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Our insurance company subsidiaries have a second quarter that ends on the 30 th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies' financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries' years 2020 and 2019 correspond to fiscal 2021 and 2020 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. The condensed consolidated balance sheet as of September 30, 2020 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders' equity for the second quarter and first six months of fiscal 2021 and 2020 and cash flows for the first six months of fiscal 2021 and 2020 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 Management's Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protectio n 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 8   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)   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. Summary of Significant Accounting Polices Refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 for a summary of significant accounting policies. At the beginning of the first quarter of fiscal 2021, we adopted Accounting Standards Update 2016-13 , Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In addition, new disclosures are required. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases   We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost. We modified our policy on accounting for allowance for doubtful accounts on trade accounts receivable. We perform ongoing credit evaluations of our customers and assess each customer's credit worthiness. We monitor collections and payments from our customers and maintain an allowance for doubtful accounts 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. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to the opening balance of retained earnings of $2.9 million and did not have a material impact on our results of operations, financial condition or liquidity. Please see Note 16, Allowance for Credit Losses, of the Notes to Condensed Consolidated Financial Statements. 3 2. Earnings per Share Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted. The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released. As of September 30, 2020 and 2019, respectively, all of these shares were released. 3. 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 $ 32.2 million and $ 30.8 million as of September 30, 2020 and March 31, 2020, respectively. 9   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of September 30, 2020 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   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 92,389 $ 13,609 $ - $ - $ - $ 105,998 U.S. government agency mortgage-backed securities   110,514   2,808   (1)   -   -   113,321 Obligations of states and political subdivisions   257,153   26,803   (79)   -   -   283,877 Corporate securities   1,602,921   151,789   (912)   (5,140)   (4,258)   1,744,400 Mortgage-backed securities   198,829   11,333   (1)   (128)   -   210,033 Redeemable preferred stocks   1,493   37   -   -   -   1,530   $ 2,263,299 $ 206,379 $ (993) $ (5,268) $ (4,258) $ 2,459,159   Available-for-sale investments at 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   We sold available-for-sale securities with a fair value of $ 224.3 million during the first six months of fiscal 2021. The gross realized gains on these sales totaled $ 3.1 million. The gross realized losses on these sales totaled $ 1.0 million. We adopted   ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments as of April 1, 2020. 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. 10   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 were no incremental impairment charges recorded during the first six months as of September 30, 2020. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     September 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 112,348 $ 110,836 $ 128,747 $ 129,420 Due after one year through five years   532,931   562,558   547,821   566,934 Due after five years through ten years   626,777   691,999   636,036   678,636 Due after ten years   790,921   882,203   832,334   897,371     2,062,977   2,247,596   2,144,938   2,272,361                   Mortgage-backed securities   198,829   210,033   187,784   193,687 Redeemable preferred stocks   1,493   1,530   1,493   1,565   $ 2,263,299 $ 2,459,159 $ 2,334,215 $ 2,467,613   As of September 30, 2020 and March 31, 2020, 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:     September 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 17,927 $ 9,775 $ 20,015 Non-redeemable preferred stocks   18,187   18,256   5,076   5,110   $ 27,962 $ 36,183 $ 14,851 $ 25,125   11   32200000 30800000     Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Allowance for Expected Credit Losses   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 92,389 $ 13,609 $ - $ - $ - $ 105,998 U.S. government agency mortgage-backed securities   110,514   2,808   (1)   -   -   113,321 Obligations of states and political subdivisions   257,153   26,803   (79)   -   -   283,877 Corporate securities   1,602,921   151,789   (912)   (5,140)   (4,258)   1,744,400 Mortgage-backed securities   198,829   11,333   (1)   (128)   -   210,033 Redeemable preferred stocks   1,493   37   -   -   -   1,530   $ 2,263,299 $ 206,379 $ (993) $ (5,268) $ (4,258) $ 2,459,159   Available-for-sale investments at 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 92389000 13609000 0 0 0 105998000 110514000 2808000 1000 0 0 113321000 257153000 26803000 79000 0 0 283877000 1602921000 151789000 912000 5140000 -4258000 1744400000 198829000 11333000 1000 128000 0 210033000 1493000 37000 0 0 0 1530000 2263299000 206379000 993000 5268000 -4258000 2459159000 112421000 7959000 1000 0 120379000 88449000 759000 1000 373000 88834000 287643000 20664000 155000 0 308152000 1656425000 100302000 919000 812000 1754996000 187784000 6011000 1000 107000 193687000 1493000 72000 0 0 1565000 2334215000 135767000 1077000 1292000 2467613000 224300000 3100000 1000000.0     September 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)         (In thousands) Due in one year or less $ 112,348 $ 110,836 $ 128,747 $ 129,420 Due after one year through five years   532,931   562,558   547,821   566,934 Due after five years through ten years   626,777   691,999   636,036   678,636 Due after ten years   790,921   882,203   832,334   897,371     2,062,977   2,247,596   2,144,938   2,272,361                   Mortgage-backed securities   198,829   210,033   187,784   193,687 Redeemable preferred stocks   1,493   1,530   1,493   1,565   $ 2,263,299 $ 2,459,159 $ 2,334,215 $ 2,467,613 112348000 110836000 128747000 129420000 532931000 562558000 547821000 566934000 626777000 691999000 636036000 678636000 790921000 882203000 832334000 897371000 2062977000 2247596000 2144938000 2272361000 198829000 210033000 187784000 193687000 1493000 1530000 1493000 1565000 2263299000 2459159000 2334215000 2467613000     September 30, 2020   March 31, 2020     Amortized Cost   Estimated Market Value   Amortized Cost   Estimated Market Value     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 17,927 $ 9,775 $ 20,015 Non-redeemable preferred stocks   18,187   18,256   5,076   5,110   $ 27,962 $ 36,183 $ 14,851 $ 25,125 9775000 17927000 9775000 20015000 18187000 18256000 5076000 5110000 27962000 36183000 14851000 25125000 11   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 4. Borrowings Long Term Debt Long term debt was as follows:                       September 30,   March 31,   2020 Rates (a)     Maturities   2020   2020                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.66 %       2023 $ 87,913 $ 92,913 Senior mortgages 3.11 % - 6.62 %   2021 - 2038   2,098,659   2,029,878 Real estate loans (revolving credit) 1.56 % - 3.25 %   2022 - 2025   535,000   519,000 Fleet loans (amortizing term) 2.04 % - 4.66 %   2020 - 2027   184,861   224,089 Fleet loans (revolving credit) 1.31 % - 2.36 %   2022 - 2024   510,000   567,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   612,150   734,870 Finance liability (rental equipment) 1.60 % - 4.22 %   2020 - 2028   528,702   398,834 Other obligations 2.50 % - 8.00 %   2020 - 2049   174,483   84,484 Notes, loans and finance/capital leases payable                   4,731,768   4,651,068 Less: Debt issuance costs                     (30,543)   (29,777) Total notes, loans and finance/capital leases payable, net         $ 4,701,225 $ 4,621,291                             (a) Interest rates as of September 30, 2020, including 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 September 30, 2020, the applicable LIBOR was 0.16 % and the applicable margin was 1.50 %, the sum of which was 1.66 %. 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 %. The weighted average interest rate of these loans as of September 30, 2020 was 4.32 %. 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. 12   amerco and consolidated subsidiaries notes to condensed 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. As of September 30, 2020, the outstanding balance of these loans in the aggregate was $ 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 September 30, 2020, the applicable LIBOR was 0.16 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.41 % and 1.66 %. Certain loans have interest rate swaps fixing the rate between 3.03 % and 3.14 % based on current margins. 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 $ 200.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of September 30, 2020, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. The final maturity of this loan is April 2023 . This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of September 30, 2020, the applicable LIBOR was 1.00 % and the margin was 2.25 %, the sum of which was 3.25 %. 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. 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 2.04 % 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, $ 100.0 million of this debt amount is fixed at a rate of 2.36 %. As of September 30, 2020, the applicable LIBOR was 0.16 %, and the margin was 1.15 %, the sum of which was 1.31 %. 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. The historical capital lease balance was reclassified to Right-of-Use (“ROU”) 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 the six months ended September 30, 2020. 