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Basis of Presentation AMERCO, a Nevada Corporation (“AMERCO”), has a fiscal year that ends on the 31 st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31 st of December 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 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, 2019 and 2018 correspond to fiscal 2021, 2020 and 2019 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. Please see Note 3, Accounting Policies - Adoption of New Accounting Pronouncements , of the Notes to Consolidated Financial Statements. Note 2. Principles of Consolidation We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation absorbs the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control. A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company's interest is such that it is the primary beneficiary. We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events. Please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, which are consolidated under the voting interest model. 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.   F- 10   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. 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. 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 ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. 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. 3 Note 3.   Accounting Policies Use of Estimates The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management's most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management's estimates. Cash and Cash Equivalents We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2021 and March 31, 2020, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. F- 11   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Investments Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders' equity.   We adopted ASC Topic 326, Financial Instruments Credit Losses: (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. 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 .   Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is 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. Derivative Financial Instruments Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. Inventories and parts, net Inventories and parts, net were as follows:     March 31,     2021   2020     (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b)   19,972   23,070 Moving supplies and propane (b)   12,877   11,824 Subtotal   128,825   123,032 Less: LIFO reserves   (21,832)   (18,886) Less: excess and obsolete reserves   (1,416)   (3,063) Total $ 105,577 $ 101,083           (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales           Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. F- 12   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96 % of the total inventories for March 31, 2021 and 2020. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $21.8 million and $18.9 million higher as of March 31, 2021 and 2020, respectively. In fiscal 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.4 million. Property, Plant and Equipment Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 54.1 million, $ 27.1 million and $ 27.0 million during fiscal 2021, 2020 and 2019, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 21.2 million and $ 27.7 million in fiscal 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 68.8 million and $ 69.6 million for fiscal 2021 and 2020, respectively and is included in Investments, other. F- 13   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Receivables Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management's estimate of expected losses. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for doubtful accounts due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. Policy Benefits and Losses, Claims and Loss Expenses Payable Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford's liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance's liability for reported and unreported losses is based on Repwest's historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers' compensation.   As a result of the long-tailed nature of the excess workers' compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers' compensation reserves, management considers multiple factors including the following: Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory F- 14   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant's life expectancy and then adjusted for applicable reinsurance arrangements.   Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time.   We have factored in an estimate of what the potential cost increases could be in our IBNR liability.   We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.   Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Self-Insurance Reserves U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 427.1 million and $ 410.1 million of liabilities related to these programs as of March 31, 2021 and 2020, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2021 and 2020, the consolidated balance sheets include liabilities of $ 17.5 million and $ 15.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. Revenue Recognition Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period.   Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. 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. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Advertising All advertising costs are expensed as incurred. Advertising expense was $ 18.0 million, $ 13.7 million and $ 10.6 million in fiscal 2021, 2020 and 2019, respectively.   Deferred Policy Acquisition Costs Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance's life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. F- 15   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”).   Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs.   As of December 31, 2020 and 2019, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 16.0 million and $ 16.8 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.3 million, $ 5.5 million and $ 3.7 million for the periods ended December 31, 2020, 2019 and 2018, respectively. Environmental Costs Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management's best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. Income Taxes AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Comprehensive Income (Loss) Comprehensive income (loss) consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations. Debt Issuance Costs We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements. Adoption of New Accounting Pronouncements On April 1, 2020, the Company adopted Topic 326. 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 Topic 326 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. On April 1, 2020, the Company adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements. F- 16   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) On April 1, 2020, the Company adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements. 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 amendment prescribes standardized liability discount rate, consistency in measurement of market risk benefits, simplified amortization of DAC and enhanced disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. In November 2020, FASB issued ASU 2020-11, Financial Services - Insurance (Topic 944) , which deferred the effective date of ASU 2018-12 to years beginning after December 15, 2022. We are currently in the process of evaluating the impact of the adoption of ASU 2018-12 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 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 London Inter-Bank Offer Rate (“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 do not expect this standard to have a material impact on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) . This standard permits a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives (“discounting transitions”). Extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting with certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. This standard is effective immediately, may be applied as of the beginning of the interim period that includes March 12, 2020 and is available for a limited time, generally through December 31, 2022. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF), to provide explicit guidance on accounting by issuers for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. The guidance is effective for fiscal years beginning after December 31, 2021. We are currently evaluating the impact of this standard on our consolidated financial statements. F- 17   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) From time to time, new accounting pronouncements are issued by the FASB or the Securities and Exchange Commission (“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. Note 4.   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. The unreleased shares, net of shares committed to be released, were 11,949 as of March 31, 2019. As of March 31, 2021 and 2020 all of these shares have been released.   Note 5.   Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows:     March 31,     2021   2020     (In thousands) Reinsurance recoverable $ 66,386 $ 89,020 Trade accounts receivable   121,251   59,394 Paid losses recoverable   276   624 Accrued investment income   27,883   25,744 Premiums and agents' balances   2,546   1,582 Independent dealer receivable   258   1,015 Other receivables   10,247   9,828     228,847   187,207 Less: Allowance for doubtful accounts   (4,421)   (535)   $ 224,426 $ 186,672   Note 6.   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 $ 27.7 million and $ 30.8 million for December 31, 2020 and 2019, respectively. F- 18   The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management's most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management's estimates. We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2021 and March 31, 2020, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. 250000 100000 Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders' equity.   We adopted ASC Topic 326, Financial Instruments Credit Losses: (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. 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 .   Changes in the market value of common stocks are recognized in earnings. Fair value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is 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. Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 11, Derivatives, of the Notes to Consolidated Financial Statements. Inventories and parts, net were as follows:     March 31,     2021   2020     (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b)   19,972   23,070 Moving supplies and propane (b)   12,877   11,824 Subtotal   128,825   123,032 Less: LIFO reserves   (21,832)   (18,886) Less: excess and obsolete reserves   (1,416)   (3,063) Total $ 105,577 $ 101,083           (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales           Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. F- 12   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 96 % of the total inventories for March 31, 2021 and 2020. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $21.8 million and $18.9 million higher as of March 31, 2021 and 2020, respectively. In fiscal 2021, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.4 million.     March 31,     2021   2020     (In thousands) Truck and trailer parts and accessories (a) $ 95,976 $ 88,138 Hitches and towing components (b)   19,972   23,070 Moving supplies and propane (b)   12,877   11,824 Subtotal   128,825   123,032 Less: LIFO reserves   (21,832)   (18,886) Less: excess and obsolete reserves   (1,416)   (3,063) Total $ 105,577 $ 101,083           (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales         95976000 88138000 19972000 23070000 12877000 11824000 128825000 123032000 21832000 18886000 1416000 3063000 105577000 101083000 0.96 400000 Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 54.1 million, $ 27.1 million and $ 27.0 million during fiscal 2021, 2020 and 2019, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in IRS regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 21.2 million and $ 27.7 million in fiscal 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $ 68.8 million and $ 69.6 million for fiscal 2021 and 2020, respectively and is included in Investments, other. 54100000 27100000 27000000.0 21200000 27700000 0.16 0.13 0.11 0.09 0.08 0.07 0.06 0.15 0.057 68800000 69600000 Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management's estimate of expected losses. See Note 24, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for doubtful accounts due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford's liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance's liability for reported and unreported losses is based on Repwest's historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers' compensation.   As a result of the long-tailed nature of the excess workers' compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers' compensation reserves, management considers multiple factors including the following: Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory F- 14   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant's life expectancy and then adjusted for applicable reinsurance arrangements.   Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time.   We have factored in an estimate of what the potential cost increases could be in our IBNR liability.   We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.   Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 427.1 million and $ 410.1 million of liabilities related to these programs as of March 31, 2021 and 2020, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2021 and 2020, the consolidated balance sheets include liabilities of $ 17.5 million and $ 15.7 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. 427100000 410100000 17500000 15700000 Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period.   Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. 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. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. All advertising costs are expensed as incurred. Advertising expense was $ 18.0 million, $ 13.7 million and $ 10.6 million in fiscal 2021, 2020 and 2019, respectively. 18000000.0 13700000 10600000 Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance's life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. F- 15   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”).   Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs.   As of December 31, 2020 and 2019, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 16.0 million and $ 16.8 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.3 million, $ 5.5 million and $ 3.7 million for the periods ended December 31, 2020, 2019 and 2018, respectively. 16000000.0 16800000 4300000 5500000 3700000 Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management's best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Comprehensive Income (Loss) Comprehensive income (loss) consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations. We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements. On April 1, 2020, the Company adopted Topic 326. 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 Topic 326 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. On April 1, 2020, the Company adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements. F- 16   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) On April 1, 2020, the Company adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements. 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 amendment prescribes standardized liability discount rate, consistency in measurement of market risk benefits, simplified amortization of DAC and enhanced disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2020. In November 2020, FASB issued ASU 2020-11, Financial Services - Insurance (Topic 944) , which deferred the effective date of ASU 2018-12 to years beginning after December 15, 2022. We are currently in the process of evaluating the impact of the adoption of ASU 2018-12 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 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 London Inter-Bank Offer Rate (“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 do not expect this standard to have a material impact on our consolidated financial statements. