10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number 001-11255

State or other jurisdiction of incorporation or organization	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.
Nevada	AMERCO	88-0106815
	(A Nevada Corporation)
	5555 Kietzke Lane Suite 100
	Reno , Nevada 89511
	Telephone ( 775 ) 688-6300
	N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock , $0.25 par value	UHAL	NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule   405 of Regulation   S-T (§232.405 of this chapter) during the preceding 12   months (or for such shorter period that the registrant was required to submit such files).   Yes   ☒   No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large Accelerated Filer ☒ Accelerated filer ☐   

Non-accelerated filer ☐   Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at August 3, 2021.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of June 30, 2021 (unaudited) and March 31, 2021	1
	b) Condensed Consolidated Statements of Operations for the Quarters Ended June 30, 2021 and 2020 (unaudited)	2
	c) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2021 and 2020 (unaudited)	3
	d) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended June 30, 2021 and 2020 (unaudited)	4
	e) Condensed Consolidated Statements of Cash Flows for the Quarters Ended June 30, 2021 and 2020 (unaudited)	5
	f) Notes to Condensed Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	48
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49

part i financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

		June 30,		March 31,
		2021		2021
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,519,981	$	1,194,012
Reinsurance recoverables and trade receivables, net		233,056		224,426
Inventories and parts, net		117,978		105,577
Prepaid expenses		306,565		469,144
Investments, fixed maturities and marketable equities		2,755,133		2,695,656
Investments, other		525,893		489,759
Deferred policy acquisition costs, net		101,169		89,749
Other assets		46,910		47,730
Right of use assets - financing, net		814,875		877,038
Right of use assets - operating, net		89,369		92,505
Related party assets		34,481		35,395
		6,545,410		6,320,991
Property, plant and equipment, at cost:
Land		1,110,300		1,075,813
Buildings and improvements		5,284,224		5,163,705
Furniture and equipment		796,077		786,505
Rental trailers and other rental equipment		495,012		477,921
Rental trucks		4,119,655		3,909,724
		11,805,268		11,413,668
Less: Accumulated depreciation		(3,235,796)		(3,083,053)
Total property, plant and equipment, net		8,569,472		8,330,615
Total assets	$	15,114,882	$	14,651,606
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	696,797	$	645,575
Notes, loans and finance leases payable, net		4,673,383		4,668,907
Operating lease liability		89,390		92,510
Policy benefits and losses, claims and loss expenses payable		1,007,144		997,701
Liabilities from investment contracts		2,226,560		2,161,530
Other policyholders' funds and liabilities		10,989		12,420
Deferred income		54,738		42,592
Deferred income taxes, net		1,244,353		1,178,489
Total liabilities		10,003,354		9,799,724
Commitments and contingencies (notes 4, 8, 9 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and none outstanding as of June 30 and March 31, 2021		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of June 30 and March 31, 2021		–		–
Serial common stock, with or without par value, 250,000,000 shares authorized:
Serial common stock of $ 0.25 par value, 10,000,000 shares authorized;
none issued and outstanding as of June 30 and March 31, 2021		–		–
Common stock, with $ 0.25 par value, 250,000,000 shares authorized:
Common stock of $ 0.25 par value, 250,000,000 shares authorized; 41,985,700
issued and 19,607,788 outstanding as of June 30 and March 31, 2021		10,497		10,497
Additional paid-in capital		453,819		453,819
Accumulated other comprehensive income (loss)		31,132		106,857
Retained earnings		5,293,730		4,958,359
Cost of common stock in treasury, net ( 22,377,912 shares as of June 30 and March 31, 2021)		(525,653)		(525,653)
Cost of preferred stock in treasury, net ( 6,100,000 shares as of June 30 and March 31, 2021)		(151,997)		(151,997)
Total stockholders' equity		5,111,528		4,851,882
Total liabilities and stockholders' equity	$	15,114,882	$	14,651,606

