of real estate | 1,872 | 523 | 4,179 | (3,907) |
Net (gain) loss on sale of investments | 7,207 | (3,432) | ||
Net losses on equity investments | 7,963 | (4,342) | ||
Deferred income tax | 103,828 | 138,916 | ||
Net change in other operating assets and liabilities: | ||||
Reinsurance recoverables and trade receivables | 32,342 | (3,771) | ||
Inventories | (14,416) | (45,718) | ||
Prepaid expenses | 3 | 266,780 | ||
Capitalization of deferred policy acquisition costs | (14,900) | (17,807) | ||
Other assets | 2,432 | (1,327) | ||
Related party assets | (1,640) | (2,724) | ||
Accounts payable and accrued expenses | 64,297 | 91,548 | ||
Policy benefits and losses, claims and loss expenses payable | 13,654 | 18,968 | ||
Other policyholders' funds and liabilities | 1,314 | (1,477) | ||
Deferred income | 9,458 | 7,592 | ||
Related party liabilities | 742 | (700) | ||
Net cash provided by operating activities | 1,188,164 | 1,519,120 | ||
Cash flow from investing activities: | ||||
Escrow deposits | 9,688 | (2,341) | ||
Purchase of: | ||||
Property, plant and equipment | (1,335,528) | (1,039,688) | ||
Short term investments | (36,173) | (21,669) | ||
Fixed maturity investments | (202,265) | (415,640) | ||
Equity securities | (4,356) | (36) | ||
Preferred stock | 0 | (8,000) | ||
Real estate | (4,931) | (124) | ||
Mortgage loans | (75,635) | (106,963) | ||
Proceeds from sale of: | ||||
Property, plant and equipment | 329,611 | 306,946 | ||
Short term investments | 33,373 | 16,673 | ||
Fixed maturity investments | 106,527 | 230,043 | ||
Preferred stock | 717 | 1,894 | ||
Mortgage loans | 74,165 | 26,612 | ||
Net cash used by investing activities | (1,104,807) | (1,012,293) | ||
Cash flow from financing activities: | ||||
Borrowings from credit facilities | 792,654 | 987,048 | ||
Principal repayments on credit facilities | (441,019) | (227,072) | ||
Payment of debt issuance costs | (3,942) | (2,092) | ||
Capital lease payments | (65,831) | (87,500) | ||
Securitization deposits | 49 | 0 | ||
Common stock dividends paid | (19,608) | (19,608) | ||
Investment contract deposits | 169,017 | 199,426 | ||
Investment contract withdrawals | (139,917) | (116,021) | ||
Net cash provided by (used in) financing activities | 291,403 | 734,181 | ||
Effects on exchange rate on cash | (13,782) | (4,787) | ||
Increase (decrease) in cash and cash equivalents | 360,978 | 1,236,221 | ||
Cash and cash equivalents at the beginning of period | 2,704,137 | 1,194,012 | ||
Cash and cash equivalents at the end of period | 3,065,115 | 2,430,233 | 3,065,115 | 2,430,233 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||||
Cash flow from operating activities: | ||||
Net earnings | 352,015 | 409,898 | 686,017 | 755,073 |
Earnings from consolidated entities | (13,721) | (27,408) | ||
Adjustments to reconcile net earnings to cash provided by operations: | ||||
Depreciation | 359,804 | 343,863 | ||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 | ||
Amortization of debt issuance costs | 3,356 | 2,791 | ||
Interest credited to policyholders | 0 | 0 | ||
Change in allowance for losses on trade receivables | (5,404) | 253 | ||
Change in allowance for inventory reserves | 7,125 | 8,352 | ||
Net gain on sale of real and personal property | (128,690) | (86,398) | ||
Net losses on disposal of real estate | 1,872 | 523 | 4,179 | (3,907) |
Net (gain) loss on sale of investments | 0 | 0 | ||
Net losses on equity investments | 0 | 0 | ||
Deferred income tax | 107,281 | 140,780 | ||
Net change in other operating assets and liabilities: | ||||
Reinsurance recoverables and trade receivables | 30,678 | 6,159 | ||
Inventories | (14,416) | (45,718) | ||
Prepaid expenses | 3 | 266,780 | ||
Capitalization of deferred policy acquisition costs | 0 | 0 | ||
Other assets | 2,877 | (1,033) | ||
Related party assets | (2,479) | (1,161) | ||