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) . This standard permits a company to apply certain optional expedients to modifications of interest rate indexes used for margining, discounting or contract price alignment of certain derivatives as a result of reference rate reform initiatives (“discounting transitions”). Extends optional expedients to account for a derivative contract modified as a continuation of the existing contract and to continue hedge accounting with certain critical terms of a hedging relationship change to modifications made as part of the discounting transition. This standard is effective immediately, may be applied as of the beginning of the interim period that includes March 12, 2020 and is available for a limited time, generally through December 31, 2022. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF), to provide explicit guidance on accounting by issuers for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. The guidance is effective for fiscal years beginning after December 31, 2021. We are currently evaluating the impact of this standard on our consolidated financial statements. F- 17   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) From time to time, new accounting pronouncements are issued by the FASB or the Securities and Exchange Commission (“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. Note 4.   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. The unreleased shares, net of shares committed to be released, were 11,949 as of March 31, 2019. As of March 31, 2021 and 2020 all of these shares have been released. 11949 Note 5.   Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows:     March 31,     2021   2020     (In thousands) Reinsurance recoverable $ 66,386 $ 89,020 Trade accounts receivable   121,251   59,394 Paid losses recoverable   276   624 Accrued investment income   27,883   25,744 Premiums and agents' balances   2,546   1,582 Independent dealer receivable   258   1,015 Other receivables   10,247   9,828     228,847   187,207 Less: Allowance for doubtful accounts   (4,421)   (535)   $ 224,426 $ 186,672     March 31,     2021   2020     (In thousands) Reinsurance recoverable $ 66,386 $ 89,020 Trade accounts receivable   121,251   59,394 Paid losses recoverable   276   624 Accrued investment income   27,883   25,744 Premiums and agents' balances   2,546   1,582 Independent dealer receivable   258   1,015 Other receivables   10,247   9,828     228,847   187,207 Less: Allowance for doubtful accounts   (4,421)   (535)   $ 224,426 $ 186,672 66386000 89020000 121251000 59394000 276000 624000 27883000 25744000 2546000 1582000 258000 1015000 10247000 9828000 228847000 187207000 4421000 535000 224426000 186672000 Note 6.   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 $ 27.7 million and $ 30.8 million for December 31, 2020 and 2019, respectively. F- 18   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Available-for-Sale Investments Available-for-sale investments as of March 31, 2021 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   Fair Value           (In thousands) U.S. treasury securities and government obligations $ 92,429 $ 12,941 $ - $ - $ - $ 105,370 U.S. government agency mortgage-backed securities   61,427   911   (1)   (132)   -   62,205 Obligations of states and political subdivisions   230,521   25,249   (59)   (3)   -   255,708 Corporate securities   1,846,507   199,447   (163)   (641)   (1,319)   2,043,831 Mortgage-backed securities   174,728   11,706   (1)   (8)   -   186,425   $ 2,405,612 $ 250,254 $ (224) $ (784) $ (1,319) $ 2,653,539   Available-for-sale investments as of 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   Fair 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 $ 523.9 million, $ 264.5 million and $ 114.8 million in fiscal 2021, 2020 and 2019, respectively. The gross realized gains on these sales totaled $ 9.6 million, $ 6.4 million and $ 2.0 million in fiscal 2021, 2020 and 2019, respectively. We realized gross losses on these sales of $ 2.1 million, $ 0.2 million and $ 0.2 million in fiscal 2021, 2020 and 2019, respectively.   We adopted Topic 326 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. F- 19   amerco and consolidated subsidiaries notes to 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 fiscal year 2021. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:     March 31, 2021   March 31, 2020     Amortized Cost   Fair Value   Amortized Cost   Fair Value     (In thousands) Due in one year or less $ 90,142 $ 91,190 $ 128,747 $ 129,420 Due after one year through five years   562,442   601,818   547,821   566,934 Due after five years through ten years   672,733   754,536   636,036   678,636 Due after ten years   905,567   1,019,570   832,334   897,371     2,230,884   2,467,114   2,144,938   2,272,361                   Mortgage backed securities   174,728   186,425   187,784   193,687 Redeemable preferred stocks   -   -   1,493   1,565   $ 2,405,612 $ 2,653,539 $ 2,334,215 $ 2,467,613   Equity investments of common stock and non-redeemable preferred stock were as follows:     March 31, 2021   March 31, 2020     Amortized Cost   Fair Value   Amortized Cost   Fair Value     (In thousands) Common stocks $ 9,775 $ 20,440 $ 9,775 $ 20,015 Non-redeemable preferred stocks   20,034   21,677   5,076   5,110   $ 29,809 $ 42,117 $ 14,851 $ 25,125 Investments, other The carrying value of other investments was as follows:     March 31,     2021   2020     (In thousands) Mortgage loans, net $ 391,230 $ 262,688 Short-term investments   7,234   6,995 Real estate   68,813   69,569 Policy loans   11,163   11,212 Other equity investments   11,319   9,909   $ 489,759 $ 360,373 F- 20   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Mortgage loans are carried at the unpaid balance, less an allowance for expected losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 3.8 % to 8.2 % with maturities between 2021 and 2036 . The allowance for expected losses was $ 0.4 million and $ 0.5 million for March 31, 2021 and 2020, respectively. The estimated fair value of these loans as of March 31, 2021 and 2020 were not materially different compared to the carrying value. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2021. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value. Real estate held for future development or use is carried at the lower of fair value at time of acquisition or current estimated fair value less cost to sell. Other equity investments are carried at cost and assessed for impairment. Insurance policy loans are carried at their unpaid balance. Note 7.   Other Assets Other assets were as follows:     March 31,     2021   2020     (In thousands) Deposits (debt-related) $ 33,952 $ 33,020 Cash surrender value of life insurance policies   567   31,371 Deposits (real estate related)   13,211   7,565   $ 47,730 $ 71,956   Note 8.   Net Investment and Interest Income Net investment and interest income, were as follows:     Years Ended March 31,     2021   2020   2019     (In thousands) Fixed maturities $ 102,021 $ 107,434 $ 99,348 Real estate   5,769   7,304   5,538 Insurance policy loans   829   974   1,305 Mortgage loans   18,248   17,164   16,674 Short-term, amounts held by ceding reinsurers, net and other investments   3,103   9,807   (7,429) Investment income   129,970   142,683   115,436 Less: investment expenses   (7,032)   (4,854)   (4,502) Investment income - related party, net eliminations   -   -   - Net investment and interest income $ 122,938 $ 137,829 $ 110,934   F- 21   27700000 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   Fair Value           (In thousands) U.S. treasury securities and government obligations $ 92,429 $ 12,941 $ - $ - $ - $ 105,370 U.S. government agency mortgage-backed securities   61,427   911   (1)   (132)   -   62,205 Obligations of states and political subdivisions   230,521   25,249   (59)   (3)   -   255,708 Corporate securities   1,846,507   199,447   (163)   (641)   (1,319)   2,043,831 Mortgage-backed securities   174,728   11,706   (1)   (8)   -   186,425   $ 2,405,612 $ 250,254 $ (224) $ (784) $ (1,319) $ 2,653,539   Available-for-sale investments as of 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   Fair 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 92429000 12941000 0 0 0 105370000 61427000 911000 1000 132000 0 62205000 230521000 25249000 59000 3000 0 255708000 1846507000 199447000 163000 641000 1319000 2043831000 174728000 11706000 1000 8000 0 186425000 2405612000 250254000 224000 784000 1319000 2653539000 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 523900000 264500000 114800000 9600000 6400000 2000000.0 2100000 200000 200000     March 31, 2021   March 31, 2020     Amortized Cost   Fair Value   Amortized Cost   Fair Value     (In thousands) Due in one year or less $ 90,142 $ 91,190 $ 128,747 $ 129,420 Due after one year through five years   562,442   601,818   547,821   566,934 Due after five years through ten years   672,733   754,536   636,036   678,636 Due after ten years   905,567   1,019,570   832,334   897,371     2,230,884   2,467,114   2,144,938   2,272,361                   Mortgage backed securities   174,728   186,425   187,784   193,687 Redeemable preferred stocks   -   -   1,493   1,565   $ 2,405,612 $ 2,653,539 $ 2,334,215 $ 2,467,613 90142000 91190000 128747000 129420000 562442000 601818000 547821000 566934000 672733000 754536000 636036000 678636000 905567000 1019570000 832334000 897371000 2230884000 2467114000 2144938000 2272361000 174728000 186425000 187784000 193687000 0 0 1493000 1565000 2405612000 2653539000 2334215000 2467613000     March 31, 2021   March 31, 2020     Amortized Cost   Fair Value   Amortized Cost   Fair Value     (In thousands) Common stocks $ 9,775 $ 20,440 $ 9,775 $ 20,015 Non-redeemable preferred stocks   20,034   21,677   5,076   5,110   $ 29,809 $ 42,117 $ 14,851 $ 25,125 9775000 20440000 9775000 20015000 20034000 21677000 5076000 5110000 29809000 42117000 14851000 25125000     March 31,     2021   2020     (In thousands) Mortgage loans, net $ 391,230 $ 262,688 Short-term investments   7,234   6,995 Real estate   68,813   69,569 Policy loans   11,163   11,212 Other equity investments   11,319   9,909   $ 489,759 $ 360,373 391230000 262688000 7234000 6995000 68813000 69569000 11163000 11212000 11319000 9909000 489759000 360373000 0.038 0.082 2021 2036 400000 500000 Note 7.   Other Assets Other assets were as follows:     March 31,     2021   2020     (In thousands) Deposits (debt-related) $ 33,952 $ 33,020 Cash surrender value of life insurance policies   567   31,371 Deposits (real estate related)   13,211   7,565   $ 47,730 $ 71,956     March 31,     2021   2020     (In thousands) Deposits (debt-related) $ 33,952 $ 33,020 Cash surrender value of life insurance policies   567   31,371 Deposits (real estate related)   13,211   7,565   $ 47,730 $ 71,956 33952000 33020000 567000 31371000 13211000 7565000 47730000 71956000 Note 8.   Net Investment and Interest Income Net investment and interest income, were as follows:     Years Ended March 31,     2021   2020   2019     (In thousands) Fixed maturities $ 102,021 $ 107,434 $ 99,348 Real estate   5,769   7,304   5,538 Insurance policy loans   829   974   1,305 Mortgage loans   18,248   17,164   16,674 Short-term, amounts held by ceding reinsurers, net and other investments   3,103   9,807   (7,429) Investment income   129,970   142,683   115,436 Less: investment expenses   (7,032)   (4,854)   (4,502) Investment income - related party, net eliminations   -   -   - Net investment and interest income $ 122,938 $ 137,829 $ 110,934     Years Ended March 31,     2021   2020   2019     (In thousands) Fixed maturities $ 102,021 $ 107,434 $ 99,348 Real estate   5,769   7,304   5,538 Insurance policy loans   829   974   1,305 Mortgage loans   18,248   17,164   16,674 Short-term, amounts held by ceding reinsurers, net and other investments   3,103   9,807   (7,429) Investment income   129,970   142,683   115,436 Less: investment expenses   (7,032)   (4,854)   (4,502) Investment income - related party, net eliminations   -   -   - Net investment and interest income $ 122,938 $ 137,829 $ 110,934 102021000 107434000 99348000 5769000 7304000 5538000 829000 974000 1305000 18248000 17164000 16674000 3103000 9807000 -7429000 129970000 142683000 115436000 7032000 4854000 4502000 0 0 0 122938000 137829000 110934000 F- 21   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 9.   Borrowings Long-Term Debt Long-term debt was as follows:                     March 31,   2021 Rates   Maturities   2021   2020                     (In thousands) Real estate loan (amortizing term)       1.61 %     2023 $ 82,913 $ 92,913 Senior mortgages 2.80 % - 6.62 % 2021 - 2038   2,125,324   2,029,878 Real estate loans (revolving credit) (a) 1.36 % - 1.61 % 2023 - 2025   535,000   519,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028   176,295   224,089 Fleet loans (revolving credit) 1.27 % - 2.36 % 2023 - 2025   535,000   567,000 Finance leases (rental equipment) 1.92 % - 5.04 % 2021 - 2027   513,623   734,870 Finance liability (rental equipment) 1.60 % - 4.22 % 2024 - 2029   644,375   398,834 Other obligations 2.25 % - 8.00 % 2021 - 2049   86,085   84,484 Notes, loans and finance leases payable                 $ 4,698,615 $ 4,651,068 Less: Debt issuance costs                   (29,708)   (29,777) Total notes, loans and finance leases payable, net                 $ 4,668,907 $ 4,621,291                           (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin       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 LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was 0.11 % and the applicable margin was 1.50 %, the sum of which was 1.61 %. 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 2.80 % and 6.62 %. The weighted average interest rate of these loans as of March 31, 2021 was 4.28 %.   Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule. Real Estate and U-Haul have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. F- 22   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Real Estate Loans (Revolving Credit) Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. As of March 31, 2021, 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 loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was 0.11 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.36 % and 1.61 %. 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 March 31, 2021, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2021, the applicable LIBOR was 0.11 % and the margin was 1.38 %, the sum of which was 1.49 %. 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 1.61 % and 4.66 %. All of our rental truck amortizing loans are collateralized by the rental equipment purchased. The majority of these loans are funded at 70%, but some may be funded at 100%. AMERCO, and in some cases U-Haul, is guarantor of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $ 590.0 million. The interest rates, per the provision of the loan agreements, are the applicable LIBOR plus the applicable margin. As of March 31, 2021, the applicable LIBOR was between 0.11 % and 0.12 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.27 % and 1.36 %. Of the $ 535.0 million outstanding, $ 100.0 million is fixed with an interest rate of 2.36 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance Leases The Finance 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. The net book value of the corresponding rental equipment was $ 865.6 million and $ 1,067.3 million as of March 31, 2021 and 2020, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2021. F- 23   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Finance Liabilities Finance liabilities represent our rental equipment financing transactions that have historically been accounted for as capital leases prior to the adoption of ASC 842 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, was the applicable LIBOR plus the applicable margin.   