Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | U-Haul Holding Company | |
Entity Central Index Key | 0000004457 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Jun. 30, 2023 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-11255 | |
Entity Tax Identification Number | 88-0106815 | |
Entity address, address line one | 5555 Kietzke Lane | |
Entity address, address line two | Suite 100 | |
Entity address, City or Town | Reno | |
Entity address, State or Province | NV | |
Entity address, postal zip code | 89511 | |
City Area Code | 775 | |
Local Phone Number | 688-6300 | |
Entity Incorporation, State or Country Code | NV | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Trading Symbol | UHAL | |
Entity Common Stock, Shares Outstanding | 19,607,788 | |
Title of 12(b) Security | Common Stock, $0.25 par value | |
Security Exchange Name | NYSE | |
Nonvoting Common Stock [Member] | ||
Document and Entity Information [Abstract] | ||
Trading Symbol | UHAL.B | |
Entity Common Stock, Shares Outstanding | 176,470,092 | |
Title of 12(b) Security | Series N Non-Voting Common Stock, $0.001 par value | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
ASSETS: | ||
Cash and cash equivalents | $ 2,377,124 | $ 2,060,524 |
Reinsurance recoverables and trade receivables, net | 206,663 | 189,498 |
Inventories, net | 164,884 | 151,474 |
Prepaid expenses | 232,039 | 241,711 |
Investments, fixed maturities and marketable equities | 2,469,512 | 2,770,394 |
Investments, other | 620,140 | 575,540 |
Deferred policy acquisition costs, net | 123,596 | 128,463 |
Other assets | 60,821 | 51,052 |
Right of use Assets - Financing | 420,496 | 474,765 |
Right of use Assets - Operating | 59,496 | 58,917 |
Related party assets | 43,102 | 48,308 |
Subtotal assets | 6,777,873 | 6,750,646 |
Property, plant and equipment, at cost: | ||
Land | 1,555,326 | 1,537,206 |
Buildings and improvements | 7,364,517 | 7,088,810 |
Furniture and equipment | 942,036 | 928,241 |
Property, plant and equipment (gross) | 16,322,927 | 15,660,293 |
Less: Accumulated depreciation | (4,486,766) | (4,310,205) |
Total property, plant and equipment | 11,836,161 | 11,350,088 |
Total assets | 18,614,034 | 18,100,734 |
Liabilities: | ||
Accounts payable and accrued expenses | 778,605 | 761,039 |
Notes, loans and leases payable | 6,287,231 | 6,108,042 |
Financing lease liability | 189,037 | |
Operating lease liability | 58,808 | 58,373 |
Policy benefits and losses, claims and loss expenses payable | 878,436 | 880,202 |
Liabilities from investment contracts | 2,384,330 | 2,398,884 |
Other policyholders' funds and liabilities | 12,218 | 8,232 |
Deferred income | 64,790 | 52,282 |
Deferred income taxes, net | 1,371,859 | 1,329,489 |
Total liabilities | 11,836,277 | 11,596,543 |
Commitments and contingencies (notes 4, 8 and 9) | ||
Stockholders' equity: | ||
Additional paid-in capital | 453,643 | 453,643 |
Accumulated other comprehensive loss | (261,836) | (285,623) |
Retained earnings | 7,252,927 | 7,003,148 |
Total stockholders' equity | 6,777,757 | 6,504,191 |
Total liabilities and stockholders' equity | 18,614,034 | 18,100,734 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Serial Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 0 | 0 |
Amerco Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock, value, issued | 10,497 | 10,497 |
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 | 866,916 | 827,696 |
Rental Trucks [Member] | ||
Property, plant and equipment, at cost: | ||
Property subject to or available for operating lease, gross | $ 5,594,132 | $ 5,278,340 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical | Jun. 30, 2023 $ / shares |
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 | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||
Self-moving equipment rentals | $ 999,206 | $ 1,090,775 |
Self-storage revenues | 198,961 | 173,177 |
Self moving and self-storage products and service sales | 100,872 | 109,351 |
Property management fees | 9,177 | 9,139 |
Life insurance premiums | 23,131 | 25,781 |
Property and casualty insurance premiums | 20,322 | 19,972 |
Investment income interest and dividend | 64,592 | 33,573 |
Other revenue | 124,047 | 136,072 |
Total revenues | 1,540,308 | 1,597,840 |
Costs and expenses: | ||
Operating expenses | 763,241 | 733,167 |
Commission expenses | 106,927 | 118,493 |
Cost of sales | 70,675 | 79,671 |
Benefits and losses | 45,344 | 39,757 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Lease expense | 7,583 | 7,475 |
Depreciation, net of (gains) losses on disposals | 137,814 | 113,796 |
Net (gains) losses on disposal of real estate | 1,021 | 2,307 |
Total costs and expenses | 1,140,650 | 1,102,338 |
Earnings from operations | 399,658 | 495,502 |
Other components of net periodic benefit costs | (365) | (304) |
Interest expense | (60,598) | (49,799) |
Pretax earnings | 338,695 | 445,399 |
Income tax expense | (81,857) | (107,054) |
Earnings available to common stockholders | 256,838 | 338,345 |
Common Stock [Member] | ||
Costs and expenses: | ||
Earnings available to common stockholders | $ 0 | $ 0 |
Basic and diluted earnings per common share | $ 1.27 | $ 2.18 |
Weighted average common shares outstanding: basic and diluted | 19,607,788 | 19,607,788 |
Nonvoting Common Stock [Member] | ||
Costs and expenses: | ||
Earnings available to common stockholders | $ 0 | $ 0 |
Basic and diluted earnings per common share | $ 1.31 | $ 1.68 |
Weighted average common shares outstanding: basic and diluted | 176,470,092 | 176,470,092 |
Nonvoting Common Stock [Member] | Common Stock [Member] | ||
Costs and expenses: | ||
Weighted average common shares outstanding: basic and diluted | 196,077,880 | 196,077,880 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation: | ||
Net gain on sale of real and personal property | $ (55,661) | $ (64,348) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive income (loss) (pretax): | ||
Pretax earnings (loss) | $ 338,695 | $ 445,399 |
Comprehensive income (loss) (tax effect): | ||
Income tax expense | (81,857) | (107,054) |
Comprehensive income (loss) (net of tax): | ||
Net earnings | 256,838 | 338,345 |
Other comprehensive income (loss): | ||
Foreign currency translation (pretax) | 469 | 197 |
Foreign currency translation (tax effect) | 0 | 0 |
Foreign currency translation (net of tax) | 469 | 197 |
Unrealized gain (loss) on investments (pretax) | 25,543 | (173,046) |
Unrealized gain (loss) on investments (tax effect) | (5,199) | 36,664 |
Unrealized gain (loss) on investments (net of tax) | 20,344 | (136,382) |
Change in fair value of cash flow hedges (pretax) | 5,093 | 170 |
Change in fair value of cash flow hedges (tax effect) | (1,251) | (42) |
Change in fair value of cash flow hedges (net of tax) | 3,842 | 128 |
Amounts reclassifed into earnings on hedging activities (pretax) | (1,150) | 566 |
Amounts reclassified into earnings on hedging activities (tax effect) | 282 | (139) |
Amounts reclassified into earnings on hedging activities (net of tax) | (868) | 427 |
Total other comprehensive income (loss) (pretax) | 29,955 | (172,113) |
Total other comprehensive income (loss) (tax effect) | (6,168) | 36,483 |
Total other comprehensive income (loss) (net of tax) | 23,787 | (135,630) |
Total comprehensive income (pretax) | 368,650 | 273,286 |
Total comprehensive income (tax effect) | (88,025) | (70,571) |
Total comprehensive income (net of tax) | $ 280,625 | $ 202,715 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Less: Treasury Common Stock [Member] | Less: Treasury Preferred Stock [Member] | Nonvoting Common Stock [Member] |
Balance, beginning of period at Mar. 31, 2022 | $ 5,894,075 | $ 10,497 | $ 453,819 | $ (4,992) | $ 6,112,401 | $ (525,653) | $ (151,997) | $ 0 |
Cosolidated statement of change in equity | ||||||||
Foreign currency translation | 197 | 0 | 0 | 197 | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | (136,382) | 0 | 0 | (136,382) | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 128 | 0 | 0 | 128 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | 427 | 0 | 0 | 427 | 0 | 0 | 0 | 0 |
Net earnings | 338,345 | 0 | 0 | 0 | 338,345 | 0 | 0 | 0 |
Common stock dividends | (9,804) | 0 | 0 | 0 | (9,804) | 0 | 0 | 0 |
Net activity | 192,911 | 0 | 0 | (135,630) | 328,541 | 0 | 0 | 0 |
Balance, end of period at Jun. 30, 2022 | 6,086,986 | 10,497 | 453,819 | (140,622) | 6,440,942 | (525,653) | (151,997) | 0 |
Balance, beginning of period at Mar. 31, 2023 | 6,504,191 | 10,497 | 453,643 | (285,623) | 7,003,148 | (525,653) | (151,997) | 176 |
Cosolidated statement of change in equity | ||||||||
Foreign currency translation | 469 | 0 | 0 | 469 | 0 | 0 | 0 | 0 |
Unrealized net gain (loss) on investments, net of tax | 20,344 | 0 | 0 | 20,344 | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 3,842 | 0 | 0 | 3,842 | 0 | 0 | 0 | 0 |
Amounts reclassified into earnings on hedging activities | (868) | 0 | 0 | (868) | 0 | 0 | 0 | 0 |
Net earnings | 256,838 | 0 | 0 | 0 | 256,838 | 0 | 0 | 0 |
Series N Non-Voting Common Stock Dividends | (7,059) | 0 | 0 | 0 | (7,059) | 0 | 0 | 0 |
Net activity | 273,566 | 0 | 0 | 23,787 | 249,779 | 0 | 0 | 0 |
Balance, end of period at Jun. 30, 2023 | $ 6,777,757 | $ 10,497 | $ 453,643 | $ (261,836) | $ 7,252,927 | $ (525,653) | $ (151,997) | $ 176 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities: | ||
Net earnings | $ 256,838 | $ 338,345 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 193,475 | 178,144 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,394 | 4,929 |
Amortization of debt issuance costs | 1,456 | 1,473 |
Interest credited to policyholders | 17,538 | 15,157 |
Change in allowance for losses on trade receivables | 592 | (6,151) |
Change in allowance for inventory reserves | (327) | 4,646 |
Net gain on sale of real and personal property | (55,661) | (64,348) |
Net losses on disposal of real estate | 1,021 | 2,307 |
Net (gain) loss on sale of investments | (1,914) | 268 |
Net (gain) losses equity investments | (2,429) | 1,551 |
Deferred income tax | 34,108 | 63,493 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (17,435) | 15,894 |
Inventories | (13,068) | (10,347) |
Prepaid expenses | 9,870 | 4,935 |
Capitalization of deferred policy acquisition costs | (3,177) | (7,398) |
Other assets | (9,957) | 1,935 |
Related party assets | 3,132 | 484 |
Accounts payable and accrued expenses | 33,112 | 74,676 |
Policy benefits and losses, claims and loss expenses payable | (12,098) | 6,043 |
Other policyholders' funds and liabilities | 3,986 | 1,187 |
Deferred income | 11,999 | 14,448 |
Related party liabilities | 2,197 | 2,028 |
Net cash provided by operating activities | 465,697 | 651,371 |
Cash flow from investing activities: | ||
Escrow deposits | (361) | 4,789 |
Purchase of: | ||
Property, plant and equipment | (773,577) | (646,137) |
Short term investments | (9,957) | (22,017) |
Fixed maturity investments | (3,251) | (36,488) |
Equity Securities | (242) | (1,366) |
Real estate | (415) | 0 |
Mortgage loans | (52,450) | (42,561) |
Proceeds from sale of: | ||
Property, plant and equipment | 193,455 | 159,180 |
Short term investments | 11,745 | 18,073 |
Fixed maturity investments | 336,859 | 55,808 |
Preferred stock | 236 | 362 |
Mortgage loans | 8,377 | 32,345 |
Net cash used by investing activities | (288,668) | (478,012) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 445,493 | 393,264 |
Principal repayments on credit facilities | (232,824) | (145,369) |
Payment of debt issuance costs | (2,688) | (1,069) |
Capital lease payments | (34,168) | (34,982) |
Common stock dividends paid | 0 | (9,804) |
Investment contract deposits | 51,239 | 85,767 |
Investment contract withdrawals | (83,331) | (62,911) |
Net cash provided by (used in) financing activities | 136,741 | 224,896 |
Effects on exchange rate on cash | 2,830 | (4,121) |
Increase (decrease) cash and cash equivalents | 316,600 | 394,134 |
Cash and cash equivalents at beginning of period | 2,060,524 | 2,704,137 |
Cash and cash equivalents at end of period | $ 2,377,124 | $ 3,098,271 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2023 | |
Disclosure Text Block [Abstract] | |
1. Basis of Presentation | U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. The consolidated balance sheet as of June 30, 2023 and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2024 and 2023 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, 2023. Intercompany accounts and transactions have been eliminated. Description of Legal Entities U-Haul Holding Company is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries. Description of Operating Segments U-Haul Holding Company has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes U-Haul Holding Company, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. Accounting Policy Updates : The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12). Please refer to Note 18, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
2. Earnings Per Share | We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification (“ASC“) Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $ 0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $ 0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10 % and 90 %, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarters ended June 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows: For the Quarters Ended June 30, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10% 10% Net earnings available to common stockholders $ 256,838 $ 338,345 Voting Common Stock dividends declared – (9,804) Non-Voting Common Stock dividends declared (7,059) – Undistributed earnings available to common stockholders $ 249,779 $ 328,541 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 24,978 $ 32,854 Undistributed earnings per share of Voting Common Stock $ 1.27 $ 1.68 Dividends declared per share of Voting Common Stock $ – $ 0.50 Basic and diluted earnings per share of Voting Common Stock $ 1.27 $ 2.18 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90% 90% Net earnings available to common stockholders $ 256,838 $ 338,345 Voting Common Stock dividends declared – (9,804) Non-Voting Common Stock dividends declared (7,059) – Undistributed earnings available to common stockholders $ 249,779 $ 328,541 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 224,801 $ 295,687 Undistributed earnings per share of Non-Voting Common Stock $ 1.27 $ 1.68 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 1.31 $ 1.68 |
Investments
Investments | 3 Months Ended |
Jun. 30, 2023 | |
Investments Debt Equity Securities [Abstract] | |
3. Investments | We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 21.4 million and $ 23.4 million as of March 31, 2023 and December 31, 2022, respectively. Available-for-Sale Investments Available-for-sale investments as of June 30, 2023 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Market Value (Unaudited) (In thousands) U.S. treasury securities and government obligations $ 128,050 $ 391 $ (7,620) $ (1,973) $ – $ 118,848 U.S. government agency mortgage-backed securities 33,769 55 (6,810) (62) – 26,952 Obligations of states and political subdivisions 159,833 1,060 (6,024) (2,788) – 152,081 Corporate securities 1,987,107 2,253 (147,453) (39,283) (1,646) 1,800,978 Mortgage-backed securities 359,413 83 (47,653) (3,476) – 308,367 $ 2,668,172 $ 3,842 $ (215,560) $ (47,582) $ (1,646) $ 2,407,226 Available-for-sale investments as of March 31, 2023 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Allowance for Expected Credit Losses Fair Market Value (In thousands) U.S. treasury securities and government obligations $ 353,189 $ 3,061 $ (7,639) $ (3,935) $ – $ 344,676 U.S. government agency mortgage-backed securities 34,126 40 (6,707) (228) – 27,231 Obligations of states and political subdivisions 161,960 649 (4,014) (8,090) – 150,505 Corporate securities 2,086,432 1,491 (60,224) (156,365) (2,101) 1,869,233 Mortgage-backed securities 370,880 78 (40,359) (13,207) – 317,392 $ 3,006,587 $ 5,319 $ (118,943) $ (181,825) $ (2,101) $ 2,709,037 We sold available-for-sale securities with a fair value of $ 113.0 million and $54.1 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. The gross realized gains on these sales totaled $0.9 million and $0.3 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. The gross realized losses on these sales totaled $0.5 million and $0.1 million during the first quarter of fiscal 2024 and fiscal 2023, respectively. In the first quarter of fiscal 2024 we received $ 225.0 million from the Moving and Storage Treasuries that matured. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($ 0.5 ) million and a $17 thousand net impairment charge recorded in the first quarter ended June 30, 2023 and 2023, respectively. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows: June 30, 2023 March 31, 2023 Cost Amortized Fair Value Cost Amortized Fair Value (Unaudited) (In thousands) Due in one year or less $ 134,115 $ 130,997 $ 354,875 $ 354,184 Due after one year through five years 734,777 698,857 754,175 717,552 Due after five years through ten years 699,066 637,939 736,089 665,708 Due after ten years 740,801 |