13   amerco and consolidated subsidiaries notes to condensed 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 Accounting Standards Codification (“ASC”) 842, 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 1.60 % to 4.22 %. These finance liabilities are collateralized by our rental fleet.   Other Obligations In May 2020, AMERCO, entered into a $ 200.0 million secured credit facility with PNC Bank, as agent and lead arranger of a syndicate of lenders.   The interest rate, per the provision of the loan agreement, is the applicable LIBOR plus the applicable margin.   As of September 30, 2020, the applicable LIBOR was 0.50 % and the margin was 2.00 %, the sum of which was 2.50 %. The LIBOR has a floor of 0.50 %. As of September 30, 2020, the balance of this note was $ 90.7 million. The final maturity of this loan is May 2021. This loan was paid off in October 2020. 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 September 30, 2020, the aggregate outstanding principal balance of the U-Notes ® issued was $ 86.4 million, of which $ 2.6 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.5 % 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 deposits with Oxford. As of June 30, 2020, the deposits had an aggregate balance of $ 70.0 million, for which Oxford pays fixed interest rates between 0.00 % and 2.95 % with maturities between September 28, 2020 and March 29, 2025. As of March 31, 2020, available-for-sale investments held with the FHLB totaled $ 181.4 million, of which $ 77.7 million were pledged as collateral to secure the outstanding deposits. The balances of these deposits 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 September 30, 2020 for the next five years and thereafter are as follows:     Year Ended September 30,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 575,971 $ 840,903 $ 703,945 $ 780,395 $ 264,733 $ 1,565,821 14   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 41,600 $ 44,743 Capitalized interest   (3,494)   (6,669) Amortization of transaction costs   1,458   1,047 Interest expense resulting from cash flow hedges   961   1 Total interest expense $ 40,525 $ 39,122       Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 83,511 $ 88,074 Capitalized interest   (7,928)   (12,168) Amortization of transaction costs   2,755   2,100 Interest expense resulting from cash flow hedges   1,708   4 Total interest expense $ 80,046 $ 78,010   Interest paid in cash, including payments related to derivative contracts, amounted to $ 39.1 million and $ 45.4 million for the second quarter of fiscal 2021 and 2020, respectively, and $ 78.5 million and $ 85.9 million for the first six months of fiscal 2021 and 2020, respectively. Interest Rates Interest rates and Company borrowings were as follows:     Revolving Credit Activity       Quarter Ended September 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.67 % 3.50 % Interest rate at the end of the quarter   1.67 % 3.36 % Maximum amount outstanding during the quarter $ 1,105,000 $ 1,015,000   Average amount outstanding during the quarter $ 1,059,130 $ 1,004,348   Facility fees $ 90 $ 45   15   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)     Revolving Credit Activity       Six Months Ended September 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.67 % 3.61 % Interest rate at the end of the period   1.67 % 3.36 % Maximum amount outstanding during the period $ 1,175,000 $ 1,015,000   Average amount outstanding during the period $ 1,109,978 $ 985,954   Facility fees $ 94 $ 107   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 LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. 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 balance sheet were as follows:     Derivatives Fair Values as of     September 30, 2020   March 31, 2020     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ - $ - Liabilities $ 7,165 $ 8,214 Notional amount $ 235,000 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         September 30, 2020   September 30, 2019     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,007) $ 1,206 (Gain) loss reclassified from AOCI into income $ (961) $ 366   Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2021, we recognized a decrease in the fair value of our cash flow hedges of $ 0.5 million, net of taxes. During the first six months of fiscal 2021 we reclassified $1.7 million from AOCI to interest expense. As of September 30, 2020, we expect to reclassify $ 3.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.   16                         September 30,   March 31,   2020 Rates (a)     Maturities   2020   2020                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.66 %       2023 $ 87,913 $ 92,913 Senior mortgages 3.11 % - 6.62 %   2021 - 2038   2,098,659   2,029,878 Real estate loans (revolving credit) 1.56 % - 3.25 %   2022 - 2025   535,000   519,000 Fleet loans (amortizing term) 2.04 % - 4.66 %   2020 - 2027   184,861   224,089 Fleet loans (revolving credit) 1.31 % - 2.36 %   2022 - 2024   510,000   567,000 Finance/capital leases (rental equipment) 1.92 % - 5.04 %   2020 - 2026   612,150   734,870 Finance liability (rental equipment) 1.60 % - 4.22 %   2020 - 2028   528,702   398,834 Other obligations 2.50 % - 8.00 %   2020 - 2049   174,483   84,484 Notes, loans and finance/capital leases payable                   4,731,768   4,651,068 Less: Debt issuance costs                     (30,543)   (29,777) Total notes, loans and finance/capital leases payable, net         $ 4,701,225 $ 4,621,291                             (a) Interest rates as of September 30, 2020, including the effect of applicable hedging instruments.         0.0166 2023 87913000 92913000 0.0311 0.0662 2021 2038 2098659000 2029878000 0.0156 0.0325 2022 2025 535000000 519000000 0.0204 0.0466 2020 2027 184861000 224089000 0.0131 0.0236 2022 2024 510000000 567000000 0.0192 0.0504 2020 2026 612150000 734870000 0.0160 0.0422 2020 2028 528702000 398834000 0.0250 0.0800 2020 2049 174483000 84484000 4731768000 4651068000 30543000 29777000 4701225000 4621291000 0.0016 0.0150 0.0166 0.0311 0.0662 0.0432 385000000.0 385000000.0 2022-06 2025-03 0.0016 0.0125 0.0150 0.0141 0.0166 0.0303 0.0314 200000000.0 300000000.0 150000000.0 2023-04 0.0100 0.0225 0.0325 0.0030 0.0204 0.0466 590000000.0 100000000.0 0.0236 0.0016 0.0115 0.0131 (7) year terms 0.0192 0.0504 (7) years 0.0160 0.0422 200000000.0 0.0050 0.0200 0.0250 0.0050 90700000 86400000 2600000 0.025 0.0800 2020 2049 70000000.0 0.0000 0.0295 181400000 77700000     Year Ended September 30,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance/capital leases payable, secured $ 575,971 $ 840,903 $ 703,945 $ 780,395 $ 264,733 $ 1,565,821 575971000 840903000 703945000 780395000 264733000 1565821000     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 41,600 $ 44,743 Capitalized interest   (3,494)   (6,669) Amortization of transaction costs   1,458   1,047 Interest expense resulting from cash flow hedges   961   1 Total interest expense $ 40,525 $ 39,122 41600000 44743000 3494000 6669000 1458000 1047000 961000 1000 40525000 39122000     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) Interest expense $ 83,511 $ 88,074 Capitalized interest   (7,928)   (12,168) Amortization of transaction costs   2,755   2,100 Interest expense resulting from cash flow hedges   1,708   4 Total interest expense $ 80,046 $ 78,010 83511000 88074000 7928000 12168000 2755000 2100000 1708000 4000 80046000 78010000 39100000 45400000 78500000 85900000     Revolving Credit Activity       Quarter Ended September 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.67 % 3.50 % Interest rate at the end of the quarter   1.67 % 3.36 % Maximum amount outstanding during the quarter $ 1,105,000 $ 1,015,000   Average amount outstanding during the quarter $ 1,059,130 $ 1,004,348   Facility fees $ 90 $ 45   0.0167 0.0350 0.0167 0.0336 1105000000 1015000000 1059130000 1004348000 90000 45000     Revolving Credit Activity       Six Months Ended September 30,       2020   2019       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.67 % 3.61 % Interest rate at the end of the period   1.67 % 3.36 % Maximum amount outstanding during the period $ 1,175,000 $ 1,015,000   Average amount outstanding during the period $ 1,109,978 $ 985,954   Facility fees $ 94 $ 107   0.0167 0.0361 0.0167 0.0336 1175000000 1015000000 1109978000 985954000 94000 107000 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 LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. 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 balance sheet were as follows:     Derivatives Fair Values as of     September 30, 2020   March 31, 2020     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ - $ - Liabilities $ 7,165 $ 8,214 Notional amount $ 235,000 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         September 30, 2020   September 30, 2019     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,007) $ 1,206 (Gain) loss reclassified from AOCI into income $ (961) $ 366   Gains or losses recognized in income on derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first six months of fiscal 2021, we recognized a decrease in the fair value of our cash flow hedges of $ 0.5 million, net of taxes. During the first six months of fiscal 2021 we reclassified $1.7 million from AOCI to interest expense. As of September 30, 2020, we expect to reclassify $ 3.8 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.     