Related Party Transactions	12 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 20. 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 SEC rules and regulations and in accordance with 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. F- 41 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, 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. Related Party Revenues Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul management fee revenue from Blackwater $ 25,512 $ 24,014 $ 23,986 U-Haul management fee revenue from Mercury 6,091 6,392 5,162 $ 31,603 $ 30,406 $ 29,148 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 $ 31.2 million, $ 29.0 million and $ 30.0 million from the above-mentioned entities during fiscal 2021, 2020 and 2019, 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 Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul lease expenses to Blackwater $ 2,612 $ 2,631 $ 2,678 U-Haul commission expenses to Blackwater 69,212 62,066 61,434 $ 71,824 $ 64,697 $ 64,112 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. As of March 31, 2021, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries 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 and notes with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 25.5 million, expenses of $ 2.6 million and cash flows of $ 22.6 million during fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 323.8 million and $ 69.2 million, respectively for fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $ 0.4 million. In December 2020, AMERCO contributed $ 12.0 million to Oxford in the form of a surplus note with an interest rate of 4.0 %. This note will be repaid to AMERCO with interest over the next seven years . Management determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater. F- 42 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Related Party Assets March 31, 2021 2020 (In thousands) U-Haul receivable from Blackwater $ 27,116 $ 25,293 U-Haul receivable from Mercury 9,632 9,893 Other (a) (1,353) (402) $ 35,395 $ 34,784 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2020 2019 2018 (In thousands) Repwest: Audited statutory net income $ 22,898 $ 28,614 $ 23,960 Audited statutory capital and surplus 227,380 226,999 216,763 ARCOA: Audited statutory net income 2,438 2,906 1,612 Audited statutory capital and surplus 15,928 12,851 9,390 Oxford: Audited statutory net income 6,296 18,599 11,367 Audited statutory capital and surplus 218,301 223,264 203,723 CFLIC: Audited statutory net income 8,082 8,043 8,735 Audited statutory capital and surplus 25,980 26,305 27,232 NAI: Audited statutory net income 2,127 1,942 1,436 Audited statutory capital and surplus 13,980 13,371 12,817 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2020 that could be distributed as ordinary dividends was $ 22.7 million. The statutory surplus for Oxford at December 31, 2020 that could be distributed as ordinary dividends was $ 6.3 million. Repwest paid a dividend of $ 22.6 and $ 21.6 million to AMERCO during fiscal 2021 and 2020, respectively. Repwest did not pay a dividend to AMERCO in fiscal 2019. Oxford paid a dividend of $18.6 million to AMERCO during fiscal 2021. Oxford did not pay a dividend to AMERCO in fiscal 2020 or 2019. Restricted net assets for our insurance subsidiaries were $ 105.4 million and $ 98.5 million as of December 31, 2020 and 2019, respectively. F- 43

Related Party Transactions

12 Months Ended

Mar. 31, 2021

Note 20. 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 SEC rules and regulations and in accordance with 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. F- 41 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, 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. Related Party Revenues Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul management fee revenue from Blackwater $ 25,512 $ 24,014 $ 23,986 U-Haul management fee revenue from Mercury 6,091 6,392 5,162 $ 31,603 $ 30,406 $ 29,148 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 $ 31.2 million, $ 29.0 million and $ 30.0 million from the above-mentioned entities during fiscal 2021, 2020 and 2019, 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 Years Ended March 31, 2021 2020 2019 (In thousands) U-Haul lease expenses to Blackwater $ 2,612 $ 2,631 $ 2,678 U-Haul commission expenses to Blackwater 69,212 62,066 61,434 $ 71,824 $ 64,697 $ 64,112 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. As of March 31, 2021, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries 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 and notes with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 25.5 million, expenses of $ 2.6 million and cash flows of $ 22.6 million during fiscal 2021. Revenues and commission expenses related to the Dealer Agreements were $ 323.8 million and $ 69.2 million, respectively for fiscal 2021. In June 2020, we purchased an airplane from SAC Holdings for $ 0.4 million. In December 2020, AMERCO contributed $ 12.0 million to Oxford in the form of a surplus note with an interest rate of 4.0 %. This note will be repaid to AMERCO with interest over the next seven years . Management determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater. F- 42 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Related Party Assets March 31, 2021 2020 (In thousands) U-Haul receivable from Blackwater $ 27,116 $ 25,293 U-Haul receivable from Mercury 9,632 9,893 Other (a) (1,353) (402) $ 35,395 $ 34,784 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods. Note 21. Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below: Years Ended December 31, 2020 2019 2018 (In thousands) Repwest: Audited statutory net income $ 22,898 $ 28,614 $ 23,960 Audited statutory capital and surplus 227,380 226,999 216,763 ARCOA: Audited statutory net income 2,438 2,906 1,612 Audited statutory capital and surplus 15,928 12,851 9,390 Oxford: Audited statutory net income 6,296 18,599 11,367 Audited statutory capital and surplus 218,301 223,264 203,723 CFLIC: Audited statutory net income 8,082 8,043 8,735 Audited statutory capital and surplus 25,980 26,305 27,232 NAI: Audited statutory net income 2,127 1,942 1,436 Audited statutory capital and surplus 13,980 13,371 12,817 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2020 that could be distributed as ordinary dividends was $ 22.7 million. The statutory surplus for Oxford at December 31, 2020 that could be distributed as ordinary dividends was $ 6.3 million. Repwest paid a dividend of $ 22.6 and $ 21.6 million to AMERCO during fiscal 2021 and 2020, respectively. Repwest did not pay a dividend to AMERCO in fiscal 2019. Oxford paid a dividend of $18.6 million to AMERCO during fiscal 2021. Oxford did not pay a dividend to AMERCO in fiscal 2020 or 2019. Restricted net assets for our insurance subsidiaries were $ 105.4 million and $ 98.5 million as of December 31, 2020 and 2019, respectively. F- 43