Borrowings
Borrowings | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
4. Borrowings | Long Term Debt Long term debt was as follows: Fiscal Year 2024 Weighted Avg June 30, March 31, Interest Rates Maturities Interest Rates (b) 2023 2023 (Unaudited) (In thousands) Real estate loans (amortizing term) (a) 4.30 % - 6.64 % 2027 - 2037 5.78 % $ 286,677 $ 289,647 Senior mortgages 2.70 % - 5.50 % 2024 - 2042 4.14 % 2,457,739 2,371,231 Real estate loans (revolving credit) - % - - % - - 2027 – % – – Fleet loans (amortizing term) 1.61 % - 5.68 % 2023 - 2029 3.73 % 100,225 111,856 Fleet loans (revolving credit) 2.36 % - 6.50 % 2026 - 2028 5.72 % 590,000 615,000 Finance leases (rental equipment) 2.37 % - 5.01 % 2023 - 2026 3.92 % 189,037 223,205 Finance liabilities (rental equipment) 1.60 % - 6.13 % 2024 - 2031 4.12 % 1,425,854 1,255,763 Private placements 2.43 % - 2.88 % 2029 - 2035 2.65 % 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2023 - 2049 6.06 % 74,250 76,648 Notes, loans and finance leases payable 6,323,782 6,143, |
Derivatives
Derivatives | 3 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
5. Derivatives | We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in SOFR swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows: June 30, 2023 March 31, 2023 (Unaudited) (In thousands) Interest rate swaps designated as cash flow hedges: Assets $ 9,254 $ 5,311 Liabilities – – Notional amount 204,227 206,347 The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2023 June 30, 2022 (Unaudited) (In thousands) Gain recognized in AOCI on interest rate contracts $ (3,943) $ (736) (Gain) loss reclassified from AOCI into income $ ( 1,150 ) $ 566 (Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first quarter of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $ 3.8 million and $ 0.1 million, respectively, net of taxes. During the first quarter of fiscal 2024 and 2023, we reclassified ($ 0.9 ) million and $ 0.4 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2023, we expect to reclassify $ 4.8 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. As of March 31, 2023 and December 31, 2022, these derivative hedges had a fair value of $ 7.5 million and $ 4.3 million, with notional amounts of $ 362.4 million and $ 465.7 million, respectively. These derivative instruments are included in Investments, other; on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the quarters ended March 31, 2023 and 2022 were ($ 1.5 ) million and $ 0.6 million, respectively. Derivatives Fair Values as of June 30, 2023 March 31, 2023 (Unaudited) (In thousands) Equity market contracts as economic hedging instruments Assets $ 7,539 $ 4,295 Liabilities $ – $ – Notional amount $ 362,436 $ 465,701 Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under generally accepted accounting principles (“GAAP”). Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2023 | |
Disclosure Text Block [Abstract] | |
6. Comprehensive Income (Loss) | A summary of AOCI components, net of tax, were as follows: Foreign Currency Translation Unrealized Net Gains (Losses) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Loss (Unaudited) (In thousands) Balance as of March 31, 2023 $ (56,539) $ (232,740) $ 4,007 $ (351) $ (285,623) Foreign currency translation 469 – – – 469 Unrealized net gains on investments – 20,344 – – 20,344 Change in fair value of cash flow hedges – – 3,842 – 3,842 Amounts reclassified into earnings on hedging activities – – (868) – (868) Other comprehensive income (loss) 469 20,344 2,974 – 23,787 Balance as of June 30, 2023 $ ( 56,070 ) $ ( 212,396 ) $ 6,981 $ ( 351 ) $ (261,836) |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity [Abstract] | |
7. Stockholders' Equity | The following table lists the dividends that have been declared and issued for the first quarters of fiscal years 2024 and 2023. Non-Voting Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date June 7, 2023 $ 0.04 June 20, 2023 June 30, 2023 Common Stock Dividends Declared Date Per Share Amount Record Date Dividend Date April 6, 2022 $ 0.50 April 18, 2022 April 29, 2022 As of June 30, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan. |
Leases
Leases | 3 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
8. Leases | The following tables show the components of our right-of-use (“ROU“) assets, net: As of June 30, 2023 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 133,248 $ 133,248 Furniture and equipment 7,109 – 7,109 Rental trailers and other rental equipment 128,865 – 128,865 Rental trucks 879,054 – 879,054 Right-of-use assets, gross 1,015,028 133,248 1,148,276 Less: Accumulated depreciation (594,532) (73,770) (668,302) Right-of-use assets, net $ 420,496 $ 59,478 $ 479,974 As of March 31, 2023 Finance Operating Total (In thousands) Buildings and improvements $ – $ 128,221 $ 128,221 Furniture and equipment 9,687 – 9,687 Rental trailers and other rental equipment 152,294 – 152,294 Rental trucks 949,838 – 949,838 Right-of-use assets, gross 1,111,819 128,221 1,240,040 Less: Accumulated depreciation (637,054) (69,304) (706,358) Right-of-use assets, net $ 474,765 $ 58,917 $ 533,682 As of June 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $ 189.0 million and $ 223.2 million, respectively, and operating lease liabilities of $ 58.8 million and $ 58.4 million, respectively. Finance leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 2 2 Weighted average discount rate 3.9 % 3.8 % Operating leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 20.3 19.2 Weighted average discount rate 4.7 % 4.7 % For the quarters ended June 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $ 8.9 million and $ 7.9 million, respectively, and our financing cash flow activities were $ 34.2 million and $ 35.0 million, respectively. Non-cash activities of ROU assets in exchange for lease liablities were $5.0 million and $2.4 million for the first quarters of fiscal 2024 and 2023, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Three Months Ended June 30, 2023 June 30, 2022 (Unaudited) (In thousands) Operating lease costs $ 8,102 $ 7,920 |
Contingencies
Contingencies | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
9. Contingencies | Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul‘s information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities. Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona and will be vigorously defended by the Company; however the outcome of such lawsuits cannot be predicted or guaranteed with any certainty. Environmental Compliance with environmental requirements of federal, state, provincial and local governments may affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position or results of operations. Other We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
10. Related Party Transactions | As set forth in the Company’s Audit Committee Charter and consistent with the NYSE Listed Company Manual, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with GAAP. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenue Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,696 $ 7,729 U-Haul management fee revenue from Mercury 1,481 1,410 $ 9,177 $ 9,139 We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4 % and 10 % of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $ 8.2 million from the above-mentioned entities during the first quarter of both fiscal 2024 and 2023. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties. Related Party Costs and Expenses Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul printing expenses to Blackwater 349 – U-Haul commission expenses to Blackwater 22,703 24,882 $ 23,656 $ 25,486 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors. As of June 30, 2023, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $7.7 million and $7.7 million, expenses of $ 0.9 million and $ 0.6 million and cash flows of $ 6.6 million and $ 6.9 million, respectively, during the first quarter of fiscal 2024 and 2023. Revenues were $ 103.5 million and $ 117.9 million and commission expenses were $ 22.7 million and $ 24.9 million, respectively, related to the Dealer Agreements, during the first quarter of fiscal 2024 and 2023. Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater. Related Party Assets June 30, March 31, 2023 2023 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 41,146 $ 42,141 U-Haul receivable from Mercury 6,446 8,402 Other (a) (4,490) (2,235) $ 43,102 $ 48,308 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods. |
Consolidating Financial Informa
Consolidating Financial Information by Industry Segment | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
11. Consolidating Financial Information by Industry Segment | 11. Consolidating Financial Information by Industry Segment U-Haul Holding Company’s three reportable segments are: Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate, Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. |
Industry Segment and Geographic
Industry Segment and Geographic Area Data | 3 Months Ended |
Jun. 30, 2023 | |
Segments, Geographical Areas [Abstract] | |
12. Industry Segment and Geographic Area Data | 12. Industry Segment and Geographic Area Data United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2023 Total revenues $ 1,461,284 $ 79,024 $ 1,540,308 Depreciation and amortization, net of gains on disposal 148,313 (1,433) 146,880 Interest expense 59,946 652 60,598 Pretax earnings 327,072 11,623 338,695 Income tax expense 78,595 3,262 81,857 Identifiable assets 17,892,739 721,295 18,614,034 Quarter Ended June 30, 2022 Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal 120,986 2,789 123,775 Interest expense 48,948 851 49,799 Pretax earnings 431,881 13,518 445,399 Income tax expense 103,613 3,441 107,054 Identifiable assets 17,202,853 590,958 17,793,811 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Jun. 30, 2023 | |
Compensation and Retirement Disclosure [Abstract] | |
13. Employee Benefit Plans | 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows: Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) Service cost for benefits earned during the period $ 297 $ 332 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 367 287 Other components (2) 17 Total other components of net periodic benefit costs 365 304 Net periodic postretirement benefit cost$ 662 $ 636 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
14. Fair Value Measurements | Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments are based on quoted market prices. Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows. Fair values on interest rate swap contracts are based on using pricing valuation models which include broker quotes. Fair values of long-term investment and mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows: Fair Value Hierarchy Carrying Total Estimated As of June 30, 2023 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 206,663 $ – $ – $ 206,663 $ 206,663 Mortgage loans, net 510,307 – – 494,664 494,664 Other investments 109,833 – – 109,833 109,833 Total $ 826,803 $ – $ – $ 811,160 $ 811,160 Liabilities Notes, loans and finance leases payable 6,323,782 – 5,743,138 – 5,743,138 Total $ 6,323,782 $ – $ 5,743,138 $ – $ 5,743,138 Fair Value Hierarchy Carrying Total Estimated As of March 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 189,498 $ – $ – $ 189,498 $ 189,498 Mortgage loans, net 466,531 – – 444,957 444,957 Other investments 109,009 – – 109,009 109,009 Total $ 765,038 $ – |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jun. 30, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2023 and March 31, 2023. Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2024 did not have a material effect on our financial statements. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving HelpⓇ are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help Ⓡ services fees are recognized in accordance with Topic 606. Moving Help Ⓡ services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance with Topic 842 ASC Topic 842, Leases (Topic 842), The Company’s self-moving equipment rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 8, Leases, of the Notes to the Condensed Consolidated Financial Statements. Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter: Years Ending June 30, 2024 2025 2026 2027 2028 Thereafter (Unaudited) (In thousands) Self-moving equipment rentals $ 6,947 $ – $ – $ – $ – $ – Property lease revenues 21,052 14,626 11,834 8,920 6,235 39,797 Total $ 27,999 $ 14,626 $ 11,834 $ 8,920 $ 6,235 $ 39,797 The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. In the following table, revenue is disaggregated by timing of revenue recognition: Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 91,315 $ 103,194 Revenues recognized at a point in time: 117,593 126,355 Total revenues recognized under ASC 606 208,908 229,549 Revenues recognized under ASC 842 1,222,316 1,288,031 Revenues recognized under ASC 944 44,492 46,687 Revenues recognized under ASC 320 64,592 33,573 Total revenues $ 1,540,308 $ 1,597,840 In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Jun. 30, 2023 | |
Allowance For Credit Loss [Abstract] | |
Allowance For Credit Losses [Text Block] | Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4 % as of June 30, 2023 and March 31, 2023. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2023 and March 31, 2023 was $ 4.9 million and $ 3.8 million, respectively. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 29.6 million as of March 31, 2023 and December 31, 2022 and are excluded from the estimate of credit losses. We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income. Mortgage loans, net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverables Reinsurance recoverables on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premium receivables were $4.1 million as of March 31, 2023 and December 31, 2022, respectively in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other: Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (Unaudited) (in thousands) Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses (4,860) 2,041 16 (2,803) Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2023 $ 3,789 $ 2,101 $ 517 $ 6,407 Provision for (reversal of) credit losses 591 (455) 301 437 Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2023 $ 4,380 $ 1,646 $ 818 $ 6,844 |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2023 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements And Changes In Accounting Principles [Text Block] | Adoption of new Accounting Pronouncements On April 1, 2023, the Company adopted Accounting Standards Update (“ASU“) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts which is applicable to Oxford. The Company used the modified retrospective method applies as the transition date of April 1, 2021. The updated accounting guidance required changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare Supplement products and our long-term care business. Entities will be required to review, and update if there is a change to cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in other comprehensive income. The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. The Company uses a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company will groups its long-duration contracts into calendar year cohorts based on the contract issue date. DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: 1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, 2) the requirement to no longer accrue and amortize interest on our DAC balances, and 3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business. Upon adoption, the Company made adjustments to AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during fiscal 2024, but could become material with a large increase in sales. Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed life withdrawal benefits, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12. Also in consideration of market risk benefits, upon adoption, there were impacts to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption had no economic impact on the cash flows of our business nor influence our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, nor our capital management philosophies. The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022. Year Ended March 31, 2023 2022 (Unaudited) (In thousands) Total Assets Prior to adoption $ 18,124,648 $ 17,299,581 Effect of adoption: Derecognition of shadow reserves (25,141) 26,131 Re-measurement due to discount rate – – Other adjustments 1,227 1,471 Subtotal $ (23,914) $ 27,602 After adoption $ 18,100,734 $ 17,327,183 Year Ended March 31, 2023 2022 (Unaudited) (In thousands) Total Liabilities Prior to adoption $ 11,596,313 $ 11,347,089 Effect of adoption: Derecognition of FIT on shadow reserves (5,280) 5,488 Re-measurement due to discount rate (1,626) 87,258 Re-measurement due to discount rate FIT 342 (18,324) Other adjustments 6,794 8,511 Subtotal $ 230 $ 82,933 After adoption $ 11,596,543 $ 11,430,022 Year Ended March 31, 2023 2022 (Unaudited) (In thousands) Accumulated other comprehensive income (loss) Prior to adoption $ (267,046) $ 46,384 Effect of adoption: Derecognition of shadow reserves (19,861) 20,644 Re-measurement due to discount rate 1,626 (87,258) Re-measurement due to discount rate FIT (342) 18,324 Other adjustments – – Subtotal $ (18,577) $ (48,290) After adoption $ (285,623) $ (1,906) Year Ended March 31, 2023 2022 (Unaudited) (In thousands) Total Stockholders' equity Prior to adoption $ 6,528,335 $ 5,952,492 Effect of adoption: Derecognition of shadow reserves and FIT (19,861) 20,644 Re-measurement due to discount rate and FIT 1,284 (68,934) Other adjustments (5,567) (7,042) Subtotal $ (24,144) $ (55,332) After adoption $ 6,504,191 $ 5,897,160 The following table presents the Company’s consolidated balance sheet, both before and after the Transition date. April 1, 2021 March 31, 2021 (Unaudited) (In thousands) Deferred policy acquisition costs, net $ |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Net | 3 Months Ended |