Derivatives Fair Values as of     September 30, 2020   March 31, 2020     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ - $ - Liabilities $ 7,165 $ 8,214 Notional amount $ 235,000 $ 235,000 0 0 7165000 8214000 235000000 235000000     The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         September 30, 2020   September 30, 2019     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,007) $ 1,206 (Gain) loss reclassified from AOCI into income $ (961) $ 366 -1007000 1206000 -961000 366000 500000 3800000 16   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 6. Accumulated Other Comprehensive Income (Loss) A summary of accumulated other comprehensive income (loss) components, net of tax, were as follows:     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (2,627)   -   -   -   (2,627) Unrealized net gain on investments   -   45,340   -   -   45,340 Change in fair value of cash flow hedges   -   -   (497)   -   (497) Amounts reclassified into earnings on hedging activities   -   -   1,288   -   1,288 Other comprehensive income (loss)   (2,627)   45,340   791   -   43,504 Balance at September 30, 2020 $ (49,862) $ 136,024 $ (5,405) $ (2,601) $ 78,156     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (2,627)   -   -   -   (2,627) Unrealized net gain on investments   -   45,340   -   -   45,340 Change in fair value of cash flow hedges   -   -   (497)   -   (497) Amounts reclassified into earnings on hedging activities   -   -   1,288   -   1,288 Other comprehensive income (loss)   (2,627)   45,340   791   -   43,504 Balance at September 30, 2020 $ (49,862) $ 136,024 $ (5,405) $ (2,601) $ 78,156 -47235000 90684000 -6196000 -2601000 34652000 -2627000 0 0 0 -2627000 0 45340000 0 0 45340000 0 0 -497000 0 -497000 0 0 1288000 0 1288000 -2627000 45340000 791000 0 43504000 -49862000 136024000 -5405000 -2601000 78156000 7. Stockholders' Equity The dividends declared or paid during the first six months of fiscal 2021 were as follows: Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               August 20, 2020 $ 0.50   September 7, 2020   September 21, 2020   On June 8, 2016, our stockholders' approved the 2016 AMERCO Stock Option Plan (Shelf Stock Option Plan). As of September 30, 2020, no awards had been issued under this plan. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               August 20, 2020 $ 0.50   September 7, 2020   September 21, 2020 2020-08-20 0.50 2020-09-07 2020-09-21 8. 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 15, Revenue Recognition, to the Notes to Condensed 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 condensed consolidated balance sheets dated September 30, 2020 and 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 balance sheets dated September 30, 2020 and March 31, 2020. 17   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 amortized 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. 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. 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 4, Borrowings, of the Notes to Condendsed Consolidated Finanical Statements for additional information. The following table shows the components of our ROU assets:     As of September 30, 2020     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ - $ 131,218 $ 131,218 Furniture and equipment   20,965   -   20,965 Rental trailers and other rental equipment   115,875   -   115,875 Rental trucks   1,637,456   -   1,637,456 Right-of-use assets, gross   1,774,296   131,218   1,905,514 Less: Accumulated depreciation   (803,935)   (29,272)   (833,207) Right-of-use assets, net $ 970,361 $ 101,946 $ 1,072,307         Finance   Operating       (Unaudited)   Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 %   For the first six months ended September 30, 2020, cash paid for leases included in our operating and financing cash flow activities were $ 7.4 million and $ 122.7 million, respectively. 18   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The components of lease costs were as follows:     Six Months Ended     September 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 14,540       Finance lease cost:     Amortization of right-of-use assets $ 79,259 Interest on lease liabilities   12,082 Total finance lease cost $ 91,341   Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending September 30,   (In thousands)           2021 $ 183,067 $ 24,731 2022   143,263   22,413 2023   121,509   21,605 2024   82,967   17,181 2025   60,569   5,717 Thereafter   20,775   64,484 Total lease payments   612,150   156,131 Less: imputed interest   -   (54,155) Present value of lease liabilities $ 612,150 $ 101,976   9. 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 along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first six months of fiscal 2021, 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 continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   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. 19       As of September 30, 2020     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ - $ 131,218 $ 131,218 Furniture and equipment   20,965   -   20,965 Rental trailers and other rental equipment   115,875   -   115,875 Rental trucks   1,637,456   -   1,637,456 Right-of-use assets, gross   1,774,296   131,218   1,905,514 Less: Accumulated depreciation   (803,935)   (29,272)   (833,207) Right-of-use assets, net $ 970,361 $ 101,946 $ 1,072,307 0 131218000 131218000 20965000 0 20965000 115875000 0 115875000 1637456000 0 1637456000 1774296000 131218000 1905514000 803935000 29272000 833207000 970361000 101946000 1072307000     Finance   Operating       (Unaudited)   Weighted average remaining lease term (years)   4   14   Weighted average discount rate   3.5 % 4.6 % 4 14 0.035 0.046 7400000 122700000     Six Months Ended     September 30, 2020     (Unaudited)     (In thousands)       Operating lease costs $ 14,540       Finance lease cost:     Amortization of right-of-use assets $ 79,259 Interest on lease liabilities   12,082 Total finance lease cost $ 91,341 14540000 79259000 12082000 91341000     Finance leases   Operating leases     (Unaudited) Year ending September 30,   (In thousands)           2021 $ 183,067 $ 24,731 2022   143,263   22,413 2023   121,509   21,605 2024   82,967   17,181 2025   60,569   5,717 Thereafter   20,775   64,484 Total lease payments   612,150   156,131 Less: imputed interest   -   (54,155) Present value of lease liabilities $ 612,150 $ 101,976 183067000 24731000 143263000 22413000 121509000 21605000 82967000 17181000 60569000 5717000 20775000 64484000 612150000 156131000 0 54155000 612150000 101976000 9. 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 along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. During the first six months of fiscal 2021, 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 continue to evolve in ways that the Company is not fully able to predict at this time.   We have experienced customer initiated changes in behavior, actions   by government entities, concerns from our workforce, and reactions from the capital markets.   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. 19   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) CARES Act The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. We have availed ourselves of the provisions related to deferring certain payroll taxes, carrybacks of net operating losses, and will utilize the technical corrections to tax depreciation methods.   We estimate that the net operating loss carrybacks combined with the depreciation adjustments for our fiscal 2020 federal income tax return will result in a refund of approximately $ 381 million, which are reflected in Prepaid expense. As refunds are received, they will reduce this amount. We have estimated and recorded the overall effects of the CARES Act and do not anticipate a material change. It is possible future legislation could reduce or delay our ability to carryback these losses. Environmental Compliance with environmental requirements of federal, state and local governments may significantly 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. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. 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 AMERCO's financial position or results of operations. Other We are named as a defendant in various 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. 381000000 10. Related Party Transactions As set forth in the Company's Audit Committee Charter and consistent with NASDAQ Listing Rules, 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 generally accepted accounting principles (“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. AMERCO 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 are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP (“WGHLP”), 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. 20   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Related Party Revenue     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,644 $ 6,318 U-Haul management fee revenue from Mercury   1,196   915   $ 7,840 $ 7,233       Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 12,792 $ 12,567 U-Haul management fee revenue from Mercury   2,395   1,822   $ 15,187 $ 14,389 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 $ 17.5 million and $ 16.3 million from the above-mentioned entities during the first six months of fiscal 2021 and 2020, respectively. 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, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 658 $ 658 U-Haul commission expenses to Blackwater   20,533   18,617   $ 21,191 $ 19,275       Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,315 $ 1,316 U-Haul commission expenses to Blackwater   35,865   35,819   $ 37,180 $ 37,135 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. 21   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) As of September 30, 2020, 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 $ 12.8 million, expenses of $ 1.3 million and cash flows of $ 11.3 million during the first six months of fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 167.8 million and $ 35.9 million, respectively, during the first six months of fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $0.4 million. Management determined that we do not have a variable interest pursuant to the variable interest entity (“VIE”) model under ASC 810 - Consolidation (“ASC 810”) in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets     September 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 28,246 $ 25,293 U-Haul receivable from Mercury   4,838   9,893 Other (a)   (687)   (402)   $ 32,397 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.     11. Consolidating Financial Information by Industry Segment: AMERCO's three reportable segments are:   Moving and Storage, comprised of AMERCO, 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 condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. 