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 March 31, 2021, the aggregate outstanding principal balance of the U-Notes ® issued was $ 88.6 million, of which $ 2.5 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 2.25 % and 8.00 % and maturity dates range between 2021 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made advances to Oxford. As of December 31, 2020, the advances had an aggregate balance of $ 70.5 million, for which Oxford pays fixed interest rates between 0.00 % and 2.67 % with maturities between March 29, 2021 and September 25, 2025. As of December 31, 2020, available-for-sale investments held with the FHLB totaled $ 153.7 million, of which $ 78.8 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within Liabilities from investment contracts on the condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable as of March 31, 2021 for the next five years and thereafter are as follows:     Years Ended March 31,     2022   2023   2024   2025   2026   Thereafter   Total     (In thousands) Notes, loans and finance leases payable, secured $ 465,884 $ 593,020 $ 1,018,407 $ 769,125 $ 352,162 $ 1,500,017 $ 4,698,615     F- 24                       March 31,   2021 Rates   Maturities   2021   2020                     (In thousands) Real estate loan (amortizing term)       1.61 %     2023 $ 82,913 $ 92,913 Senior mortgages 2.80 % - 6.62 % 2021 - 2038   2,125,324   2,029,878 Real estate loans (revolving credit) (a) 1.36 % - 1.61 % 2023 - 2025   535,000   519,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028   176,295   224,089 Fleet loans (revolving credit) 1.27 % - 2.36 % 2023 - 2025   535,000   567,000 Finance leases (rental equipment) 1.92 % - 5.04 % 2021 - 2027   513,623   734,870 Finance liability (rental equipment) 1.60 % - 4.22 % 2024 - 2029   644,375   398,834 Other obligations 2.25 % - 8.00 % 2021 - 2049   86,085   84,484 Notes, loans and finance leases payable                 $ 4,698,615 $ 4,651,068 Less: Debt issuance costs                   (29,708)   (29,777) Total notes, loans and finance leases payable, net                 $ 4,668,907 $ 4,621,291                           (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin       0.0161 2023 82913000 92913000 0.0280 0.0662 2021 2038 2125324000 2029878000 0.0136 0.0161 2023 2025 535000000 519000000 0.0161 0.0466 2022 2028 176295000 224089000 0.0127 0.0236 2023 2025 535000000 567000000 0.0192 0.0504 2021 2027 513623000 734870000 0.0160 0.0422 2024 2029 644375000 398834000 0.0225 0.0800 2021 2049 86085000 84484000 4698615000 4651068000 29708000 29777000 4668907000 4621291000 0.0011 0.0150 0.0161 0.0280 0.0662 0.0428 385000000.0 385000000.0 0.0011 0.0125 0.0150 0.0136 0.0161 200000000.0 300000000.0 150000000.0 0.0011 0.0138 0.0149 0.0030 0.0161 0.0466 590000000.0 0.0011 0.0012 0.0115 0.0125 0.0127 0.0136 535000000.0 100000000.0 0.0236 (7) year terms 0.0192 0.0504 865600000 1067300000 (7) years 0.0160 0.0422 200000000.0 88600000 2500000 0.0225 0.0800 2021 2049 70500000 0.0000 0.0267 153700000 78800000     Years Ended March 31,     2022   2023   2024   2025   2026   Thereafter   Total     (In thousands) Notes, loans and finance leases payable, secured $ 465,884 $ 593,020 $ 1,018,407 $ 769,125 $ 352,162 $ 1,500,017 $ 4,698,615 465884000 593020000 1018407000 769125000 352162000 1500017000 4698615000 F- 24   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 10.   Interest on Borrowings Interest Expense Components of interest expense include the following:     Years Ended March 31,     2021   2020   2019     (In thousands) Interest expense $ 165,484 $ 180,444 $ 150,609 Capitalized interest   (11,573)   (23,517)   (12,733) Amortization of transaction costs   5,949   4,427   3,745 Interest expense resulting from cash flow hedges   3,642   (404)   824 Total interest expense   163,502   160,950   142,445 Interest paid in cash, including payments related to derivative contracts, amounted to $ 153.2 million, $ 168.1 million and $ 149.8 million for fiscal 2021, 2020 and 2019, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows:     Revolving Credit Activity       Years Ended March 31,       2021   2020   2019       (In thousands, except interest rates)   Weighted average interest rate during the year   1.40 % 3.31 % 3.39 % Interest rate at year end   1.40 % 2.86 % 3.60 % Maximum amount outstanding during the year $ 1,175,000 $ 1,086,000 $ 959,400   Average amount outstanding during the year $ 1,088,293 $ 1,002,081 $ 699,415   Facility fees $ 261 $ 193 $ 374       Years Ended March 31,     2021   2020   2019     (In thousands) Interest expense $ 165,484 $ 180,444 $ 150,609 Capitalized interest   (11,573)   (23,517)   (12,733) Amortization of transaction costs   5,949   4,427   3,745 Interest expense resulting from cash flow hedges   3,642   (404)   824 Total interest expense   163,502   160,950   142,445 165484000 180444000 150609000 11573000 23517000 12733000 5949000 4427000 3745000 3642000 -404000 824000 163502000 160950000 142445000 153200000 168100000 149800000     Revolving Credit Activity       Years Ended March 31,       2021   2020   2019       (In thousands, except interest rates)   Weighted average interest rate during the year   1.40 % 3.31 % 3.39 % Interest rate at year end   1.40 % 2.86 % 3.60 % Maximum amount outstanding during the year $ 1,175,000 $ 1,086,000 $ 959,400   Average amount outstanding during the year $ 1,088,293 $ 1,002,081 $ 699,415   Facility fees $ 261 $ 193 $ 374   0.0140 0.0331 0.0339 0.0140 0.0286 0.0360 1175000000 1086000000 959400000 1088293000 1002081000 699415000 261000 193000 374000 Note 11.   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 its 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 consolidated balance sheet were as follows:             March 31, 2021   March 31, 2020     (In thousands) Interest rate contracts designated as hedging instruments         Assets $ - $ - Liabilities   5,141   8,214 Notional amount (debt)   235,000   235,000 F- 25   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued)     The Effect of Interest Rate     Contracts on the Statements of Operations     Years Ended March 31,     2021   2020   2019     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (3,071) $ 8,355 $ (633) (Gain) loss reclassified from AOCI into income $ (3,640) $ 3 $ (35)   Gains or losses recognized in income on derivatives are recorded as interest expense in the consolidated statements of operations.   During fiscal year 2021, we recognized a decrease in the fair value of our cash flow hedges of $0.4 million, net of taxes.   During fiscal year 2021, we reclassified $ 3.6 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense.   As of March, 31 2021, we expect to reclassify $ 3.9 million of net gains on interest contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. At December 31, 2020 and 2019, these derivative hedges had a fair value of $ 6.6 million and $ 5.9 million, with notional amounts of $ 282.7   million and $ 246.8   million, respectively. These derivative instruments are included in Investments, other; on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.           March 31, 2021   March 31, 2020     (In thousands) Interest rate contracts designated as hedging instruments         Assets $ - $ - Liabilities   5,141   8,214 Notional amount (debt)   235,000   235,000 0 0 5141000 8214000 235000000 235000000 -3071000 8355000 -633000 -3640000 3000 -35000 3600000 3900000 6600000 5900000 282700000 246800000 Note 12.   Accumulated Other Comprehensive Income (Loss) A summary of our AOCI components, net of tax, were as follows:       Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)           (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (5,694)   -   -   -   (5,694) Unrealized net gain on investments   -   76,969   -   -   76,969 Change in fair value of cash flow hedges   -   -   (429)   -   (429) Amounts reclassified into earnings on hedging activities   -   -   2,746   -   2,746 Change in post retirement benefit obligaitons   -   -   -   (1,387)   (1,387) Other comprehensive income (loss)   (5,694)   76,969   2,317   (1,387)   72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $ (3,988) $ 106,857     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)           (In thousands) Balance as of March 31, 2020 $ (47,235) $ 90,684 $ (6,196) $ (2,601) $ 34,652 Foreign currency translation   (5,694)   -   -   -   (5,694) Unrealized net gain on investments   -   76,969   -   -   76,969 Change in fair value of cash flow hedges   -   -   (429)   -   (429) Amounts reclassified into earnings on hedging activities   -   -   2,746   -   2,746 Change in post retirement benefit obligaitons   -   -   -   (1,387)   (1,387) Other comprehensive income (loss)   (5,694)   76,969   2,317   (1,387)   72,205 Balance as of March 31, 2021 $ (52,929) $ 167,653 $ (3,879) $ (3,988) $ 106,857 -47235000 90684000 -6196000 -2601000 34652000 -5694000 0 0 0 -5694000 0 76969000 0 0 76969000 0 0 -429000 0 -429000 0 0 2746000 0 2746000 0 0 0 -1387000 -1387000 -5694000 76969000 2317000 -1387000 72205000 -52929000 167653000 -3879000 -3988000 106857000 F- 26   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 13. Stockholders' Equity The following table lists the dividends that have been declared and issued for fiscal years 2021 and 2020. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               December 9, 2020 $ 2.00   December 21, 2020   December 30, 2020 August 20, 2020   0.50   September 7, 2020   September 21, 2020 December 4, 2019   0.50   December 19, 2019   January 6, 2020 August 22, 2019   0.50   September 9, 2019   September 23, 2019   As of March 31, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               December 9, 2020 $ 2.00   December 21, 2020   December 30, 2020 August 20, 2020   0.50   September 7, 2020   September 21, 2020 December 4, 2019   0.50   December 19, 2019   January 6, 2020 August 22, 2019   0.50   September 9, 2019   September 23, 2019 2020-12-09 2.00 2020-12-21 2020-12-30 2020-08-20 0.50 2020-09-07 2020-09-21 2019-12-04 0.50 2019-12-19 2020-01-06 2019-08-22 0.50 2019-09-09 2019-09-23 Note 14.   Provision for Taxes Earnings before taxes and the provision for taxes consisted of the following:     Years Ended March 31,     2021   2020   2019     (In thousands) Pretax earnings:             U.S. $ 773,030 $ 372,687 $ 466,175 Non-U.S.   23,628   5,437   11,354 Total pretax earnings $ 796,658 $ 378,124 $ 477,529               Current provision (benefit)             Federal $ 100,521 $ (373,817) $ (6,114) State   16,572   (9,600)   3,420 Non-U.S.   3,404   949   1,375     120,497   (382,468)   (1,319) Deferred provision (benefit)             Federal   53,957   307,846   94,961 State   9,795   9,728   11,311 Non-U.S.   1,553   970   1,719     65,305   318,544   107,991               Provision for income tax expense (benefit) $ 185,802 $ (63,924) $ 106,672               Income taxes paid (net of income tax refunds received) $ 29,044 $ 6,859 $ 4,255 F- 27   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:     Years Ended March 31,       2021   2020   2019       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               NOL tax rate benefit   - % (38.62) % - % State taxes, net of federal benefit   2.53 % 0.02 % 2.41 % Foreign rate differential   - % 0.21 % 0.15 % Federal tax credits   (0.99) % (0.53) % (0.15) % Transition tax   - % - % (0.20) % Tax-exempt income   (0.08) % (0.17) % - % Dividend received deduction   (0.01) % (0.01) % (0.01) % Other   0.87 % 1.19 % (0.86) % Actual tax expense (benefit) of operations   23.32 % (16.91) % 22.34 %   Significant components of our deferred tax assets and liabilities were as follows:     March 31,     2021   2020 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 30,432 $ 25,973 Accrued expenses   109,740   105,171 Policy benefit and losses, claims and loss expenses payable, net   26,799   20,189 Operating leases   19,370   22,353 Total deferred tax assets $ 186,341 $ 173,686           Deferred tax liabilities:         Property, plant and equipment $ 1,280,703 $ 1,198,198 Operating leases   19,370   22,353 Deferred policy acquisition costs   13,696   12,795 Unrealized gains   48,667   29,873 Other   2,394   4,010 Total deferred tax liabilities   1,364,830   1,267,229 Net deferred tax liability $ 1,178,489 $ 1,093,543 On March 27, 2020, President Trump signed into U.S. federal law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the novel coronavirus (“COVID-19“) global pandemic and generally supporting the U.S. economy.   Among other things, the CARES Act includes provisions relating to net operating loss (“NOL”) carryback periods, alternative minimum tax (“AMT”) credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property.   In particular, the CARES Act allows for NOLs generated in 2018, 2019, or 2020 to be carried back 5 years. As a result, the NOL and credit carry-forwards in the above table are primarily attributable to state NOLs.   Federal NOLs from fiscal years 2018, 2019 and 2020 have been carried back to prior tax years as provided by the CARES Act.   The statutory tax rate for the carryback years was 35% as compared to 21% at present.   Consequently, we recognized a benefit amount of $ 146.0 million for fiscal year 2020.   As of March 31, 2021 and March 31, 2020, AMERCO had state NOLs of $ 384.9 million and $ 337.3 million, respectively, that will begin to expire March 31, 2022, if not utilized. F- 28   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) On March 3, 2021, the IRS notifiied us that our federal inome tax returns for the tax years March 31, 2014, 2015, 2016, 2018 and 2019 were selected for examination. The IRS agent in charged confirmed that this is a limited scope examination arising out of NOL carryback claims and is a standard procedure for the IRS to process the refund. As such, the scope of the exam is expected to be limited to the items reported on Forms 1139 and related schedules only. As of now, we are still working with the IRS agent and there is no audit adjustment for any of the above tax periods. As of December 31, 2017, the Company elected to reclassify the income tax effects of the the 2017 Tax Cuts and Jobs Act (the “Tax Reform Act“) as enacted on December 22, 2017 from AOCI to retained earnings under ASU 2018-02. In addition, the Company has adopted the "investment by investment" approach as our accounting policy with regard to releasing disproportionate income tax effects from AOCI. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable. The Company accounts for uncertainty in income taxes by recognizing the tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits and expenses recognized in the consolidated financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. A reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period are as follows:     Unrecognized Tax Benefits     March 31,     2021   2020     (In thousands)           Unrecognized tax benefits beginning balance $ 29,632 $ 37,201 Revaluation based on change in after tax benefit   -   - Additions based on tax positions related to the current year   1,479   42 Reductions for tax positions of prior years   (42)   (7,606) Settlements   -   (5) Unrecognized tax benefits ending balance $ 31,069 $ 29,632   We recognize interest related to unrecognized tax benefits as interest expense, and penalties as income tax expenses. At March 31, 2021 and 2020, the amount of interest accrued on unrecognized tax benefits was $ 14.3 million and $ 12.8 million, net of tax. During the current year we recorded expense from interest in the amount of $ 1.5 million, net of tax. We file income tax returns in the U.S. federal jurisdiction, and various states and Canadian jurisdictions. While the Company has ongoing audits in Canada and various state jurisdictions, there have been no proposed or anticipated adjustments that would materially impact the financial statements. With some exceptions, we are no longer subject to audit for years prior to the fiscal year ended March 31, 2018. F- 29       Years Ended March 31,     2021   2020   2019     (In thousands) Pretax earnings:             U.S. $ 773,030 $ 372,687 $ 466,175 Non-U.S.   23,628   5,437   11,354 Total pretax earnings $ 796,658 $ 378,124 $ 477,529               Current provision (benefit)             Federal $ 100,521 $ (373,817) $ (6,114) State   16,572   (9,600)   3,420 Non-U.S.   3,404   949   1,375     120,497   (382,468)   (1,319) Deferred provision (benefit)             Federal   53,957   307,846   94,961 State   9,795   9,728   11,311 Non-U.S.   1,553   970   1,719     65,305   318,544   107,991               Provision for income tax expense (benefit) $ 185,802 $ (63,924) $ 106,672               Income taxes paid (net of income tax refunds received) $ 29,044 $ 6,859 $ 4,255 773030000 372687000 466175000 23628000 5437000 11354000 796658000 378124000 477529000 100521000 -373817000 -6114000 16572000 -9600000 3420000 3404000 949000 1375000 120497000 -382468000 -1319000 53957000 307846000 94961000 9795000 9728000 11311000 1553000 970000 1719000 65305000 318544000 107991000 185802000 -63924000 106672000 29044000 6859000 4255000     Years Ended March 31,       2021   2020   2019       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               NOL tax rate benefit   - % (38.62) % - % State taxes, net of federal benefit   2.53 % 0.02 % 2.41 % Foreign rate differential   - % 0.21 % 0.15 % Federal tax credits   (0.99) % (0.53) % (0.15) % Transition tax   - % - % (0.20) % Tax-exempt income   (0.08) % (0.17) % - % Dividend received deduction   (0.01) % (0.01) % (0.01) % Other   0.87 % 1.19 % (0.86) % Actual tax expense (benefit) of operations   23.32 % (16.91) % 22.34 % 0.2100 0.2100 0.2100 0 -0.3862 0 0.0253 0.0002 0.0241 0 0.0021 0.0015 -0.0099 -0.0053 -0.0015 0 0 -0.0020 -0.0008 -0.0017 0 -0.0001 -0.0001 -0.0001 0.0087 0.0119 -0.0086 0.2332 -0.1691 0.2234     March 31,     2021   2020 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 30,432 $ 25,973 Accrued expenses   109,740   105,171 Policy benefit and losses, claims and loss expenses payable, net   26,799   20,189 Operating leases   19,370   22,353 Total deferred tax assets $ 186,341 $ 173,686           Deferred tax liabilities:         Property, plant and equipment $ 1,280,703 $ 1,198,198 Operating leases   19,370   22,353 Deferred policy acquisition costs   13,696   12,795 Unrealized gains   48,667   29,873 Other   2,394   4,010 Total deferred tax liabilities   1,364,830   1,267,229 Net deferred tax liability $ 1,178,489 $ 1,093,543 30432000 25973000 109740000 105171000 26799000 20189000 19370000 22353000 186341000 173686000 1280703000 1198198000 19370000 22353000 13696000 12795000 48667000 29873000 2394000 4010000 1364830000 1267229000 1178489000 1093543000 146000000.0 384900000 337300000     Unrecognized Tax Benefits     March 31,     2021   2020     (In thousands)           Unrecognized tax benefits beginning balance $ 29,632 $ 37,201 Revaluation based on change in after tax benefit   -   - Additions based on tax positions related to the current year   1,479   42 Reductions for tax positions of prior years   (42)   (7,606) Settlements   -   (5) Unrecognized tax benefits ending balance $ 31,069 $ 29,632 29632000 37201000 0 0 1479000 42000 42000 7606000 0 5000 31069000 29632000 14300000 12800000 1500000 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   23000000.0 10300000 11300000     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 0 0 0 1000 0 0 9000 17000 0 0 229000 190000 5600000 1000000.0 23000000.0 4000000.0 5200000 0.0     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 $ - $ - 951 1003 0 0 0 0 0 0 0 0 20000 3000 100     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 1267000 1055000 1108000 919000 964000 943000 68000 90000 70000 987000 1054000 1013000 2254000 2109000 2121000     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 27503000 25817000 1267000 1055000 919000 964000 841000 93000 1907000 -240000 30755000 27503000 1334000 1151000 29421000 26352000 30755000 27503000 -5286000 -3447000 25469000 24056000     Years Ended March 31,     2021 2020 2019     (In percentages)   Accumulated postretirement benefit obligation   2.93 % 3.37 % 3.83 % 0.0293 0.0337 0.0383 0.050 0.040 0.069 0.045     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 1334000 1520000 1719000 1937000 2167000 12529000 21206000 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   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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 As of March 31, 2021   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,426 $ - $ - $ 224,426 $ 224,426 Mortgage loans, net   391,230   -   -   391,230   391,230 Other investments   98,529   -   -   98,529   98,529 Total $ 714,185 $ - $ - $ 714,185 $ 714,185                                             Liabilities                     Notes, loans and finance leases payable $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Total $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691         Fair Value Hierarchy As of March 31, 2020   Carrying Value   Level 1   Level 2   Level 3   Total Estimated 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 leases payable $ 4,651,068   - $ 4,651,068 $ - $ 4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 F- 33   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of March 31, 2021 and 2020, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.   As of March 31, 2021   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 839,250 $ 839,250 $ - $ - Fixed maturities - available for sale   2,653,539   6,967   2,646,415   157 Preferred stock   21,677   21,677   -   - Common stock   20,440   20,440   -   - Derivatives   6,601   6,601   -   - Total $ 3,541,507 $ 894,935 $ 2,646,415 $ 157                                     Liabilities                 Derivatives $ 5,141 $ - $ 5,141 $ - Total $ 5,141 $ - $ 5,141 $ -   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 measurement of our assets using significant unobservable inputs (Level 3) was $ 0.2 million for both March 31, 2021 and 2020.   F- 34       Fair Value Hierarchy As of March 31, 2021   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,426 $ - $ - $ 224,426 $ 224,426 Mortgage loans, net   391,230   -   -   391,230   391,230 Other investments   98,529   -   -   98,529   98,529 Total $ 714,185 $ - $ - $ 714,185 $ 714,185                                             Liabilities                     Notes, loans and finance leases payable $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691 Total $ 4,698,615 $ - $ 4,698,615 $ - $ 4,449,691         Fair Value Hierarchy As of March 31, 2020   Carrying Value   Level 1   Level 2   Level 3   Total Estimated 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 leases payable $ 4,651,068   - $ 4,651,068 $ - $ 4,342,308 Total $ 4,651,068 $ - $ 4,651,068 $ - $ 4,342,308 224426000 0 0 224426000 224426000 391230000 0 0 391230000 391230000 98529000 0 0 98529000 98529000 714185000 0 0 714185000 714185000 4698615000 0 4698615000 0 4449691000 4698615000 0 4698615000 0 4449691000 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 March 31, 2021   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 839,250 $ 839,250 $ - $ - Fixed maturities - available for sale   2,653,539   6,967   2,646,415   157 Preferred stock   21,677   21,677   -   - Common stock   20,440   20,440   -   - Derivatives   6,601   6,601   -   - Total $ 3,541,507 $ 894,935 $ 2,646,415 $ 157                                     Liabilities                 Derivatives $ 5,141 $ - $ 5,141 $ - Total $ 5,141 $ - $ 5,141 $ -   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 $ - 839250000 839250000 0 0 2653539000 6967000 2646415000 157000 21677000 21677000 0 0 20440000 20440000 0 0 6601000 6601000 0 0 3541507000 894935000 2646415000 157000 5141000 0 5141000 0 5141000 0 5141000 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 200000 F- 34   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 17.   Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $ 150,000 .       Direct Amount (a)   Ceded to Other Companies   Assumed from Other Companies   Net Amount (a)   Percentage of Amount Assumed to Net       (In thousands)   Year ended December 31, 2020                       Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827   26 % Premiums earned:                       Life $ 58,048 $ 1 $ 5,049 $ 63,096   8 % Accident and health   57,081   211   1,388   58,258   2 % Annuity   221   -   34   255   13 % Property and casualty   70,285   -   -   70,285   - % Total $ 185,635 $ 212 $ 6,471 $ 191,894                               Year ended December 31, 2019                       Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836   32 % Premiums earned:                       Life $ 53,289 $ 1 $ 5,629 $ 58,917   10 % Accident and health   66,863   226   1,563   68,200   2 % Annuity   65   -   794   859   92 % Property and casualty   69,126   -   15   69,141   - % Total $ 189,343 $ 227 $ 8,001 $ 197,117                               Year ended December 31, 2018                       Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767   37 % Premiums earned:                       Life $ 51,691 $ (1) $ (69,616) $ (17,924)   388 % Accident and health   77,813   267   1,851   79,397   2 % Annuity   1,221   -   794   2,015   39 % Property and casualty   60,848   -   -   60,848   - % Total $ 191,573 $ 266 $ (66,971) $ 124,336       (a)   Balances are reported net of inter-segment transactions.   Reserves for recognizing a premium deficiency included in future policy benefits are established, if necessary, when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be materially insufficient to provide for expected future policy benefits and expenses. Additionally, in certain instances the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The Company has not recognized any reserves related to premium deficiencies in the years ended December 31, 2020 and December 31, 2019. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit as of December 31, 2020 in the amount of $ 0.1 million from re-insurers and has issued letters of credit in the amount of $ 1.5 million in favor of certain ceding companies. F- 35   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:     December 31,     2020   2019     (In thousands) Unpaid losses and loss adjustment expense $ 177,963 $ 209,127 Reinsurance losses payable   979   1,214 Total $ 178,942 $ 210,341   Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:       December 31,     2020   2019   2018     (In thousands) Balance at January 1 $ 209,127 $ 228,970 $ 233,554 Less: reinsurance recoverable   87,083   94,920   94,490 Net balance at January 1   122,044   134,050   139,064 Incurred related to:             Current year   20,670   22,137   19,579 Prior years   (3,865)   (9,535)   (5,365) Total incurred   16,805   12,602   14,214 Paid related to:             Current year   7,664   7,366   8,838 Prior years   18,095   17,242   10,390 Total paid   25,759   24,608   19,228 Net balance at December 31   113,090   122,044   134,050 Plus: reinsurance recoverable   64,873   87,083   94,920 Balance at December 31 $ 177,963 $ 209,127 $ 228,970   Prior year incurred losses were impacted by favorable development on numerous Excess Workers Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $ 64.9 million) decreased by $ 31.2 million as of December 31, 2020. F- 36   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The information about property and casualty incurred and paid loss and loss adjustment expense development for the years end December 31, 2014 through 2020, and the average annual percentage payout of incurred claims by age as of December 31, 2020, is presented as supplementary information. Claims data for December 31, 2014 through 2019 is unaudited. Claims data for December 31, 2020 is audited.   Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance                                 As of                                 December 31, 2020                                 Total of                                     Incurred-but-                                     Not-Reported                                     Liabilities Plus                                     Expected   Cumulative                                 Development   Number of Accident                               on Reported   Reported Year   2014   2015   2016   2017   2018   2019   2020   Claims   Claims         (In thousands, except claim counts)     2014 $ 11,691 $ 10,907 $ 10,720 $ 10,759 $ 10,748 $ 10,493 $ 10,327 $ -   10,068 2015       12,214   12,459   12,460   12,464   11,087   11,092   -   11,104 2016           13,297   13,011   13,056   11,790   11,764   -   11,469 2017               15,748   16,109   17,078   15,538   305   12,100 2018                   19,580   18,386   18,027   1,464   11,981 2019                       22,138   26,316   4,379   11,738 2020                           20,671   10,137   11,199                             Total   16,285       The following table presents paid claims development as of December 31, 2020, net of reinsurance. Claims data for 2014 through 2019 is unaudited. Claims data for 2020 is audited.   Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance     (In thousands) Accident                             Year   2014   2015   2016   2017   2018   2019   2020 2014 $ 6,154 $ 8,087 $ 9,270 $ 9,293 $ 10,325 $ 10,327 $ 10,327 2015       7,509   9,601   9,730   10,343   11,087   11,092 2016           7,777   10,665   11,643   11,746   11,764 2017               8,970   11,638   14,825   15,012 2018                   8,838   12,698   15,150 2019                       7,366   14,737 2020                           7,665                     Total   Total   85,747 All outstanding liabilities before 2014, net of reinsurance       85,101 Liabilities for claims and claim adjustment expenses, net of reinsurance       113,090 F- 37   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:       December 31, 2020     (In thousands) Liabilities for unpaid Property and Casualty claims     and claim adjustment expenses, net of reinsurance $ 113,090       Total reinsurance recoverable on unpaid     Property and Casualty claims $ 64,873       Total gross liability for unpaid Property and Casualty     claims and claim adjustment expense $ 177,963   The following is supplementary information about average historical claims duration as of December 31, 2020.   Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance     (In percentages)   Years   1   2   3   4   5   6   7   Property and Casualty Insurance   52.2 % 21.4 % 11.0 % 2.0 % 5.6 % - % - %   Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our condensed consolidated balance sheets. 