Borrowings	12 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowings	F- 22 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Note 9. Borrowings Long-Term Debt Long-term debt was as follows: March 31, 2020 Rates (a) Maturities 2020 2019 (In thousands) Real estate loan (amortizing term) 2.36 % 2023 $ 92,913 $ 102,913 Senior mortgages 3.11 % 6.62 % 2021 - 2038 2,029,878 1,741,652 Real estate loans (revolving credit) 2.98 % 3.14 % 2022 - 2025 519,000 429,400 Fleet loans (amortizing term) 1.95 % 4.66 % 2020 - 2027 224,089 263,209 Fleet loans (revolving credit) 2.73 % 2.75 % 2022 - 2024 567,000 530,000 Finance/capital leases (rental equipment) 1.92 % 5.04 % 2020 - 2026 734,870 1,042,652 Finance liability (rental equipment) 2.63 % 4.22 % 2024 - 2027 398,834 – Other obligations 2.50 % 8.00 % 2020 - 2049 84,484 82,417 Notes, loans and finance/capital leases payable $ 4,651,068 $ 4,192,243 Less: Debt issuance costs (29,777) (28,920) Total notes, loans and finance/capital leases payable, net $ 4,621,291 $ 4,163,323 (a) Interest rate as of March 31, 2020, taking into account the effect of applicable hedging instruments Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of March 31, 2020, the applicable LIBOR was 0.86 % and the applicable margin was 1.50 %, the sum of which was 2.36 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.11 % and 6.62 %. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. F- 23 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2022 and March 2025 . The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2020, the applicable LIBOR was between 1.58 % and 1.60 % and the margin was between 1.25 % and 1.40 %, the sum of which was between 2.85% and 3.10%. AMERCO is the guarantor of these loans. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $ 150.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of March 31, 2020, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2020, the applicable LIBOR was 1.60 % and the margin was 1.38 %, the sum of which was 2.98 %. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30 % fee charged for unused capacity. In April 2020, the Company expanded the borrowing capacity to $ 200.0 million, extended the maturity to April 2023 and the margin increased to 2.25 %. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.95 % and 4.66 %. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of March 31, 2020, the applicable LIBOR was between 1.58 % and 1.60 %, and the margin was 1.15 %, the sum of which was between 2.73% and 2.75%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance/Capital Leases The Finance/Capital Lease balance represents our sale-leaseback transactions of rental equipment that were entered into and classified as capital leases prior to the adoption of ASC 842 on April 1, 2019. The historical capital lease balance was reclassified to Right-of-use assets-finance, net. The agreements are generally seven (7) year terms with interest rates ranging from 1.92 % to 5.04 %. All of our finance leases are collateralized by our rental fleet. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2020. F- 24 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Finance Liabilities Finance Liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842 on April 1, 2019, which substantially changed the accounting for sale-leasebacks going forward. In accordance with the new leasing guidance, we assess if sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost. Our finance liabilities have an average term of seven (7) years and interest rates ranging from 2.63 % to 4.22 %. These finance liabilities are collateralized by our rental fleet. Other Obligations In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club ® Indenture. AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral including, but not limited to, rental equipment and real estate. U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of March 31, 2020, the aggregate outstanding principal balance of the U-Notes ® issued was $ 87.3 million, of which $ 2.8 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.50 % and 8.00 % and maturity dates range between 2020 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made advances to Oxford. As of December 31, 2019, the advances had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 1.72 % and 2.95 % with maturities between March 30, 2020 and September 30, 2022. As of December 31, 2019, available-for-sale investments held with the FHLB totaled $ 117.9 million, of which $ 67.6 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance/Capital Leases Payable The annual maturities of our notes, loans and finance/capital leases payable as of March 31, 2020 for the next five years and thereafter are as follows: Years Ended March 31, 2021 2022 2023 2024 2025 Thereafter Total (In thousands) Notes, loans and finance/capital leases payable, secured $ 459,184 $ 510,933 $ 1,011,688 $ 755,025 $ 393,498 $ 1,520,740 $ 4,651,068 F- 25