22       Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,644 $ 6,318 U-Haul management fee revenue from Mercury   1,196   915   $ 7,840 $ 7,233 6644000 6318000 1196000 915000 7840000 7233000     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 12,792 $ 12,567 U-Haul management fee revenue from Mercury   2,395   1,822   $ 15,187 $ 14,389 12792000 12567000 2395000 1822000 15187000 14389000 0.04 0.10 17500000 16300000     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 658 $ 658 U-Haul commission expenses to Blackwater   20,533   18,617   $ 21,191 $ 19,275 658000 658000 20533000 18617000 21191000 19275000     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,315 $ 1,316 U-Haul commission expenses to Blackwater   35,865   35,819   $ 37,180 $ 37,135 1315000 1316000 35865000 35819000 37180000 37135000 12800000 1300000 11300000 167800000 35900000     September 30,   March 31,     2020   2020     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 28,246 $ 25,293 U-Haul receivable from Mercury   4,838   9,893 Other (a)   (687)   (402)   $ 32,397 $ 34,784 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.   28246000 25293000 4838000 9893000 -687000 -402000 32397000 34784000 11. Consolidating Financial Information by Industry Segment: AMERCO's three reportable segments are:   Moving and Storage, comprised of AMERCO, 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 condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. Consolidating balance sheets by industry segment as of September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 1,163,253 $ 3,483 $ 48,832 $ -   $ 1,215,568 Reinsurance recoverables and trade receivables, net   78,982   91,371   43,044   -     213,397 Inventories and parts, net   100,595   -   -   -     100,595 Prepaid expenses   447,073   -   -   -     447,073 Investments, fixed maturities and marketable equities   -   285,987   2,209,355   -     2,495,342 Investments, other   20,988   99,542   304,997   -     425,527 Deferred policy acquisition costs, net   -   -   93,407   -     93,407 Other assets   68,169   816   2,329   -     71,314 Right of use assets - financing, net   970,361   -   -   -     970,361 Right of use assets - operating   101,482   262   202   -     101,946 Related party assets   39,481   6,281   14,213   (27,578) (c)   32,397     2,990,384   487,742   2,716,379   (27,578)     6,166,927                         Investment in subsidiaries   705,467   -   -   (705,467) (b)   -                         Property, plant and equipment, at cost:                       Land   1,052,205   -   -   -     1,052,205 Buildings and improvements   4,863,590   -   -   -     4,863,590 Furniture and equipment   767,290   -   -   -     767,290 Rental trailers and other rental equipment   531,465   -   -   -     531,465 Rental trucks   3,644,674   -   -   -     3,644,674     10,859,224   -   -   -     10,859,224 Less:   Accumulated depreciation   (2,902,673)   -   -   -     (2,902,673) Total property, plant and equipment, net   7,956,551   -   -   -     7,956,551 Total assets $ 11,652,402 $ 487,742 $ 2,716,379 $ (733,045)   $ 14,123,478                         (a) Balances as of June 30, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         23     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 622,424 $ 2,890 $ 5,352 $ -   $ 630,666 Notes, loans and finance/capital leases payable, net   4,689,896   -   11,329   -     4,701,225 Operating lease liability   101,493   271   212   -     101,976 Policy benefits and losses, claims and loss expenses payable   425,376   204,592   385,221   -     1,015,189 Liabilities from investment contracts   -   -   1,838,280   -     1,838,280 Other policyholders' funds and liabilities   -   658   4,768   -     5,426 Deferred income   41,715   -   -   -     41,715 Deferred income taxes, net   1,143,886   10,491   28,993   -     1,183,370 Related party liabilities   25,928   4,490   1,107   (31,525) (c)   - Total liabilities   7,050,718   223,392   2,275,262   (31,525)     9,517,847                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   74,209   17,243   114,835   (128,131) (b)   78,156 Retained earnings   4,740,599   152,686   297,511   (449,987) (b)   4,740,809 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,601,684   264,350   441,117   (701,520)     4,605,631 Total liabilities and stockholders' equity $ 11,652,402 $ 487,742 $ 2,716,379 $ (733,045)   $ 14,123,478                         (a) Balances as of June 30, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         24     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         25     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   -   -   -   -     - Series B preferred stock   -   -   -   -     - Series A common stock   -   -   -   -     - Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       26     1163253000 3483000 48832000 0 1215568000 78982000 91371000 43044000 0 213397000 100595000 0 0 0 100595000 447073000 0 0 0 447073000 0 285987000 2209355000 0 2495342000 20988000 99542000 304997000 0 425527000 0 0 93407000 0 93407000 68169000 816000 2329000 0 71314000 970361000 0 0 0 970361000 101482000 262000 202000 0 101946000 39481000 6281000 14213000 -27578000 32397000 2990384000 487742000 2716379000 -27578000 6166927000 705467000 0 0 -705467000 0 1052205000 0 0 0 1052205000 4863590000 0 0 0 4863590000 767290000 0 0 0 767290000 531465000 0 0 0 531465000 3644674000 0 0 0 3644674000 10859224000 0 0 0 10859224000 2902673000 0 0 0 2902673000 7956551000 0 0 0 7956551000 11652402000 487742000 2716379000 -733045000 14123478000 622424000 2890000 5352000 0 630666000 4689896000 0 11329000 0 4701225000 101493000 271000 212000 0 101976000 425376000 204592000 385221000 0 1015189000 0 0 1838280000 0 1838280000 0 658000 4768000 0 5426000 41715000 0 0 0 41715000 1143886000 10491000 28993000 0 1183370000 25928000 4490000 1107000 -31525000 0 7050718000 223392000 2275262000 -31525000 9517847000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 74209000 17243000 114835000 -128131000 78156000 4740599000 152686000 297511000 -449987000 4740809000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 0 0 0 0 0 4601684000 264350000 441117000 -701520000 4605631000 11652402000 487742000 2716379000 -733045000 14123478000 459078000 4794000 30480000 0 494352000 60073000 93995000 32604000 0 186672000 101083000 0 0 0 101083000 562904000 0 0 0 562904000 0 288998000 2203740000 0 2492738000 20988000 90145000 249240000 0 360373000 0 0 103118000 0 103118000 69128000 680000 2148000 0 71956000 1080353000 0 0 0 1080353000 106631000 0 0 0 106631000 41027000 7137000 18629000 -32009000 34784000 2501265000 485749000 2639959000 -32009000 5594964000 668498000 0 0 -668498000 0 1032945000 0 0 0 1032945000 4663461000 0 0 0 4663461000 752363000 0 0 0 752363000 511520000 0 0 0 511520000 3595933000 0 0 0 3595933000 10556222000 0 0 0 10556222000 2713162000 0 0 0 2713162000 7843060000 0 0 0 7843060000 11012823000 485749000 2639959000 -700507000 13438024000 545685000 5530000 3138000 0 554353000 4609844000 0 11447000 0 4621291000 106443000 0 0 0 106443000 410107000 210341000 377199000 0 997647000 0 0 1802217000 0 1802217000 0 5751000 4439000 0 10190000 31620000 0 0 0 31620000 1063681000 8447000 21415000 0 1093543000 24275000 4616000 2670000 -31561000 0 6791655000 234685000 2222525000 -31561000 9217304000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 35100000 12581000 78550000 -91579000 34652000 4399192000 144062000 310113000 -453965000 4399402000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 0 0 0 0 0 4221168000 251064000 417434000 -668946000 4220720000 11012823000 485749000 2639959000 -700507000 13438024000 Consolidating statement of operations by industry segment for the quarter ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 931,814 $ - $ - $ (784) (c) $ 931,030 Self-storage revenues   115,273   -   -   -     115,273 Self-moving and self-storage products and service sales   98,628   -   -   -     98,628 Property management fees   7,840   -   -   -     7,840 Life insurance premiums   -   -   31,057   -     31,057 Property and casualty insurance premiums   -   16,721   -   (852) (c)   15,869 Net investment and interest income   595   5,952   27,651   (865) (b)   33,333 Other revenue   91,168   -   852   (142) (b)   91,878 Total revenues   1,245,318   22,673   59,560   (2,643)     1,324,908                         Costs and expenses:                       Operating expenses   562,798   8,166   4,893   (1,774) (b,c)   574,083 Commission expenses   99,365   -   -   -     99,365 Cost of sales   60,933   -   -   -     60,933 Benefits and losses   -   2,438   43,014   -     45,452 Amortization of deferred policy acquisition costs   -   -   5,552   -     5,552 Lease expense   7,403   -   61   (594) (b)   6,870 Depreciation, net of gains on disposal   137,438   -   -   -     137,438 Net losses on disposal of real estate   3,425   -   -   -     3,425 Total costs and expenses   871,362   10,604   53,520   (2,368)     933,118                         Earnings from operations before equity in earnings of subsidiaries   373,956   12,069   6,040   (275)     391,790                         Equity in earnings of subsidiaries   14,338   -   -   (14,338) (d)   -                         Earnings from operations   388,294   12,069   6,040   (14,613)     391,790 Other components of net periodic benefit costs   (246)   -   -   -     (246) Interest expense   (40,800)   -   -   275 (b)   (40,525) Pretax earnings   347,248   12,069   6,040   (14,338)     351,019 Income tax expense   (80,883)   (2,554)   (1,217)   -     (84,654) Earnings available to common stockholders $ 266,365 $ 9,515 $ 4,823 $ (14,338)   $ 266,365                         (a) Balances for the quarter ended June 30, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       27     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 931814000 0 0 -784000 931030000 115273000 0 0 0 115273000 98628000 0 0 0 98628000 7840000 0 0 0 7840000 0 0 31057000 0 31057000 0 16721000 0 -852000 15869000 595000 5952000 27651000 -865000 33333000 91168000 0 852000 -142000 91878000 1245318000 22673000 59560000 -2643000 1324908000 562798000 8166000 4893000 -1774000 574083000 99365000 0 0 0 99365000 60933000 0 0 0 60933000 0 2438000 43014000 0 45452000 0 0 5552000 0 5552000 7403000 0 61000 -594000 6870000 137438000 0 0 0 137438000 3425000 0 0 0 3425000 871362000 10604000 53520000 -2368000 933118000 373956000 12069000 6040000 -275000 391790000 14338000 0 0 -14338000 0 388294000 12069000 6040000 -14613000 391790000 246000 0 0 0 246000 40800000 0 0 -275000 40525000 347248000 12069000 6040000 -14338000 351019000 80883000 2554000 1217000 0 84654000 266365000 9515000 4823000 -14338000 266365000 Consolidating statements of operations