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. F- 38   150000     Direct Amount (a)   Ceded to Other Companies   Assumed from Other Companies   Net Amount (a)   Percentage of Amount Assumed to Net       (In thousands)   Year ended December 31, 2020                       Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827   26 % Premiums earned:                       Life $ 58,048 $ 1 $ 5,049 $ 63,096   8 % Accident and health   57,081   211   1,388   58,258   2 % Annuity   221   -   34   255   13 % Property and casualty   70,285   -   -   70,285   - % Total $ 185,635 $ 212 $ 6,471 $ 191,894                               Year ended December 31, 2019                       Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836   32 % Premiums earned:                       Life $ 53,289 $ 1 $ 5,629 $ 58,917   10 % Accident and health   66,863   226   1,563   68,200   2 % Annuity   65   -   794   859   92 % Property and casualty   69,126   -   15   69,141   - % Total $ 189,343 $ 227 $ 8,001 $ 197,117                               Year ended December 31, 2018                       Life insurance in force $ 941,822 $ 207 $ 548,152 $ 1,489,767   37 % Premiums earned:                       Life $ 51,691 $ (1) $ (69,616) $ (17,924)   388 % Accident and health   77,813   267   1,851   79,397   2 % Annuity   1,221   -   794   2,015   39 % Property and casualty   60,848   -   -   60,848   - % Total $ 191,573 $ 266 $ (66,971) $ 124,336       1031634000 73000 356266000 1387827000 0.26 58048000 1000 5049000 63096000 0.08 57081000 211000 1388000 58258000 0.02 221000 0 34000 255000 0.13 70285000 0 0 70285000 0 185635000 212000 6471000 191894000 957280000 7000 441563000 1398836000 0.32 53289000 1000 5629000 58917000 0.10 66863000 226000 1563000 68200000 0.02 65000 0 794000 859000 0.92 69126000 0 15000 69141000 0 189343000 227000 8001000 197117000 941822000 207000 548152000 1489767000 0.37 51691000 -1000 -69616000 -17924000 3.88 77813000 267000 1851000 79397000 0.02 1221000 0 794000 2015000 0.39 60848000 0 0 60848000 0 191573000 266000 -66971000 124336000 100000 1500000     December 31,     2020   2019     (In thousands) Unpaid losses and loss adjustment expense $ 177,963 $ 209,127 Reinsurance losses payable   979   1,214 Total $ 178,942 $ 210,341 177963000 209127000 979000 1214000 178942000 210341000     December 31,     2020   2019   2018     (In thousands) Balance at January 1 $ 209,127 $ 228,970 $ 233,554 Less: reinsurance recoverable   87,083   94,920   94,490 Net balance at January 1   122,044   134,050   139,064 Incurred related to:             Current year   20,670   22,137   19,579 Prior years   (3,865)   (9,535)   (5,365) Total incurred   16,805   12,602   14,214 Paid related to:             Current year   7,664   7,366   8,838 Prior years   18,095   17,242   10,390 Total paid   25,759   24,608   19,228 Net balance at December 31   113,090   122,044   134,050 Plus: reinsurance recoverable   64,873   87,083   94,920 Balance at December 31 $ 177,963 $ 209,127 $ 228,970 209127000 228970000 233554000 87083000 94920000 94490000 122044000 134050000 139064000 20670000 22137000 19579000 -3865000 -9535000 -5365000 16805000 12602000 14214000 7664000 7366000 8838000 18095000 17242000 10390000 25759000 24608000 19228000 113090000 122044000 134050000 64873000 87083000 94920000 177963000 209127000 228970000 64900000 31200000 Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance                                 As of                                 December 31, 2020                                 Total of                                     Incurred-but-                                     Not-Reported                                     Liabilities Plus                                     Expected   Cumulative                                 Development   Number of Accident                               on Reported   Reported Year   2014   2015   2016   2017   2018   2019   2020   Claims   Claims         (In thousands, except claim counts)     2014 $ 11,691 $ 10,907 $ 10,720 $ 10,759 $ 10,748 $ 10,493 $ 10,327 $ -   10,068 2015       12,214   12,459   12,460   12,464   11,087   11,092   -   11,104 2016           13,297   13,011   13,056   11,790   11,764   -   11,469 2017               15,748   16,109   17,078   15,538   305   12,100 2018                   19,580   18,386   18,027   1,464   11,981 2019                       22,138   26,316   4,379   11,738 2020                           20,671   10,137   11,199                             Total   16,285       The following table presents paid claims development as of December 31, 2020, net of reinsurance. Claims data for 2014 through 2019 is unaudited. Claims data for 2020 is audited.   Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance     (In thousands) Accident                             Year   2014   2015   2016   2017   2018   2019   2020 2014 $ 6,154 $ 8,087 $ 9,270 $ 9,293 $ 10,325 $ 10,327 $ 10,327 2015       7,509   9,601   9,730   10,343   11,087   11,092 2016           7,777   10,665   11,643   11,746   11,764 2017               8,970   11,638   14,825   15,012 2018                   8,838   12,698   15,150 2019                       7,366   14,737 2020                           7,665                     Total   Total   85,747 All outstanding liabilities before 2014, net of reinsurance       85,101 Liabilities for claims and claim adjustment expenses, net of reinsurance       113,090 11691000 10907000 10720000 10759000 10748000 10493000 10327000 0 10068 12214000 12459000 12460000 12464000 11087000 11092000 0 11104 13297000 13011000 13056000 11790000 11764000 0 11469 15748000 16109000 17078000 15538000 305000 12100 19580000 18386000 18027000 1464000 11981 22138000 26316000 4379000 11738 20671000 11199 16285000 6154000 8087000 9270000 9293000 10325000 10327000 10327000 7509000 9601000 9730000 10343000 11087000 11092000 7777000 10665000 11643000 11746000 11764000 8970000 11638000 14825000 15012000 8838000 12698000 15150000 7366000 14737000 7665000 85747000 85101000 113090000     December 31, 2020     (In thousands) Liabilities for unpaid Property and Casualty claims     and claim adjustment expenses, net of reinsurance $ 113,090       Total reinsurance recoverable on unpaid     Property and Casualty claims $ 64,873       Total gross liability for unpaid Property and Casualty     claims and claim adjustment expense $ 177,963 113090000 64873000 177963000 Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance     (In percentages)   Years   1   2   3   4   5   6   7   Property and Casualty Insurance   52.2 % 21.4 % 11.0 % 2.0 % 5.6 % - % - % 0.522 0.214 0.110 0.020 0.056 0 0 Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our condensed consolidated balance sheets. 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. F- 38   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of Topic 842 resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant and equipment, net to ROU assets financing, net. 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.   New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability.   Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our ROU assets, net:     As of March 31, 2021     Finance   Operating   Total     (In thousands)               Buildings and improvements $ - $ 132,901 $ 132,901 Furniture and equipment   22,316   -   22,316 Rental trailers and other rental equipment   203,594   -   203,594 Rental trucks   1,494,098   -   1,494,098 Right-of-use assets, gross   1,720,008   132,901   1,852,909 Less: Accumulated depreciation   (842,970)   (40,396)   (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543       As of March 31, 2020     Finance   Operating   Total     (In thousands)               Buildings and improvements $ - $ 125,547 $ 125,547 Furniture and equipment   21,113   -   21,113 Rental trailers and other rental equipment   219,581   -   219,581 Rental trucks   1,634,572   -   1,634,572 Right-of-use assets, gross   1,875,266   125,547   2,000,813 Less: Accumulated depreciation   (794,913)   (18,916)   (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984   As of March 31, 2021 and 2020, we had finance leases for the ROU assets, net of $ 513.6 million and $ 734.9 million, respectively and operating leases of $ 92.5 million and $ 106.4 million, respectively.       Financing leases       March 31,       2021   2020   Weighted average remaining lease term (years)   3   4   Weighted average discount rate   3.6 % 3.5 %   F- 39   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued)     Operating leases       March 31,       2021   2020   Weighted average remaining lease term (years)   14.7   14   Weighted average discount rate   4.6 % 4.6 %   For the last twelve months ended March 31, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 29.3 million and $ 25.9 million, respectively and our financing cash flow activities were $221.2 million and $307.8 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $6.8 million and $15.4 million for fiscal 2021 and 2020, respectively. The components of lease costs, including leases of less than 12 months, were as follows:     Twelve Months Ended March 31,     2021   2020     (In thousands)           Operating lease costs $ 30,551 $ 27,494           Finance lease cost:         Amortization of right-of-use assets $ 150,994 $ 186,860 Interest on lease liabilities   22,405   30,901 Total finance lease cost $ 173,399 $ 217,761   Maturities of lease liabilities were as follows:     Finance leases   Operating leases Year ending March 31,   (In thousands)           2022 $ 179,470 $ 24,288 2023   134,783   22,239 2024   112,732   21,257 2025   78,910   10,151 2026   47,453   4,006 Thereafter   7   62,175 Total lease payments   553,355   144,116 Less: imputed interest   (39,732)   (51,606) Present value of lease liabilities $ 513,623 $ 92,510   Note 19.   Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. F- 40   105400000 948200000     As of March 31, 2021     Finance   Operating   Total     (In thousands)               Buildings and improvements $ - $ 132,901 $ 132,901 Furniture and equipment   22,316   -   22,316 Rental trailers and other rental equipment   203,594   -   203,594 Rental trucks   1,494,098   -   1,494,098 Right-of-use assets, gross   1,720,008   132,901   1,852,909 Less: Accumulated depreciation   (842,970)   (40,396)   (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543 0 132901000 132901000 22316000 0 22316000 203594000 0 203594000 1494098000 0 1494098000 1720008000 132901000 1852909000 842970000 40396000 883366000 877038000 92505000 969543000     As of March 31, 2020     Finance   Operating   Total     (In thousands)               Buildings and improvements $ - $ 125,547 $ 125,547 Furniture and equipment   21,113   -   21,113 Rental trailers and other rental equipment   219,581   -   219,581 Rental trucks   1,634,572   -   1,634,572 Right-of-use assets, gross   1,875,266   125,547   2,000,813 Less: Accumulated depreciation   (794,913)   (18,916)   (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 0 125547000 125547000 21113000 0 21113000 219581000 0 219581000 1634572000 0 1634572000 1875266000 125547000 2000813000 794913000 18916000 813829000 1080353000 106631000 1186984000 513600000 734900000 92500000 106400000     Financing leases       March 31,       2021   2020   Weighted average remaining lease term (years)   3   4   Weighted average discount rate   3.6 % 3.5 %   F- 39   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued)     Operating leases       March 31,       2021   2020   Weighted average remaining lease term (years)   14.7   14   Weighted average discount rate   4.6 % 4.6 % 3 4 0.036 0.035 14.7 14 0.046 0.046 29300000 25900000     Twelve Months Ended March 31,     2021   2020     (In thousands)           Operating lease costs $ 30,551 $ 27,494           Finance lease cost:         Amortization of right-of-use assets $ 150,994 $ 186,860 Interest on lease liabilities   22,405   30,901 Total finance lease cost $ 173,399 $ 217,761 30551000 27494000 150994000 186860000 22405000 30901000 173399000 217761000     Finance leases   Operating leases Year ending March 31,   (In thousands)           2022 $ 179,470 $ 24,288 2023   134,783   22,239 2024   112,732   21,257 2025   78,910   10,151 2026   47,453   4,006 Thereafter   7   62,175 Total lease payments   553,355   144,116 Less: imputed interest   (39,732)   (51,606) Present value of lease liabilities $ 513,623 $ 92,510 179470000 24288000 134783000 22239000 112732000 21257000 78910000 10151000 47453000 4006000 7000 62175000 553355000 144116000 39732000 51606000 513623000 92510000 Note 19.   Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. F- 40   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) During 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 2022 and beyond. 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. As a result of the federal income tax provisions of the CARES Act, we have filed applicable forms with the IRS to carryback net operating losses. These refund claims total approximately $ 366 million, none of which has been received at this time and 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. 366000000 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       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 25512000 24014000 23986000 6091000 6392000 5162000 31603000 30406000 29148000 0.04 0.10 31200000 29000000.0 30000000.0     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 2612000 2631000 2678000 69212000 62066000 61434000 71824000 64697000 64112000 25500000 2600000 22600000 323800000 69200000 400000 12000000.0 0.040 seven years     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 27116000 25293000 9632000 9893000 -1353000 -402000 35395000 34784000 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   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus.     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 22898000 28614000 23960000 227380000 226999000 216763000 2438000 2906000 1612000 15928000 12851000 9390000 6296000 18599000 11367000 218301000 223264000 203723000 8082000 8043000 8735000 25980000 26305000 27232000 2127000 1942000 1436000 13980000 13371000 12817000 22700000 6300000 22600000 21600000 105400000 98500000 Note 22.   Financial Information by Geographic Area     United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021             Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal   631,344   10,160   641,504 Interest expense   160,429   3,073   163,502 Pretax earnings   773,030   23,628   796,658 Income tax expense   180,845   4,957   185,802 Identifiable assets   14,212,978   438,628   14,651,606       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020             Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal   652,110   15,414   667,524 Interest expense   157,595   3,355   160,950 Pretax earnings   372,687   5,437   378,124 Income tax expense (benefit)   (65,842)   1,918   (63,924) Identifiable assets   13,016,942   421,082   13,438,024       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2019             Total revenues $ 3,597,285 $ 171,422 $ 3,768,707 Depreciation and amortization, net of gains on disposal   575,134   7,421   582,555 Interest expense   139,573   2,872   142,445 Pretax earnings   466,175   11,354   477,529 Income tax expense   103,578   3,094   106,672 Identifiable assets   11,526,876   364,837   11,891,713     United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021             Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal   631,344   10,160   641,504 Interest expense   160,429   3,073   163,502 Pretax earnings   773,030   23,628   796,658 Income tax expense   180,845   4,957   185,802 Identifiable assets   14,212,978   438,628   14,651,606       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020             Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal   652,110   15,414   667,524 Interest expense   157,595   3,355   160,950 Pretax earnings   372,687   5,437   378,124 Income tax expense (benefit)   (65,842)   1,918   (63,924) Identifiable assets   13,016,942   421,082   13,438,024       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2019             Total revenues $ 3,597,285 $ 171,422 $ 3,768,707 Depreciation and amortization, net of gains on disposal   575,134   7,421   582,555 Interest expense   139,573   2,872   142,445 Pretax earnings   466,175   11,354   477,529 Income tax expense   103,578   3,094   106,672 Identifiable assets   11,526,876   364,837   11,891,713 4334083000 207902000 4541985000 631344000 10160000 641504000 160429000 3073000 163502000 773030000 23628000 796658000 180845000 4957000 185802000 14212978000 438628000 14651606000 3797849000 181019000 3978868000 652110000 15414000 667524000 157595000 3355000 160950000 372687000 5437000 378124000 -65842000 1918000 -63924000 13016942000 421082000 13438024000 3597285000 171422000 3768707000 575134000 7421000 582555000 139573000 2872000 142445000 466175000 11354000 477529000 103578000 3094000 106672000 11526876000 364837000 11891713000 F- 44   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Note 22A.   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    U-Haul 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, net are shown as liabilities on the 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.     