Jun. 30, 2023 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs, Net | Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP. DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts. The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the three month periods ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,396 $ 66,954 $ 6,113 $ 128,463 Capitalization 1,951 1,166 61 3,178 Amortization Expense (3,384) (1,944) (190) (5,518) Other, including Experience Adjustment (1,632) (327) (568) (2,527) Balance, end of period $ 52,331 $ 65,849 $ 5,416 $ 123,596 Three Months Ended June 30, 2022 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,261 $ 67,573 $ 8,596 $ 131,430 Capitalization 4,935 2,340 123 7,398 Amortization Expense (3,584) (2,030) (240) (5,854) Other, including Experience Adjustment (2,362) 852 (308) (1,818) Balance, end of period$ 54,250 $ 68,735 $ 8,171 $ 131,156 |
Life Insurance Liabilities
Life Insurance Liabilities | 3 Months Ended |
Jun. 30, 2023 | |
Insurance [Abstract] | |
Life Insurance Liabilities | The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 91% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio 1 using actual experience since the issue date or the Transition Date, and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of shareholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period assumptions. The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience. The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability. The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force. The following tables present the balances and changes in the policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford. Three Months Ended June 30, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands) Present value of expected net premiums Balance, beginning of year $ 223,118 $ 196,569 $ 419,687 Beginning balance at original discount rate $ 225,071 $ 212,454 $ 437,525 Effect of changes in cash flow assumptions – – – Effect of actual variances from expected experience 246 1 247 Adjusted beginning of year balance $ 225,317 $ 212,455 $ 437,772 Issuances 2,353 75 2,428 Interest accrual 2,574 2,112 4,686 Net premium collected (9,769) (6,810) (16,579) Other – – – Ending balance at original discount rate $ 220,475 $ 207,832 $ 428,307 Effect of changes in discount rate assumptions (AOCI) 2,166 (10,807) (8,641) Balance, end of period $ 222,641 $ 197,025 $ 419,666 Present value of expected future policy benefits Balance, beginning of year $ 530,983 $ 210,054 $ 741,037 Beginning balance at original discount rate $ 533,688 $ 226,510 $ 760,198 Effect of changes in cash flow assumptions – – – Effect of actual variances from expected experiences 355 2,133 2,488 Adjusted beginning of year balance $ 534,043 $ 228,643 $ 762,686 Issuances 2,398 75 2,473 Interest accrual 6,534 2,273 8,807 Benefit payments (14,311) (8,773) (23,084) Other – – – Ending balance at original discount rate $ 528,664 $ 222,218 $ 750,882 Effect of changes in discount rate assumptions (AOCI) 10,786 (11,015) (229) Balance, end of period $ 539,450 $ 211,203 $ 750,653 End of period, LFPB net 330,987 Payout annuities and market risk benefits 31,375 Life and annuity ICOS and IBNR / Reinsurance losses payable 28,910 Life DPL / Other life and health 10,195 Oxford end of period balance 401,467 Moving and Storage balance 328,009 Property and Casualty balance 148,960 Policy benefit and losses, claims and loss expense balance, end of period $ 878,436 Three Months Ended June 30, 2023 Life Insurance Health Insurance Total (Unaudited) (In thousands, except for percentages and weighted average information) Expected gross premiums |
Earnings Per Share (Table Text
Earnings Per Share (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | For the Quarters Ended June 30, 2023 2022 (Unaudited) (In thousands, except share and per share amounts) Weighted average shares outstanding of Voting Common Stock 19,607,788 19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Voting Common Stock 10% 10% Net earnings available to common stockholders $ 256,838 $ 338,345 Voting Common Stock dividends declared – (9,804) Non-Voting Common Stock dividends declared (7,059) – Undistributed earnings available to common stockholders $ 249,779 $ 328,541 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 24,978 $ 32,854 Undistributed earnings per share of Voting Common Stock $ 1.27 $ 1.68 Dividends declared per share of Voting Common Stock $ – $ 0.50 Basic and diluted earnings per share of Voting Common Stock $ 1.27 $ 2.18 Weighted average shares outstanding of Non-Voting Common Stock 176,470,092 176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock 196,077,880 196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock 90% 90% Net earnings available to common stockholders $ 256,838 $ 338,345 Voting Common Stock dividends declared – (9,804) Non-Voting Common Stock dividends declared (7,059) – Undistributed earnings available to common stockholders $ 249,779 $ 328,541 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 224,801 $ 295,687 Undistributed earnings per share of Non-Voting Common Stock $ 1.27 $ 1.68 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock$ 1.31 $ 1.68 |
Investments (Table Text Block)
Investments (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Investments Debt Equity Securities [Abstract] | |
Adjusted Cost and Estimated Market Value of Available-for-sale Investments | June 30, 2023 March 31, 2023 Amortized Fair Value Amortized Fair Value (Unaudited) (In thousands) Due in one year or less $ 134,115 $ 130,997 $ 354,875 $ 354,184 Due after one year through five years 734,777 698,857 754,175 717,552 Due after five years through ten years 699,066 637,939 736,089 665,708 Due after ten years 740,801 631,066 790,568 654,201 2,308,759 2,098,859 2,635,707 2,391,645 Mortgage-backed securities 359,413 308,367 370,880 317,392 $ 2,668,172 $ 2,407,226 $ 3,006,587 $ 2,709,037 |
Available for sale equity investments | June 30, 2023 March 31, 2023 Amortized Fair Value Amortized Fair Value (Unaudited) (In thousands) Common stocks $ 29,613 $ 41,730 $ 29,577 $ 39,375 Non-redeemable preferred stocks 25,144 20,556 26,054 21,982 $ 54,757 $ 62,286 $ 55,631 $ 61,357 |
Other investments, carrying value | June 30, March 31, 2023 2023 (Unaudited) (In thousands) Mortgage loans, net $ 510,307 $ 466,531 Short-term investments 13,490 15,921 Real estate 72,257 72,178 Policy loans 10,852 10,921 Other equity investments 13,234 9,989 $ 620,140 $ 575,540 |
Borrowings (Table Text Block)
Borrowings (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Debt Instruments [Abstract] | |
Long-Term Debt | Fiscal Year 2024 Weighted Avg June 30, March 31, Interest Rates Maturities Interest Rates (b) 2023 2023 (Unaudited) (In thousands) Real estate loans (amortizing term) (a) 4.30 % - 6.64 % 2027 - 2037 5.78 % $ 286,677 $ 289,647 Senior mortgages 2.70 % - 5.50 % 2024 - 2042 4.14 % 2,457,739 2,371,231 Real estate loans (revolving credit) - % - - % - - 2027 – % – – Fleet loans (amortizing term) 1.61 % - 5.68 % 2023 - 2029 3.73 % 100,225 111,856 Fleet loans (revolving credit) 2.36 % - 6.50 % 2026 - 2028 5.72 % 590,000 615,000 Finance leases (rental equipment) 2.37 % - 5.01 % 2023 - 2026 3.92 % 189,037 223,205 Finance liabilities (rental equipment) 1.60 % - 6.13 % 2024 - 2031 4.12 % 1,425,854 1,255,763 Private placements 2.43 % - 2.88 % 2029 - 2035 2.65 % 1,200,000 1,200,000 Other obligations 1.50 % - 8.00 % 2023 - 2049 6.06 % 74,250 76,648 Notes, loans and finance leases payable 6,323,782 6,143,350 Less: Debt issuance costs (36,551) (35,308) Total notes, loans and finance leases payable, net $ 6,287,231 $ 6,108,042 (a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.08% using the swap adjusted interest rate. (b) Weighted average rates as of June 30, 2023 |
Annual Maturities of Notes, Loans and Leases Payable | Years Ending June 30, 2024 2025 2026 2027 2028 Thereafter Total (Unaudited) (In thousands) Notes, loans and finance leases payable$ 635,909 $ 474,221 $ 762,745 $ 766,958 $ 833,278 $ 2,850,671 $ 6,323,782 |
Components of interest expense | Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) Interest expense $ 64,400 $ 50,405 Capitalized interest (4,063) (2,618) Amortization of transaction costs 1,411 1,446 Interest expense resulting from cash flow hedges (1,150) 566 Total interest expense$ 60,598 $ 49,799 |
Interest rates and company borrowings | Revolving Credit Activity Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands, except interest rates) Weighted average interest rate during the quarter 6.26 % 1.99 % Interest rate at the end of the quarter 6.41 % 2.29 % Maximum amount outstanding during the quarter $ 715,000 $ 1,095,000 Average amount outstanding during the quarter $ 660,330 $ 1,095,000 Facility fees$ 265 $ 58 |
Derivatives (Table Text Block)
Derivatives (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Derivative Instrument Detail [Abstract] | |
Derivatives | June 30, 2023 March 31, 2023 (Unaudited) (In thousands) Interest rate swaps designated as cash flow hedges: Assets $ 9,254 $ 5,311 Liabilities – – Notional amount 204,227 206,347 |
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet | The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended June 30, 2023 June 30, 2022 (Unaudited) (In thousands) Gain recognized in AOCI on interest rate contracts $ (3,943) $ (736) (Gain) loss reclassified from AOCI into income$( 1,150 )$ 566 |
Effect of Interest Rate Contracts on the Statement of Operations | Derivatives Fair Values as of June 30, 2023 March 31, 2023 (Unaudited) (In thousands) Equity market contracts as economic hedging instruments Assets $ 7,539 $ 4,295 Liabilities $ – $ – Notional amount$ 362,436 $ 465,701 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (loss) (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Table Text Block Supplement [Abstract] | |
Summary of accumulated other comprehensive income (loss) components, net of tax | Foreign Currency Translation Unrealized Net Gains (Losses) on Investments Fair Market Value of Cash Flow Hedges Postretirement Benefit Obligation Net Loss Accumulated Other Comprehensive Loss (Unaudited) (In thousands) Balance as of March 31, 2023 $ (56,539) $ (232,740) $ 4,007 $ (351) $ (285,623) Foreign currency translation 469 – – – 469 Unrealized net gains on investments – 20,344 – – 20,344 Change in fair value of cash flow hedges – – 3,842 – 3,842 Amounts reclassified into earnings on hedging activities – – (868) – (868) Other comprehensive income (loss) 469 20,344 2,974 – 23,787 Balance as of June 30, 2023$( 56,070 )$ ( 212,396 )$ 6,981 $ ( 351 )$ (261,836) |
Leases (Table Text Block)
Leases (Table Text Block) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Supplemental Balance Sheet Information Related to Leases | As of June 30, 2023 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 133,248 $ 133,248 Furniture and equipment 7,109 – 7,109 Rental trailers and other rental equipment 128,865 – 128,865 Rental trucks 879,054 – 879,054 Right-of-use assets, gross 1,015,028 133,248 1,148,276 Less: Accumulated depreciation (594,532) (73,770) (668,302) Right-of-use assets, net$ 420,496 $ 59,478 $ 479,974 | As of March 31, 2023 Finance Operating Total (In thousands) Buildings and improvements $ – $ 128,221 $ 128,221 Furniture and equipment 9,687 – 9,687 Rental trailers and other rental equipment 152,294 – 152,294 Rental trucks 949,838 – 949,838 Right-of-use assets, gross 1,111,819 128,221 1,240,040 Less: Accumulated depreciation (637,054) (69,304) (706,358) Right-of-use assets, net$ 474,765 $ 58,917 $ 533,682 |
Summary of Weighted-average remaining lease terms and Discount rates | Finance leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 2 2 Weighted average discount rate 3.9 % 3.8 % | Operating leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 20.3 19.2 Weighted average discount rate 4.7 % 4.7 % |
Components of Lease Expense | Three Months Ended June 30, 2023 June 30, 2022 (Unaudited) (In thousands) Operating lease costs $ 8,102 $ 7,920 Finance lease cost: Amortization of right-of-use assets $ 16,754 $ 22,396 Interest on lease liabilities 2,146 3,218 Total finance lease cost$ 18,900 $ 25,614 | |
Maturities of Lease Liabilities | Finance leases Operating leases (Unaudited) Years ending March 31, (In thousands) 2024 (9 months) $ 75,174 $ 18,686 2025 77,194 12,244 2026 46,457 5,534 2027 – 4,087 2028 – 3,483 Thereafter – 62,497 Total lease payments 198,825 106,531 Less: imputed interest (9,788) (47,723) Present value of lease liabilities$ 189,037 $ 58,808 |
Related Party Transations (Tabl
Related Party Transations (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Revenue [Abstract] | |
Related Party Revenue | Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) U-Haul management fee revenue from Blackwater $ 7,696 $ 7,729 U-Haul management fee revenue from Mercury 1,481 1,410 $ 9,177 $ 9,139 |
Related Party costs and expenses | Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul printing expenses to Blackwater 349 – U-Haul commission expenses to Blackwater 22,703 24,882 $ 23,656 $ 25,486 |
Related party assets | June 30, March 31, 2023 2023 (Unaudited) (In thousands) U-Haul receivable from Blackwater $ 41,146 $ 42,141 U-Haul receivable from Mercury 6,446 8,402 Other (a) (4,490) (2,235) $ 43,102 $ 48,308 |
Consolidating Financial Infor_2
Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Table Text Block Supplement [Abstract] | ||
Consolidated Balance Sheet by Industry Segment | Consolidating balance sheets by industry segment as of June 30, 2023 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (Unaudited) (In thousands) Assets: Cash and cash equivalents $ 2,302,380 $ 14,038 $ 60,706 $ – $ 2,377,124 Reinsurance recoverables and trade receivables, net 125,222 49,051 32,390 – 206,663 Inventories and parts, net 164,884 – – – 164,884 Prepaid expenses 232,039 – – – 232,039 Investments, fixed maturities and marketable equities – 274,003 2,195,509 – 2,469,512 Investments, other 23,330 129,392 467,418 – 620,140 Deferred policy acquisition costs, net – – 123,596 – 123,596 Other assets 54,916 1,063 4,842 – 60,821 Right of use assets - financing, net 420,496 – – – 420,496 Right of use assets - operating, net 58,622 850 24 – 59,496 Related party assets 65,625 2,860 11,945 (37,328) (c) 43,102 3,447,514 471,257 2,896,430 (37,328) 6,777,873 Investment in subsidiaries 459,095 – – (459,095) (b) – Property, plant and equipment, at cost: Land 1,555,326 – – – 1,555,326 Buildings and improvements 7,364,517 – – – 7,364,517 Furniture and equipment 942,036 – – – 942,036 Rental trailers and other rental equipment 866,916 – – – 866,916 Rental trucks 5,594,132 – – – 5,594,132 16,322,927 – – – 16,322,927 Less: Accumulated depreciation (4,486,766) – – – (4,486,766) Total property, plant and equipment, net 11,836,161 – – – 11,836,161 Total assets $ 15,742,770 $ 471,257 $ 2,896,430 | Consolidating balance sheets by industry segment as of March 31, 2023 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated Assets: (In thousands) Cash and cash equivalents $ 2,034,242 $ 11,276 $ 15,006 $ – $ 2,060,524 Reinsurance recoverables and trade receivables, net 107,823 48,344 33,331 – 189,498 Inventories and parts, net 151,474 – – – 151,474 Prepaid expenses 241,711 – – – 241,711 Investments, fixed maturities and marketable equities 227,737 271,156 2,271,501 – 2,770,394 Investments, other 23,314 125,130 427,096 – 575,540 Deferred policy acquisition costs, net – – 128,463 – 128,463 Other assets 46,438 730 3,884 – 51,052 Right of use assets - financing, net 474,765 – – – 474,765 Right of use assets - operating, net 57,978 914 25 – 58,917 Related party assets 69,144 2,347 12,268 (35,451) (c) 48,308 3,434,626 459,897 2,891,574 (35,451) 6,750,646 Investment in subsidiaries 426,779 – – (426,779) (b) – Property, plant and equipment, at cost: Land 1,537,206 – – – 1,537,206 Buildings and improvements 7,088,810 – – – 7,088,810 Furniture and equipment 928,241 – – – 928,241 Rental trailers and other rental equipment 827,696 – – – 827,696 Rental trucks 5,278,340 – – – 5,278,340 15,660,293 – – – 15,660,293 Less: Accumulated depreciation (4,310,205) – – – (4,310,205) Total property, plant and equipment, net 11,350,088 – – – 11,350,088 Total assets $ 15,211,493 $ 459,897 $ 2,891,574 |