by industry for the quarter ended September 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 805,659 $ - $ - $ (1,334) (c) $ 804,325 Self-storage revenues   104,965   -   -   -     104,965 Self-moving and self-storage products and service sales   73,121   -   -   -     73,121 Property management fees   7,233   -   -   -     7,233 Life insurance premiums   -   -   32,355   -     32,355 Property and casualty insurance premiums   -   19,216   -   (851) (c)   18,365 Net investment and interest income   3,031   4,312   26,165   (410) (b)   33,098 Other revenue   75,543   -   1,339   (130) (b)   76,752 Total revenues   1,069,552   23,528   59,859   (2,725)     1,150,214                         Costs and expenses:                       Operating expenses   552,708   9,395   5,619   (2,309) (b,c)   565,413 Commission expenses   86,099   -   -   -     86,099 Cost of sales   43,930   -   -   -     43,930 Benefits and losses   -   5,041   40,784   -     45,825 Amortization of deferred policy acquisition costs   -   -   6,515   -     6,515 Lease expense   6,492   -   -   (136) (b)   6,356 Depreciation, net of gains on disposal   151,553   -   -   -     151,553 Net gains on disposal of real estate   (217)   -   -   -     (217) Total costs and expenses   840,565   14,436   52,918   (2,445)     905,474                         Earnings from operations before equity in earnings of subsidiaries   228,987   9,092   6,941   (280)     244,740                         Equity in earnings of subsidiaries   12,914   -   -   (12,914) (d)   -                         Earnings from operations   241,901   9,092   6,941   (13,194)     244,740 Other components of net periodic benefit costs   (264)   -   -   -     (264) Interest expense   (39,402)   -   -   280 (b)   (39,122) Pretax earnings   202,235   9,092   6,941   (12,914)     205,354 Income tax expense   (45,909)   (1,864)   (1,255)   -     (49,028) Earnings available to common stockholders $ 156,326 $ 7,228 $ 5,686 $ (12,914)   $ 156,326                         (a) Balances for the quarter ended June 30, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       805659000 0 0 -1334000 804325000 104965000 0 0 0 104965000 73121000 0 0 0 73121000 7233000 0 0 0 7233000 0 0 32355000 0 32355000 0 19216000 0 -851000 18365000 3031000 4312000 26165000 -410000 33098000 75543000 0 1339000 -130000 76752000 1069552000 23528000 59859000 -2725000 1150214000 552708000 9395000 5619000 -2309000 565413000 86099000 0 0 0 86099000 43930000 0 0 0 43930000 0 5041000 40784000 0 45825000 0 0 6515000 0 6515000 6492000 0 0 -136000 6356000 151553000 0 0 0 151553000 -217000 0 0 0 -217000 840565000 14436000 52918000 -2445000 905474000 228987000 9092000 6941000 -280000 244740000 12914000 0 0 -12914000 0 241901000 9092000 6941000 -13194000 244740000 264000 0 0 0 264000 39402000 0 0 -280000 39122000 202235000 9092000 6941000 -12914000 205354000 45909000 1864000 1255000 0 49028000 156326000 7228000 5686000 -12914000 156326000 Consolidating statements of operations by industry for the six months ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,586,727 $ - $ - $ (1,412) (c) $ 1,585,315 Self-storage revenues   224,228   -   -   -     224,228 Self-moving and self-storage products and service sales   189,978   -   -   -     189,978 Property management fees   15,187   -   -   -     15,187 Life insurance premiums   -   -   61,965   -     61,965 Property and casualty insurance premiums   -   31,228   -   (1,625) (c)   29,603 Net investment and interest income   1,257   5,079   45,657   (1,678) (b)   50,315 Other revenue   154,241   -   1,591   (278) (b)   155,554 Total revenues   2,171,618   36,307   109,213   (4,993)     2,312,145                         Costs and expenses:                       Operating expenses   1,042,879   16,991   10,181   (3,306) (b,c)   1,066,745 Commission expenses   168,540   -   -   -     168,540 Cost of sales   113,764   -   -   -     113,764 Benefits and losses   -   6,468   78,561   -     85,029 Amortization of deferred policy acquisition costs   -   -   12,440   -     12,440 Lease expense   14,540   1   71   (1,139) (b)   13,473 Depreciation, net of gains on disposal   303,109   -   -   -     303,109 Net losses on disposal of real estate   3,169   -   -   -     3,169 Total costs and expenses   1,646,001   23,460   101,253   (4,445)     1,766,269                         Earnings from operations before equity in earnings of subsidiaries   525,617   12,847   7,960   (548)     545,876                         Equity in earnings of subsidiaries   16,733   -   -   (16,733) (d)   -                         Earnings from operations   542,350   12,847   7,960   (17,281)     545,876 Other components of net periodic benefit costs   (493)   -   -   -     (493) Interest expense   (80,594)   -   -   548 (b)   (80,046) Pretax earnings   461,263   12,847   7,960   (16,733)     465,337 Income tax expense   (107,172)   (2,716)   (1,358)   -     (111,246) Earnings available to common stockholders $ 354,091 $ 10,131 $ 6,602 $ (16,733)   $ 354,091                         (a) Balances for the six months ended June 30, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       1586727000 0 0 -1412000 1585315000 224228000 0 0 0 224228000 189978000 0 0 0 189978000 15187000 0 0 0 15187000 0 0 61965000 0 61965000 0 31228000 0 -1625000 29603000 1257000 5079000 45657000 -1678000 50315000 154241000 0 1591000 -278000 155554000 2171618000 36307000 109213000 -4993000 2312145000 1042879000 16991000 10181000 -3306000 1066745000 168540000 0 0 0 168540000 113764000 0 0 0 113764000 0 6468000 78561000 0 85029000 0 0 12440000 0 12440000 14540000 1000 71000 -1139000 13473000 303109000 0 0 0 303109000 3169000 0 0 0 3169000 1646001000 23460000 101253000 -4445000 1766269000 525617000 12847000 7960000 -548000 545876000 16733000 0 0 -16733000 0 542350000 12847000 7960000 -17281000 545876000 493000 0 0 0 493000 80594000 0 0 -548000 80046000 461263000 12847000 7960000 -16733000 465337000 107172000 2716000 1358000 0 111246000 354091000 10131000 6602000 -16733000 354091000 Consolidating statements of operations by industry for the six months ended September 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,554,795 $ - $ - $ (1,874) (c) $ 1,552,921 Self-storage revenues   203,239   -   -   -     203,239 Self-moving and self-storage products and service sales   153,147   -   -   -     153,147 Property management fees   14,389   -   -   -     14,389 Life insurance premiums   -   -   65,065   -     65,065 Property and casualty insurance premiums   -   33,330   -   (1,541) (c)   31,789 Net investment and interest income   6,298   10,503   52,866   (820) (b)   68,847 Other revenue   138,082   -   2,249   (265) (b)   140,066 Total revenues   2,069,950   43,833   120,180   (4,500)     2,229,463                         Costs and expenses:                       Operating expenses   1,075,232   17,476   10,847   (3,670) (b,c)   1,099,885 Commission expenses   166,998   -   -   -     166,998 Cost of sales   92,859   -   -   -     92,859 Benefits and losses   -   8,799   86,032   -     94,831 Amortization of deferred policy acquisition costs   -   -   12,579   -     12,579 Lease expense   13,664   -   -   (272) (b)   13,392 Depreciation, net of gains on disposal   292,153   -   -   -     292,153 Net gains on disposal of real estate   (1,839)   -   -   -     (1,839) Total costs and expenses   1,639,067   26,275   109,458   (3,942)     1,770,858                         Earnings from operations before equity in earnings of subsidiaries   430,883   17,558   10,722   (558)     458,605                         Equity in earnings of subsidiaries   22,745   -   -   (22,745) (d)   -                         Earnings from operations   453,628   17,558   10,722   (23,303)     458,605 Other components of net periodic benefit costs   (527)   -   -   -     (527) Interest expense   (78,568)   -   -   558 (b)   (78,010) Pretax earnings   374,533   17,558   10,722   (22,745)     380,068 Income tax expense   (85,785)   (3,642)   (1,893)   -     (91,320) Earnings available to common stockholders $ 288,748 $ 13,916 $ 8,829 $ (22,745)   $ 288,748                         (a) Balances for the six months ended June 30, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       1554795000 0 0 -1874000 1552921000 203239000 0 0 0 203239000 153147000 0 0 0 153147000 14389000 0 0 0 14389000 0 0 65065000 0 65065000 0 33330000 0 -1541000 31789000 6298000 10503000 52866000 -820000 68847000 138082000 0 2249000 -265000 140066000 2069950000 43833000 120180000 -4500000 2229463000 1075232000 17476000 10847000 -3670000 1099885000 166998000 0 0 0 166998000 92859000 0 0 0 92859000 0 8799000 86032000 0 94831000 0 0 12579000 0 12579000 13664000 0 0 -272000 13392000 292153000 0 0 0 292153000 -1839000 0 0 0 -1839000 1639067000 26275000 109458000 -3942000 1770858000 430883000 17558000 10722000 -558000 458605000 22745000 0 0 -22745000 0 453628000 17558000 10722000 -23303000 458605000 527000 0 0 0 527000 78568000 0 0 -558000 78010000 374533000 17558000 10722000 -22745000 380068000 85785000 3642000 1893000 0 91320000 288748000 13916000 8829000 -22745000 288748000 Consolidating cash flow statements by industry segment for the six months ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 354,091 $ 10,131 $ 6,602 $ (16,733)   $ 354,091 Earnings from consolidated entities   (16,733)   -   -   16,733     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   332,240   -   -   -     332,240 Amortization of deferred policy acquisition costs   -   -   12,440   -     12,440 Amortization of premiums and accretion of discounts related to investments, net   -   786   6,140   -     6,926 Amortization of debt issuance costs   2,755   -   -   -     2,755 Interest credited to policyholders   -   -   24,241   -     24,241 Change in allowance for losses on trade receivables   (139)   -   (1)   -     (140) Change in allowance for inventories and parts reserve   106   -   -   -     106 Net gains on disposal of personal property   (29,131)   -   -   -     (29,131) Net losses on disposal of real estate   3,169   -   -   -     3,169 Net gains on sales of investments   -   (28)   (1,260)   -     (1,288) Net losses on equity investments   -   2,254   -   -     2,254 Deferred income taxes   79,947   804   (553)   -     80,198 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (19,696)   1,848   (10,440)   -     (28,288) Inventories and parts   386   -   -   -     386 Prepaid expenses   116,064   -   -   -     116,064 Capitalization of deferred policy acquisition costs   -   -   (13,404)   -     (13,404) Other assets   (181)   10   (382)   -     (553) Related party assets   1,918   867   -   -     2,785 Accounts payable and accrued expenses   114,195   (2,618)   912   -     112,489 Policy benefits and losses, claims and loss expenses payable   14,300   (5,748)   8,023   -     16,575 Other policyholders' funds and liabilities   -   (5,093)   329   -     (4,764) Deferred income   10,245   -   2,992   -     13,237 Related party liabilities   1,652   (135)   (1,563)   -     (46) Net cash provided by operating activities   965,188   3,078   34,076   -     1,002,342                         Cash flows from investing activities:                       Escrow deposits   1,266   -   -   -     1,266 Purchases of:                       Property, plant and equipment   (662,259)   -   -   -     (662,259) Short term investments   -   (19,204)   (18)   -     (19,222) Fixed maturities investments   -   (3,505)   (157,250)   -     (160,755) Equity securities   -   -   (719)   -     (719) Preferred stock   -   -   (13,111)   -     (13,111) Real estate   -   -   (223)   -     (223) Mortgage loans   -   (14,145)   (58,171)   -     (72,316) Proceeds from sales and paydowns of:                       Property, plant and equipment   314,335   -   -   -     314,335 Short term investments   -   23,180   -   -     23,180 Fixed maturities investments   -   8,730   217,926   -     226,656 Equity securities   -   -   72   -     72 Real estate   -   -   -   -     - Mortgage loans   -   555   2,664   -     3,219 Net cash used by investing activities   (346,658)   (4,389)   (8,830)   -     (359,877)     (page 1 of 2) (a) Balance for the period ended June 30, 2020                       31     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the six months ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   576,123   -   9,600   -     585,723 Principal repayments on credit facilities   (377,062)   -   (9,717)   -     (386,779) Payments of debt issuance costs   (3,477)   -   -   -     (3,477) Finance/capital lease payments   (122,720)   -   -   -     (122,720) Common stock dividend paid   (9,804)   -   -   -     (9,804) Net contribution from (to) related party   18,599   -   (18,599)   -     - Investment contract deposits   -   -   114,288   -     114,288 Investment contract withdrawals   -   -   (102,466)   -     (102,466) Net cash provided by financing activities   81,659   -   (6,894)   -     74,765                         Effects of exchange rate on cash   3,986   -   -   -     3,986                         Increase (decrease) in cash and cash equivalents   704,175   (1,311)   18,352   -     721,216 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 1,163,253 $ 3,483 $ 48,832 $ -   $ 1,215,568     (page 2 of 2) (a) Balance for the period ended June 30, 2020                       354091000 10131000 6602000 -16733000 354091000 16733000 0 0 -16733000 0 332240000 0 0 0 332240000 0 0 12440000 0 12440000 0 786000 6140000 0 6926000 2755000 0 0 0 2755000 0 0 24241000 0 24241000 -139000 0 -1000 0 -140000 106000 0 0 0 106000 29131000 0 0 0 29131000 3169000 0 0 0 3169000 0 28000 1260000 0 1288000 0 2254000 0 0 2254000 79947000 804000 -553000 0 80198000 19696000 -1848000 10440000 0 28288000 -386000 0 0 0 -386000 -116064000 0 0 0 -116064000 0 0 13404000 0 13404000 181000 -10000 382000 0 553000 -1918000 -867000 0 0 -2785000 114195000 -2618000 912000 0 112489000 14300000 -5748000 8023000 0 16575000 0 -5093000 329000 0 -4764000 10245000 0 2992000 0 13237000 1652000 -135000 -1563000 0 -46000 965188000 3078000 34076000 0 1002342000 -1266000 0 0 0 -1266000 662259000 0 0 0 662259000 0 19204000 18000 0 19222000 0 3505000 157250000 0 160755000 0 0 719000 0 719000 0 0 13111000 0 13111000 0 0 223000 0 223000 0 14145000 58171000 0 72316000 314335000 0 0 0 314335000 0 23180000 0 0 23180000 0 8730000 217926000 0 226656000 0 0 72000 0 72000 0 0 0 0 0 0 555000 2664000 0 3219000 -346658000 -4389000 -8830000 0 -359877000 576123000 0 9600000 0 585723000 377062000 0 9717000 0 386779000 3477000 0 0 0 3477000 122720000 0 0 0 122720000 9804000 0 0 0 9804000 18599000 0 -18599000 0 0 0 0 114288000 0 114288000 0 0 102466000 0 102466000 81659000 0 -6894000 0 74765000 3986000 0 0 0 3986000 704175000 -1311000 18352000 0 721216000 459078000 4794000 30480000 0 494352000 1163253000 3483000 48832000 0 1215568000 Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $ 288,748 $ 13,916 $ 8,829 $ (22,745)   $ 288,748 Earnings from consolidated entities   (22,745)   -   -   22,745     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   326,830   -   -   -     326,830 Amortization of deferred policy acquisition costs   -   -   12,579   -     12,579 Amortization of premiums and accretion of discounts related to investments, net   -   754   5,727   -     6,481 Amortization of debt issuance costs   2,100   -   -   -     2,100 Interest credited to policyholders   -   -   26,584   -     26,584 Change in allowance for losses on trade receivables   (113)   -   -   -     (113) Change in allowance for inventories and parts reserve   537   -   -   -     537 Net gains on disposal of personal property   (34,677)   -   -   -     (34,677) Net gains on disposal of real estate   (1,839)   -   -   -     (1,839) Net gains on sales of investments   -   (127)   (7,468)   -     (7,595) Net gains on equity investments   -   (2,553)   -   -     (2,553) Deferred income taxes   87,544   (1,438)   (2,398)   -     83,708 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (987)   5,430   (1,972)   -     2,471 Inventories and parts   613   -   -   -     613 Prepaid expenses   (21,908)   -   -   -     (21,908) Capitalization of deferred policy acquisition costs   -   -   (10,370)   -     (10,370) Other assets   (1,205)   1,736   (6)   -     525 Related party assets   (2,628)   (2,391)   -   -     (5,019) Accounts payable and accrued expenses   59,091   11   1,485   -     60,587 Policy benefits and losses, claims and loss expenses payable   17,272   (6,214)   (349)   -     10,709 Other policyholders' funds and liabilities   -   381   (4,517)   -     (4,136) Deferred income   2,077   -   -   -     2,077 Related party liabilities   406   412   607   -     1,425 Net cash provided by operating activities   699,116   9,917   28,731   -     737,764                         Cash flows from investing activities:                       Escrow deposits   5,573   -   -   -     5,573 Purchases of:                       Property, plant and equipment   (1,589,371)   -   -   -     (1,589,371) Short term investments   -   (20,275)   (105)   -     (20,380) Fixed maturities investments   -   (6,531)   (172,095)   -     (178,626) Equity securities   -   -   (83)   -     (83) Real estate   -   (328)   (40)   -     (368) Mortgage loans   -   (6,250)   (13,410)   -     (19,660) Proceeds from sales and paydowns of:                       Property, plant and equipment   401,451   -   -   -     401,451 Short term investments   -   17,282   -   -     17,282 Fixed maturities investments   -   10,308   117,375   -     127,683 Real estate   311   -   -   -     311 Mortgage loans   -   1,696   2,603   -     4,299 Net cash used by investing activities   (1,182,036)   (4,098)   (65,755)   -     (1,251,889)     (page 1 of 2) (a) Balance for the period ended June 30, 2019                       33     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   656,245   -   2,500   -     658,745 Principal repayments on credit facilities   (141,134)   -   (2,500)   -     (143,634) Payment of debt issuance costs   (2,301)   -   -   -     (2,301) Finance/capital lease payments   (180,902)   -   -   -     (180,902) Employee stock ownership plan stock   (206)   -   -   -     (206) Common stock dividend paid   (19,600)   -   -   -     (19,600) Net contribution from (to) related party   21,600   -   -   -     21,600 Investment contract deposits   -   -   105,846   -     105,846 Investment contract withdrawals   -   -   (78,177)   -     (78,177) Net cash provided (used) by financing activities   333,702   -   27,669   -     361,371                         Effects of exchange rate on cash   4,284   -   -   -     4,284                         Increase (decrease) in cash and cash equivalents   (144,934)   5,819   (9,355)   -     (148,470) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 498,984 $ 11,576 $ 14,671 $ -   $ 525,231     (page 2 of 2) (a) Balance for the period ended June 30, 2019                       288748000 13916000 8829000 -22745000 288748000 22745000 0 0 -22745000 0 326830000 0 0 0 326830000 0 0 12579000 0 12579000 0 754000 5727000 0 6481000 2100000 0 0 0 2100000 0 0 26584000 0 26584000 -113000 0 0 0 -113000 537000 0 0 0 537000 34677000 0 0 0 34677000 -1839000 0 0 0 -1839000 0 127000 7468000 0 7595000 0 -2553000 0 0 -2553000 87544000 -1438000 -2398000 0 83708000 987000 -5430000 1972000 0 -2471000 -613000 0 0 0 -613000 21908000 0 0 0 21908000 0 0 10370000 0 10370000 1205000 -1736000 6000 0 -525000 2628000 2391000 0 0 5019000 59091000 11000 1485000 0 60587000 17272000 -6214000 -349000 0 10709000 0 381000 -4517000 0 -4136000 2077000 0 0 0 2077000 406000 412000 607000 0 1425000 699116000 9917000 28731000 0 737764000 -5573000 0 0 0 -5573000 1589371000 0 0 0 1589371000 0 20275000 105000 0 20380000 0 6531000 172095000 0 178626000 0 0 83000 0 83000 0 328000 40000 0 368000 0 6250000 13410000 0 19660000 401451000 0 0 0 401451000 0 17282000 0 0 17282000 0 10308000 117375000 0 127683000 311000 0 0 0 311000 0 1696000 2603000 0 4299000 -1182036000 -4098000 -65755000 0 -1251889000 656245000 0 2500000 0 658745000 141134000 0 2500000 0 143634000 2301000 0 0 0 2301000 180902000 0 0 0 180902000 206000 0 0 0 206000 19600000 0 0 0 19600000 21600000 0 0 0 21600000 0 0 105846000 0 105846000 0 0 78177000 0 78177000 333702000 0 27669000 0 361371000 4284000 0 0 0 4284000 -144934000 5819000 -9355000 0 -148470000 643918000 5757000 24026000 0 673701000 498984000 11576000 14671000 0 525231000 12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended September 30, 2020             Total revenues $ 1,261,235 $ 63,673 $ 1,324,908 Depreciation and amortization, net of (gains) losses on disposal   144,222   2,193   146,415 Interest expense   39,983   542   40,525 Pretax earnings   340,200   10,819   351,019 Income tax expense   81,624   3,030   84,654 Identifiable