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Assets:                       Cash and cash equivalents $ 1,010,275 $ 5,658 $ 178,079 $ -   $ 1,194,012 Reinsurance recoverables and trade receivables, net   118,741   67,069   38,616   -     224,426 Inventories and parts, net   105,577   -   -   -     105,577 Prepaid expenses   469,144   -   -   -     469,144 Investments, fixed maturities and marketable equities   -   295,753   2,399,903   -     2,695,656 Investments, other   20,733   90,412   378,614   -     489,759 Deferred policy acquisition costs, net   -   -   89,749   -     89,749 Other assets   44,763   436   2,531   -     47,730 Right of use assets - financing, net   877,038   -   -   -     877,038 Right of use assets - operating   92,245   92   168   -     92,505 Related party assets   54,042   6,854   13,850   (39,351) (c)   35,395     2,792,558   466,274   3,101,510   (39,351)     6,320,991                         Investment in subsidiaries   741,860   -   -   (741,860) (b)   -                         Property, plant and equipment, at cost:                       Land   1,075,813   -   -   -     1,075,813 Buildings and improvements   5,163,705   -   -   -     5,163,705 Furniture and equipment   786,505   -   -   -     786,505 Rental trailers and other rental equipment   477,921   -   -   -     477,921 Rental trucks   3,909,724   -   -   -     3,909,724     11,413,668   -   -   -     11,413,668 Less:   Accumulated depreciation   (3,083,053)   -   -   -     (3,083,053) Total property, plant and equipment   8,330,615   -   -   -     8,330,615 Total assets $ 11,865,033 $ 466,274 $ 3,101,510 $ (781,211)   $ 14,651,606                         (a)   Balances as of December 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       F- 46   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March   31, 2021 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 636,257 $ 2,029 $ 7,289 $ -   $ 645,575 Notes, loans and finance leases payable, net   4,657,720   -   11,187   -     4,668,907 Operating lease liability   92,236   96   178   -     92,510 Policy benefits and losses, claims and loss expenses payable   427,073   178,942   391,686   -     997,701 Liabilities from investment contracts   -   -   2,161,530   -     2,161,530 Other policyholders' funds and liabilities   -   3,698   8,722   -     12,420 Deferred income   42,592   -   -   -     42,592 Deferred income taxes, net   1,136,149   13,046   29,294   -     1,178,489 Related party liabilities   25,413   5,821   12,406   (43,640) (c)   - Total liabilities   7,017,440   203,632   2,622,292   (43,640)     9,799,724                         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)   102,568   22,546   140,817   (159,074) (b)   106,857 Retained earnings   4,958,149   145,675   309,630   (455,095) (b)   4,958,359 Cost of common shares in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred shares in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan shares   -   -   -   -     - Total stockholders' equity   4,847,593   262,642   479,218   (737,571)     4,851,882 Total liabilities and stockholders' equity $ 11,865,033 $ 466,274 $ 3,101,510 $ (781,211)   $ 14,651,606                         (a)   Balances as of December 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       1010275000 5658000 178079000 0 1194012000 118741000 67069000 38616000 0 224426000 105577000 0 0 0 105577000 469144000 0 0 0 469144000 0 295753000 2399903000 0 2695656000 20733000 90412000 378614000 0 489759000 0 0 89749000 0 89749000 44763000 436000 2531000 0 47730000 877038000 0 0 0 877038000 92245000 92000 168000 0 92505000 54042000 6854000 13850000 -39351000 35395000 2792558000 466274000 3101510000 -39351000 6320991000 741860000 0 0 -741860000 0 1075813000 0 0 0 1075813000 5163705000 0 0 0 5163705000 786505000 0 0 0 786505000 477921000 0 0 0 477921000 3909724000 0 0 0 3909724000 11413668000 0 0 0 11413668000 3083053000 0 0 0 3083053000 8330615000 0 0 0 8330615000 11865033000 466274000 3101510000 -781211000 14651606000 636257000 2029000 7289000 0 645575000 4657720000 0 11187000 0 4668907000 92236000 96000 178000 0 92510000 427073000 178942000 391686000 0 997701000 0 0 2161530000 0 2161530000 0 3698000 8722000 0 12420000 42592000 0 0 0 42592000 1136149000 13046000 29294000 0 1178489000 25413000 5821000 12406000 -43640000 0 7017440000 203632000 2622292000 -43640000 9799724000 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 102568000 22546000 140817000 -159074000 106857000 4958149000 145675000 309630000 -455095000 4958359000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 0 0 0 0 0 4847593000 262642000 479218000 -737571000 4851882000 11865033000 466274000 3101510000 -781211000 14651606000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Assets:                       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   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                       F- 48   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 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 shares in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred shares in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan shares   -   -   -   -     - 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                       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     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,086,824 $ - $ - $ (3,507) (c) $ 3,083,317 Self-storage revenues   477,262   -   -   -     477,262 Self-moving & self-storage products & service sales   344,929   -   -   -     344,929 Property management fees   31,603   -   -   -     31,603 Life insurance premiums   -   -   121,609   -     121,609 Property and casualty insurance premiums   -   70,285   -   (1,506) (c)   68,779 Net investment and interest income   2,259   16,452   107,745   (3,518) (b)   122,938 Other revenue   288,797   -   3,280   (529) (b)   291,548 Total revenues   4,231,674   86,737   232,634   (9,060)     4,541,985                         Costs and expenses:                       Operating expenses   2,137,381   35,450   20,376   (5,523) (b,c)   2,187,684 Commission expenses   329,609   -   -   -     329,609 Cost of sales   214,059   -   -   -     214,059 Benefits and losses   -   18,558   160,954   -     179,512 Amortization of deferred policy acquisition costs   -   -   28,293   -     28,293 Lease expense   30,551   231   135   (2,447) (b)   28,470 Depreciation, net gains on disposals   609,930   -   -   -     609,930 Net losses on disposal of real estate   3,281   -   -   -     3,281 Total costs and expenses   3,324,811   54,239   209,758   (7,970)     3,580,838                         Earnings from operations before equity in earnings of subsidiaries   906,863   32,498   22,876   (1,090)     961,147                         Equity in earnings of subsidiaries   44,441   -   -   (44,441) (d)   -                         Earnings from operations   951,304   32,498   22,876   (45,531)     961,147 Other components of net periodic benefit costs   (987)   -   -   -     (987) Interest expense   (164,592)   -   -   1,090 (b)   (163,502) Pretax earnings   785,725   32,498   22,876   (44,441)     796,658 Income tax expense   (174,869)   (6,778)   (4,155)   -     (185,802) Earnings available to common shareholders $ 610,856 $ 25,720 $ 18,721 $ (44,441)   $ 610,856                         (a)   Balances for the year ended December 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       3086824000 0 0 -3507000 3083317000 477262000 0 0 0 477262000 344929000 0 0 0 344929000 31603000 0 0 0 31603000 0 0 121609000 0 121609000 0 70285000 0 -1506000 68779000 2259000 16452000 107745000 -3518000 122938000 288797000 0 3280000 -529000 291548000 4231674000 86737000 232634000 -9060000 4541985000 2137381000 35450000 20376000 -5523000 2187684000 329609000 0 0 0 329609000 214059000 0 0 0 214059000 0 18558000 160954000 0 179512000 0 0 28293000 0 28293000 30551000 231000 135000 -2447000 28470000 609930000 0 0 0 609930000 -3281000 0 0 0 -3281000 3324811000 54239000 209758000 -7970000 3580838000 906863000 32498000 22876000 -1090000 961147000 44441000 0 0 -44441000 0 951304000 32498000 22876000 -45531000 961147000 987000 0 0 0 987000 164592000 0 0 -1090000 163502000 785725000 32498000 22876000 -44441000 796658000 174869000 6778000 4155000 0 185802000 610856000 25720000 18721000 -44441000 610856000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Revenues:                       Self-moving equipment rentals $ 2,696,516 $ - $ - $ (4,103) (c) $ 2,692,413 Self-storage revenues   418,741   -   -   -     418,741 Self-moving & self-storage products & service sales   265,091   -   -   -     265,091 Property management fees   30,406   -   -   -     30,406 Life insurance premiums   -   -   127,976   -     127,976 Property and casualty insurance premiums   -   69,141   -   (3,088) (c)   66,053 Net investment and interest income   10,593   19,923   109,018   (1,705) (b)   137,829 Other revenue   236,419   -   4,470   (530) (b)   240,359 Total revenues   3,657,766   89,064   241,464   (9,426)     3,978,868                         Costs and expenses:                       Operating expenses   2,069,655   33,770   21,425   (7,702) (b,c)   2,117,148 Commission expenses   288,332   -   -   -     288,332 Cost of sales   164,018   -   -   -     164,018 Benefits and losses   -   12,410   162,426   -     174,836 Amortization of deferred policy acquisition costs   -   -   31,219   -     31,219 Lease expense   27,494   -   -   (612) (b)   26,882 Depreciation, net gains on disposals   637,063   -   -   -     637,063 Net gains on disposal of real estate   (758)   -   -   -     (758) Total costs and expenses   3,185,804   46,180   215,070   (8,314)     3,438,740                         Earnings from operations before equity in earnings of subsidiaries   471,962   42,884   26,394   (1,112)     540,128                         Equity in earnings of subsidiaries   55,789   -   -   (55,789) (d)   -                         Earnings from operations   527,751   42,884   26,394   (56,901)     540,128 Other components of net periodic benefit costs   (1,054)   -   -   -     (1,054) Interest expense   (162,062)   -   -   1,112 (b)   (160,950) Pretax earnings   364,635   42,884   26,394   (55,789)     378,124 Income tax benefit (expense)   77,413   (8,956)   (4,533)   -     63,924 Earnings available to common shareholders $ 442,048 $ 33,928 $ 21,861 $ (55,789)   $ 442,048                         (a)   Balances for the year ended December 31, 2019                       (b) Eliminate intercompany lease/interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       2696516000 0 0 -4103000 2692413000 418741000 0 0 0 418741000 265091000 0 0 0 265091000 30406000 0 0 0 30406000 0 0 127976000 0 127976000 0 69141000 0 -3088000 66053000 10593000 19923000 109018000 -1705000 137829000 236419000 0 4470000 -530000 240359000 3657766000 89064000 241464000 -9426000 3978868000 2069655000 33770000 21425000 -7702000 2117148000 288332000 0 0 0 288332000 164018000 0 0 0 164018000 0 12410000 162426000 0 174836000 0 0 31219000 0 31219000 27494000 0 0 -612000 26882000 637063000 0 0 0 637063000 758000 0 0 0 758000 3185804000 46180000 215070000 -8314000 3438740000 471962000 42884000 26394000 -1112000 540128000 55789000 0 0 -55789000 0 527751000 42884000 26394000 -56901000 540128000 1054000 0 0 0 1054000 162062000 0 0 -1112000 160950000 364635000 42884000 26394000 -55789000 378124000 -77413000 8956000 4533000 0 -63924000 442048000 33928000 21861000 -55789000 442048000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Revenues:                       Self-moving equipment rentals $ 2,656,327 $ - $ - $ (2,830) (c) $ 2,653,497 Self-storage revenues   367,276   -   -   -     367,276 Self-moving & self-storage products & service sales   264,146   -   -   -     264,146 Property management fees   29,148   -   -   -     29,148 Life insurance premiums   -   -   63,488   -     63,488 Property and casualty insurance premiums   -   63,488   -   (2,635) (c)   60,853 Net investment and interest income   13,857   12,349   86,395   (1,667) (b)   110,934 Other revenue   215,055   -   4,831   (521) (b)   219,365 Total revenues   3,545,809   75,837   154,714   (7,653)     3,768,707                         Costs and expenses:                       Operating expenses   1,938,317   34,218   14,613   (5,968) (b,c)   1,981,180 Commission expenses   288,408   -   -   -     288,408 Cost of sales   162,142   -   -   -     162,142 Benefits and losses   -   14,213   86,064   -     100,277 Amortization of deferred policy acquisition costs   -   -   28,556   -     28,556 Lease expense   33,702   -   -   (544) (b)   33,158 Depreciation, net gains on disposals   554,043   -   -   -     554,043 Net gains on disposal of real estate   (44)   -   -   -     (44) Total costs and expenses   2,976,568   48,431   129,233   (6,512)     3,147,720                         Earnings from operations before equity in earnings of subsidiaries   569,241   27,406   25,481   (1,141)     620,987                         Equity in earnings of subsidiaries   41,811   -   -   (41,811) (d)   -                         Earnings from operations   611,052   27,406   25,481   (42,952)     620,987 Other components of net periodic benefit costs   (1,013)   -   -   -     (1,013) Interest expense   (143,586)   -   -   1,141 (b)   (142,445) Pretax earnings   466,453   27,406   25,481   (41,811)     477,529 Income tax expense   (95,596)   (5,698)   (5,378)   -     (106,672) Earnings available to common shareholders $ 370,857 $ 21,708 $ 20,103 $ (41,811)   $ 370,857                         (a)   Balances for the year ended December 31, 2018                       (b) Eliminate intercompany lease/interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       2656327000 0 0 -2830000 2653497000 367276000 0 0 0 367276000 264146000 0 0 0 264146000 29148000 0 0 0 29148000 0 0 63488000 0 63488000 0 63488000 0 -2635000 60853000 13857000 12349000 86395000 -1667000 110934000 215055000 0 4831000 -521000 219365000 3545809000 75837000 154714000 -7653000 3768707000 1938317000 34218000 14613000 -5968000 1981180000 288408000 0 0 0 288408000 162142000 0 0 0 162142000 0 14213000 86064000 0 100277000 0 0 28556000 0 28556000 33702000 0 0 -544000 33158000 554043000 0 0 0 554043000 44000 0 0 0 44000 2976568000 48431000 129233000 -6512000 3147720000 569241000 27406000 25481000 -1141000 620987000 41811000 0 0 -41811000 0 611052000 27406000 25481000 -42952000 620987000 1013000 0 0 0 1013000 143586000 0 0 -1141000 142445000 466453000 27406000 25481000 -41811000 477529000 95596000 5698000 5378000 0 106672000 370857000 21708000 20103000 -41811000 370857000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 610,856 $ 25,720 $ 18,721 $ (44,441)   $ 610,856 Earnings from consolidated subsidiaries   (44,441)   -   -   44,441     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   664,001   -   -   -     664,001 Amortization of deferred policy acquisition costs   -   -   28,293   -     28,293 Amortization of premiums and accretion of discounts related to investments, net   -   1,578   12,651   -     14,229 Amortization of debt issuance costs   5,948   -   -   -     5,948 Interest credited to policyholders   -   -   55,321   -     55,321 Change in allowance for losses on trade receivables   1,424   (217)   (1)   -     1,206 Change in allowance for inventories and parts reserve   1,298   -   -   -     1,298 Net gains on disposal of personal property   (54,071)   -   -   -     (54,071) Net losses on disposal of real estate   3,281   -   -   -     3,281 Net gains on sales of investments   -   (158)   (9,900)   -     (10,058) Net gains on equity securities   -   (394)   -   -     (394) Deferred income taxes   72,407   459   (4,455)   -     68,411 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (60,806)   27,302   (6,012)   -     (39,516) Inventories and parts   (5,775)   -   -   -     (5,775) Prepaid expenses   94,359   -   -   -     94,359 Capitalization of deferred policy acquisition costs   -   -   (36,162)   -     (36,162) Other assets   29,879   537   (551)   -     29,865 Related party assets   (12,790)   303   -   12,000 (b)   (487) Accounts payable and accrued expenses   96,309   (3,497)   113   -     92,925 Policy benefits and losses, claims and loss expenses payable   14,919   (31,398)   14,487   -     (1,992) Other policyholders' funds and liabilities   -   (2,053)   4,283   -     2,230 Deferred income   10,959   -   608   -     11,567 Related party liabilities   1,136   1,187   9,737   (12,000) (b)   60 Net cash provided by operating activities   1,428,893   19,369   87,133   -     1,535,395                         Cash flows from investing activities:                       Escrow deposits   (5,221)   -   -   -     (5,221) Purchases of:                       Property, plant and equipment   (1,441,475)   -   -   -     (1,441,475) Short term investments   -   (69,929)   -   -     (69,929) Fixed maturities investments   -   (18,823)   (587,410)   -     (606,233) Equity securities   -   -   (962)   -     (962) Preferred stock   -   -   (16,144)   -     (16,144) Real estate   -   -   (622)   -     (622) Mortgage loans   -   (18,035)   (140,036)   -     (158,071) Proceeds from sales and paydowns of:                       Property, plant and equipment   537,484   -   -   -     537,484 Short term investments   -   69,669   49   -     69,718 Fixed maturities investments   -   20,854   508,385   -     529,239 Equity securities   -   -   207   -     207 Preferred stock   -   2,700   -   -     2,700 Real estate   255   -   -   -     255 Mortgage loans   -   17,659   11,866   -     29,525 Net cash used by investing activities   (908,957)   4,095   (224,667)   -     (1,129,529)     (page 1 of 2) (a) Balance for the period ended December 31, 2020                       (b) Eliminate intercompany receivables and payables                       F- 53   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2021, are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   912,408   -   9,600   -     922,008 Principal repayments on credit facilities   (652,728)   -   (9,860)   -     (662,588) Payment of debt issuance costs   (5,793)   -   -   -     (5,793) Finance lease payments   (221,247)   -   -   -     (221,247) Common stock dividends paid   (49,019)   -   -   -     (49,019) Net contribution from (to) related party   41,199   (22,600)   (18,599)   -     - Investment contract deposits   -   -   517,856   -     517,856 Investment contract withdrawals   -   -   (213,864)   -     (213,864) Net cash provided (used) by financing activities   24,820   (22,600)   285,133   -     287,353                         Effects of exchange rate on cash   6,441   -   -   -     6,441                         Increase in cash and cash equivalents   551,197   864   147,599   -     699,660 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 1,010,275 $ 5,658 $ 178,079 $ -   $ 1,194,012     (page 2 of 2) (a) Balance for the period ended December 31, 2020                       610856000 25720000 18721000 -44441000 610856000 44441000 0 0 -44441000 0 664001000 0 0 0 664001000 0 0 28293000 0 28293000 0 1578000 12651000 0 14229000 5948000 0 0 0 5948000 0 0 55321000 0 55321000 1424000 -217000 -1000 0 1206000 1298000 0 0 0 1298000 54071000 0 0 0 54071000 -3281000 0 0 0 -3281000 0 158000 9900000 0 10058000 0 -394000 0 0 -394000 72407000 459000 -4455000 0 68411000 60806000 -27302000 6012000 0 39516000 5775000 0 0 0 5775000 -94359000 0 0 0 -94359000 0 0 36162000 0 36162000 -29879000 -537000 551000 0 -29865000 12790000 -303000 0 -12000000 487000 96309000 -3497000 113000 0 92925000 14919000 -31398000 14487000 0 -1992000 0 -2053000 4283000 0 2230000 10959000 0 608000 0 11567000 1136000 1187000 9737000 -12000000 60000 1428893000 19369000 87133000 0 1535395000 5221000 0 0 0 5221000 1441475000 0 0 0 1441475000 0 69929000 0 0 69929000 0 18823000 587410000 0 606233000 0 0 962000 0 962000 0 0 16144000 0 16144000 0 0 622000 0 622000 0 18035000 140036000 0 158071000 537484000 0 0 0 537484000 0 69669000 49000 0 69718000 0 20854000 508385000 0 529239000 0 0 207000 0 207000 0 2700000 0 0 2700000 255000 0 0 0 255000 0 17659000 11866000 0 29525000 -908957000 4095000 -224667000 0 -1129529000 912408000 0 9600000 0 922008000 652728000 0 9860000 0 662588000 5793000 0 0 0 5793000 221247000 0 0 0 221247000 49019000 0 0 0 49019000 41199000 -22600000 -18599000 0 0 0 0 517856000 0 517856000 0 0 213864000 0 213864000 24820000 -22600000 285133000 0 287353000 6441000 0 0 0 6441000 551197000 864000 147599000 0 699660000 459078000 4794000 30480000 0 494352000 1010275000 5658000 178079000 0 1194012000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 442,048 $ 33,928 $ 21,861 $ (55,789)   $ 442,048 Earnings from consolidated subsidiaries   (55,789)   -   -   55,789     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   664,120   -   -   -     664,120 Amortization of deferred policy acquisition costs   -   -   31,219   -     31,219 Amortization of premiums and accretion of discounts related to investments, net   -   1,469   11,848   -     13,317 Amortization of debt issuance costs   4,426   -   -   -     4,426 Interest credited to policyholders   -   -   51,857   -     51,857 Change in allowance for losses on trade receivables   (14)   -   -   -     (14) Change in allowance for inventories and parts reserve   640   -   -   -     640 Net gains on disposal of personal property   (27,057)   -   -   -     (27,057) Net gains on disposal of real estate   (758)   -   -   -     (758) Net gains on sales of investments   -   (355)   (13,241)   -     (13,596) Net gains on equity securities   -   (3,783)   -   -     (3,783) Deferred income taxes   323,980   (2,847)   (3,240)   -     317,893 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   30,771   8,127   (769)   -     38,129 Inventories and parts   1,776   -   -   -     1,776 Prepaid expenses   (391,120)   -   -   -     (391,120) Capitalization of deferred policy acquisition costs   -   -   (24,447)   -     (24,447) Other assets   (3,099)   2,098   (294)   -     (1,295) Related party assets   (5,106)   (539)   -   -     (5,645) Accounts payable and accrued expenses   (4,428)   2,688   (2,790)   -     (4,530) Policy benefits and losses, claims and loss expenses payable   3,092   (19,618)   3,908   -     (12,618) Other policyholders' funds and liabilities   -   491   (5,348)   -     (4,857) Deferred income   (1,818)   -   -   -     (1,818) Related party liabilities   (1,170)   819   1,977   -     1,626 Net cash provided (used) by operating activities   980,494   22,478   72,541   -     1,075,513                         Cash flows from investing activities:                       Escrow deposits   6,617   -   -   -     6,617 Purchases of:                       Property, plant and equipment   (2,309,406)   -   -   -     (2,309,406) Short term investments   -   (60,590)   (636)   -     (61,226) Fixed maturities investments   -   (13,001)   (366,348)   -     (379,349) Equity securities   -   -   (83)   -     (83) Real estate   -   (328)   (3,958)   -     (4,286) Mortgage loans   -   (18,050)   (43,966)   -     (62,016) Proceeds from sales and paydowns of:                       Property, plant and equipment   687,375   -   -   -     687,375 Short term investments   -   59,056   -   -     59,056 Fixed maturities investments   -   25,386   243,250   -     268,636 Equity securities   -   185   -   -     185 Preferred stock   -   1,375   1,000   -     2,375 Real estate   311   -   -   -     311 Mortgage loans   -   4,126   21,036   -     25,162 Net cash used by investing activities   (1,615,103)   (1,841)   (149,705)   -     (1,766,649)     (page 1 of 2) (a) Balance for the period ended December 31, 2019                       F- 55   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2020, are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   1,118,912   -   2,500   -     1,121,412 Principal repayments on credit facilities   (347,486)   -   (2,500)   -     (349,986) Payment of debt issuance costs   (5,332)   -   -   -     (5,332) Finance lease payments   (307,782)   -   -   -     (307,782) Employee stock ownership plan shares   (206)   -   -   -     (206) Common stock dividends paid   (29,404)   -   -   -     (29,404) Net contribution from (to) related party   21,600   (21,600)   -   -     - Investment contract deposits   -   -   234,640   -     234,640 Investment contract withdrawals   -   -   (151,022)   -     (151,022) Net cash provided by financing activities   450,302   (21,600)   83,618   -     512,320                         Effects of exchange rate on cash   (533)   -   -   -     (533)                         Increase (decrease) in cash and cash equivalents   (184,840)   (963)   6,454   -     (179,349) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352     (page 2 of 2) (a) Balance for the period ended December 31, 2019                       442048000 33928000 21861000 -55789000 442048000 55789000 0 0 -55789000 0 664120000 0 0 0 664120000 0 0 31219000 0 31219000 0 1469000 11848000 0 13317000 4426000 0 0 0 4426000 0 0 51857000 0 51857000 -14000 0 0 0 -14000 640000 0 0 0 640000 27057000 0 0 0 27057000 758000 0 0 0 758000 0 355000 13241000 0 13596000 0 -3783000 0 0 -3783000 323980000 -2847000 -3240000 0 317893000 -30771000 -8127000 769000 0 -38129000 -1776000 0 0 0 -1776000 391120000 0 0 0 391120000 0 0 24447000 0 24447000 3099000 -2098000 294000 0 1295000 5106000 539000 0 0 5645000 -4428000 2688000 -2790000 0 -4530000 3092000 -19618000 3908000 0 -12618000 0 491000 -5348000 0 -4857000 -1818000 0 0 0 -1818000 -1170000 819000 1977000 0 1626000 980494000 22478000 72541000 0 1075513000 -6617000 0 0 0 -6617000 2309406000 0 0 0 2309406000 0 60590000 636000 0 61226000 0 13001000 366348000 0 379349000 0 0 83000 0 83000 0 328000 3958000 0 4286000 0 18050000 43966000 0 62016000 687375000 0 0 0 687375000 0 59056000 0 0 59056000 0 25386000 243250000 0 268636000 0 185000 0 0 185000 0 1375000 1000000 0 2375000 311000 0 0 0 311000 0 4126000 21036000 0 25162000 -1615103000 -1841000 -149705000 0 -1766649000 1118912000 0 2500000 0 1121412000 347486000 0 2500000 0 349986000 5332000 0 0 0 5332000 307782000 0 0 0 307782000 206000 0 0 0 206000 29404000 0 0 0 29404000 21600000 -21600000 0 0 0 0 0 234640000 0 234640000 0 0 151022000 0 151022000 450302000 -21600000 83618000 0 512320000 -533000 0 0 0 -533000 -184840000 -963000 6454000 0 -179349000 643918000 5757000 24026000 0 673701000 459078000 4794000 30480000 0 494352000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 370,857 $ 21,708 $ 20,103 $ (41,811)   $ 370,857 Earnings from consolidated subsidiaries   (41,811)   -   -   41,811     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   581,025   -   -   -     581,025 Amortization of deferred policy acquisition costs   -   -   28,556   -     28,556 Amortization of premiums and accretion of discounts related to investments, net   -   1,361   11,746   -     13,107 Amortization of debt issuance costs   3,923   -   -   -     3,923 Interest credited to policyholders   -   -   35,387   -     35,387 Change in allowance for losses on trade receivables   57   -   (5)   -     52 Change in allowance for inventories and parts reserve   (146)   -   -   -     (146) Net gains on disposal of personal property   (26,982)   -   -   -     (26,982) Net gains on disposal of real estate   (44)   -   -   -     (44) Net (gains) losses on sales of investments   -   (2,971)   308   -     (2,663) Net losses on equity securities   -   5,739   -   -     5,739 Deferred income taxes   112,434   830   (6,453)   -     106,811 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (26,160)   (2,438)   (2,767)   -     (31,365) Inventories and parts   (13,492)   -   -   -     (13,492) Prepaid expenses   (8,620)   -   -   -     (8,620) Capitalization of deferred policy acquisition costs   -   -   (25,957)   -     (25,957) Other assets   159,126   (1,449)   (525)   -     157,152 Related party assets   3,857   339   (2)   -     4,194 Accounts payable and accrued expenses   6,454   257   3,552   -     10,263 Policy benefits and losses, claims and loss expenses payable   (159,793)   (4,400)   (71,927)   -     (236,120) Other policyholders' funds and liabilities   -   (117)   5,124   -     5,007 Deferred income   966   -   -   -     966 Related party liabilities   (2,711)   944   (300)   -     (2,067) Net cash provided by operating activities   958,940   19,803   (3,160)   -     975,583                         Cash flows from investing activities:                       Escrow deposits   4,299   -   -   -     4,299 Purchases of:                       Property, plant and equipment   (1,869,968)   -   -   -     (1,869,968) Short term investments   -   (53,878)   (170)   -     (54,048) Fixed maturities investments   -   (33,775)   (506,270)   -     (540,045) Equity securities   -   -   (957)   -     (957) Real estate   (236)   (187)   (212)   -     (635) Mortgage loans   -   (20,031)   (43,580)   -     (63,611) Proceeds from sales and paydowns of:                       Property, plant and equipment   606,271   -   -   -     606,271 Short term investments   -   58,767   7,270   -     66,037 Fixed maturities investments   -   12,305   111,246   -     123,551 Equity securities   -   8,608   -   -     8,608 Preferred stock   -   1,625   -   -     1,625 Mortgage loans   -   5,881   141,856   -     147,737 Net cash used by investing activities   (1,259,634)   (20,685)   (290,817)   -     (1,571,136)     (page 1 of 2) (a) Balance for the period ended December 31, 2018                       F- 57   amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   897,311   -   -   -     897,311 Principal repayments on credit facilities   (299,748)   -   -   -     (299,748) Payment of debt issuance costs   (7,243)   -   -   -     (7,243) Capital lease payments   (303,431)   -   -   -     (303,431) Employee stock ownership plan shares   (418)   -   -   -     (418) Common stock dividends paid   (39,179)   -   -   -     (39,179) Investment contract deposits   -   -   400,123   -     400,123 Investment contract withdrawals   -   -   (132,833)   -     (132,833) Net cash provided (used) by financing activities   247,292   -   267,290   -     514,582                         Effects of exchange rate on cash   (4,716)   -   -   -     (4,716)                         Increase (decrease) in cash and cash equivalents   (58,118)   (882)   (26,687)   -     (85,687) Cash and cash equivalents at beginning of period   702,036   6,639   50,713   -     759,388 Cash and cash equivalents at end of period $ 643,918 $ 5,757 $ 24,026 $ -   $ 673,701     (page 2 of 2) (a) Balance for the period ended December 31, 2018                       370857000 21708000 20103000 -41811000 370857000 41811000 0 0 -41811000 0 581025000 0 0 0 581025000 0 0 28556000 0 28556000 0 1361000 11746000 0 13107000 3923000 0 0 0 3923000 0 0 35387000 0 35387000 57000 0 -5000 0 52000 -146000 0 0 0 -146000 26982000 0 0 0 26982000 44000 0 0 0 44000 0 2971000 -308000 0 2663000 0 5739000 0 0 5739000 112434000 830000 -6453000 0 106811000 26160000 2438000 2767000 0 31365000 13492000 0 0 0 13492000 8620000 0 0 0 8620000 0 0 25957000 0 25957000 -159126000 1449000 525000 0 -157152000 -3857000 -339000 2000 0 -4194000 6454000 257000 3552000 0 10263000 -159793000 -4400000 -71927000 0 -236120000 0 -117000 5124000 0 5007000 966000 0 0 0 966000 -2711000 944000 -300000 0 -2067000 958940000 19803000 -3160000 0 975583000 -4299000 0 0 0 -4299000 1869968000 0 0 0 1869968000 0 53878000 170000 0 54048000 0 33775000 506270000 0 540045000 0 0 957000 0 957000 236000 187000 212000 0 635000 0 20031000 43580000 0 63611000 606271000 0 0 0 606271000 0 58767000 7270000 0 66037000 0 12305000 111246000 0 123551000 0 8608000 0 0 8608000 0 1625000 0 0 1625000 0 5881000 141856000 0 147737000 -1259634000 -20685000 -290817000 0 -1571136000 897311000 0 0 0 897311000 299748000 0 0 0 299748000 7243000 0 0 0 7243000 303431000 0 0 0 303431000 418000 0 0 0 418000 39179000 0 0 0 39179000 0 0 400123000 0 400123000 0 0 132833000 0 132833000 247292000 0 267290000 0 514582000 -4716000 0 0 0 -4716000 -58118000 -882000 -26687000 0 -85687000 702036000 6639000 50713000 0 759388000 643918000 5757000 24026000 0 673701000 Note 23.   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 disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. 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 for fiscal 2021. 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. 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. 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. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. 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 third quarter of fiscal 2021 did not have a material effect on our financial statements. F- 59   amerco and consolidated subsidiaries notes to 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. 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 with Topic 842/840 Our self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, 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 Topic 842 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 18, 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. 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,     2022   2023   2024   2025   2026   Thereafter           (In thousands)                           Self-moving equipment rentals $ 4,740 $ - $ - $ - $ - $ - Property lease revenues   19,099   13,079   9,612   7,210   5,648   55,060 Total $ 23,839 $ 13,079 $ 9,612 $ 7,210 $ 5,648 $ 55,060   The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. F- 60   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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 ASC Topic 944, Financial Services - Insurance (“Topic 944”). 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. 