Consolidated Statement of Operations by Industry Segment | Consolidating statement of operations by industry segment for the quarter ended June 30, 2023 are as follows: Moving & Storage Property & Casualty Insurance (a) Life Eliminations U-Haul Holding Company (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 1,000,079 $ – $ – $ (873) (c) $ 999,206 Self-storage revenues 198,961 – – – 198,961 Self-moving and self-storage products and service sales 100,872 – – – 100,872 Property management fees 9,177 – – – 9,177 Life insurance premiums – – 23,131 – 23,131 Property and casualty insurance premiums – 21,047 – (725) (c) 20,322 Net investment and interest income 27,295 6,792 31,511 (1,006) (b) 64,592 Other revenue 123,129 – 1,039 (121) (b) 124,047 Total revenues 1,459,513 27,839 55,681 (2,725) 1,540,308 Costs and expenses: Operating expenses 748,283 11,307 5,366 (1,715) (b,c) 763,241 Commission expenses 106,927 – – – 106,927 Cost of sales 70,675 – – – 70,675 Benefits and losses – 4,458 40,886 – 45,344 Amortization of deferred policy acquisition costs – – 8,045 – 8,045 Lease expense 8,102 92 28 (639) (b) 7,583 Depreciation, net of gains on disposals 137,814 – – – 137,814 Net losses on disposal of real estate 1,021 – – – 1,021 Total costs and expenses 1,072,822 15,857 54,325 (2,354) 1,140,650 Earnings from operations before equity in earnings of subsidiaries 386,691 11,982 1,356 (371) 399,658 Equity in earnings of subsidiaries 10,230 – – (10,230) (d) – Earnings from operations 396,921 11,982 1,356 (10,601) 399,658 Other components of net periodic benefit costs (365) – – – (365) Interest expense (60,849) – (120) 371 (b) (60,598) Pretax earnings 335,707 11,982 1,236 (10,230) 338,695 Income tax expense (78,869) (2,472) (516) – (81,857) Net earnings available to common stockholders $ 256,838 | Consolidating statements of operations by industry for the quarter ended June 30, 2022 are as follows: Moving & Storage Property & Casualty Insurance (a) Life Eliminations U-Haul Holding Company (Unaudited) (In thousands) Revenues: Self-moving equipment rentals $ 1,091,710 $ – $ – $ (935) (c) $ 1,090,775 Self-storage revenues 173,177 – – – 173,177 Self-moving and self-storage products and service sales 109,351 – – – 109,351 Property management fees 9,139 – – – 9,139 Life insurance premiums – – 25,781 – 25,781 Property and casualty insurance premiums – 20,830 – (858) (c) 19,972 Net investment and interest income 4,940 2,252 27,388 (1,007) (b) 33,573 Other revenue 135,281 – 934 (143) (b) 136,072 Total revenues 1,523,598 23,082 54,103 (2,943) 1,597,840 Costs and expenses: Operating expenses 719,794 10,194 5,109 (1,930) (b,c) 733,167 Commission expenses 118,493 – – – 118,493 Cost of sales 79,671 – – – 79,671 Benefits and losses – 4,379 35,378 – 39,757 Amortization of deferred policy acquisition costs – – 7,672 – 7,672 Lease expense 7,920 158 28 (631) (b) 7,475 Depreciation, net of gains on disposals 113,796 – – – 113,796 Net losses on disposal of real estate 2,307 – – – 2,307 Total costs and expenses 1,041,981 14,731 48,187 (2,561) 1,102,338 Earnings from operations before equity in earnings of subsidiaries 481,617 8,351 5,916 (382) 495,502 Equity in earnings of subsidiaries 12,009 – – (12,009) (d) – Earnings from operations 493,626 8,351 5,916 (12,391) 495,502 Other components of net periodic benefit costs (304) – – – (304) Interest expense (50,061) – (120) 382 (b) (49,799) Pretax earnings 443,261 8,351 5,796 (12,009) 445,399 Income tax expense (104,916) (1,755) (383) – (107,054) Net earnings available to common stockholders $ 338,345 |
Consolidated Cash Flow Statement by Industry Segment | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2023 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 256,838 $ 9,510 $ 720 $ (10,230) $ 256,838 Earnings from consolidated entities (10,230) – – 10,230 – Adjustments to reconcile net earnings to the cash provided by operations: Depreciation 193,475 – – – 193,475 Amortization of deferred policy acquisition costs – – 8,045 – 8,045 Amortization of premiums and accretion of discounts related to investments, net – 383 4,011 – 4,394 Amortization of debt issuance costs 1,456 – – – 1,456 Interest credited to policyholders – – 17,538 – 17,538 Provision for allowance (recoveries) for losses on trade receivables, net 631 (39) – – 592 Provision for allowance for inventories and parts reserve (327) – – – (327) Net gains on disposal of personal property (55,661) – – – (55,661) Net losses on disposal of real estate 1,021 – – – 1,021 Net gains on sales of investments – (34) (1,880) – (1,914) Net gains on equity investments – (2,429) – – (2,429) Deferred income taxes, net 32,087 2,085 (64) – 34,108 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables (17,964) (411) 940 – (17,435) Inventories and parts (13,068) – – – (13,068) Prepaid expenses 9,870 – – – 9,870 Capitalization of deferred policy acquisition costs – – (3,177) – (3,177) Other assets and right-of-use assets - operating, net (8,769) (231) (957) – (9,957) Related party assets 3,645 (513) – – 3,132 Accounts payable and accrued expenses and operating lease liabilities 52,573 (1,166) (18,295) – 33,112 Policy benefits and losses, claims and loss expenses payable (7,590) (4,047) (461) – (12,098) Other policyholders' funds and liabilities – (267) 4,253 – 3,986 | Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (Unaudited) Cash flows from operating activities: (In thousands) Net earnings $ 338,345 $ 6,596 $ 5,413 $ (12,009) $ 338,345 Earnings from consolidated entities (12,009) – – 12,009 – Adjustments to reconcile net earnings to cash provided by operations: Depreciation 178,144 – – – 178,144 Amortization of deferred policy acquisition costs – – 7,672 – 7,672 Amortization of premiums and accretion of discounts related to investments, net – 421 4,508 – 4,929 Amortization of debt issuance costs 1,473 – – – 1,473 Interest credited to policyholders – – 15,157 – 15,157 Provision for allowance (recoveries) for losses on trade receivables, net (6,075) (76) – – (6,151) Provision for allowance for inventories and parts reserve 4,646 – – – 4,646 Net gains on disposal of personal property (64,348) – – – (64,348) Net gains on disposal of real estate 2,307 – – – 2,307 Net gains on sales of investments – (31) 299 – 268 Net gains on equity investments – 1,551 – – 1,551 Deferred income taxes 61,948 127 1,418 – 63,493 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 18,458 (2,107) (457) – 15,894 Inventories and parts (10,347) – – – (10,347) Prepaid expenses 4,935 – – – 4,935 Capitalization of deferred policy acquisition costs – – (7,398) – (7,398) Other assets and right-of-use assets - operating, net 2,177 (40) (202) – 1,935 Related party assets 747 (263) – – 484 Accounts payable and accrued expenses and operating lease liabilities 78,549 (549) (3,324) – 74,676 Policy benefits and losses, claims and loss expenses payable 8,875 (1,237) (1,595) – 6,043 Other policyholders' funds and liabilities – (159) 1,346 |
Industry Segment and Geograph_2
Industry Segment and Geographic Area Data (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Geographic Areas, Long-Lived Assets [Abstract] | |
Industry Segment and Geographic Area Data | United States Canada Consolidated (Unaudited) (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2023 Total revenues $ 1,461,284 $ 79,024 $ 1,540,308 Depreciation and amortization, net of gains on disposal 148,313 (1,433) 146,880 Interest expense 59,946 652 60,598 Pretax earnings 327,072 11,623 338,695 Income tax expense 78,595 3,262 81,857 Identifiable assets 17,892,739 721,295 18,614,034 Quarter Ended June 30, 2022 Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal 120,986 2,789 123,775 Interest expense 48,948 851 49,799 Pretax earnings 431,881 13,518 445,399 Income tax expense 103,613 3,441 107,054 Identifiable assets 17,202,853 590,958 17,793,811 |
Fair Value Measurements (Table
Fair Value Measurements (Table Text Block) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Financial Instruments, Carrying and Estimated fair values | Fair Value Hierarchy Carrying Total Estimated As of June 30, 2023 Value Level 1 Level 2 Level 3 Fair Value (Unaudited) Assets (In thousands) Reinsurance recoverables and trade receivables, net $ 206,663 $ – $ – $ 206,663 $ 206,663 Mortgage loans, net 510,307 – – 494,664 494,664 Other investments 109,833 – – 109,833 109,833 Total $ 826,803 $ – $ – $ 811,160 $ 811,160 Liabilities Notes, loans and finance leases payable 6,323,782 – 5,743,138 – 5,743,138 Total$ 6,323,782 $ – $ 5,743,138 $ – $ 5,743,138 | Fair Value Hierarchy Carrying Total Estimated As of March 31, 2023 Value Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Reinsurance recoverables and trade receivables, net $ 189,498 $ – $ – $ 189,498 $ 189,498 Mortgage loans, net 466,531 – – 444,957 444,957 Other investments 109,009 – – 109,009 109,009 Total $ 765,038 $ – $ – $ 743,464 $ 743,464 Liabilities Notes, loans and finance leases payable 6,143,350 – 5,710,735 – 5,710,735 Total$ 6,143,350 $ – $ 5,710,735 $ – $ 5,710,735 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | As of June 30, 2023 Total Level 1 Level 2 Level 3 (Unaudited) Assets (In thousands) Short-term investments $ 2,055,145 $ 2,053,510 $ 1,635 $ – Fixed maturities - available for sale 2,407,226 24,549 2,382,618 59 Preferred stock 20,556 20,556 – – Common stock 41,730 41,730 – – Derivatives 16,793 7,539 9,254 – Total$ 4,541,450 $ 2,147,884 $ 2,393,507 $ 59 | As of March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets Short-term investments $ 1,809,441 $ 1,808,797 $ 644 $ – Fixed maturities - available for sale 2,709,037 251,832 2,457,146 59 Preferred stock 21,982 21,982 – – Common stock 39,375 39,375 – – Derivatives 9,606 4,295 5,311 – Total$ 4,589,441 $ 2,126,281 $ 2,463,101 $ 59 |
Revenue Recognition (Table Text
Revenue Recognition (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Next five years and thereafter revenue | Years Ending June 30, 2024 2025 2026 2027 2028 Thereafter (Unaudited) (In thousands) Self-moving equipment rentals $ 6,947 $ – $ – $ – $ – $ – Property lease revenues 21,052 14,626 11,834 8,920 6,235 39,797 Total$ 27,999 $ 14,626 $ 11,834 $ 8,920 $ 6,235 $ 39,797 |
Disaggregation Of Revenue | Quarter Ended June 30, 2023 2022 (Unaudited) (In thousands) Revenues recognized over time: $ 91,315 $ 103,194 Revenues recognized at a point in time: 117,593 126,355 Total revenues recognized under ASC 606 208,908 229,549 Revenues recognized under ASC 842 1,222,316 1,288,031 Revenues recognized under ASC 944 44,492 46,687 Revenues recognized under ASC 320 64,592 33,573 Total revenues$ 1,540,308 $ 1,597,840 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Table Text Block) | 3 Months Ended |
Jun. 30, 2023 | |
Allowance For Credit Loss [Abstract] | |
Accounts Receivable Allowance For Credit Loss [Table Text Block] | Allowance for Credit Losses Trade Receivables Investments, Fixed Maturities Investments, other Total (Unaudited) (in thousands) Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses (4,860) 2,041 16 (2,803) Write-offs against allowance – – – – Recoveries – – – – Balance as of March 31, 2023 $ 3,789 $ 2,101 $ 517 $ 6,407 Provision for (reversal of) credit losses 591 (455) 301 437 Write-offs against allowance – – – – Recoveries – – – – Balance as of June 30, 2023$ 4,380 $ 1,646 $ 818 $ 6,844 |
Basis of Presentation (Narrativ
Basis of Presentation (Narratives) (Details) | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Number of reportable segments | 3 |
Earnings Per Share (Narratives)
Earnings Per Share (Narratives) (Details) | Jun. 30, 2023 $ / shares |
Common Stock [Member] | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Allocation of common stock available to share holders | 10% |
Nonvoting Common Stock [Member] | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common stock, par or stated value per share | $ 0.001 |
Allocation of common stock available to share holders | 90% |
Earnings Per Share Calculation
Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share Diluted Other Disclosures [Abstract] | ||
Net earnings available to common shareholders | $ 256,838 | $ 338,345 |
Common Stock [Member] | ||
Earnings Per Share Diluted Other Disclosures [Abstract] | ||
Weighted Average Number Of Shares Outstanding Basic | 19,607,788 | 19,607,788 |
Percent Weighted Average Shares Outstanding Common Stock | 10% | 10% |
Net earnings available to common shareholders | $ 0 | $ 0 |
Voting Common Stock dividends declared | 0 | (9,804) |
Non-Voting Common Stock dividends declared | (7,059) | 0 |
Non-Voting Common Stock dividends declared | (249,779) | (328,541) |
Undistributed earnings available to common stockholders, participating securities | $ 24,978 | $ 32,854 |
Undistributed earnings per share, common stock | $ 1.27 | $ 1.68 |
Dividends declared per share, distributed | 0 | 0.50 |
Basic and diluted earnings per share Common Stock | $ 1.27 | $ 2.18 |
Nonvoting Common Stock [Member] | ||
Earnings Per Share Diluted Other Disclosures [Abstract] | ||
Weighted Average Number Of Shares Outstanding Basic | 176,470,092 | 176,470,092 |
Percent Weighted Average Shares Outstanding Common Stock | 90% | 90% |
Net earnings available to common shareholders | $ 0 | $ 0 |
Voting Common Stock dividends declared | 0 | (9,804) |
Non-Voting Common Stock dividends declared | (7,059) | 0 |
Non-Voting Common Stock dividends declared | (249,779) | (328,541) |
Undistributed earnings available to common stockholders, participating securities | $ 224,801 | $ 295,687 |
Undistributed earnings per share, common stock | $ 1.27 | $ 1.68 |
Dividends declared per share, distributed | 0.04 | 0 |
Basic and diluted earnings per share Common Stock | $ 1.31 | $ 1.68 |
Nonvoting Common Stock [Member] | Common Stock [Member] | ||
Earnings Per Share Diluted Other Disclosures [Abstract] | ||
Weighted Average Number Of Shares Outstanding Basic | 196,077,880 | 196,077,880 |
Investments (Narratives) (Detai
Investments (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Real Estate [Abstract] | ||
Allowance for probable losses and any unamortized premiums or discount | $ 0.5 | |
Insurance Regulatory Authorites: | ||
Assets held by insurance regulators | 21.4 | $ 23.4 |
Available for sale securities: | ||
Fair value of sold available for sale securites | 113 | |
Other-than-temporary impairments | $ 225 |
Investments (Available For Sale
Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | $ 2,668,172 | $ 3,006,587 |
Gross Unrealized Gains | 3,842 | 5,319 |
Gross unrealized losses more than 12 months | (215,560) | (118,943) |
Gross unrealized losses less than 12 months | (47,582) | (181,825) |
Allowance for Expected Credit Losses | (1,646) | (2,101) |
Fair Value | 2,407,226 | 2,709,037 |
U.S. treasury securities and government obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | 128,050 | 353,189 |
Gross Unrealized Gains | 391 | 3,061 |
Gross unrealized losses more than 12 months | (7,620) | (7,639) |
Gross unrealized losses less than 12 months | (1,973) | (3,935) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 118,848 | 344,676 |
U.S. government agency mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | 33,769 | 34,126 |
Gross Unrealized Gains | 55 | 40 |
Gross unrealized losses more than 12 months | (6,810) | (6,707) |
Gross unrealized losses less than 12 months | (62) | (228) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 26,952 | 27,231 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | 159,833 | 161,960 |
Gross Unrealized Gains | 1,060 | 649 |
Gross unrealized losses more than 12 months | (6,024) | (4,014) |