Accounts payable and accrued expenses | 65,366 | 89,479 | ||
Policy benefits and losses, claims and loss expenses payable | 19,640 | 15,250 | ||
Other policyholders' funds and liabilities | 0 | 0 | ||
Deferred income | 7,809 | 8,626 | ||
Related party liabilities | 460 | 543 | ||
Net cash provided by operating activities | 1,129,885 | 1,472,324 | ||
Cash flow from investing activities: | ||||
Escrow deposits | 9,688 | (2,341) | ||
Purchase of: | ||||
Property, plant and equipment | (1,335,528) | (1,039,688) | ||
Short term investments | 0 | 0 | ||
Fixed maturity investments | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Preferred stock | 0 | 0 | ||
Real estate | 0 | (12) | ||
Mortgage loans | 0 | (12) | ||
Proceeds from sale of: | ||||
Property, plant and equipment | 329,611 | 306,946 | ||
Short term investments | 0 | 0 | ||
Fixed maturity investments | 0 | 0 | ||
Preferred stock | 0 | 0 | ||
Mortgage loans | 0 | 0 | ||
Net cash used by investing activities | (996,229) | (735,107) | ||
Cash flow from financing activities: | ||||
Borrowings from credit facilities | 792,654 | 987,048 | ||
Principal repayments on credit facilities | (441,019) | (226,791) | ||
Payment of debt issuance costs | (3,942) | (2,092) | ||
Capital lease payments | (65,831) | (87,500) | ||
Securitization deposits | 49 | |||
Common stock dividends paid | (19,608) | (19,608) | ||
Investment contract deposits | 0 | 0 | ||
Investment contract withdrawals | 0 | 0 | ||
Net cash provided by (used in) financing activities | 262,303 | 651,057 | ||
Effects on exchange rate on cash | (13,782) | (4,787) | ||
Increase (decrease) in cash and cash equivalents | 382,177 | 1,383,487 | ||
Cash and cash equivalents at the beginning of period | 2,643,213 | 1,010,275 | ||
Cash and cash equivalents at the end of period | 3,025,390 | 2,393,762 | 3,025,390 | 2,393,762 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||||
Cash flow from operating activities: | ||||
Net earnings | 4,519 | 12,013 | 11,115 | 19,315 |
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 | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 857 | 754 | ||
Amortization of debt issuance costs | 0 | 0 | ||
Interest credited to policyholders | 0 | 0 | ||
Change in allowance for losses on trade receivables | (90) | (30) | ||
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 | 0 | 0 |
Net (gain) loss on sale of investments | (58) | (207) | ||
Net losses on equity investments | 7,963 | (4,342) | ||
Deferred income tax | (1,119) | 865 | ||
Net change in other operating assets and liabilities: | ||||
Reinsurance recoverables and trade receivables | (1,088) | (148) | ||
Inventories | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Capitalization of deferred policy acquisition costs | 0 | 0 | ||
Other assets | (169) | (179) | ||
Related party assets | 839 | (1,563) | ||
Accounts payable and accrued expenses | 1,396 | 1,547 | ||
Policy benefits and losses, claims and loss expenses payable | (3,381) | 174 | ||
Other policyholders' funds and liabilities | 112 | (222) | ||
Deferred income | 0 | 0 | ||
Related party liabilities | (183) | (2,098) | ||
Net cash provided by operating activities | 16,194 | 13,866 | ||
Cash flow from investing activities: | ||||
Escrow deposits | 0 | 0 | ||
Purchase of: | ||||
Property, plant and equipment | 0 | 0 | ||
Short term investments | (35,975) | (21,669) | ||
Fixed maturity investments | (18,573) | (7,749) | ||
Equity securities | (2,705) | 0 | ||
Preferred stock | 0 | 0 | ||
Real estate | (4,920) | 0 | ||
Mortgage loans | (12,715) | (10,700) | ||
Proceeds from sale of: | ||||
Property, plant and equipment | 0 | 0 | ||
Short term investments | 33,373 | 16,594 | ||
Fixed maturity investments | 10,587 | 10,728 | ||
Preferred stock | 711 | 0 | ||
Mortgage loans | 14,419 | 565 | ||
Net cash used by investing activities | (15,798) | (12,231) | ||