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,035,377	$	654,285
Self-storage revenues		137,393		108,955
Self-moving and self-storage products and service sales		104,885		91,350
Property management fees		8,449		7,347
Life insurance premiums		28,705		30,908
Property and casualty insurance premiums		16,869		13,734
Net investment and interest income		34,999		16,982
Other revenue		106,179		63,676
Total revenues		1,472,856		987,237
Costs and expenses:
Operating expenses		614,529		492,662
Commission expenses		113,149		69,175
Cost of sales		69,915		52,831
Benefits and losses		47,298		39,577
Amortization of deferred policy acquisition costs		8,823		6,888
Lease expense		7,647		6,603
Depreciation, net of gains on disposal of ($50,323 and $1,069, respectively)		121,717		165,671
Net gains on disposal of real estate		(4,430)		(256)
Total costs and expenses		978,648		833,151
Earnings from operations		494,208		154,086
Other components of net periodic benefit costs		(280)		(247)
Interest expense		(39,178)		(39,521)
Pretax earnings		454,750		114,318
Income tax expense		(109,575)		(26,592)
Earnings available to common stockholders	$	345,175	$	87,726
Basic and diluted earnings per common stock	$	17.60	$	4.47
Weighted average common stock outstanding: Basic and diluted		19,607,788		19,607,788

Related party revenues for the first quarter of fiscal 2022 and 2021, net of eliminations, were $8.4 million and $7.3 million, respectively.

Related party costs and expenses for the first quarter of fiscal 2022 and 2021, net of eliminations, were $23.5 million and $16.0 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended June 30, 2021		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	454,750	$	(109,575)	$	345,175
Other comprehensive income (loss):
Foreign currency translation		(3,392)		–		(3,392)
Unrealized net loss on investments		(92,451)		19,424		(73,027)
Change in fair value of cash flow hedges		(68)		17		(51)
Amounts reclassified into earnings on hedging activities		987		(242)		745
Total other comprehensive income (loss)		(94,924)		19,199		(75,725)
Total comprehensive income	$	359,826	$	(90,376)	$	269,450
		+
Quarter Ended June 30, 2020		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	114,318	$	(26,592)	$	87,726
Other comprehensive income (loss):
Foreign currency translation		(2,917)		–		(2,917)
Unrealized net loss on investments		(58,962)		13,463		(45,499)
Change in fair value of cash flow hedges		(705)		173		(532)
Amounts reclassified into earnings on hedging activities		747		(183)		564
Total other comprehensive income		(61,837)		13,453		(48,384)
Total comprehensive income	$	52,481	$	(13,139)	$	39,342

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

Description		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2021	$	10,497	$	453,819	$	106,857	$	4,958,359	$	(525,653)	$	(151,997)	$	4,851,882
Foreign currency translation		–		–		(3,392)		–		–		–		(3,392)
Unrealized net loss on investments, net of tax		–		–		(73,027)		–		–		–		(73,027)
Change in fair value of cash flow hedges, net of tax		–		–		(51)		–		–		–		(51)
Amounts reclassified into earnings on hedging activities		–		–		745		–		–		–		745
Net earnings		–		–		–		345,175		–		–		345,175
Common stock dividends: ($ 0.50 per share for fiscal 2022)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(75,725)		335,371		–	–	–		259,646
Balance as of June 30, 2021	$	10,497	$	453,819	$	31,132	$	5,293,730	$	(525,653)		(151,997)	$	5,111,528
Balance as of March 31, 2020	$	10,497	$	453,819	$	34,652	$	4,399,402	$	(525,653)	$	(151,997)	$	4,220,720
Adjustment for adoption of ASU 2016-13		–		–		–		(2,880)		–		–		(2,880)
Foreign currency translation		–		–		(2,917)		–		–		–		(2,917)
Unrealized net loss on investments, net of tax		–		–		(45,499)		–		–		–		(45,499)
Change in fair value of cash flow hedges, net of tax		–		–		(532)		–		–		–		(532)
Amounts reclassified into earnings on hedging activities		–		–		564		–		–		–		564
Net earnings		–		–		–		87,726		–		–		87,726
Net activity		–		–		(48,384)		84,846		–		–		36,462
Balance as of June 30, 2020	$	10,497	$	453,819	$	(13,732)	$	4,484,248	$	(525,653)	$	(151,997)	$	4,257,182