Gross unrealized losses less than 12 months | (2,788) | (8,090) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | 152,081 | 150,505 |
Corporate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | 1,987,107 | 2,086,432 |
Gross Unrealized Gains | 2,253 | 1,491 |
Gross unrealized losses more than 12 months | (147,453) | (60,224) |
Gross unrealized losses less than 12 months | (39,283) | (156,365) |
Allowance for Expected Credit Losses | (1,646) | (2,101) |
Fair Value | 1,800,978 | 1,869,233 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, equity investments | 359,413 | 370,880 |
Gross Unrealized Gains | 83 | 78 |
Gross unrealized losses more than 12 months | (47,653) | (40,359) |
Gross unrealized losses less than 12 months | (3,476) | (13,207) |
Allowance for Expected Credit Losses | 0 | 0 |
Fair Value | $ 308,367 | $ 317,392 |
Investments (Adjusted cost and
Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Available-for-sale securities, amortized cost: | ||
Amortized cost | $ 2,668,172 | $ 3,006,587 |
Available-for-sale securities, fair value: | ||
Fair Value | 2,407,226 | 2,709,037 |
US Treasury Securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Due in one year or less | 134,115 | 354,875 |
Due after one year through five years | 734,777 | 754,175 |
Due after five years through ten years | 699,066 | 736,089 |
Due after ten years | 740,801 | 790,568 |
Amortized cost | 2,308,759 | 2,635,707 |
Available-for-sale securities, fair value: | ||
Due in one year or less | 130,997 | 354,184 |
Due after one year through five years | 698,857 | 717,552 |
Due after five years through ten years | 637,939 | 665,708 |
Due after ten years | 631,066 | 654,201 |
Fair Value | 2,098,859 | 2,391,645 |
Mortgage-backed securities [Member] | ||
Available-for-sale securities, amortized cost: | ||
Amortized cost | 359,413 | 370,880 |
Available-for-sale securities, fair value: | ||
Fair Value | $ 308,367 | $ 317,392 |
Investments (Available for sa_2
Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | $ 54,757 | $ 55,631 |
Estimated market value, equity investments | 62,286 | 61,357 |
Common stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 29,613 | 29,577 |
Estimated market value, equity investments | 41,730 | 39,375 |
Non-redeemable preferred stocks [Member] | ||
Marketable Securities [Abstract] | ||
Amortized cost, equity investments | 25,144 | 26,054 |
Estimated market value, equity investments | $ 20,556 | $ 21,982 |
Investments (Carrying value of
Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | $ 494,664 | $ 444,957 |
Investments other, amount | 620,140 | 575,540 |
Other Investments [Member] | ||
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract] | ||
Mortgage loans, net | 510,307 | 466,531 |
Short-term investments | 13,490 | 15,921 |
Real estate, other | 72,257 | 72,178 |
Policy loans | 10,852 | 10,921 |
Other equity investments | 13,234 | 9,989 |
Investments other, amount | $ 620,140 | $ 575,540 |
Borrowings (Narratives) (Detail
Borrowings (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | |
Debt instruments, face, payment, and remaining balance amount: | ||||
Notes, loans and leases payable | $ 6,287,231 | $ 6,108,042 | ||
Debt instruments, issuance and maturity dates: | ||||
Remaining Lease Term Finance Lease Weighted Average | 20.3 | 19.2 | ||
Interest paid related to derivative contracts [Abstract] | ||||
Interest paid in cash | $ 55,400 | $ 41,700 | ||
Real estate loan [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 5.78% | |||
Senior Mortgages [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 4.14% | |||
Real estate loans (revolving credit) [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 0% | |||
Real estate loans (revolving credit) [Member] | AMERCO [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin, per loan agreement, minimum rate | 1.55% | |||
Applicable margin, per loan agreement, maximum rate | 6.65% | |||
Unused capacity fee | 0.30% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Line of credit facility, maximum borrowing capacity | $ 465,000 | |||
Real estate loans (revolving credit) [Member] | AMERCO [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin interest rate | 5.10% | |||
Working capital loans two [Member] | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||
Capitalized assets, net book value | 213,100 | |||
Rental Truck (amortizing loans) First Loan [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 3.73% | |||
Rental Truck (amortizing loans) First Loan [Member] | Uhaul International, Inc [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin interest rate | 0.10% | |||
Sum of LIBOR and margin, maximum rate | 2.36% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Line of credit facility, maximum borrowing capacity | $ 615,000 | |||
Line of credit, current borrowing capacity | 590,000 | |||
Line of credit facility, remaining borrowing capacity | 100,000 | |||
Capitalized assets, net book value | $ 735,100 | 822,000 | ||
Rental Truck (amortizing loans) First Loan [Member] | Uhaul International, Inc [Member] | SOFR | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.03% | |||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin, per loan agreement, minimum rate | 1.15% | |||
Applicable margin, per loan agreement, maximum rate | 6.28% | |||
Rental Truck (amortizing loans) First Loan [Member] | Uhaul International, Inc [Member] | SOFR | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.16% | |||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin, per loan agreement, minimum rate | 1.25% | |||
Applicable margin, per loan agreement, maximum rate | 6.50% | |||
Capital Lease Obligations [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 3.92% | |||
Finance Lease [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 4.12% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Capitalized assets, net book value | $ 420,500 | 474,800 | ||
Lease Cost [Abstract] | ||||
Sale Leaseback Transaction Lease Terms | seven (7) year terms | |||
Other Obligations [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt Weighted Average Interest Rate | 6.06% | |||
Other Obligations [Member] | AMERCO [Member] | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||
Notes, loans and leases payable | $ 76,000 | |||
Subsidiary holdings of parent company debt | $ 1,700 | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | ||||
Debt instruments, interest rate, effective percentage: | ||||
Debt instrument, interest rate at period end | 4.30% | |||
Debt instruments, face, payment, and remaining balance amount: | ||||
Line of credit facility, maximum borrowing capacity | $ 204,200 | |||
Line of credit, current borrowing capacity | $ 82,500 | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | SOFR | ||||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin, per loan agreement, maximum rate | 0.10% | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | SOFR | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.15% | |||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin interest rate | 5.90% | |||
Sum of LIBOR and margin, maximum rate | 0.65% | |||
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | SOFR | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.16% | |||
Debt instruments, interest rate, effective percentage: | ||||
Applicable margin interest rate | 6.64% | |||
Sum of LIBOR and margin, maximum rate | 1.38% | |||
Amerco Real Estate Company [Member] | Senior Mortgages [Member] | Minimum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 2.70% | |||
Amerco Real Estate Company [Member] | Senior Mortgages [Member] | Maximum [Member] | ||||
Debt instruments, interest rate, stated percentage: | ||||
Debt instrument, interest rate, stated percentage | 5.50% | |||
Uhaul Intl and Subsidiaries [Member] | Rental Truck (amortizing loans) second loan [Member] | ||||
Debt instruments, face, payment, and remaining balance amount: | ||||
Capitalized assets, net book value | $ 1,628,600 | $ 1,499,100 | ||
Lease Cost [Abstract] | ||||
Sale Leaseback Transaction Lease Terms | seven (7) years |
Borrowings (Long-term Debt Borr
Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Debt instrument, maturities: | ||
Notes, loans and leases payable, gross | $ 5,743,138 | $ 5,710,735 |
Notes, loans and finance/capital leases payable | 6,323,782 | 6,143,350 |
Less: Debt issuance costs | (36,551) | (35,308) |
Total notes, loans and finance/capital leases payable, net | $ 6,287,231 | 6,108,042 |
Real estate loan (amortizing term) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 5.78% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2027 | |
Debt instrument, maturity year range, end | 2037 | |
Notes, loans and leases payable, gross | $ 286,677 | 289,647 |
Real estate loan (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 4.30% | |
Real estate loan (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.64% | |
Senior Mortgages [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 4.14% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2042 | |
Notes, loans and leases payable, gross | $ 2,457,739 | 2,371,231 |
Senior Mortgages [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.70% | |
Senior Mortgages [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.50% | |
Real estate loans (revolving credit) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 0% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, end | 2027 | |
Notes, loans and leases payable, gross | $ 0 | 0 |
Real estate loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 0% | |
Real estate loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 0% | |
Fleet loans (amortizing term) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 3.73% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2029 | |
Notes, loans and leases payable, gross | $ 100,225 | 111,856 |
Fleet loans (amortizing term) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.61% | |
Fleet loans (amortizing term) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.68% | |
Fleet loans (revolving credit) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 5.72% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2026 | |
Debt instrument, maturity year range, end | 2028 | |
Notes, loans and leases payable, gross | $ 590,000 | 615,000 |
Fleet loans (revolving credit) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.36% | |
Fleet loans (revolving credit) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.50% | |
Capital Leases (rental equipment) [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 3.92% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2026 | |
Notes, loans and leases payable, gross | $ 189,037 | 223,205 |
Capital Leases (rental equipment) [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.37% | |
Capital Leases (rental equipment) [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 5.01% | |
Finance capital lease [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 4.12% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2024 | |
Debt instrument, maturity year range, end | 2031 | |
Notes, loans and leases payable, gross | $ 1,425,854 | 1,255,763 |
Finance capital lease [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.60% | |
Finance capital lease [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 6.13% | |
Private placements [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 2.65% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2029 | |
Debt instrument, maturity year range, end | 2035 | |
Notes, loans and leases payable, gross | $ 1,200,000 | 1,200,000 |
Private placements [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.43% | |
Private placements [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 2.88% | |
Other Obligations [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt Weighted Average Interest Rate | 6.06% | |
Debt instrument, maturities: | ||
Debt instrument, maturity year range, start | 2023 | |
Debt instrument, maturity year range, end | 2049 | |
Notes, loans and leases payable, gross | $ 74,250 | $ 76,648 |
Other Obligations [Member] | Minimum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 1.50% | |
Other Obligations [Member] | Maximum [Member] | ||
Debt instruments, interest rate, stated percentage: | ||
Debt instrument, interest rate, stated percentage | 8% |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Long-term debt, by Maturity: | |
2022 | $ 635,909 |
2023 | 474,221 |
2024 | 762,745 |
2025 | 766,958 |
2026 | 833,278 |
Thereafter | 2,850,671 |
Long term debt, amount | $ 6,323,782 |
Borrowings (Components of Inter
Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest expense, borrowings: | ||
Interest expense | $ 64,400 | $ 50,405 |
Capitalized interest | (4,063) | (2,618) |
Amortization of transaction costs | 1,411 | 1,446 |
Interest expense resulting from derivatives | (1,150) | 566 |
Total interest expense | $ 60,598 | $ 49,799 |
Borrowings (Interest Rates and
Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and debt expense: | ||
Weighted average interest rate during the quarter | 6.26% | 1.99% |
Interest rate at quarter end | 6.41% | 2.29% |
Maximum amount outstanding during the quarter | $ 715,000 | $ 1,095,000 |
Average amount outstanding during the quarter | 660,330 | 1,095,000 |
Facility fees | $ 265 | $ 58 |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | |
AOCI Attributable To Parent [Abstract] | ||||
Interest expense | $ 60,598 | $ 49,799 | ||
Derivative Fair Value Of Derivative Net [Abstract] | ||||
Derivative hedges, net market value | 9,254 | $ 5,311 | ||
Decrease, fair value, cash flow hedges | ||||
AOCI Attributable To Parent [Abstract] | ||||
Interest expense | 7,500 | $ 4,300 | ||
Reclassified AOCI | ||||
AOCI Attributable To Parent [Abstract] | ||||
Interest expense | 362,400 | 465,700 | ||
Interest rate contracts | ||||
AOCI Attributable To Parent [Abstract] | ||||
Interest expense | 1,500 | $ 600 | ||
Investments, other | ||||
Derivative Fair Value Of Derivative Net [Abstract] | ||||
Derivative hedges, net market value | 3,800 | 100 | ||
Notional amount (lease) | $ 4,800 | |||
Amounts reclassified from AOCI to interest expense | $ 900 | $ 400 |
Derivatives (Interest rate cont
Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Interest Rate Fair Value Hedges [Abstract] | ||
Assets | $ 9,254 | $ 5,311 |
Liabilities | 0 | 0 |
Notional amount (debt) | $ 204,227 | $ 206,347 |
Derivatives (Effect of Interest
Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
The effect of interest rate contracts on the statement of operations: | ||
(Gain) loss recognized in AOCI on interest rate contracts (effective portion) | $ (3,943) | $ (736) |
Loss recognized in income on interest rate contracts | $ (1,150) | $ 566 |
Derivatives (Equity Market Cont
Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Notional Amount Of Derivatives [Abstract] | ||
Derivative Liability, Notional Amount | $ 204,227 | $ 206,347 |
Equity Swap [Member] | ||
Notional Amount Of Derivatives [Abstract] | ||
Notional amount (lease) | 7,539 | 4,295 |
Derivative Liability, Notional Amount | 0 | 0 |
Derivative Notional Amount | $ 362,436 | $ 465,701 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) components of net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | $ (285,623) | |
Foreign currency translation | 469 | $ 197 |
Unrealized net gain on investments | 20,344 | (136,382) |
Change in fair value of cash flow hedges | 3,842 | 128 |
Amounts reclassified into earnings on hedging activities | (868) | 427 |
Other comprehensive income (loss) | 23,787 | (135,630) |
Balance as of June 30, 2023 | (261,836) | |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | (56,539) | |
Foreign currency translation | 469 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | 469 | |
Balance as of June 30, 2023 | (56,070) | |
Unrealized Net Gain on Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | (232,740) | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | 20,344 | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | 20,344 | |
Balance as of June 30, 2023 | (212,396) | |
Fair Market Value of Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | 4,007 | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 3,842 | |
Amounts reclassified into earnings on hedging activities | (868) | |
Other comprehensive income (loss) | 2,974 | |
Balance as of June 30, 2023 | 6,981 | |
Postretirement Benefit Obligation Gain [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | (351) | |
Foreign currency translation | 0 | |
Unrealized net gain on investments | 0 | |
Change in fair value of cash flow hedges | 0 | |
Amounts reclassified into earnings on hedging activities | 0 | |
Other comprehensive income (loss) | 0 | |