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 | ||
Securitization deposits | 0 | |||
Common stock dividends paid | 0 | 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) in cash and cash equivalents | 396 | 1,635 | ||
Cash and cash equivalents at the beginning of period | 10,800 | 5,658 | ||
Cash and cash equivalents at the end of period | 11,196 | 7,293 | 11,196 | 7,293 |
Operating Segments [Member] | Life Insurance [Member] | ||||
Cash flow from operating activities: | ||||
Net earnings | 1,536 | 6,276 | 2,606 | 8,093 |
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 | 6,972 | 6,750 | 14,644 | 15,573 |
Amortization of premiums and accretion of discounts related to investments, inc | 9,392 | 8,397 | ||
Amortization of debt issuance costs | 0 | 0 | ||
Interest credited to policyholders | 24,690 | 31,894 | ||
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 | 0 | 0 |
Net (gain) loss on sale of investments | 7,265 | (3,225) | ||
Net losses on equity investments | 0 | 0 | ||
Deferred income tax | (2,334) | (2,729) | ||
Net change in other operating assets and liabilities: | ||||
Reinsurance recoverables and trade receivables | 2,752 | (9,782) | ||
Inventories | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Capitalization of deferred policy acquisition costs | (14,900) | (17,807) | ||
Other assets | (276) | (115) | ||
Related party assets | 0 | 0 | ||
Accounts payable and accrued expenses | (2,465) | 522 | ||
Policy benefits and losses, claims and loss expenses payable | (2,605) | 3,544 | ||
Other policyholders' funds and liabilities | 1,202 | (1,255) | ||
Deferred income | 1,649 | (1,034) | ||
Related party liabilities | 465 | 855 | ||
Net cash provided by operating activities | 42,085 | 32,930 | ||
Cash flow from investing activities: | ||||
Escrow deposits | 0 | 0 | ||
Purchase of: | ||||
Property, plant and equipment | 0 | 0 | ||
Short term investments | (198) | 0 | ||
Fixed maturity investments | (183,692) | (407,891) | ||
Equity securities | (1,651) | (36) | ||
Preferred stock | 0 | (8,000) | ||
Real estate | (11) | (112) | ||
Mortgage loans | (62,920) | (96,251) | ||
Proceeds from sale of: | ||||
Property, plant and equipment | 0 | 0 | ||
Short term investments | 0 | 79 | ||
Fixed maturity investments | 95,940 | 219,315 | ||
Preferred stock | 6 | 1,894 | ||
Mortgage loans | 59,746 | 26,047 | ||
Net cash used by investing activities | (92,780) | (264,955) | ||
Cash flow from financing activities: | ||||
Borrowings from credit facilities | 0 | 0 | ||
Principal repayments on credit facilities | 0 | (281) | ||
Payment of debt issuance costs | 0 | 0 | ||
Capital lease payments | 0 | 0 | ||
Securitization deposits | 0 | |||
Common stock dividends paid | 0 | 0 | ||
Investment contract deposits | 169,017 | 199,426 | ||
Investment contract withdrawals | (139,917) | (116,021) | ||
Net cash provided by (used in) financing activities | 29,100 | 83,124 | ||
Effects on exchange rate on cash | 0 | 0 | ||
Increase (decrease) in cash and cash equivalents | (21,595) | (148,901) | ||
Cash and cash equivalents at the beginning of period | 50,124 | 178,079 | ||
Cash and cash equivalents at the end of period | 28,529 | 29,178 | 28,529 | 29,178 |
Consolidation, Eliminations [Member] | ||||
Cash flow from operating activities: | ||||
Net earnings | (6,055) | (18,289) | (13,721) | (27,408) |
Earnings from consolidated entities | 13,721 | 27,408 | ||
Adjustments to reconcile net earnings to cash provided by operations: | ||||
Depreciation | 0 | 0 | ||
Amortization of deferred policy acquisition costs | 0 | 0 | 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 | 0 | 0 |
Net (gain) loss on sale of investments | 0 | 0 | ||
Net losses on 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 | 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 | 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 | ||