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	345,175	$	87,726
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		172,040		166,740
Amortization of deferred policy acquisition costs		8,823		6,888
Amortization of premiums and accretion of discounts related to investments, net		4,361		3,550
Amortization of debt issuance costs		1,332		1,297
Interest credited to policyholders		15,583		7,667
Change in allowance for losses on trade receivables		(484)		60
Change in allowance for inventories and parts reserves		3,403		(99)
Net gains on disposal of personal property		(50,323)		(1,069)
Net gains on disposal of real estate		(4,430)		(256)
Net (gains) losses on sales of investments		(2,469)		2,014
Net (gains) losses on equity investments		(2,231)		3,989
Deferred income taxes		82,374		27,534
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(8,082)		(23,594)
Inventories and parts		(15,765)		350
Prepaid expenses		162,706		(22,831)
Capitalization of deferred policy acquisition costs		(8,990)		(7,308)
Other assets		(853)		74
Related party assets		562		7,329
Accounts payable and accrued expenses		71,599		58,273
Policy benefits and losses, claims and loss expenses payable		9,064		528
Other policyholders' funds and liabilities		(1,430)		(3,426)
Deferred income		11,863		14,898
Related party liabilities		385		(249)
Net cash provided by operating activities		794,213		330,085
Cash flows from investing activities:
Escrow deposits		1,887		1,401
Purchases of:
Property, plant and equipment		(508,411)		(249,740)
Short term investments		(11,810)		(9,625)
Fixed maturities investments		(281,507)		(94,193)
Preferred stock		(8,000)		–
Real estate		(67)		(192)
Mortgage loans		(42,538)		(33,300)
Proceeds from sales and paydowns of:
Property, plant and equipment		182,146		76,412
Short term investments		12,558		2,448
Fixed maturities investments		126,956		110,165
Mortgage loans		5,628		1,432
Net cash used by investing activities		(523,158)		(195,192)
Cash flows from financing activities:
Borrowings from credit facilities		161,854		377,051
Principal repayments on credit facilities		(109,334)		(154,089)
Payment of debt issuance costs		(352)		(1,677)
Finance lease payments		(45,170)		(68,554)
Net contribution from (to) related party		–		18,599
Investment contract deposits		113,779		75,366
Investment contract withdrawals		(64,332)		(51,633)
Net cash provided by financing activities		56,445		195,063
Effects of exchange rate on cash		(1,531)		766
Increase in cash and cash equivalents		325,969		330,722
Cash and cash equivalents at the beginning of period		1,194,012		494,352
Cash and cash equivalents at the end of period	$	1,519,981	$	825,074

The accompanying notes are an integral part of these condensed consolidated financial statements

5

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2021 and 2020 correspond to fiscal 2022 and 2021 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation.

The condensed consolidated balance sheet as of June 30, 2021 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2022 and 2021 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.

Description of Operating Segments

AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada.

The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

6

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

3. Investments

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 26.8 million and $ 27.7 million as of June 30, 2021 and March 31, 2021, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 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		Estimated Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	104,016	$	9,087	$	–	$	(818)	$	–	$	112,285
U.S. government agency mortgage-backed securities		70,219		782		(7)		(762)		–		70,232
Obligations of states and political subdivisions		215,298		18,323		(106)		(969)		–		232,546
Corporate securities		1,998,177		129,442		(1,079)		(18,456)		(1,041)		2,107,043
Mortgage-backed securities		170,569		10,380		(1)		(2)		–		180,946
	$	2,558,279	$	168,014	$	(1,193)	$	(21,007)	$	(1,041)	$	2,703,052

Available-for-sale investments as of March 31, 2021 were as follows:

		Cost Amortized		Unrealized Gains Gross		Unrealized Losses More than 12 Months Gross		Unrealized Losses Less than 12 Months Gross		Allowance for Expected Credit Losses		Market Value Estimated
		(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

We sold available-for-sale securities with a fair value of $ 124.7 million during the first quarter of fiscal 2022. The gross realized gains on these sales totaled $ 2.1 million.   The gross realized losses on these sales totaled $ 0.6 million.