Balance as of June 30, 2023 | (351) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward] | ||
Balance as of March 31, 2023 | (285,623) | |
Foreign currency translation | 469 | 197 |
Unrealized net gain on investments | 20,344 | (136,382) |
Change in fair value of cash flow hedges | 3,842 | 128 |
Amounts reclassified into earnings on hedging activities | (868) | $ 427 |
Other comprehensive income (loss) | 23,787 | |
Balance as of June 30, 2023 | $ (261,836) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narratives) (Details) | 3 Months Ended |
Jun. 30, 2023 $ / shares | |
Common Stock [Member] | |
Dividends [Abstract] | |
Dividends payable, date declared | Apr. 06, 2022 |
Dividend paid, amount per share | $ 0.50 |
Dividends payable, date of record | Apr. 18, 2022 |
Dividends payable, date to be paid | Apr. 29, 2022 |
Nonvoting Common Stock [Member] | |
Dividends [Abstract] | |
Dividends payable, date declared | Jun. 07, 2023 |
Dividend paid, amount per share | $ 0.04 |
Dividends payable, date of record | Jun. 20, 2023 |
Dividends payable, date to be paid | Jun. 30, 2023 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 189 | $ 223.2 |
Operating Cash Flows For Financing Leases | 8.9 | 7.9 |
Cash paid for finance leases | 34.2 | 35 |
Cash paid for operating leases | $ 58.8 | $ 58.4 |
Leases (Components of our right
Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Finance Lease [Abstract] | ||
Buildings and Improvements | $ 133,248 | $ 128,221 |
Furniture and equipment | 7,109 | 9,687 |
Rental trailers and other rental equipment | 128,865 | 152,294 |
Rental trucks | 879,054 | 949,838 |
Right-of-use assets, gross | 1,148,276 | 1,240,040 |
Less: Accumulated depreciation | (668,302) | (706,358) |
Right of use assets, net | 479,974 | 533,682 |
Finance Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 0 | 0 |
Furniture and equipment | 7,109 | 9,687 |
Rental trailers and other rental equipment | 128,865 | 152,294 |
Rental trucks | 879,054 | 949,838 |
Right-of-use assets, gross | 1,015,028 | 1,111,819 |
Less: Accumulated depreciation | (594,532) | (637,054) |
Right of use assets, net | 420,496 | 474,765 |
Operating Lease [Member] | ||
Finance Lease [Abstract] | ||
Buildings and Improvements | 133,248 | 128,221 |
Furniture and equipment | 0 | 0 |
Rental trailers and other rental equipment | 0 | 0 |
Rental trucks | 0 | 0 |
Right-of-use assets, gross | 133,248 | 128,221 |
Less: Accumulated depreciation | (73,770) | (69,304) |
Right of use assets, net | $ 59,478 | $ 58,917 |
Leases (Finance Leases Weighted
Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | |
Finance Leases Weighted Average Remaining Lease Term And Discount Rate[Abstract] | |||
Remaining Lease Term Operating Lease Weighted Average | 2 | 2 | |
Finance Lease Weighted Average Discount Rate Percent | 3.90% | 3.80% |
Leases (Operating Leases Weight
Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | |
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract] | |||
Remaining Lease Term Finance Lease Weighted Average | 20.3 | 19.2 | |
Operating Lease Weighted Average Discount Rate Percent | 4.70% | 4.70% |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Lease cost: | ||
Operating lease costs | $ 8,102 | $ 7,920 |
Finance lease cost: | ||
Amortization of right of use assets | 16,754 | 22,396 |
Interest on lease liabilities | 2,146 | 3,218 |
Total finance lease cost | $ 18,900 | $ 25,614 |
Leases (Maturities of lease lia
Leases (Maturities of lease liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Finance Lease Liabilities Payments Due [Abstract] | ||
2023 | $ 75,174 | |
2024 | 77,194 | |
2025 | 46,457 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total lease payments | 198,825 | |
Less: imputed interest | (9,788) | |
Present value of finance lease liabilities | 189,037 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
2023 | 18,686 | |
2024 | 12,244 | |
2025 | 5,534 | |
2026 | 4,087 | |
2027 | 3,483 | |
Thereafter | 62,497 | |
Total lease payments | 106,531 | |
Less: inputed interest | (47,723) | |
Present value of operating lease liabilities | $ 58,808 | $ 58,373 |
Related Party Transactions (Nar
Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Sac Holdings [Member] | ||
Property Management Fee [Abstract] | ||
Property Management Fee Revenue | $ 8.2 | |
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: | ||
Expenses, related parties | $ 6.6 | |
Cash flow, related party | $ 6.9 | |
Commission expenses, generated from dealer agreement with related parties | 22.7 | 24.9 |
Payments to aquire assets, other | 103.5 | 117.9 |
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member] | ||
Related party costs and expenses: | ||
Expenses, related parties | $ 0.9 | $ 0.6 |
Related Party Transactions (Rel
Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related party transactions: | ||
Management fee revenue | $ 9,177 | $ 9,139 |
Blackwater [Member] | ||
Related party transactions: | ||
Management fee revenue | 7,696 | 7,729 |
Mercury [Member] | ||
Related party transactions: | ||
Management fee revenue | $ 1,481 | $ 1,410 |
Related Party Transactions (R_2
Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related party cost and expense: | ||
Related party expenses, total | $ 23,656 | $ 25,486 |
Blackwater [Member] | ||
Related party cost and expense: | ||
U-Haul lease expenses | 604 | 604 |
U-Haul commission expenses | $ 22,703 | $ 24,882 |
Related Party Transactions (R_3
Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Related party assets: | ||
Related party assets | $ 43,102 | $ 48,308 |
Blackwater [Member] | ||
Related party assets: | ||
Amounts due to related parties | 41,146 | 42,141 |
Mercury [Member] | ||
Related party assets: | ||
Amounts due to related parties | 6,446 | 8,402 |
Insurance Group [Member] | ||
Related party assets: | ||
Amounts due to related parties | $ (4,490) | $ (2,235) |
Consolidating financial infor_3
Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 |
ASSETS: | |||
Cash and cash equivalents | $ 2,377,124 | $ 2,060,524 | |
Reinsurance recoverables and trade receivables, net | 206,663 | 189,498 | |
Inventories, net | 164,884 | 151,474 | |
Prepaid expenses | 232,039 | 241,711 | |
Investments, fixed maturities and marketable equities | 2,469,512 | 2,770,394 | |
Investments, other | 620,140 | 575,540 | |
Deferred policy acquisition costs, net | 123,596 | 128,463 | |
Other assets | 60,821 | 51,052 | |
Right of use Assets - Financing | 420,496 | 474,765 | |
Right of use Assets - Operating | 59,496 | 58,917 | |
Related party assets | 43,102 | 48,308 | |
Subtotal assets | 6,777,873 | 6,750,646 | |
Investments in subsidiaries | 0 | 0 | |
Property, plant and equipment, at cost: | |||
Land | 1,555,326 | 1,537,206 | |
Buildings and improvements | 7,364,517 | 7,088,810 | |
Furniture and equipment | 942,036 | 928,241 | |
Property, plant and equipment (gross) | 16,322,927 | 15,660,293 | |
Less: Accumulated depreciation | (4,486,766) | (4,310,205) | |
Total property, plant and equipment | 11,836,161 | 11,350,088 | |
Total assets | 18,614,034 | 18,100,734 | $ 17,793,811 |
Liabilities: | |||
Accounts payable and accrued expenses | 778,605 | 761,039 | |
Notes, loans and leases payable | 6,287,231 | 6,108,042 | |
Financing lease liability | 189,037 | ||
Operating lease liability | 58,808 | 58,373 | |
Policy benefits and losses, claims and loss expenses payable | 878,436 | 880,202 | |
Liabilities from investment contracts | 2,384,330 | 2,398,884 | |
Other policyholders' funds and liabilities | 12,218 | 8,232 | |
Deferred income | 64,790 | 52,282 | |
Deferred income taxes, net | 1,371,859 | 1,329,489 | |
Related party liabilities | 0 | 0 | |
Total liabilities | 11,836,277 | 11,596,543 | |
Stockholders' equity: | |||
Additional paid-in capital | 453,643 | 453,643 | |
Accumulated other comprehensive loss | (261,836) | (285,623) | |
Retained earnings | 7,252,927 | 7,003,148 | |
Total stockholders' equity | 6,777,757 | 6,504,191 | |
Total liabilities and stockholders' equity | 18,614,034 | 18,100,734 | |
Rental Trailers and Other Rental Equipment [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 866,916 | 827,696 | |
Rental Trucks [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 5,594,132 | 5,278,340 | |
Series A Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock, value, issued | 0 | 0 | |
Series B Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock, value, issued | 0 | 0 | |
Serial Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock, value, issued | 0 | 0 | |
Amerco Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock, value, issued | 10,497 | 10,497 | |
Common Stock in Treasury [Member] | |||
Stockholders' equity: | |||
Treasury stock, value | (525,653) | (525,653) | |
Preferred Stock in Treasury [Member] | |||
Stockholders' equity: | |||
Treasury stock, value | (151,997) | (151,997) | |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | |||
ASSETS: | |||
Cash and cash equivalents | 2,302,380 | 2,034,242 | |
Reinsurance recoverables and trade receivables, net | 125,222 | 107,823 | |
Inventories, net | 164,884 | 151,474 | |
Prepaid expenses | 232,039 | 241,711 | |
Investments, fixed maturities and marketable equities | 0 | 227,737 | |
Investments, other | 23,330 | 23,314 | |
Deferred policy acquisition costs, net | 0 | 0 | |
Other assets | 54,916 | 46,438 | |
Right of use Assets - Financing | 420,496 | 474,765 | |
Right of use Assets - Operating | 58,622 | 57,978 | |
Related party assets | 65,625 | 69,144 | |
Subtotal assets | 3,447,514 | 3,434,626 | |
Investments in subsidiaries | 459,095 | 426,779 | |
Property, plant and equipment, at cost: | |||
Land | 1,555,326 | 1,537,206 | |
Buildings and improvements | 7,364,517 | 7,088,810 | |
Furniture and equipment | 942,036 | 928,241 | |
Property, plant and equipment (gross) | 16,322,927 | 15,660,293 | |
Less: Accumulated depreciation | (4,486,766) | (4,310,205) | |
Total property, plant and equipment | 11,836,161 | 11,350,088 | |
Total assets | 15,742,770 | 15,211,493 | |
Liabilities: | |||
Accounts payable and accrued expenses | 768,784 | 729,679 | |
Notes, loans and leases payable | 6,287,231 | 6,108,042 | |
Operating lease liability | 57,937 | 57,418 | |
Policy benefits and losses, claims and loss expenses payable | 328,009 | 335,227 | |
Liabilities from investment contracts | 0 | 0 | |
Other policyholders' funds and liabilities | 0 | 0 | |
Deferred income | 64,790 | 52,282 | |
Deferred income taxes, net | 1,437,773 | 1,405,391 | |
Related party liabilities | 26,630 | 25,082 | |
Total liabilities | 8,971,154 | 8,713,121 | |
Stockholders' equity: | |||
Additional paid-in capital | 453,853 | 453,853 | |
Accumulated other comprehensive loss | (267,977) | (291,442) | |
Retained earnings | 7,252,717 | 7,002,938 | |
Total stockholders' equity | 6,771,616 | 6,498,372 | |
Total liabilities and stockholders' equity | 15,742,770 | 15,211,493 | |
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 | 866,916 | 827,696 | |
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 | 5,594,132 | 5,278,340 | |
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 | 14,038 | 11,276 | |
Reinsurance recoverables and trade receivables, net | 49,051 | 48,344 | |
Inventories, net | 0 | 0 | |
Prepaid expenses | 0 | 0 | |
Investments, fixed maturities and marketable equities | 274,003 | 271,156 | |
Investments, other | 129,392 | 125,130 | |
Deferred policy acquisition costs, net | 0 | 0 | |
Other assets | 1,063 | 730 | |
Right of use Assets - Financing | 0 | 0 | |
Right of use Assets - Operating | 850 | 914 | |
Related party assets | 2,860 | 2,347 | |
Subtotal assets | 471,257 | 459,897 | |
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 | 471,257 | 459,897 | |
Liabilities: | |||
Accounts payable and accrued expenses | 3,303 | 4,470 | |
Notes, loans and leases payable | 0 | 0 | |
Operating lease liability | 864 | 928 | |
Policy benefits and losses, claims and loss expenses payable | 148,960 | 153,007 | |
Liabilities from investment contracts | 0 | 0 | |
Other policyholders' funds and liabilities | 2,435 | 2,702 | |
Deferred income | 0 | 0 | |
Deferred income taxes, net | 4,776 | 1,713 | |
Related party liabilities | 3,199 | 2,544 | |
Total liabilities | 163,537 | 165,364 | |
Stockholders' equity: | |||
Additional paid-in capital | 91,120 | 91,120 | |
Accumulated other comprehensive loss | (11,043) | (14,720) | |
Retained earnings | 224,342 | 214,832 | |
Total stockholders' equity | 307,720 | 294,533 | |
Total liabilities and stockholders' equity | 471,257 | 459,897 | |
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 | 60,706 | 15,006 | |
Reinsurance recoverables and trade receivables, net | 32,390 | 33,331 | |
Inventories, net | 0 | 0 | |
Prepaid expenses | 0 | 0 | |
Investments, fixed maturities and marketable equities | 2,195,509 | 2,271,501 | |
Investments, other | 467,418 | 427,096 | |
Deferred policy acquisition costs, net | 123,596 | 128,463 | |
Other assets | 4,842 | 3,884 | |
Right of use Assets - Financing | 0 | 0 | |
Right of use Assets - Operating | 24 | 25 | |
Related party assets | 11,945 | 12,268 | |
Subtotal assets | 2,896,430 | 2,891,574 | |
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 | 2,896,430 | 2,891,574 | |
Liabilities: | |||
Accounts payable and accrued expenses | 6,518 | 26,890 | |
Notes, loans and leases payable | 0 | 0 | |
Operating lease liability | 7 | 27 | |
Policy benefits and losses, claims and loss expenses payable | 401,467 | 391,968 | |
Liabilities from investment contracts | 2,384,330 | 2,398,884 | |
Other policyholders' funds and liabilities | 9,783 | 5,530 | |
Deferred income | 0 | 0 | |
Deferred income taxes, net | (70,690) | (77,615) | |
Related party liabilities | 13,640 | 13,644 | |
Total liabilities | 2,745,055 | 2,759,328 | |
Stockholders' equity: | |||
Additional paid-in capital | 26,271 | 26,271 | |
Accumulated other comprehensive loss | (207,495) | (225,904) | |
Retained earnings | 330,099 | 329,379 | |
Total stockholders' equity | 151,375 | 132,246 | |
Total liabilities and stockholders' equity | 2,896,430 | 2,891,574 | |
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 | (37,328) | (35,451) | |
Subtotal assets | (37,328) | (35,451) | |
Investments in subsidiaries | (459,095) | (426,779) | |
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 | (496,423) | (462,230) | |
Liabilities: | |||
Accounts payable and accrued expenses | 0 | 0 | |
Notes, loans and leases payable | 0 | 0 | |
Operating lease liability | 0 | 0 | |
Policy benefits and losses, claims and loss expenses payable | 0 | 0 | |
Liabilities from investment contracts | 0 | 0 | |
Other policyholders' funds and liabilities | 0 | 0 | |
Deferred income | 0 | 0 | |
Deferred income taxes, net | 0 | 0 | |
Related party liabilities | (43,469) | (41,270) | |
Total liabilities | (43,469) | (41,270) | |
Stockholders' equity: | |||
Additional paid-in capital | (117,601) | (117,601) | |
Accumulated other comprehensive loss | 224,679 | 246,443 | |
Retained earnings | (554,231) | (544,001) | |
Total stockholders' equity | (452,954) | (420,960) | |
Total liabilities and stockholders' equity | (496,423) | (462,230) | |
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 0 | 0 | |
Consolidation, Eliminations [Member] | Rental Trucks [Member] | |||
Property, plant and equipment, at cost: | |||
Property subject to or available for operating lease, gross | 0 | 0 | |
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock, value, issued | 0 | 0 | |
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member] | |||
Stockholders' equity: | |||
Preferred stock, value, issued | 0 | 0 | |
Consolidation, Eliminations [Member] | Serial Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock, value, issued | 0 | 0 | |
Consolidation, Eliminations [Member] | Amerco Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock, value, issued | (5,801) | (5,801) | |
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member] | |||
Stockholders' equity: | |||
Treasury stock, value | 0 | 0 | |
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member] | |||
Stockholders' equity: | |||
Treasury stock, value | $ 0 | $ 0 |
Consolidating financial infor_4
Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||
Self-moving equipment rentals | $ 999,206 | $ 1,090,775 |
Self-storage revenues | 198,961 | 173,177 |
Self moving and self-storage products and service sales | 100,872 | 109,351 |
Property management fees | 9,177 | 9,139 |
Life insurance premiums | 23,131 | 25,781 |
Property and casualty insurance premiums | 20,322 | 19,972 |
Investment income interest and dividend | 64,592 | 33,573 |
Other revenue | 124,047 | 136,072 |
Total revenues | 1,540,308 | 1,597,840 |
Costs and expenses: | ||
Operating expenses | 763,241 | 733,167 |
Commission expenses | 106,927 | 118,493 |