Borrowings

12 Months Ended

Mar. 31, 2020

F- 22 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Note 9. Borrowings Long-Term Debt Long-term debt was as follows: March 31, 2020 Rates (a) Maturities 2020 2019 (In thousands) Real estate loan (amortizing term) 2.36 % 2023 $ 92,913 $ 102,913 Senior mortgages 3.11 % 6.62 % 2021 - 2038 2,029,878 1,741,652 Real estate loans (revolving credit) 2.98 % 3.14 % 2022 - 2025 519,000 429,400 Fleet loans (amortizing term) 1.95 % 4.66 % 2020 - 2027 224,089 263,209 Fleet loans (revolving credit) 2.73 % 2.75 % 2022 - 2024 567,000 530,000 Finance/capital leases (rental equipment) 1.92 % 5.04 % 2020 - 2026 734,870 1,042,652 Finance liability (rental equipment) 2.63 % 4.22 % 2024 - 2027 398,834 – Other obligations 2.50 % 8.00 % 2020 - 2049 84,484 82,417 Notes, loans and finance/capital leases payable $ 4,651,068 $ 4,192,243 Less: Debt issuance costs (29,777) (28,920) Total notes, loans and finance/capital leases payable, net $ 4,621,291 $ 4,163,323 (a) Interest rate as of March 31, 2020, taking into account the effect of applicable hedging instruments Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”). The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of March 31, 2020, the applicable LIBOR was 0.86 % and the applicable margin was 1.50 %, the sum of which was 2.36 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 3.11 % and 6.62 %. Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. F- 23 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The final maturity of the loans is between June 2022 and March 2025 . The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2020, the applicable LIBOR was between 1.58 % and 1.60 % and the margin was between 1.25 % and 1.40 %, the sum of which was between 2.85% and 3.10%. AMERCO is the guarantor of these loans. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $ 150.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of March 31, 2020, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2020, the applicable LIBOR was 1.60 % and the margin was 1.38 %, the sum of which was 2.98 %. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There is a 0.30 % fee charged for unused capacity. In April 2020, the Company expanded the borrowing capacity to $ 200.0 million, extended the maturity to April 2023 and the margin increased to 2.25 %. Fleet Loans Rental Truck Amortizing Loans The amortizing loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the loan agreements, are carried at fixed rates ranging between 1.95 % and 4.66 %. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of March 31, 2020, the applicable LIBOR was between 1.58 % and 1.60 %, and the margin was 1.15 %, the sum of which was between 2.73% and 2.75%. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance/Capital Leases The Finance/Capital Lease balance represents our sale-leaseback transactions of rental equipment that were entered into and classified as capital leases prior to the adoption of ASC 842 on April 1, 2019. The historical capital lease balance was reclassified to Right-of-use assets-finance, net. The agreements are generally seven (7) year terms with interest rates ranging from 1.92 % to 5.04 %. All of our finance leases are collateralized by our rental fleet. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2020. F- 24 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Finance Liabilities Finance Liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842 on April 1, 2019, which substantially changed the accounting for sale-leasebacks going forward. In accordance with the new leasing guidance, we assess if sale-leaseback transactions qualify as a sale at initiation by determining if a transfer of ownership occurs. We have determined that our equipment sale-leasebacks do not qualify as a sale, as the buyer-lessors do not obtain control of the assets in our ongoing sale-leaseback arrangements. As a result, we expect future sale-leasebacks to be accounted for as a financial liability and the leased assets will be capitalized at cost. Our finance liabilities have an average term of seven (7) years and interest rates ranging from 2.63 % to 4.22 %. These finance liabilities are collateralized by our rental fleet. Other Obligations In February 2011, AMERCO and U.S. Bank, NA (the “Trustee”) entered into the U-Haul Investors Club ® Indenture. AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral including, but not limited to, rental equipment and real estate. U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of March 31, 2020, the aggregate outstanding principal balance of the U-Notes ® issued was $ 87.3 million, of which $ 2.8 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.50 % and 8.00 % and maturity dates range between 2020 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made advances to Oxford. As of December 31, 2019, the advances had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 1.72 % and 2.95 % with maturities between March 30, 2020 and September 30, 2022. As of December 31, 2019, available-for-sale investments held with the FHLB totaled $ 117.9 million, of which $ 67.6 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance/Capital Leases Payable The annual maturities of our notes, loans and finance/capital leases payable as of March 31, 2020 for the next five years and thereafter are as follows: Years Ended March 31, 2021 2022 2023 2024 2025 Thereafter Total (In thousands) Notes, loans and finance/capital leases payable, secured $ 459,184 $ 510,933 $ 1,011,688 $ 755,025 $ 393,498 $ 1,520,740 $ 4,651,068 F- 25