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.

7

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2021.

The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:

		June 30, 2021				March 31, 2021
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)
Due in one year or less	$	57,753	$	58,374	$	90,142	$	91,190
Due after one year through five years		590,448		627,370		562,442		601,818
Due after five years through ten years		641,992		694,439		672,733		754,536
Due after ten years		1,097,517		1,141,923		905,567		1,019,570
		2,387,710		2,522,106		2,230,884		2,467,114
Mortgage-backed securities		170,569		180,946		174,728		186,425
Redeemable preferred stocks		–		–		–		–
	$	2,558,279	$	2,703,052	$	2,405,612	$	2,653,539

As of June 30, 2021 and March 31, 2021, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income.

Equity investments of common stock and non-redeemable preferred stock were as follows:

		June 30, 2021				March 31, 2021
		Amortized Cost		Value Estimated Market		Amortized Cost		Value Estimated Market
		(Unaudited)
		(In thousands)
Common stocks	$	9,775	$	22,673	$	9,775	$	20,440
Non-redeemable preferred stocks		28,034		29,408		20,034		21,677
	$	37,809	$	52,081	$	29,809	$	42,117

8

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

4. Borrowings

Long Term Debt

Long term debt was as follows:

										June 30,		March 31,
	2022 Rates (a)					Maturities				2021		2021
										(Unaudited)
										(In thousands)
Real estate loan (amortizing term)				1.60	%			2023	$	55,257	$	82,913
Senior mortgages	2.80	%	-	6.62	%	2021	-	2038		2,122,167		2,125,324
Real estate loans (revolving credit) (a)	1.47	%	-	3.14	%	2023	-	2025		535,000		535,000
Fleet loans (amortizing term)	1.61	%	-	4.66	%	2022	-	2028		162,528		176,295
Fleet loans (revolving credit)	1.24	%		1.34	%	2023	-	2025		553,000		535,000
Finance leases (rental equipment)	1.92	%	-	5.04	%	2021	-	2026		468,484		513,623
Finance liability (rental equipment)	1.60	%	-	4.22	%	2024		2029		718,585		644,375
Other obligations	1.75	%	-	8.00	%	2021	-	2049		87,106		86,085
Notes, loans and finance leases payable										4,702,127		4,698,615
Less: Debt issuance costs										(28,744)		(29,708)
Total notes, loans and finance leases payable, net									$	4,673,383	$	4,668,907
(a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margins.

Real Estate Backed Loans

Real Estate Loan

Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”).   The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.  

The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2021, the applicable LIBOR was 0.10 % and the applicable margin was 1.50 %, the sum of which was 1.60 %. 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 June 30, 2021 was 4.27 %.   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.

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 June 30, 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 June 30, 2021, the applicable LIBOR was between 0.08% and 0.09% and the margin was between 1.25% and 1.50%, the sum of which was between 1.34% and 1.59%. 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.

9

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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 June 30, 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 June 30, 2021, the applicable LIBOR was 0.09 % and the margin was 1.38 %, the sum of which was 1.47 %. 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 June 30, 2021, the applicable LIBOR was 0.09 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.24 % and 1.34 %. 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 Topic 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 $ 804.1 million and $ 865.6 million as of June 30, 2021 and March 31, 2021, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first quarter of fiscal 2022.

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 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 June 30, 2021, the aggregate outstanding principal balance of the U-Notes® issued was $89.5 million, of which $2.4 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 1.75% and 8.00% and maturity dates range between 2021 and 2049.