Cost of sales | 70,675 | 79,671 |
Benefits and losses | 45,344 | 39,757 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Lease expense | 7,583 | 7,475 |
Depreciation, net of (gains) losses on disposals | 137,814 | 113,796 |
Net (gains) losses on disposal of real estate | 1,021 | 2,307 |
Total costs and expenses | 1,140,650 | 1,102,338 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 399,658 | 495,502 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 399,658 | 495,502 |
Other components of net periodic benefit costs | (365) | (304) |
Interest expense | (60,598) | (49,799) |
Pretax earnings | 338,695 | 445,399 |
Income tax expense | (81,857) | (107,054) |
Earnings available to common stockholders | 256,838 | 338,345 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 1,000,079 | 1,091,710 |
Self-storage revenues | 198,961 | 173,177 |
Self moving and self-storage products and service sales | 100,872 | 109,351 |
Property management fees | 9,177 | 9,139 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | 0 | 0 |
Investment income interest and dividend | 27,295 | 4,940 |
Other revenue | 123,129 | 135,281 |
Total revenues | 1,459,513 | 1,523,598 |
Costs and expenses: | ||
Operating expenses | 748,283 | 719,794 |
Commission expenses | 106,927 | 118,493 |
Cost of sales | 70,675 | 79,671 |
Benefits and losses | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | 8,102 | 7,920 |
Depreciation, net of (gains) losses on disposals | 137,814 | 113,796 |
Net (gains) losses on disposal of real estate | 1,021 | 2,307 |
Total costs and expenses | 1,072,822 | 1,041,981 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 386,691 | 481,617 |
Equity in earnings of subsidiaries | 10,230 | 12,009 |
Earnings from operations | 396,921 | 493,626 |
Other components of net periodic benefit costs | (365) | (304) |
Interest expense | (60,849) | (50,061) |
Pretax earnings | 335,707 | 443,261 |
Income tax expense | (78,869) | (104,916) |
Earnings available to common stockholders | 256,838 | 338,345 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 0 | 0 |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | 21,047 | 20,830 |
Investment income interest and dividend | 6,792 | 2,252 |
Other revenue | 0 | 0 |
Total revenues | 27,839 | 23,082 |
Costs and expenses: | ||
Operating expenses | 11,307 | 10,194 |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 4,458 | 4,379 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | 92 | 158 |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | 15,857 | 14,731 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 11,982 | 8,351 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 11,982 | 8,351 |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | 0 | 0 |
Pretax earnings | 11,982 | 8,351 |
Income tax expense | (2,472) | (1,755) |
Earnings available to common stockholders | 9,510 | 6,596 |
Operating Segments [Member] | Life Insurance [Member] | ||
Revenues: | ||
Self-moving equipment rentals | 0 | 0 |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 23,131 | 25,781 |
Property and casualty insurance premiums | 0 | 0 |
Investment income interest and dividend | 31,511 | 27,388 |
Other revenue | 1,039 | 934 |
Total revenues | 55,681 | 54,103 |
Costs and expenses: | ||
Operating expenses | 5,366 | 5,109 |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 40,886 | 35,378 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Lease expense | 28 | 28 |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | 54,325 | 48,187 |
Earnings (loss) from operations before equity in earnings of subsidiaries | 1,356 | 5,916 |
Equity in earnings of subsidiaries | 0 | 0 |
Earnings from operations | 1,356 | 5,916 |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | (120) | (120) |
Pretax earnings | 1,236 | 5,796 |
Income tax expense | (516) | (383) |
Earnings available to common stockholders | 720 | 5,413 |
Consolidation, Eliminations [Member] | ||
Revenues: | ||
Self-moving equipment rentals | (873) | (935) |
Self-storage revenues | 0 | 0 |
Self moving and self-storage products and service sales | 0 | 0 |
Property management fees | 0 | 0 |
Life insurance premiums | 0 | 0 |
Property and casualty insurance premiums | (725) | (858) |
Investment income interest and dividend | (1,006) | (1,007) |
Other revenue | (121) | (143) |
Total revenues | (2,725) | (2,943) |
Costs and expenses: | ||
Operating expenses | (1,715) | (1,930) |
Commission expenses | 0 | 0 |
Cost of sales | 0 | 0 |
Benefits and losses | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Lease expense | (639) | (631) |
Depreciation, net of (gains) losses on disposals | 0 | 0 |
Net (gains) losses on disposal of real estate | 0 | 0 |
Total costs and expenses | (2,354) | (2,561) |
Earnings (loss) from operations before equity in earnings of subsidiaries | (371) | (382) |
Equity in earnings of subsidiaries | (10,230) | (12,009) |
Earnings from operations | (10,601) | (12,391) |
Other components of net periodic benefit costs | 0 | 0 |
Interest expense | 371 | 382 |
Pretax earnings | (10,230) | (12,009) |
Income tax expense | 0 | 0 |
Earnings available to common stockholders | $ (10,230) | $ (12,009) |
Consolidating financial infor_5
Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities: | ||
Net earnings | $ 256,838 | $ 338,345 |
Earnings from consolidated entities | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 193,475 | 178,144 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,394 | 4,929 |
Amortization of debt issuance costs | 1,456 | 1,473 |
Interest credited to policyholders | 17,538 | 15,157 |
Change in allowance for losses on trade receivables | 592 | (6,151) |
Change in allowance for inventory reserves | (327) | 4,646 |
Net gain on sale of real and personal property | (55,661) | (64,348) |
Net losses on disposal of real estate | 1,021 | 2,307 |
Net (gain) loss on sale of investments | (1,914) | 268 |
Net (gain) losses equity investments | (2,429) | 1,551 |
Deferred income tax | 34,108 | 63,493 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (17,435) | 15,894 |
Inventories | (13,068) | (10,347) |
Prepaid expenses | 9,870 | 4,935 |
Capitalization of deferred policy acquisition costs | (3,177) | (7,398) |
Other assets | (9,957) | 1,935 |
Related party assets | 3,132 | 484 |
Accounts payable and accrued expenses | 33,112 | 74,676 |
Policy benefits and losses, claims and loss expenses payable | (12,098) | 6,043 |
Other policyholders' funds and liabilities | 3,986 | 1,187 |
Deferred income | 11,999 | 14,448 |
Related party liabilities | 2,197 | 2,028 |
Net cash provided by operating activities | 465,697 | 651,371 |
Cash flow from investing activities: | ||
Escrow deposits | (361) | 4,789 |
Purchase of: | ||
Property, plant and equipment | (773,577) | (646,137) |
Short term investments | (9,957) | (22,017) |
Fixed maturity investments | (3,251) | (36,488) |
Equity Securities | (242) | (1,366) |
Real estate | (415) | 0 |
Mortgage loans | (52,450) | (42,561) |
Proceeds from sale of: | ||
Property, plant and equipment | 193,455 | 159,180 |
Short term investments | 11,745 | 18,073 |
Fixed maturity investments | 336,859 | 55,808 |
Preferred stock | 236 | 362 |
Mortgage loans | 8,377 | 32,345 |
Net cash used by investing activities | (288,668) | (478,012) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 445,493 | 393,264 |
Principal repayments on credit facilities | (232,824) | (145,369) |
Payment of debt issuance costs | (2,688) | (1,069) |
Capital lease payments | (34,168) | (34,982) |
Common stock dividends paid | 0 | (9,804) |
Investment contract deposits | 51,239 | 85,767 |
Investment contract withdrawals | (83,331) | (62,911) |
Net cash provided by (used in) financing activities | 136,741 | 224,896 |
Effects on exchange rate on cash | 2,830 | (4,121) |
Increase (decrease) cash and cash equivalents | 316,600 | 394,134 |
Cash and cash equivalents at beginning of period | 2,060,524 | 2,704,137 |
Cash and cash equivalents at end of period | 2,377,124 | 3,098,271 |
Operating Segments [Member] | Moving and Storage Consolidations [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 256,838 | 338,345 |
Earnings from consolidated entities | (10,230) | (12,009) |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 193,475 | 178,144 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 |
Amortization of debt issuance costs | 1,456 | 1,473 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | 631 | (6,075) |
Change in allowance for inventory reserves | (327) | 4,646 |
Net gain on sale of real and personal property | (55,661) | (64,348) |
Net losses on disposal of real estate | 1,021 | 2,307 |
Net (gain) loss on sale of investments | 0 | 0 |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | 32,087 | 61,948 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (17,964) | 18,458 |
Inventories | (13,068) | (10,347) |
Prepaid expenses | 9,870 | 4,935 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | (8,769) | 2,177 |
Related party assets | 3,645 | 747 |
Accounts payable and accrued expenses | 52,573 | 78,549 |
Policy benefits and losses, claims and loss expenses payable | (7,590) | 8,875 |
Other policyholders' funds and liabilities | 0 | 0 |
Deferred income | 12,441 | 14,501 |
Related party liabilities | 1,547 | 1,251 |
Net cash provided by operating activities | 451,975 | 623,577 |
Cash flow from investing activities: | ||
Escrow deposits | (361) | 4,789 |
Purchase of: | ||
Property, plant and equipment | (773,577) | (646,137) |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Equity Securities | 0 | 0 |
Real estate | (16) | |
Mortgage loans | 0 | 0 |
Proceeds from sale of: | ||
Property, plant and equipment | 193,455 | 159,180 |
Short term investments | 0 | 0 |
Fixed maturity investments | 224,999 | 0 |
Preferred stock | 0 | |
Mortgage loans | 0 | 0 |
Net cash used by investing activities | (355,500) | (482,168) |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 445,493 | 393,264 |
Principal repayments on credit facilities | (232,824) | (145,369) |
Payment of debt issuance costs | (2,688) | (1,069) |
Capital lease payments | (34,168) | (34,982) |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 168,833 | 202,040 |
Effects on exchange rate on cash | 2,830 | (4,121) |
Increase (decrease) cash and cash equivalents | 268,138 | 339,328 |
Cash and cash equivalents at beginning of period | 2,034,242 | 2,643,213 |
Cash and cash equivalents at end of period | 2,302,380 | 2,982,541 |
Operating Segments [Member] | Property and Casualty Insurance [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 9,510 | 6,596 |
Earnings from consolidated entities | 0 | 0 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 383 | 421 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | (39) | (76) |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | (34) | (31) |
Net (gain) losses equity investments | (2,429) | 1,551 |
Deferred income tax | 2,085 | 127 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | (411) | (2,107) |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | (231) | (40) |
Related party assets | (513) | (263) |
Accounts payable and accrued expenses | (1,166) | (549) |
Policy benefits and losses, claims and loss expenses payable | (4,047) | (1,237) |
Other policyholders' funds and liabilities | (267) | (159) |
Deferred income | 0 | 0 |
Related party liabilities | 655 | 517 |
Net cash provided by operating activities | 3,496 | 4,750 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | (9,216) | (21,966) |
Fixed maturity investments | (495) | (9,839) |
Equity Securities | (242) | (1,366) |
Real estate | 0 | |
Mortgage loans | (7,300) | (6,975) |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 11,676 | 18,073 |
Fixed maturity investments | 3,490 | 6,852 |
Preferred stock | 236 | |
Mortgage loans | 204 | 8,374 |
Net cash used by investing activities | (734) | (6,485) |
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 |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | 2,762 | (1,735) |
Cash and cash equivalents at beginning of period | 11,276 | 10,800 |
Cash and cash equivalents at end of period | 14,038 | 9,065 |
Operating Segments [Member] | Life Insurance [Member] | ||
Cash flow from operating activities: | ||
Net earnings | 720 | 5,413 |
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 | 8,045 | 7,672 |
Amortization of premiums and accretion of discounts related to investments, inc | 4,011 | 4,508 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 17,538 | 15,157 |
Change in allowance for losses on trade receivables | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | (1,880) | 299 |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | (64) | 1,418 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 940 | (457) |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | (3,177) | (7,398) |
Other assets | (957) | (202) |
Related party assets | 0 | 0 |
Accounts payable and accrued expenses | (18,295) | (3,324) |
Policy benefits and losses, claims and loss expenses payable | (461) | (1,595) |
Other policyholders' funds and liabilities | 4,253 | 1,346 |
Deferred income | (442) | (53) |
Related party liabilities | (5) | 260 |
Net cash provided by operating activities | 10,226 | 23,044 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | (741) | (51) |
Fixed maturity investments | (2,756) | (26,649) |
Equity Securities | 0 | 0 |
Real estate | (399) | |
Mortgage loans | (45,150) | (35,586) |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 69 | 0 |
Fixed maturity investments | 108,370 | 48,956 |
Preferred stock | 0 | |
Mortgage loans | 8,173 | 23,971 |
Net cash used by investing activities | 67,566 | 10,641 |
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 |
Investment contract deposits | 51,239 | 85,767 |
Investment contract withdrawals | (83,331) | (62,911) |
Net cash provided by (used in) financing activities | (32,092) | 22,856 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | 45,700 | 56,541 |
Cash and cash equivalents at beginning of period | 15,006 | 50,124 |
Cash and cash equivalents at end of period | 60,706 | 106,665 |
Consolidation, Eliminations [Member] | ||
Cash flow from operating activities: | ||
Net earnings | (10,230) | (12,009) |
Earnings from consolidated entities | 10,230 | 12,009 |
Adjustments to reconcile net earnings to cash provided by operations: | ||
Depreciation | 0 | 0 |
Amortization of deferred policy acquisition costs | 0 | 0 |
Amortization of premiums and accretion of discounts related to investments, inc | 0 | 0 |
Amortization of debt issuance costs | 0 | 0 |
Interest credited to policyholders | 0 | 0 |
Change in allowance for losses on trade receivables | 0 | 0 |
Change in allowance for inventory reserves | 0 | 0 |
Net gain on sale of real and personal property | 0 | 0 |
Net losses on disposal of real estate | 0 | 0 |
Net (gain) loss on sale of investments | 0 | 0 |
Net (gain) losses equity investments | 0 | 0 |
Deferred income tax | 0 | 0 |
Net change in other operating assets and liabilities: | ||
Reinsurance recoverables and trade receivables | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Capitalization of deferred policy acquisition costs | 0 | 0 |
Other assets | 0 | 0 |
Related party assets | 0 | 0 |
Accounts payable and accrued expenses | 0 | 0 |
Policy benefits and losses, claims and loss expenses payable | 0 | 0 |
Other policyholders' funds and liabilities | 0 | 0 |
Deferred income | 0 | 0 |
Related party liabilities | 0 | 0 |
Net cash provided by operating activities | 0 | 0 |
Cash flow from investing activities: | ||
Escrow deposits | 0 | 0 |
Purchase of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Equity Securities | 0 | 0 |
Real estate | 0 | |
Mortgage loans | 0 | 0 |
Proceeds from sale of: | ||
Property, plant and equipment | 0 | 0 |
Short term investments | 0 | 0 |
Fixed maturity investments | 0 | 0 |
Preferred stock | 0 | |
Mortgage loans | 0 | 0 |
Net cash used by investing activities | 0 | 0 |
Cash flow from financing activities: | ||
Borrowings from credit facilities | 0 | 0 |
Principal repayments on credit facilities | 0 | 0 |
Payment of debt issuance costs | 0 | 0 |
Capital lease payments | 0 | 0 |
Investment contract deposits | 0 | 0 |
Investment contract withdrawals | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects on exchange rate on cash | 0 | 0 |
Increase (decrease) cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Industry Segment and Geograph_3
Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Quarter ended: | |||
Total revenues | $ 1,540,308 | $ 1,597,840 | |
Depreciation and amortization, net of (gains) losses on disposals | 146,880 | 123,775 | |
Interest expense | 60,598 | 49,799 | |
Pretax earnings (loss) | 338,695 | 445,399 | |
Income tax expense | 81,857 | 107,054 | |