assets   13,693,016   430,462   14,123,478               Quarter Ended September 30, 2019             Total revenues $ 1,092,762 $ 57,452 $ 1,150,214 Depreciation and amortization, net of (gains) losses on disposal   154,968   2,883   157,851 Interest expense   38,261   861   39,122 Pretax earnings   200,112   5,242   205,354 Income tax expense   47,534   1,494   49,028 Identifiable assets   12,441,917   414,285   12,856,202       United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Six Months Ended September 30, 2020             Total revenues $ 2,204,038 $ 108,107 $ 2,312,145 Depreciation and amortization, net of (gains) losses on disposal   312,748   5,970   318,718 Interest expense   78,637   1,409   80,046 Pretax earnings   452,149   13,188   465,337 Income tax expense   107,407   3,839   111,246 Identifiable assets   13,693,016   430,462   14,123,478               Six Months Ended September 30, 2019             Total revenues $ 2,121,336 $ 108,127 $ 2,229,463 Depreciation and amortization, net of (gains) losses on disposal   296,866   6,027   302,893 Interest expense   76,481   1,529   78,010 Pretax earnings   370,959   9,109   380,068 Income tax expense   88,648   2,672   91,320 Identifiable assets   12,441,917   414,285   12,856,202     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended September 30, 2020             Total revenues $ 1,261,235 $ 63,673 $ 1,324,908 Depreciation and amortization, net of (gains) losses on disposal   144,222   2,193   146,415 Interest expense   39,983   542   40,525 Pretax earnings   340,200   10,819   351,019 Income tax expense   81,624   3,030   84,654 Identifiable assets   13,693,016   430,462   14,123,478               Quarter Ended September 30, 2019             Total revenues $ 1,092,762 $ 57,452 $ 1,150,214 Depreciation and amortization, net of (gains) losses on disposal   154,968   2,883   157,851 Interest expense   38,261   861   39,122 Pretax earnings   200,112   5,242   205,354 Income tax expense   47,534   1,494   49,028 Identifiable assets   12,441,917   414,285   12,856,202 1261235000 63673000 1324908000 144222000 2193000 146415000 39983000 542000 40525000 340200000 10819000 351019000 81624000 3030000 84654000 13693016000 430462000 14123478000 1092762000 57452000 1150214000 154968000 2883000 157851000 38261000 861000 39122000 200112000 5242000 205354000 47534000 1494000 49028000 12441917000 414285000 12856202000     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Six Months Ended September 30, 2020             Total revenues $ 2,204,038 $ 108,107 $ 2,312,145 Depreciation and amortization, net of (gains) losses on disposal   312,748   5,970   318,718 Interest expense   78,637   1,409   80,046 Pretax earnings   452,149   13,188   465,337 Income tax expense   107,407   3,839   111,246 Identifiable assets   13,693,016   430,462   14,123,478               Six Months Ended September 30, 2019             Total revenues $ 2,121,336 $ 108,127 $ 2,229,463 Depreciation and amortization, net of (gains) losses on disposal   296,866   6,027   302,893 Interest expense   76,481   1,529   78,010 Pretax earnings   370,959   9,109   380,068 Income tax expense   88,648   2,672   91,320 Identifiable assets   12,441,917   414,285   12,856,202 2204038000 108107000 2312145000 312748000 5970000 318718000 78637000 1409000 80046000 452149000 13188000 465337000 107407000 3839000 111246000 13693016000 430462000 14123478000 2121336000 108127000 2229463000 296866000 6027000 302893000 76481000 1529000 78010000 370959000 9109000 380068000 88648000 2672000 91320000 12441917000 414285000 12856202000 35   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 316 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   229   241 Other components   17   23 Total other components of net periodic benefit costs   246   264 Net periodic postretirement benefit cost $ 562 $ 556       Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 633 $ 584 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   459   482 Other components   34   45 Total other components of net periodic benefit costs   493   527 Net periodic postretirement benefit cost $ 1,126 $ 1,111     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 316 $ 292 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   229   241 Other components   17   23 Total other components of net periodic benefit costs   246   264 Net periodic postretirement benefit cost $ 562 $ 556 316000 292000 229000 241000 17000 23000 246000 264000 562000 556000     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 633 $ 584 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   459   482 Other components   34   45 Total other components of net periodic benefit costs   493   527 Net periodic postretirement benefit cost $ 1,126 $ 1,111 633000 584000 459000 482000 34000 45000 493000 527000 1126000 1111000 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, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. 36   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. 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 September 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 213,397 $ - $ - $ 213,397 $ 213,397 Mortgage loans, net   331,772   -   -   331,772   331,772 Other investments   93,755   -   -   93,755   93,755 Total $ 638,924 $ - $ - $ 638,924 $ 638,924                                             Liabilities                     Notes, loans and finance/capital leases payable   4,731,768   -   4,731,768   -   4,462,111 Total $ 4,731,768 $ - $ 4,731,768 $ - $ 4,462,111       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and finance/capital leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 37   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of September 30, 2020 and March 31, 2020 that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of September 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 1,003,057 $ 1,002,755 $ 302 $ - Fixed maturities - available for sale   2,457,629   7,651   2,449,818   160 Preferred stock   19,786   19,786   -   - Common stock   17,927   17,927   -   - Derivatives   5,666   5,666   -   - Total $ 3,504,065 $ 1,053,785 $ 2,450,120 $ 160                                     Liabilities                 Derivatives   7,165   -   7,165   - Total $ 7,165 $ - $ 7,165 $ -   As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ -   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $0.2 million for both September 30, 2020 and March 31, 2020. 15. 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 disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 38       Fair Value Hierarchy     Carrying               Total Estimated As of September 30, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 213,397 $ - $ - $ 213,397 $ 213,397 Mortgage loans, net   331,772   -   -   331,772   331,772 Other investments   93,755   -   -   93,755   93,755 Total $ 638,924 $ - $ - $ 638,924 $ 638,924                                             Liabilities                     Notes, loans and finance/capital leases payable   4,731,768   -   4,731,768   -   4,462,111 Total $ 4,731,768 $ - $ 4,731,768 $ - $ 4,462,111       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2020   Value   Level 1   Level 2   Level 3   Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 186,672 $ - $ - $ 186,672 $ 186,672 Mortgage loans, net   262,688   -   -   262,688   262,688 Other investments   97,685   -   -   97,685   97,685 Total $ 547,045 $ - $ - $ 547,045 $ 547,045                                             Liabilities                     Notes, loans and finance/capital leases payable   4,651,068   -   4,651,068   -   4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 213397000 0 0 213397000 213397000 331772000 0 0 331772000 331772000 93755000 0 0 93755000 93755000 638924000 0 0 638924000 638924000 4731768000 0 4731768000 0 4462111000 4731768000 0 4731768000 0 4462111000 186672000 0 0 186672000 186672000 262688000 0 0 262688000 262688000 97685000 0 0 97685000 97685000 547045000 0 0 547045000 547045000 4651068000 0 4651068000 0 4342308000 4651068000 0 4651068000 0 4342308000 As of September 30, 2020   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 1,003,057 $ 1,002,755 $ 302 $ - Fixed maturities - available for sale   2,457,629   7,651   2,449,818   160 Preferred stock   19,786   19,786   -   - Common stock   17,927   17,927   -   - Derivatives   5,666   5,666   -   - Total $ 3,504,065 $ 1,053,785 $ 2,450,120 $ 160                                     Liabilities                 Derivatives   7,165   -   7,165   - Total $ 7,165 $ - $ 7,165 $ -   As of March 31, 2020   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 369,279 $ 368,968 $ 311 $ - Fixed maturities - available for sale   2,466,048   7,156   2,458,731   161 Preferred stock   6,675   6,675   -   - Common stock   20,015   20,015   -   - Derivatives   5,944   5,944   -   - Total $ 2,867,961 $ 408,758 $ 2,459,042 $ 161                                     Liabilities                 Derivatives   8,214   -   8,214   - Total $ 8,214 $ - $ 8,214 $ - 1003057000 1002755000 302000 0 2457629000 7651000 2449818000 160000 19786000 19786000 0 0 17927000 17927000 0 0 5666000 5666000 0 0 3504065000 1053785000 2450120000 160000 7165000 0 7165000 0 7165000 0 7165000 0 369279000 368968000 311000 0 2466048000 7156000 2458731000 161000 6675000 6675000 0 0 20015000 20015000 0 0 5944000 5944000 0 0 2867961000 408758000 2459042000 161000 8214000 0 8214000 0 8214000 0 8214000 0 15. 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 disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 38   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 September 30, 2020 and March 31, 2020. 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 under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance. 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 in accordance with paragraph 606-10-25-19. 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 under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, 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 second quarter of fiscal 2021 did not have a material effect on our financial statements. 39   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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 under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. 