Investments	12 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Note 6. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 30.8 million for both December 31, 2019 and 2018. Available-for-Sale Investments Available-for-sale investments as of March 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Estimated Market Value (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ – $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) – 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 – – 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 F- 19 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Available-for-sale investments as of March 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Estimated Market Value (In thousands) U.S. treasury securities and government obligations $ 136,010 $ 2,409 $ (2,104) $ (447) $ 135,868 U.S. government agency mortgage-backed securities 31,101 433 (146) (19) 31,369 Obligations of states and political subdivisions 298,955 8,079 (233) (905) 305,896 Corporate securities 1,613,199 14,777 (14,257) (24,986) 1,588,733 Mortgage-backed securities 148,203 880 (285) (903) 147,895 Redeemable preferred stocks 1,493 20 – (45) 1,468 $ 2,228,961 $ 26,598 $ (17,025) $ (27,305) $ 2,211,229 The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. We sold available-for-sale securities with a fair value of $ 264.5 million, $ 114.8 million and $ 163.7 million in fiscal 2020, 2019 and 2018, respectively. The gross realized gains on these sales totaled $ 6.4 million, $ 2.0 million and $ 5.4 million in fiscal 2020, 2019 and 2018, respectively. We realized gross losses on these sales of $ 0.2 million, $ 0.2 million and $ 0.3 million in fiscal 2020, 2019 and 2018, respectively. The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments, including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in fiscal 2020, 2019 and 2018. We reviewed our available-for-sale investments at the end of the first quarter of fiscal 2021 and noted an increase in the unrealized loss position of $50.2 million (unaudited). We reviewed credit ratings of the issuers of these securities and determined that each issuer was current on its scheduled interest, dividends or principal payments. We further reviewed the fair value of these securities a month later and observed that the unrealized loss had recovered by $23.4 million (unaudited). The investment portfolio primarily consists of corporate securities and obligations of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors, including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that any issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs. The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral. F- 20 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive loss for fiscal 2020, 2019 or 2018. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows: March 31, 2020 March 31, 2019 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (In thousands) Due in one year or less $ 128,747 $ 129,420 $ 71,987 $ 71,954 Due after one year through five years 547,821 566,934 541,195 540,658 Due after five years through ten years 636,036 678,636 621,031 614,485 Due after ten years 832,334 897,371 845,052 834,769 2,144,938 2,272,361 2,079,265 2,061,866 Mortgage backed securities 187,784 193,687 148,203 147,895 Redeemable preferred stocks 1,493 1,565 1,493 1,468 $ 2,334,215 $ 2,467,613 $ 2,228,961 $ 2,211,229 As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , on April 1, 2018, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of March 31, 2020 and 2019, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows: March 31, 2020 March 31, 2019 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (In thousands) Common stocks $ 9,775 $ 20,015 $ 10,123 $ 17,379 Non-redeemable preferred stocks 5,076 5,110 7,451 6,789 $ 14,851 $ 25,125 $ 17,574 $ 24,168 Investments, other The carrying value of other investments was as follows: March 31, 2020 2019 (In thousands) Mortgage loans, net $ 262,688 $ 225,829 Short-term investments 6,995 5,546 Real estate 69,569 53,519 Policy loans 11,212 10,491 Other equity investments 9,909 5,351 $ 360,373 $ 300,736 F- 21 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Mortgage loans are carried at the unpaid balance, less an allowance for probable losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 4.1 % to 8.2 % with maturities between 2020 and 2036 . The allowance for probable losses was $ 0.5 million for both March 31, 2020 and 2019, respectively. The estimated fair value of these loans as of March 31, 2020 and 2019 were not materially different compared to the carrying value. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2020. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value. Real estate held for future development or use is carried at the lower of fair value at time of acquisition or current estimated fair value less cost to sell. Other equity investments are carried at cost and assessed for impairment. Insurance policy loans are carried at their unpaid balance. Note 7. Other Assets Other assets were as follows: March 31, 2020 2019 (In thousands) Deposits (debt-related) $ 33,020 $ 30,408 Cash surrender value of life insurance policies 31,371 30,985 Deposits (real estate related) 7,565 16,961 $ 71,956 $ 78,354 Note 8. Net Investment and Interest Income Net investment and interest income, were as follows: Years Ended March 31, 2020 2019 2018 (In thousands) Fixed maturities $ 107,434 $ 99,348 $ 84,476 Real estate 7,304 5,538 5,344 Insurance policy loans 974 1,305 1,212 Mortgage loans 17,164 16,674 17,783 Short-term, amounts held by ceding reinsurers, net and other investments 9,807 (7,429) 3,098 Investment income 142,683 115,436 111,913 Less: investment expenses (4,854) (4,502) (4,766) Investment income - related party, net eliminations – – 3,326 Net investment and interest income $ 137,829 $ 110,934 $ 110,473 F- 22

Investments