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 was recognized in accordance with existing guidance in ASC Topic 825, Financial Instruments . In the following tables, the revenue is disaggregated by timing of revenue recognition:     Years Ended March 31,     2021   2020   2019           (In thousands)               Revenues recognized over time $ 182,278 $ 147,565 $ 2,814,732 Revenues recognized at a point in time   396,600   309,804   305,408 Total revenues recognized under ASC 606   578,878   457,369   3,120,140               Revenues recognized under ASC 842 or 840   3,644,798   3,182,902   406,070 Revenues recognized under ASC 944   195,371   200,768   131,563 Revenues recognized under ASC 320   122,938   137,829   110,934 Total revenues $ 4,541,985 $ 3,978,868 $ 3,768,707 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 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. Note 24 . 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 rentals of equipment.   For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. 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. F- 61       Year Ended March 31,     2022   2023   2024   2025   2026   Thereafter           (In thousands)                           Self-moving equipment rentals $ 4,740 $ - $ - $ - $ - $ - Property lease revenues   19,099   13,079   9,612   7,210   5,648   55,060 Total $ 23,839 $ 13,079 $ 9,612 $ 7,210 $ 5,648 $ 55,060 4740000 0 0 0 0 0 19099000 13079000 9612000 7210000 5648000 55060000 23839000 13079000 9612000 7210000 5648000 55060000     Years Ended March 31,     2021   2020   2019           (In thousands)               Revenues recognized over time $ 182,278 $ 147,565 $ 2,814,732 Revenues recognized at a point in time   396,600   309,804   305,408 Total revenues recognized under ASC 606   578,878   457,369   3,120,140               Revenues recognized under ASC 842 or 840   3,644,798   3,182,902   406,070 Revenues recognized under ASC 944   195,371   200,768   131,563 Revenues recognized under ASC 320   122,938   137,829   110,934 Total revenues $ 4,541,985 $ 3,978,868 $ 3,768,707 182278000 147565000 2814732000 396600000 309804000 305408000 578878000 457369000 3120140000 3644798000 3182902000 406070000 195371000 200768000 131563000 122938000 137829000 110934000 4541985000 3978868000 3768707000 Note 24 . 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 rentals of equipment.   For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. 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. F- 61   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) 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 as of March 31, 2021 was $ 2.8 million. 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 March 31, 2021. Accrued Interest Receivable Accrued interest receivables on available-for-sale securities totaled $ 25.0 million as of December 31, 2020 and are excluded from the estimate of credit losses. As outlined in subtopic 326-20-30-5A, we have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to wrtie off accrued interest receivables by reversing interest income (subtopic 326-20-35-8A). Mortgage loans, net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   An allowance for credit losses is determined using a similar methodology as before the adoption of ASC 326.   Modeling for the company's 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. These loan 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 past events, current conditions, and reasonable and supportable forecasts. F- 62   amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded, if necessary. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets as of January 1, 2020 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivable Premiums receivable   were $ 3.0 million as of January 1, 2020 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not 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 twelve months of fiscal 2021:     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total                       (In thousands)     Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   155   817   -   972 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656   Note 25.   Subsequent Events Our management has evaluated subsequent events occurring after March 31, 2021. We do not believe any other subsequent events have occurred that would require further disclosure or adjustment to our financial statements. F- 63   2 For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. 0.05 2800000 25000000.0 Modeling for the company's 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. These loan 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 past events, current conditions, and reasonable and supportable forecasts. 0.01 3000000.0     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total                       (In thousands)     Balance as of March 31, 2020 $ 2,680 $ 503 $ 501 $ 3,684 Transition adjustment current expected credit losses   155   817   -   972 Write-offs against allowance   -   -   -   - Recoveries   -   -   -   - Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 2680000 503000 501000 3684000 155000 817000 0 972000 0 0 0 0 0 0 0 0 2835000 1320000 501000 4656000 Note 25.   Subsequent Events Our management has evaluated subsequent events occurring after March 31, 2021. We do not believe any other subsequent events have occurred that would require further disclosure or adjustment to our financial statements. SCHEDULE   I CONDENSED FINANCIAL INFORMATION OF AMERCO BALANCE SHEETS     March 31,     2021   2020     (In thousands) ASSETS Cash and cash equivalents $ 751,053 $ 294,528 Investment in subsidiaries   3,284,760   2,758,509 Related party assets   1,535,355   1,734,358 Other assets   413,167   502,064 Total assets $ 5,984,335 $ 5,289,459           LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities:         Other liabilities $ 1,136,742 $ 1,068,291     1,136,742   1,068,291 Stockholders' equity:         Preferred stock   -   - Common stock   10,497   10,497 Additional paid-in capital   454,029   454,029 Accumulated other comprehensive income (loss)   102,568   35,100 Retained earnings:         Beginning of period   4,399,192   3,976,752 Adjustment for adoption of Topic 326   (2,880)   - Net earnings   610,856   442,048 Dividends   (49,019)   (19,608) End of period   4,958,149   4,399,192           Cost of common shares in treasury   (525,653)   (525,653) Cost of preferred shares in treasury   (151,997)   (151,997) Total stockholders' equity   4,847,593   4,221,168 Total liabilities and stockholders' equity $ 5,984,335 $ 5,289,459 The accompanying notes are an integral part of these condensed financial statements. F- 64     CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF OPERATIONS     Years Ended March 31,     2021   2020   2019     (In thousands, except share and per share data) Revenues:             Net interest income and other revenues $ 720 $ 6,586 $ 8,601 Expenses:             Operating expenses   6,753   10,622   8,840 Other expenses   115   96   93 Total expenses   6,868   10,718   8,933 Equity in earnings of subsidiaries   508,632   205,940   279,589 Interest income   135,673   130,670   112,649 Pretax earnings   638,157   332,478   391,906 Income tax benfefit (expense)   (27,301)   109,570   (21,049) Earnings available to common shareholders $ 610,856 $ 442,048 $ 370,857 Basic and diluted earnings per common share $ 31.15 $ 22.55 $ 18.93 Weighted average common shares outstanding: Basic and diluted   19,607,788   19,603,708   19,592,048 The accompanying notes are an integral part of these condensed financial statements.   CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF comprehensive income     Years Ended March 31,     2021   2020   2019     (In thousands)               Net earnings $ 610,856 $ 442,048 $ 370,857 Other comprehensive income (loss)   72,205   101,350   (62,075) Total comprehensive income $ 683,061 $ 543,398 $ 308,782 The accompanying notes are an integral part of these condensed financial statements.   F- 65     CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF CASH FLOW     Years Ended March 31,     2021   2020   2019     (In thousands) Cash flows from operating activities:             Net earnings $ 610,856 $ 442,048 $ 370,857 Change in investments in subsidiaries   (508,632)   (205,940)   (279,589) Adjustments to reconcile net earnings to cash provided by operations:             Depreciation   1   1   1 Amortization of debt issuance costs   924   -   - Deferred income taxes   72,407   323,980   112,434 Net change in other operating assets and liabilities:             Prepaid expenses   88,898   (381,190)   (6,289) Other assets   -   22   (40) Related party assets   (12,000)   -   - Accounts payable and accrued expenses   (4,019)   1,935   2,260 Net cash provided by operating activities   248,435   180,856   199,634               Cash flows from investing activities:             Purchases of property, plant and equipment   (3)   -   (1) Proceeds of property, plant and equipment   -   -   - Net cash used by investing activities   (3)   -   (1)               Cash flows from financing activities:             Borrowings from credit facilities   200,000   -   - Principal repayments on credit facilities   (200,000)   -   - Debt issuance costs   (924)   -   - Proceeds from (repayments) of intercompany loans   211,064   (311,534)   (196,382) Common stock dividends paid   (49,019)   (29,404)   (39,179) Net contribution from related party   41,199   21,600   - Net cash provided (used) by financing activities   202,320   (319,338)   (235,561)               Effects of exchange rate on cash   5,773   4,060   (4,331) Increase (decrease) in cash and cash equivalents   456,525   (134,422)   (40,259) Cash and cash equivalents at beginning of period   294,528   428,950   469,209 Cash and cash equivalents at end of period $ 751,053 $ 294,528 $ 428,950 Income taxes paid, net of income taxes refunds received, amounted to $29.0 million, $6.9 million and $4.3 million for fiscal 2021, 2020 and 2019, respectively. The accompanying notes are an integral part of these condensed financial statements. F- 66   751053000 294528000 3284760000 2758509000 1535355000 1734358000 413167000 502064000 5984335000 5289459000 1136742000 1068291000 0 0 10497000 10497000 454029000 454029000 102568000 35100000 4399192000 3976752000 2880000 0 610856000 442048000 49019000 19608000 4958149000 4399192000 525653000 525653000 151997000 151997000 4847593000 4221168000 5984335000 5289459000 720000 6586000 8601000 6753000 10622000 8840000 115000 96000 93000 6868000 10718000 8933000 508632000 205940000 279589000 135673000 130670000 112649000 638157000 332478000 391906000 27301000 -109570000 21049000 610856000 442048000 370857000 31.15 22.55 18.93 19607788 19603708 19592048 610856000 442048000 370857000 72205000 101350000 -62075000 683061000 543398000 308782000 610856000 442048000 370857000 508632000 205940000 279589000 1000 1000 1000 -924000 0 0 72407000 323980000 112434000 -88898000 381190000 6289000 0 -22000 40000 12000000 0 0 -4019000 1935000 2260000 248435000 180856000 199634000 3000 0 1000 0 0 0 -3000 0 -1000 200000000 0 0 200000000 0 0 924000 0 0 211064000 -311534000 -196382000 49019000 29404000 39179000 41199000 21600000 0 202320000 -319338000 -235561000 5773000 4060000 -4331000 456525000 -134422000 -40259000 294528000 428950000 469209000 751053000 294528000 428950000 1.   Summary of Significant Accounting Policies AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the holding Company for U-Haul International, Inc., Amerco Real Estate Company, Repwest Insurance Company and Oxford Life Insurance Company. The financial statements of the Registrant should be read in conjunction with the Consolidated Financial Statements and notes thereto included in this Annual Report. AMERCO is included in a consolidated Federal income tax return with all of its U.S. subsidiaries. Accordingly, the provision for income taxes has been calculated for Federal income taxes of AMERCO and subsidiaries included in the consolidated return of AMERCO. State taxes for all subsidiaries are allocated to the respective subsidiaries. The financial statements include only the accounts of AMERCO, which include certain of the corporate operations of AMERCO. The interest in AMERCO's majority owned subsidiaries is accounted for on the equity method. The intercompany interest income and expenses are eliminated in the Consolidated Financial Statements. 2.   Guarantees AMERCO has guaranteed performance of certain long-term leases and other obligations. See Note 18, Leases, and Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. SCHEDULE II AMERCO AND CONSOLIDATED SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS       Balance at Beginning of Year   Additions Charged to Costs and Expenses   Additions Charged to Other Accounts   Deductions   Balance at Year End                       Year ended March 31, 2021   (In thousands) Allowance for doubtful accounts                     (deducted from trade receivable) $ 535 $ 2,179 $ 2,680 $ (973) $ 4,421 Allowance for obsolescence                     (deducted from inventory) $ 3,063 $ - $ - $ (1,647) $ 1,416 Allowance for LIFO                     (deducted from inventory) $ 18,886 $ 2,946 $ - $ - $ 21,832 Allowance for probable losses                     (deducted from mortgage loans) $ 493 $ - $ - $ (45) $ 448                       Year ended March 31, 2020     Allowance for doubtful accounts                     (deducted from trade receivable) $ 549 $ 731 $ - $ (745) $ 535 Allowance for obsolescence                     (deducted from inventory) $ 2,322 $ 741 $ - $ - $ 3,063 Allowance for LIFO                     (deducted from inventory) $ 18,987 $ - $ - $ (101) $ 18,886 Allowance for probable losses                     (deducted from mortgage loans) $ 493 $ - $ - $ - $ 493                       Year ended March 31, 2019                     Allowance for doubtful accounts                     (deducted from trade receivable) $ 496 $ 1,550 $ - $ (1,497) $ 549 Allowance for obsolescence                     (deducted from inventory) $ 5,329 $ - $ - $ (3,007) $ 2,322 Allowance for LIFO                     (deducted from inventory) $ 16,126 $ 2,861 $ - $ - $ 18,987 Allowance for probable losses                     (deducted from mortgage loans) $ 618 $ - $ - $ (125) $ 493 535000 2179000 2680000 973000 4421000 3063000 0 0 1647000 1416000 18886000 2946000 0 0 21832000 493000 0 0 45000 448000 549000 731000 0 745000 535000 2322000 741000 0 0 3063000 18987000 0 0 101000 18886000 493000 0 0 0 493000 496000 1550000 0 1497000 549000 5329000 0 0 3007000 2322000 16126000 2861000 0 0 18987000 618000 0 0 125000 493000 SCHEDULE V AMERCO AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL INFORMATION (FOR PROPERTY-CASUALTY INSURANCE Operations) Years Ended December 31, 2020, 2019, AND 2018   Fiscal Year   Affiliation with Registrant   Deferred Policy Acquisition Cost   Reserves for Unpaid Claims and Adjustment Expenses   Discount if any, Deducted   Unearned Premiums   Net Earned Premiums (1)   Net Investment Income (2)   Claim and Claim Adjustment Expenses Incurred Related to Current Year   Claim and Claim Adjustment Expenses Incurred Related to Prior Year   Amortization of Deferred Policy Acquisition Costs   Paid Claims and Claim Adjustment Expense   Net Premiums Written (1) (In thousands) 2021   Consolidated property casualty entity $ - $ 177,963 $ - $ (294) $ 70,283 $ 16,335 $ 20,670 $ (3,865) $ - $ 25,759 $ 69,989 2020   Consolidated property casualty entity   -   209,127   -   233   69,138   19,926   22,137   (9,535)   -   24,608   66,277 2019   Consolidated property casualty entity   -   228,970   -   239   60,853   9,373   19,579   (5,365)   -   19,228   61,022   (1)The earned and written premiums are reported net of intersegment transactions. There were $ 1.5 million, $ 3.1 million and $ 2.8 million in written premiums and $ 1.8 million, $ 2.8 million and $ 2.6 million in earned premiums eliminated for the years ended December 31, 2020, 2019 and 2018, respectively. (2) Net Investment Income excludes net realized (gains) losses   on investments of ($ 0.1 ) million, ($ 0.4 ) million and ($ 3.0 ) million for the years ended December 31, 2020, 2019 and 2018, respectively . 0 177963000 -294000 70283000 16335000 20670000 -3865000 0 25759000 69989000 0 209127000 233000 69138000 19926000 22137000 -9535000 0 24608000 66277000 0 228970000 239000 60853000 9373000 19579000 -5365000 0 19228000 61022000 1500000 3100000 2800000 1800000 2800000 2600000 100000 400000 3000000.0