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 withTopic 842/840 The Company's self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASU 2016-02, Leases (Topic 842) because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right.   Therefore, upon adoption of ASU 2016-02 on April 1, 2019, self-rental contracts are being accounted for as leases.   We do not expect this change to result in a change in the timing and pattern of recognition of the related revenues due to the short-term nature of the self-moving rental contracts. Please see Note 8, Leases, of the Notes to Condensed Consolidated Financial Statements. Self-moving 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. Self-storage revenues are recognized in accordance with existing guidance in Topic 840 - Leases. 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. 40   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) 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:       Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,477 $ - $ - $ - $ - $ - Property lease revenues   19,871   13,565   10,465   7,497   5,835   57,082 Total $ 24,348 $ 13,565 $ 10,465 $ 7,497 $ 5,835 $ 57,082 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. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 - Financial Services - Insurance. 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. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 - Financial Instruments. In the following tables, revenue is disaggregated by timing of revenue recognition:       Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 69,346 $ 48,986 Revenues recognized at a point in time:   114,854   86,265 Total revenues recognized under ASC 606   184,200   135,251           Revenues recognized under ASC 842 or 840   1,060,950   929,790 Revenues recognized under ASC 944   46,425   52,075 Revenues recognized under ASC 320   33,333   33,098 Total revenues $ 1,324,908 $ 1,150,214   41   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued)     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 114,284 $ 88,065 Revenues recognized at a point in time:   219,702   177,436 Total revenues recognized under ASC 606   333,986   265,501           Revenues recognized under ASC 842 or 840   1,835,644   1,794,994 Revenues recognized under ASC 944   92,200   100,121 Revenues recognized under ASC 320   50,315   68,847 Total revenues $ 2,312,145 $ 2,229,463   In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box 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 revenue, 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. 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. 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). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5 %. 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 at September 30, 2020 was $ 2.3 million. 42       Year Ended March 31,     2021   2022   2023   2024   2025   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 4,477 $ - $ - $ - $ - $ - Property lease revenues   19,871   13,565   10,465   7,497   5,835   57,082 Total $ 24,348 $ 13,565 $ 10,465 $ 7,497 $ 5,835 $ 57,082 4477000 0 0 0 0 0 19871000 13565000 10465000 7497000 5835000 57082000 24348000 13565000 10465000 7497000 5835000 57082000     Quarter Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 69,346 $ 48,986 Revenues recognized at a point in time:   114,854   86,265 Total revenues recognized under ASC 606   184,200   135,251           Revenues recognized under ASC 842 or 840   1,060,950   929,790 Revenues recognized under ASC 944   46,425   52,075 Revenues recognized under ASC 320   33,333   33,098 Total revenues $ 1,324,908 $ 1,150,214 69346000 48986000 114854000 86265000 184200000 135251000 1060950000 929790000 46425000 52075000 33333000 33098000 1324908000 1150214000     Six Months Ended September 30,     2020   2019     (Unaudited)     (In thousands)           Revenues recognized over time: $ 114,284 $ 88,065 Revenues recognized at a point in time:   219,702   177,436 Total revenues recognized under ASC 606   333,986   265,501           Revenues recognized under ASC 842 or 840   1,835,644   1,794,994 Revenues recognized under ASC 944   92,200   100,121 Revenues recognized under ASC 320   50,315   68,847 Total revenues $ 2,312,145 $ 2,229,463 114284000 88065000 219702000 177436000 333986000 265501000 1835644000 1794994000 92200000 100121000 50315000 68847000 2312145000 2229463000 Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. 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). However, management has determined that the current and reasonable and supportable forecasted economic conditions have declined as compared with the economic conditions included in the historical information partially as a result of COVID-19 during the first quarter of fiscal 2021. To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management estimated the loss rate at approximately 5 %. 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 at September 30, 2020 was $ 2.3 million. 42   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Available-for-Sale 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.   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 were no incremental impairment charges recorded during the quarter ended September 30, 2020. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 25.8 million as of January 1, 2020 and are excluded from the estimate of credit losses. Mortgage loans, net The portfolio of mortgage loans are principally collateralized by self-storage facilities and commercial properties. Mortgage 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 our 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.   Loans that fall under the >65% LTV 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 post events, current conditions, and reasonable and supportable forecasts . When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets at January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. 43   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Premium receivable Premiums receivable   were $ 3.0 million at January 1, 2020 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company's reserve allowance for credit losses for trade receivables, fixed maturities and investments, other for the first six months of fiscal 2021:       Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   (411)   3,755   10   3,354 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of September 30, 2020 $ 2,269 $ 4,258 $ 511 $ 7,038   17. Subsequent Events Financial Strength Rating In September 2020, A.M. Best upgraded the financial strength rating (“FSR”) for Repwest Insurance Company to A from A-.   The FSR outlook remains stable.   In addition, A.M. Best upgraded the long-term issuer credit rating (“LTICR”) to a from a-.   The LTICR outlook has been revised to stable from positive.     18.   Accounting Pronouncements Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted ASU 2016-13 on April 1, 2020 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $ 2.9 million. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the standard did not have a material impact on our consolidated financial statements. 44   2 For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. 0.05 2300000 25800000 The portfolio of mortgage loans are principally collateralized by self-storage facilities and commercial properties. Mortgage 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 our 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.   Loans that fall under the >65% LTV 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 post events, current conditions, and reasonable and supportable forecasts 0.01 3000000.0     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   (411)   3,755   10   3,354 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of September 30, 2020 $ 2,269 $ 4,258 $ 511 $ 7,038 2680000 503000 501000 3684000 -411000 3755000 10000 3354000 0 0 0 0 0 0 0 0 2269000 4258000 511000 7038000 17. Subsequent Events Financial Strength Rating In September 2020, A.M. Best upgraded the financial strength rating (“FSR”) for Repwest Insurance Company to A from A-.   The FSR outlook remains stable.   In addition, A.M. Best upgraded the long-term issuer credit rating (“LTICR”) to a from a-.   The LTICR outlook has been revised to stable from positive.   18.   Accounting Pronouncements Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires the measurement and recognition of expected credit losses held at amortized cost. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis. We adopted ASU 2016-13 on April 1, 2020 using a modified retrospective approach. We recognized a cumulative-effect adjustment to our opening retained earnings balance in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption to our beginning retained earnings was $ 2.9 million. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of such transfers. ASU 2018-13 expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the standard did not have a material impact on our consolidated financial statements. 44   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The amendments in this update require insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts, such as life insurance, disability income, and annuities. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. We are currently in the process of evaluating the impact of the adoption of this amendment on our financial statements; however, the adoption of ASU 2018-12 will impact the statements of operations because the effect of any update to the assumptions we used at the inception of the contracts will be recorded in net income. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General Subtopic 715-20 - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This standard provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our consolidated financial statements. In October 2020, FASB issued ASU 2020-08, Clarifying Guidance on Amortization of the Excess of the Cost Basis of Certain Callable Debt Securities Over the Amount Repayable . This standard requires that, for each reporting period, callable debt securities be reevaluated to determine if they remain subject to the guidance, which will depend on the amortized cost basis of the security and the terms of the next call option. The guidance is effective for fiscal years beginning after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. 2900000