12 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Note 6. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 30.8 million for both December 31, 2019 and 2018. Available-for-Sale Investments Available-for-sale investments as of March 31, 2020 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Estimated Market Value (In thousands) U.S. treasury securities and government obligations $ 112,421 $ 7,959 $ (1) $ – $ 120,379 U.S. government agency mortgage-backed securities 88,449 759 (1) (373) 88,834 Obligations of states and political subdivisions 287,643 20,664 (155) – 308,152 Corporate securities 1,656,425 100,302 (919) (812) 1,754,996 Mortgage-backed securities 187,784 6,011 (1) (107) 193,687 Redeemable preferred stocks 1,493 72 – – 1,565 $ 2,334,215 $ 135,767 $ (1,077) $ (1,292) $ 2,467,613 F- 19 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Available-for-sale investments as of March 31, 2019 were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses More than 12 Months Gross Unrealized Losses Less than 12 Months Estimated Market Value (In thousands) U.S. treasury securities and government obligations $ 136,010 $ 2,409 $ (2,104) $ (447) $ 135,868 U.S. government agency mortgage-backed securities 31,101 433 (146) (19) 31,369 Obligations of states and political subdivisions 298,955 8,079 (233) (905) 305,896 Corporate securities 1,613,199 14,777 (14,257) (24,986) 1,588,733 Mortgage-backed securities 148,203 880 (285) (903) 147,895 Redeemable preferred stocks 1,493 20 – (45) 1,468 $ 2,228,961 $ 26,598 $ (17,025) $ (27,305) $ 2,211,229 The available-for-sale tables include gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. We sold available-for-sale securities with a fair value of $ 264.5 million, $ 114.8 million and $ 163.7 million in fiscal 2020, 2019 and 2018, respectively. The gross realized gains on these sales totaled $ 6.4 million, $ 2.0 million and $ 5.4 million in fiscal 2020, 2019 and 2018, respectively. We realized gross losses on these sales of $ 0.2 million, $ 0.2 million and $ 0.3 million in fiscal 2020, 2019 and 2018, respectively. The unrealized losses of more than twelve months in the available-for-sale tables are considered temporary declines. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments, including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management’s future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in fiscal 2020, 2019 and 2018. We reviewed our available-for-sale investments at the end of the first quarter of fiscal 2021 and noted an increase in the unrealized loss position of $50.2 million (unaudited). We reviewed credit ratings of the issuers of these securities and determined that each issuer was current on its scheduled interest, dividends or principal payments. We further reviewed the fair value of these securities a month later and observed that the unrealized loss had recovered by $23.4 million (unaudited). The investment portfolio primarily consists of corporate securities and obligations of states and political subdivisions. We believe we monitor our investments as appropriate. Our methodology of assessing other-than-temporary impairments is based on security-specific analysis as of the balance sheet date and considers various factors, including the length of time to maturity, the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. Nothing has come to management’s attention that would lead to the belief that any issuer would not have the ability to meet the remaining contractual obligations of the security, including payment at maturity. We have the ability and intent not to sell our fixed maturity and common stock investments for a period of time sufficient to allow us to recover our costs. The portion of other-than-temporary impairment related to a credit loss is recognized in earnings. The significant inputs utilized in the evaluation of mortgage backed securities credit losses include ratings, delinquency rates, and prepayment activity. The significant inputs utilized in the evaluation of asset backed securities credit losses include the time frame for principal recovery and the subordination and value of the underlying collateral. F- 20 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) There were no credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive loss for fiscal 2020, 2019 or 2018. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows: March 31, 2020 March 31, 2019 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (In thousands) Due in one year or less $ 128,747 $ 129,420 $ 71,987 $ 71,954 Due after one year through five years 547,821 566,934 541,195 540,658 Due after five years through ten years 636,036 678,636 621,031 614,485 Due after ten years 832,334 897,371 845,052 834,769 2,144,938 2,272,361 2,079,265 2,061,866 Mortgage backed securities 187,784 193,687 148,203 147,895 Redeemable preferred stocks 1,493 1,565 1,493 1,468 $ 2,334,215 $ 2,467,613 $ 2,228,961 $ 2,211,229 As of March 31, 2018, equity investments were classified as available-for-sale on our balance sheet. However, upon adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , on April 1, 2018, the updated guidance eliminated the available-for-sale balance sheet classification for equity investments. As of March 31, 2020 and 2019, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows: March 31, 2020 March 31, 2019 Amortized Cost Estimated Market Value Amortized Cost Estimated Market Value (In thousands) Common stocks $ 9,775 $ 20,015 $ 10,123 $ 17,379 Non-redeemable preferred stocks 5,076 5,110 7,451 6,789 $ 14,851 $ 25,125 $ 17,574 $ 24,168 Investments, other The carrying value of other investments was as follows: March 31, 2020 2019 (In thousands) Mortgage loans, net $ 262,688 $ 225,829 Short-term investments 6,995 5,546 Real estate 69,569 53,519 Policy loans 11,212 10,491 Other equity investments 9,909 5,351 $ 360,373 $ 300,736 F- 21 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Mortgage loans are carried at the unpaid balance, less an allowance for probable losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 4.1 % to 8.2 % with maturities between 2020 and 2036 . The allowance for probable losses was $ 0.5 million for both March 31, 2020 and 2019, respectively. The estimated fair value of these loans as of March 31, 2020 and 2019 were not materially different compared to the carrying value. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2020. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value. Real estate held for future development or use is carried at the lower of fair value at time of acquisition or current estimated fair value less cost to sell. Other equity investments are carried at cost and assessed for impairment. Insurance policy loans are carried at their unpaid balance. Note 7. Other Assets Other assets were as follows: March 31, 2020 2019 (In thousands) Deposits (debt-related) $ 33,020 $ 30,408 Cash surrender value of life insurance policies 31,371 30,985 Deposits (real estate related) 7,565 16,961 $ 71,956 $ 78,354 Note 8. Net Investment and Interest Income Net investment and interest income, were as follows: Years Ended March 31, 2020 2019 2018 (In thousands) Fixed maturities $ 107,434 $ 99,348 $ 84,476 Real estate 7,304 5,538 5,344 Insurance policy loans 974 1,305 1,212 Mortgage loans 17,164 16,674 17,783 Short-term, amounts held by ceding reinsurers, net and other investments 9,807 (7,429) 3,098 Investment income 142,683 115,436 111,913 Less: investment expenses (4,854) (4,502) (4,766) Investment income - related party, net eliminations – – 3,326 Net investment and interest income $ 137,829 $ 110,934 $ 110,473 F- 22