Securitization deposits | 0 | |||
Common stock dividends paid | 0 | 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) in 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 period | $ 0 | $ 0 | $ 0 | $ 0 |
Industry Segment and Geographic
Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Quarter ended: | |||||
Total revenues | $ 1,702,864 | $ 1,664,254 | $ 3,300,704 | $ 3,137,110 | |
Depreciation and amortization, net of (gains) losses on disposals | 126,162 | 143,021 | 249,937 | 269,131 | |
Interest expense | 57,193 | 39,545 | 106,992 | 78,723 | |
Pretax earnings (loss) | 463,639 | 538,876 | 904,695 | 993,626 | |
Income tax expense | 111,624 | 128,978 | 218,678 | 238,553 | |
Identifiable assets | 18,143,343 | 16,337,228 | 18,143,343 | 16,337,228 | $ 17,299,581 |
United States [Member] | |||||
Quarter ended: | |||||
Total revenues | 1,610,067 | 1,576,830 | 3,120,453 | 2,973,191 | |
Depreciation and amortization, net of (gains) losses on disposals | 124,735 | 141,956 | 245,721 | 269,606 | |
Interest expense | 56,477 | 38,588 | 105,425 | 76,716 | |
Pretax earnings (loss) | 446,369 | 521,658 | 873,907 | 959,607 | |
Income tax expense | 107,254 | 124,620 | 210,867 | 229,922 | |
Identifiable assets | 17,515,009 | 15,849,380 | 17,515,009 | 15,849,380 | |
Canada [Member] | |||||
Quarter ended: | |||||
Total revenues | 92,797 | 87,424 | 180,251 | 163,919 | |
Depreciation and amortization, net of (gains) losses on disposals | 1,427 | 1,065 | 4,216 | (475) | |
Interest expense | 716 | 957 | 1,567 | 2,007 | |
Pretax earnings (loss) | 17,270 | 17,218 | 30,788 | 34,019 | |
Income tax expense | 4,370 | 4,358 | 7,811 | 8,631 | |
Identifiable assets | $ 628,334 | $ 487,848 | $ 628,334 | $ 487,848 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Postemployment Benefits [Abstract] | ||||
Service cost for benefits earned during the period | $ 331 | $ 351 | $ 663 | $ 701 |
Other components of net periodic benefit costs: | ||||
Interest cost on accumulated postretirement benefit | 287 | 227 | 574 | 454 |
Other components | 17 | 53 | 34 | 106 |
Total other components of net periodic benefit costs | 304 | 280 | 608 | 560 |
Net periodic postretirement benefit cost | $ 635 | $ 631 | $ 1,271 | $ 1,261 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Assets | ||
Reinsurance recoverables and trade receivables, net | $ 203,202 | $ 229,343 |
Mortgage loans, net | 417,894 | 450,347 |
Other investments | 123,565 | 120,592 |
Total | 744,661 | 800,282 |
Liabilities | ||
Notes, loans and leases payable, gross | 5,930,507 | 5,875,781 |
Total | 5,930,507 | 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 | 6,336,570 | 6,059,713 |
Total | 6,336,570 | 6,059,713 |
Level 3 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 203,202 | 229,343 |
Mortgage loans, net | 424,633 | 423,163 |
Other investments | 123,565 | 120,592 |
Total | 751,400 | 773,098 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Carrying Value [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 203,202 | 229,343 |
Mortgage loans, net | 424,633 | 423,163 |
Other investments | 123,565 | 120,592 |
Total | 751,400 | 773,098 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,336,570 | 6,059,713 |
Total | $ 6,336,570 | $ 6,059,713 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Assets: | ||
Short-term investments | $ 2,823,208 | $ 2,482,154 |
Fixed maturities - available for sale | 2,552,311 | 2,821,092 |
Preferred stock | 22,921 | 26,095 |
Common stock | 40,526 | 46,212 |
Derivatives | 10,167 | 7,474 |
Total | 5,449,133 | 5,383,027 |
Liabilities: | ||
Derivatives | 0 | 587 |
Total | 0 | 587 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 2,821,751 | 2,482,154 |
Fixed maturities - available for sale | 24,803 | 26,914 |
Preferred stock | 22,921 | 26,095 |
