Employee Benefit Plans	12 Months Ended
Mar. 31, 2021
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 15. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2021, 2020 or 2019. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP's debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2020 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $ 23.0 million, $ 10.3 million and $ 11.3 million for fiscal 2021, 2020 and 2019, respectively, which are included in operating expenses in the consolidated statements of operations. Listed below is a summary of these financing arrangements as of fiscal year-end: Outstanding as of Interest Payments Financing Date March 31, 2021 2021 2020 2019 (In thousands) June, 1991 $ - $ - $ - $ 1 July, 2009 - - 9 17 February, 2016 - - 229 190 Leveraged contributions to the Plan Trust during fiscal 2020 and 2019 were $ 5.6 million and $ 1.0 million, respectively. There was no leveraged contribution in fiscal 2021. In fiscal 2021, 2020 and 2019, the Company made non-leveraged contributions of $ 23.0 million, $ 4.0 and $ 5.2 million, respectively to the Plan Trust. In both fiscal 2021 and 2020, $ 0.0 million of dividends from unallocated shares were applied to debt. Shares held by the ESOP were as follows: Years Ended March 31, 2021 2020 (In thousands) Allocated shares 951 1,003 Unreleased shares - leveraged - - Fair value of unreleased shares - leveraged $ - $ - Unreleased shares - non-leveraged - - Fair value of unreleased shares - non-leveraged $ - $ - The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the trading value of such shares as of March 31, 2021 and March 31, 2020, respectively. During fiscal 2021, we released for allocation 38,015 non-leveraged shares. As of March 31, 2021, it is estimated there will be no shares committed to be released. F- 30 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are coordinated with Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2021 2020 2019 (In thousands) Service cost for benefits earned during the period $ 1,267 $ 1,055 $ 1,108 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 919 964 943 Other components 68 90 70 Total other components of net periodic benefit costs 987 1,054 1,013 Net periodic postretirement benefit cost $ 2,254 $ 2,109 $ 2,121 The fiscal 2021 and fiscal 2020 post retirement benefit liability included the following components: Years Ended March 31, 2021 2020 (In thousands) Beginning of year $ 27,503 $ 25,817 Service cost for benefits earned during the period 1,267 1,055 Interest cost on accumulated post retirement benefit 919 964 Net benefit payments and expense (841) (93) Actuarial (gain) loss 1,907 (240) Accumulated postretirement benefit obligation 30,755 27,503 Current liabilities 1,334 1,151 Non-current liabilities 29,421 26,352 Total post retirement benefit liability recognized in statement of financial position 30,755 27,503 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (5,286) (3,447) Cumulative net periodic benefit cost (in excess of employer contribution) $ 25,469 $ 24,056 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2021 2020 2019 (In percentages) Accumulated postretirement benefit obligation 2.93 % 3.37 % 3.83 % F- 31 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2021 was 5.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2038. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2020 (and used to measure the fiscal 2021 net periodic benefit cost) was 6.9 % in the initial year and was projected to decline annually to an ultimate rate of 4.5 % in fiscal 2038. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows: Future Net Benefit Payments (In thousands) Year-ended: 2022 $ 1,334 2023 1,520 2024 1,719 2025 1,937 2026 2,167 2027 through 2030 12,529 Total $ 21,206 Note 16. 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 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. 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. F- 32

Employee Benefit Plans

12 Months Ended

Mar. 31, 2021

Compensation and Retirement Disclosure [Abstract]

Note 15. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2021, 2020 or 2019. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP's debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2020 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $ 23.0 million, $ 10.3 million and $ 11.3 million for fiscal 2021, 2020 and 2019, respectively, which are included in operating expenses in the consolidated statements of operations. Listed below is a summary of these financing arrangements as of fiscal year-end: Outstanding as of Interest Payments Financing Date March 31, 2021 2021 2020 2019 (In thousands) June, 1991 $ - $ - $ - $ 1 July, 2009 - - 9 17 February, 2016 - - 229 190 Leveraged contributions to the Plan Trust during fiscal 2020 and 2019 were $ 5.6 million and $ 1.0 million, respectively. There was no leveraged contribution in fiscal 2021. In fiscal 2021, 2020 and 2019, the Company made non-leveraged contributions of $ 23.0 million, $ 4.0 and $ 5.2 million, respectively to the Plan Trust. In both fiscal 2021 and 2020, $ 0.0 million of dividends from unallocated shares were applied to debt. Shares held by the ESOP were as follows: Years Ended March 31, 2021 2020 (In thousands) Allocated shares 951 1,003 Unreleased shares - leveraged - - Fair value of unreleased shares - leveraged $ - $ - Unreleased shares - non-leveraged - - Fair value of unreleased shares - non-leveraged $ - $ - The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the trading value of such shares as of March 31, 2021 and March 31, 2020, respectively. During fiscal 2021, we released for allocation 38,015 non-leveraged shares. As of March 31, 2021, it is estimated there will be no shares committed to be released. F- 30 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are coordinated with Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2021 2020 2019 (In thousands) Service cost for benefits earned during the period $ 1,267 $ 1,055 $ 1,108 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 919 964 943 Other components 68 90 70 Total other components of net periodic benefit costs 987 1,054 1,013 Net periodic postretirement benefit cost $ 2,254 $ 2,109 $ 2,121 The fiscal 2021 and fiscal 2020 post retirement benefit liability included the following components: Years Ended March 31, 2021 2020 (In thousands) Beginning of year $ 27,503 $ 25,817 Service cost for benefits earned during the period 1,267 1,055 Interest cost on accumulated post retirement benefit 919 964 Net benefit payments and expense (841) (93) Actuarial (gain) loss 1,907 (240) Accumulated postretirement benefit obligation 30,755 27,503 Current liabilities 1,334 1,151 Non-current liabilities 29,421 26,352 Total post retirement benefit liability recognized in statement of financial position 30,755 27,503 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (5,286) (3,447) Cumulative net periodic benefit cost (in excess of employer contribution) $ 25,469 $ 24,056 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2021 2020 2019 (In percentages) Accumulated postretirement benefit obligation 2.93 % 3.37 % 3.83 % F- 31 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2021 was 5.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2038. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2020 (and used to measure the fiscal 2021 net periodic benefit cost) was 6.9 % in the initial year and was projected to decline annually to an ultimate rate of 4.5 % in fiscal 2038. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows: Future Net Benefit Payments (In thousands) Year-ended: 2022 $ 1,334 2023 1,520 2024 1,719 2025 1,937 2026 2,167 2027 through 2030 12,529 Total $ 21,206 Note 16. 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 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. 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. F- 32