Identifiable assets | 18,614,034 | 17,793,811 | $ 18,100,734 |
United States [Member] | |||
Quarter ended: | |||
Total revenues | 1,461,284 | 1,510,386 | |
Depreciation and amortization, net of (gains) losses on disposals | 148,313 | 120,986 | |
Interest expense | 59,946 | 48,948 | |
Pretax earnings (loss) | 327,072 | 431,881 | |
Income tax expense | 78,595 | 103,613 | |
Identifiable assets | 17,892,739 | 17,202,853 | |
Canada [Member] | |||
Quarter ended: | |||
Total revenues | 79,024 | 87,454 | |
Depreciation and amortization, net of (gains) losses on disposals | (1,433) | 2,789 | |
Interest expense | 652 | 851 | |
Pretax earnings (loss) | 11,623 | 13,518 | |
Income tax expense | 3,262 | 3,441 | |
Identifiable assets | $ 721,295 | $ 590,958 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Postemployment Benefits [Abstract] | ||
Service cost for benefits earned during the period | $ 297 | $ 332 |
Other components of net periodic benefit costs: | ||
Interest cost on accumulated postretirement benefit | 367 | 287 |
Other components | (2) | 17 |
Total other components of net periodic benefit costs | 365 | 304 |
Net periodic postretirement benefit cost | $ 662 | $ 636 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Assets | ||
Reinsurance recoverables and trade receivables, net | $ 206,663 | $ 189,498 |
Mortgage loans, net | 494,664 | 444,957 |
Other investments | 109,833 | 109,009 |
Total | 811,160 | 743,464 |
Liabilities | ||
Notes, loans and leases payable, gross | 5,743,138 | 5,710,735 |
Total | 5,743,138 | 5,710,735 |
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 | 5,743,138 | 5,710,735 |
Total | 5,743,138 | 5,710,735 |
Level 3 [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 206,663 | 189,498 |
Mortgage loans, net | 494,664 | 444,957 |
Other investments | 109,833 | 109,009 |
Total | 811,160 | 743,464 |
Liabilities | ||
Notes, loans and leases payable, gross | 0 | 0 |
Total | 0 | 0 |
Carrying Value [Member] | ||
Assets | ||
Reinsurance recoverables and trade receivables, net | 206,663 | 189,498 |
Mortgage loans, net | 510,307 | 466,531 |
Other investments | 109,833 | 109,009 |
Total | 826,803 | 765,038 |
Liabilities | ||
Notes, loans and leases payable, gross | 6,323,782 | 6,143,350 |
Total | $ 6,323,782 | $ 6,143,350 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Assets: | ||
Short-term investments | $ 2,055,145 | $ 1,809,441 |
Fixed maturities - available for sale | 2,407,226 | 2,709,037 |
Preferred stock | 20,556 | 21,982 |
Common stock | 41,730 | 39,375 |
Derivatives | 16,793 | 9,606 |
Total | 4,541,450 | 4,589,441 |
Liabilities: | ||
Derivatives | 0 | 0 |
Level 1 [Member] | ||
Assets: | ||
Short-term investments | 2,053,510 | 1,808,797 |
Fixed maturities - available for sale | 24,549 | 251,832 |
Preferred stock | 20,556 | 21,982 |
Common stock | 41,730 | 39,375 |
Derivatives | 7,539 | 4,295 |
Total | 2,147,884 | 2,126,281 |
Level 2 [Member] | ||
Assets: | ||
Short-term investments | 1,635 | 644 |
Fixed maturities - available for sale | 2,382,618 | 2,457,146 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 9,254 | 5,311 |
Total | 2,393,507 | 2,463,101 |
Level 3 [Member] | ||
Assets: | ||
Short-term investments | 0 | 0 |
Fixed maturities - available for sale | 59 | 59 |
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Derivatives | 0 | 0 |
Total | $ 59 | $ 59 |
Revenue Recognition (Revenue di
Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Revenues Recognized Over Time | $ 91,315 | $ 103,194 |
Revenues recognized at a point in time | 117,593 | 126,355 |
Total revenues recognized under ASC 606 | 208,908 | 229,549 |
Revenues recognized under ASC 840 | 1,222,316 | 1,288,031 |
Revenues recognized under ASC 944 | 44,492 | 46,687 |
Revenues recognized under ASC 320 | 64,592 | 33,573 |
Total revenues | $ 1,540,308 | $ 1,597,840 |
Revenue Recognition (Revenue ov
Revenue Recognition (Revenue over time) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Contract With Customer Liability [Abstract] | |
2020 | $ 27,999 |
2021 | 14,626 |
2022 | 11,834 |
2023 | 8,920 |
2024 | 6,235 |
Thereafter | 39,797 |
Self Moving Equipment [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 6,947 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Property Lease Revenue [Member] | |
Contract With Customer Liability [Abstract] | |
2020 | 21,052 |
2021 | 14,626 |
2022 | 11,834 |
2023 | 8,920 |
2024 | 6,235 |
Thereafter | $ 39,797 |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narratives) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Receivables [Abstract] | ||
Trade receivable components | 2 | |
Historical loss rate | 4% | |
Allowance for expected credit losses | $ 4.9 | $ 3.8 |
Available for sale securities, accrued interest receivable | $ 29.6 | |
Financing Receivable Allowance For Credit Loss Additional Information [Abstract] | ||
Modeling of mortgage loans | Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. | |
Reinsurance paid percentage of total assets | 1% | |
Premiums Receivable Gross | $ 4.1 | |
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. |
Allowance For Credit Losses (Re
Allowance For Credit Losses (Reserve Allowance For Various Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2023 | $ 9,210 | |
Transition adjustment current expected credit losses | $ 437 | (2,803) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2023 | 6,844 | 6,407 |
Trade Receivables | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2023 | 8,649 | |
Transition adjustment current expected credit losses | 591 | (4,860) |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2023 | 4,380 | 3,789 |
Investments, Fixed Maturities | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2023 | 60 | |
Transition adjustment current expected credit losses | (455) | 2,041 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2023 | 1,646 | 2,101 |
Investments, Other | ||
Valuation And Qualifying Accounts [Abstract] | ||
March 31, 2023 | 501 | |
Transition adjustment current expected credit losses | 301 | 16 |
Write-offs against allowance | 0 | 0 |
Recoveries | 0 | 0 |
June 30, 2023 | $ 818 | $ 517 |
Accounting Pronouncements (Adop
Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statements Adjusted [Abstract] | ||||
Assets | $ 18,100,734 | $ 18,614,034 | $ 17,793,811 | |
Liabilities | 11,596,543 | 11,836,277 | ||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 6,504,191 | $ 5,894,075 | $ 6,777,757 | $ 6,086,986 |
Scenario Previously Reported [Member] | ||||
Statements Adjusted [Abstract] | ||||
Assets | 18,124,648 | 17,299,581 | ||
Liabilities | 11,596,313 | 11,347,089 | ||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | (267,046) | 46,384 | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | Life And Annuity Insurance Product Line [Member] | ||||
Statements Adjusted [Abstract] | ||||
Derecognition of shadow reserves | 25,141 | (26,131) | ||
Re-measurement due to discount rate | 0 | 0 | ||
Other adjustments | (1,227) | (1,471) | ||
Subtotal | (23,914) | 27,602 | ||
After adoption | 18,100,734 | 17,327,183 | ||
Cumulative Effect Of Adoption Liabilities [Member] | Life And Annuity Insurance Product Line [Member] | ||||
Statements Adjusted [Abstract] | ||||
Derecognition of FIT on shadow reserves | 5,280 | (5,488) | ||
Re-measurement due to discount rate | 1,626 | (87,258) | ||
Re-measurement due to discount rate FIT | 342 | (18,324) | ||
Other adjustments | (6,794) | (8,511) | ||
Subtotal | 230 | 82,933 | ||
After adoption | 11,596,543 | 11,430,022 | ||
Cumulative Effect Of Adoption Comprehensive Income [Member] | Life And Annuity Insurance Product Line [Member] | ||||
Statements Adjusted [Abstract] | ||||
Derecognition of shadow reserves | 19,861 | (20,644) | ||
Re-measurement due to discount rate | (1,626) | 87,258 | ||
Re-measurement due to discount rate FIT | (342) | 18,324 | ||
Other adjustments | 0 | 0 | ||
Subtotal | (18,577) | (48,290) | ||
After adoption | (285,623) | (1,906) | ||
Cumulative Effect Of Adoption Stockholders Equity [Member] | Scenario Previously Reported [Member] | ||||
Statements Adjusted [Abstract] | ||||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 6,528,335 | 5,952,492 | ||
Cumulative Effect Of Adoption Stockholders Equity [Member] | Life And Annuity Insurance Product Line [Member] | ||||
Statements Adjusted [Abstract] | ||||
Derecognition of FIT on shadow reserves | 19,861 | (20,644) | ||
Re-measurement due to discount rate FIT | 1,284 | (68,934) | ||
Other adjustments | 5,567 | 7,042 | ||
Subtotal | (24,144) | (55,332) | ||
After adoption | $ 6,504,191 | $ 5,897,160 |
Accounting Pronouncements (Cons
Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Statements Adjusted [Abstract] | |||||
Deferred policy acquisition costs, net | $ 123,596 | $ 128,463 | |||
Assets | 18,614,034 | 18,100,734 | $ 17,793,811 | ||
Policy benefits and losses, claims and loss expenses payable | 878,436 | 880,202 | |||
Deferred income taxes, net | 1,371,859 | 1,329,489 | |||
Total liabilities | 11,836,277 | 11,596,543 | |||
Accumulated other comprehensive loss | (261,836) | (285,623) | |||
Retained earnings | 7,252,927 | 7,003,148 | |||
Stockholders' Equity Attributable to Parent | 6,777,757 | 6,504,191 | |||
Liabilities and Equity | $ 18,614,034 | $ 18,100,734 | |||
Before Transition Date [Member] | |||||
Statements Adjusted [Abstract] | |||||
Deferred policy acquisition costs, net | $ 89,749 | ||||
Assets | 14,651,606 | ||||
Policy benefits and losses, claims and loss expenses payable | 909,701 | ||||
Deferred income taxes, net | 1,199,280 | ||||
Total liabilities | 9,732,515 | ||||
Accumulated other comprehensive loss | 106,857 | ||||
Retained earnings | 5,025,568 | ||||
Stockholders' Equity Attributable to Parent | 4,919,091 | ||||
Liabilities and Equity | $ 14,651,606 | ||||
After Transition Date [Member] | |||||
Statements Adjusted [Abstract] | |||||
Deferred policy acquisition costs, net | $ 131,187 | ||||
Assets | 14,693,044 | ||||
Policy benefits and losses, claims and loss expenses payable | 1,040,951 | ||||
Deferred income taxes, net | 1,182,123 | ||||
Total liabilities | 9,846,608 | ||||
Accumulated other comprehensive loss | 42,319 | ||||
Retained earnings | 5,017,451 | ||||
Stockholders' Equity Attributable to Parent | 4,846,436 | ||||
Liabilities and Equity | $ 14,693,044 |
Accounting Pronouncements (Effe
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 |
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | $ 123,596 | $ 128,463 | ||
Assets | 18,614,034 | 18,100,734 | $ 17,793,811 | |
Policy benefits and losses, claims and loss expenses payable | 878,436 | 880,202 | ||
Deferred income taxes, net | 1,371,859 | 1,329,489 | ||
Total liabilities | 11,836,277 | 11,596,543 | ||
Accumulated other comprehensive loss | (261,836) | (285,623) | ||
Retained earnings | 7,252,927 | 7,003,148 | ||
Stockholders' Equity Attributable to Parent | 6,777,757 | 6,504,191 | ||
Liabilities and Equity | 18,614,034 | 18,100,734 | ||
Operating Segments [Member] | Life Insurance [Member] | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | 123,596 | 128,463 | ||
Assets | 2,896,430 | 2,891,574 | ||
Policy benefits and losses, claims and loss expenses payable | 401,467 | 391,968 | ||
Deferred income taxes, net | (70,690) | (77,615) | ||
Total liabilities | 2,745,055 | 2,759,328 | ||
Accumulated other comprehensive loss | (207,495) | (225,904) | ||
Retained earnings | 330,099 | 329,379 | ||
Stockholders' Equity Attributable to Parent | 151,375 | 132,246 | ||
Liabilities and Equity | $ 2,896,430 | 2,891,574 | ||
Previously Reported | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | 152,377 | |||
Assets | 18,124,648 | $ 17,299,581 | ||
Policy benefits and losses, claims and loss expenses payable | 875,034 | |||
Deferred income taxes, net | 1,334,427 | |||
Total liabilities | 11,596,313 | $ 11,347,089 | ||
Accumulated other comprehensive loss | (267,046) | |||
Retained earnings | 7,008,715 | |||
Stockholders' Equity Attributable to Parent | 6,528,335 | |||
Liabilities and Equity | 18,124,648 | |||
Effect of adoption | ||||
Statements Adjusted [Abstract] | ||||
Deferred policy acquisition costs, net | (23,914) | |||
Assets | (23,914) | |||
Policy benefits and losses, claims and loss expenses payable | 5,168 | |||
Deferred income taxes, net | (4,938) | |||
Total liabilities | 230 | |||
Accumulated other comprehensive loss | (18,577) | |||
Retained earnings | (5,567) | |||
Stockholders' Equity Attributable to Parent | (24,144) | |||
Liabilities and Equity | $ (23,914) |
Accounting Pronouncements (Ef_2
Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Statement Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statements Adjusted [Abstract] | ||
Benefits and losses | $ 45,344 | $ 39,757 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Pretax earnings | 338,695 | 445,399 |
Net earnings available to common shareholders | 256,838 | 338,345 |
Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Net earnings available to common shareholders | $ 0 | $ 0 |
Basic and diluted earnings per share Common Stock | $ 1.27 | $ 2.18 |
Nonvoting Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Net earnings available to common shareholders | $ 0 | $ 0 |
Basic and diluted earnings per share Common Stock | $ 1.31 | $ 1.68 |
Operating Segments [Member] | Life Insurance [Member] | ||
Statements Adjusted [Abstract] | ||
Benefits and losses | $ 40,886 | $ 35,378 |
Amortization of deferred policy acquisition costs | 8,045 | 7,672 |
Pretax earnings | 1,236 | 5,796 |
Net earnings available to common shareholders | $ 720 | 5,413 |
Previously Reported | ||
Statements Adjusted [Abstract] | ||
Benefits and losses | 44,100 | |
Pretax earnings | 441,056 | |
Net earnings available to common shareholders | $ 334,002 | |
Previously Reported | Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Basic and diluted earnings per share Common Stock | $ 2.15 | |
Previously Reported | Nonvoting Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Basic and diluted earnings per share Common Stock | $ 1.65 | |
Effect of adoption | ||
Statements Adjusted [Abstract] | ||
Benefits and losses | $ (4,343) | |
Pretax earnings | 4,343 | |
Net earnings available to common shareholders | $ 4,343 | |
Effect of adoption | Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Basic and diluted earnings per share Common Stock | $ 0.03 | |
Effect of adoption | Nonvoting Common Stock [Member] | ||
Statements Adjusted [Abstract] | ||
Basic and diluted earnings per share Common Stock | $ 0.03 |
Accounting Pronouncements (Defe
Accounting Pronouncements (Deferred Acquisition Costs) (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Mar. 31, 2021 |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | $ 89,749 | |
Adjustments for removal of related balances in accumulated other comprehensive income | 41,438 | |
Adjusted balance, beginning of year April 1, 2021 | $ 131,187 | |
Deferred Fixed Annuity [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 15,654 | |
Adjustments for removal of related balances in accumulated other comprehensive income | 41,438 | |
Adjusted balance, beginning of year April 1, 2021 | 57,092 | |
Life And Annuity Insurance Product Line [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 64,552 | |
Adjustments for removal of related balances in accumulated other comprehensive income | 0 | |
Adjusted balance, beginning of year April 1, 2021 | 64,552 | |
Health Insurance Product Line [Member] | ||
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ||
Balance, end of year March 31, 2021 | 9,543 | |
Adjustments for removal of related balances in accumulated other comprehensive income | $ 0 | |
Adjusted balance, beginning of year April 1, 2021 | $ 9,543 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs Net Long Duration Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | $ 128,463 | $ 131,430 |
Capitalization | 3,178 | 7,398 |
Amortization expense | (5,518) | (5,854) |
Other, including experience | (2,527) | (1,818) |
Balance, end of the year | 123,596 | 131,156 |
Deferred liabilities | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 55,396 | 55,261 |
Capitalization | 1,951 | 4,935 |
Amortization expense | (3,384) | (3,584) |
Other, including experience | (1,632) | (2,362) |
Balance, end of the year | 52,331 | 54,250 |
Life Insurance | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 66,954 | 67,573 |
Capitalization | 1,166 | 2,340 |
Amortization expense | (1,944) | (2,030) |
Other, including experience | (327) | 852 |
Balance, end of the year | 65,849 | 68,735 |
Health Insurance | ||
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, beginning of year | 6,113 | 8,596 |
Capitalization | 61 | 123 |
Amortization expense | (190) | (240) |
Other, including experience | (568) | (308) |
Balance, end of the year | $ 5,416 | $ 8,171 |