Leases	12 Months Ended
Mar. 31, 2020
Leases [Abstract]
Leases Of Lessee Disclosure [Text Block]	Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our consolidated balance sheet dated March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our consolidated balance sheet dated March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 40 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of this standard resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant, and equipment, net to ROU assets financing, net. During fiscal 2020, we recognized new operating leases and ROU assets of $ 20.2 million. The standard also changed the manner by which we account for our equipment sale/leaseback transactions. Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale. Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability. Please see Note 9, Borrowings, of the Notes to Consolidated Finanical Statements for additional information. The following table shows the components of our right-of-use assets, net: As of March 31, 2020 Finance Operating Total (In thousands) Buildings and improvements $ – $ 125,547 $ 125,547 Furniture and equipment 21,113 – 21,113 Rental trailers and other rental equipment 116,072 – 116,072 Rental trucks 1,738,081 – 1,738,081 Right-of-use assets, gross 1,875,266 125,547 2,000,813 Less: Accumulated depreciation (794,913) (18,916) (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 Finance Operating Weighted average remaining lease term (years) 4 Years 14 Years Weighted average discount rate 3.5 % 4.6 % For the last twelve months ended March 31, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 25.9 million and $307.8 million, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2020 (In thousands) Operating lease costs $ 27,494 Finance lease cost: Amortization of right-of-use assets $ 186,860 Interest on lease liabilities 30,901 Total finance lease cost $ 217,761 F- 41 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Maturities of lease liabilities were as follows: Finance leases Operating leases Year ending March 31, (In thousands) 2021 $ 218,424 $ 23,782 2022 164,190 22,001 2023 124,160 21,238 2024 106,156 20,616 2025 75,502 9,701 Thereafter 46,438 64,806 Total lease payments 734,870 162,144 Less: imputed interest – (55,701) Present value of lease liabilities $ 734,870 $ 106,443 As previously disclosed in our 2019 Annual Report o Form 10-K and under the previous lease accounting standard, our operating and ground lease commitments for leases having terms of more than one year were as follows: Total (In thousands) Year-ended March 31: 2020 $ 20,852 2021 18,495 2022 16,750 2023 16,317 2024 15,736 Thereafter 54,683 Total $ 142,833 Note 19. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During and subsequent to the fourth quarter of fiscal 2020, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company’s business, operations and financial results will depend upon numerous evolving factors that the Company is not able to predict at this time, including among others: customer initiated changes in behavior, actions that have been and continue to be taken by governmental entities, our workforce may be negatively impacted disrupting our ability to serve customers, any new information that may emerge concerning the severity and duration of COVID-19 and the reaction of capital markets. For April the two most significant effects that we have experienced are an approximate 30 % (unaudited) decline in self-moving equipment rental income along with a decrease of approximately $ 39.5 million (unaudited) in proceeds from the sales of rental equipment compared to April 2019. The decline in equipment rental revenue has been improving in May (unaudited). Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position and liquidity in fiscal 2021. F- 42

Leases

12 Months Ended

Mar. 31, 2020

Leases Of Lessee Disclosure [Text Block]

Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our consolidated balance sheet dated March 31, 2020. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance/capital leases payable, net in our consolidated balance sheet dated March 31, 2020. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date including the rate for a fully collateralized loan that can either be fully amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 40 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of this standard resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant, and equipment, net to ROU assets financing, net. During fiscal 2020, we recognized new operating leases and ROU assets of $ 20.2 million. The standard also changed the manner by which we account for our equipment sale/leaseback transactions. Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale. Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability. Please see Note 9, Borrowings, of the Notes to Consolidated Finanical Statements for additional information. The following table shows the components of our right-of-use assets, net: As of March 31, 2020 Finance Operating Total (In thousands) Buildings and improvements $ – $ 125,547 $ 125,547 Furniture and equipment 21,113 – 21,113 Rental trailers and other rental equipment 116,072 – 116,072 Rental trucks 1,738,081 – 1,738,081 Right-of-use assets, gross 1,875,266 125,547 2,000,813 Less: Accumulated depreciation (794,913) (18,916) (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 Finance Operating Weighted average remaining lease term (years) 4 Years 14 Years Weighted average discount rate 3.5 % 4.6 % For the last twelve months ended March 31, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 25.9 million and $307.8 million, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2020 (In thousands) Operating lease costs $ 27,494 Finance lease cost: Amortization of right-of-use assets $ 186,860 Interest on lease liabilities 30,901 Total finance lease cost $ 217,761 F- 41 amerco and consolidated subsidiaries notes to consolidated financial statements – (continued) Maturities of lease liabilities were as follows: Finance leases Operating leases Year ending March 31, (In thousands) 2021 $ 218,424 $ 23,782 2022 164,190 22,001 2023 124,160 21,238 2024 106,156 20,616 2025 75,502 9,701 Thereafter 46,438 64,806 Total lease payments 734,870 162,144 Less: imputed interest – (55,701) Present value of lease liabilities $ 734,870 $ 106,443 As previously disclosed in our 2019 Annual Report o Form 10-K and under the previous lease accounting standard, our operating and ground lease commitments for leases having terms of more than one year were as follows: Total (In thousands) Year-ended March 31: 2020 $ 20,852 2021 18,495 2022 16,750 2023 16,317 2024 15,736 Thereafter 54,683 Total $ 142,833 Note 19. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During and subsequent to the fourth quarter of fiscal 2020, the Company has been impacted by the spread of COVID-19. The extent to which COVID-19 impacts the Company’s business, operations and financial results will depend upon numerous evolving factors that the Company is not able to predict at this time, including among others: customer initiated changes in behavior, actions that have been and continue to be taken by governmental entities, our workforce may be negatively impacted disrupting our ability to serve customers, any new information that may emerge concerning the severity and duration of COVID-19 and the reaction of capital markets. For April the two most significant effects that we have experienced are an approximate 30 % (unaudited) decline in self-moving equipment rental income along with a decrease of approximately $ 39.5 million (unaudited) in proceeds from the sales of rental equipment compared to April 2019. The decline in equipment rental revenue has been improving in May (unaudited). Although the Company cannot estimate the length or gravity of the impact of COVID-19 at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position and liquidity in fiscal 2021. F- 42