Common stock | 40,526 | 46,212 |
Derivatives | 1,659 | 7,474 |
Total | 2,911,660 | 2,588,849 |
Liabilities: | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Short-term investments | 1,457 | 0 |
Fixed maturities - available for sale | 2,527,416 | 2,794,086 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 8,508 | 0 |
Total | 2,537,381 | 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 | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | ||||
Revenues Recognized Over Time | $ 127,091 | $ 108,038 | $ 230,285 | $ 187,853 |
Revenues recognized at a point in time | 118,966 | 110,924 | 245,321 | 231,642 |
Total revenues recognized under ASC 606 | 246,057 | 218,962 | 475,606 | 419,495 |
Revenues recognized under ASC 840 | 1,373,925 | 1,355,934 | 2,661,956 | 2,546,944 |
Revenues recognized under ASC 944 | 52,373 | 52,578 | 99,060 | 98,892 |
Revenues recognized under ASC 320 | 30,509 | 36,780 | 64,082 | 71,779 |
Total revenues | $ 1,702,864 | $ 1,664,254 | $ 3,300,704 | $ 3,137,110 |
Revenue Recognition (Revenue ov
Revenue Recognition (Revenue over time) (Details) $ in Thousands | Mar. 31, 2022 USD ($) |
Contract With Customer Liability [Abstract] | |
2020 | $ 24,521 |
2021 | 11,354 |
2022 | 8,694 |
2023 | 6,937 |
2024 | 4,884 |
Thereafter | 39,491 |
Self Moving Equipment [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 6,605 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Property Lease Revenue [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 17,916 |
2021 | 11,354 |
2022 | 8,694 |
2023 | 6,937 |
2024 | 4,884 |
Thereafter | $ 39,491 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narratives) (Details) $ in Millions | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Receivables [Abstract] | |
Trade receivable components | 2 |
Allowance for expected credit losses | $ 3.1 |
Available for sale securites, accrued interest receivable | $ 28.5 |
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | |
Reinsurance paid percentage of total assets | 1% |
Premiums Receivable Gross | $ 4.3 |
Credit card receivables | |
Receivables [Abstract] | |
Average Historical Chargeback Term | For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables 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 | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | $ 9,210 | $ 6,242 |
Transition adjustment current expected credit losses | (3,554) | 2,968 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
September 30, 2022 | 5,656 | |
Trade Receivables | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 8,649 | 4,421 |
Transition adjustment current expected credit losses | (5,506) | 4,228 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
September 30, 2022 | 3,143 | |
Investments, Fixed Maturities | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 60 | 1,320 |
Transition adjustment current expected credit losses | 1,948 | (1,260) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
September 30, 2022 | 2,008 | |
Investments, Other | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2022 | 501 | 501 |
Transition adjustment current expected credit losses | 4 | 0 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | $ 0 |
September 30, 2022 | $ 505 |
Subsequent Events (Narratives)
Subsequent Events (Narratives) (Details) | 3 Months Ended | ||
Sep. 30, 2022 $ / shares | Nov. 10, 2022 $ / shares shares | Nov. 10, 2022 د.إ / shares shares | |
Nonvoting Common Stock [Member] | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Common Stock, Par or Stated Value Per Share | د.إ / shares | د.إ 0.001 | ||
Stockholders Equity Note Stock Split | 9-for-1 basis | ||
Common Stock, Shares Authorized | shares | 176,470,092 | 176,470,092 | |
Common Stock, Dividends, Per Share, Declared | $ 0.04 | ||
Amerco Common Stock [Member] | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.25 |