10

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made advances to Oxford. As of March 31, 2021, the advances had an aggregate balance of $ 70.5 million, for which Oxford pays fixed interest rates between 0.00 % and 1.72 % with maturities between June 8, 2021 and September 29, 2025. As of March 31, 2021, available-for-sale investments held with the FHLB totaled $ 134.3 million, of which $ 79.3 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 June 30, 2021 for the next five years and thereafter are as follows:

		Years Ending June 30,
		2022		2023		2024		2025		2026		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable, secured	$	510,380	$	673,861	$	1,152,549	$	561,740	$	410,089	$	1,393,508

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Interest expense	$	38,935	$	41,911
Capitalized interest		(2,030)		(4,434)
Amortization of transaction costs		1,286		1,297
Interest expense resulting from cash flow hedges		987		747
Total interest expense	$	39,178	$	39,521

Interest paid in cash, including payments related to derivative contracts, amounted to $ 36.1 million and $ 39.4 million for the first quarter of fiscal 2022 and 2021, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.39	%	2.02	%
Interest rate at the end of the quarter		1.38	%	1.67	%
Maximum amount outstanding during the quarter	$	1,088,000	$	1,175,000
Average amount outstanding during the quarter	$	1,073,055	$	1,161,385
Facility fees	$	71	$	4

11

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

5. Derivatives

We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows:

		June 30, 2021		March 31, 2021
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments:
Assets	$	–	$	–
Liabilities		4,222		5,141
Notional amount		235,000		235,000

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		June 30, 2021		June 30, 2020
		(Unaudited)
		(In thousands)
(Gain) loss recognized in AOCI on interest rate contracts	$	(919)	$	(42)
(Gain) loss reclassified from AOCI into income	$	987	$	747

Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2022, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first quarter of fiscal 2022, we reclassified $0.7 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of June 30, 2021, we expect to reclassify $ 3.9 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

12

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

6. Accumulated Other Comprehensive Income (Loss)

A summary of AOCI components, net of tax, were as follows:

		Foreign Currency Translation		Unrealized Net Gain on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance at March 31, 2021	$	(52,929)	$	167,653	$	(3,879)	$	(3,988)	$	106,857
Foreign currency translation		(3,392)		–		–		–		(3,392)
Unrealized net losses on investments		–		(73,027)		–		–		(73,027)
Change in fair value of cash flow hedges		–		–		(51)		–		(51)
Amounts reclassified into earnings on hedging activities		–		–		745		–		745
Other comprehensive income (loss)		(3,392)		(73,027)		694		–		(75,725)
Balance at June 30, 2021	$	( 56,321 )	$	94,626	$	( 3,185 )	$	( 3,988 )	$	31,132

.

7. Stockholders’ Equity

The following table lists the dividends that have been declared and issued for fiscal year 2022.

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
June 9, 2021	$	0.50	June 24, 2021	July 8, 2021

As of June 30, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan.

8. Leases

Lessor

We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842.

We combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, to the Notes to Condensed Consolidated Financial Statements.

Lessee

We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. 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 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 amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

13

amerco and consolidated subsidiaries

notes to condensed 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.

The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Financial Statements for additional information.

The following tables show the components of our ROU assets, net:

		As of June 30, 2021
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	135,174	$	135,174
Furniture and equipment		22,176		–		22,176
Rental trailers and other rental equipment		197,981		–		197,981
Rental trucks		1,395,144		–		1,395,144
Right-of-use assets, gross		1,615,301		135,174		1,750,475
Less: Accumulated depreciation		(800,426)		(45,805)		(846,231)
Right-of-use assets, net	$	814,875	$	89,369	$	904,244

		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 June 30, 2021 and March 31, 2021, we had finance leases for the ROU assets, net of $ 468.5 million and $ 513.6 million, respectively and operating leases of $ 89.4 million and $ 92.5 million, respectively.

	Finance leases
	June 30,		March 31,
	2021		2021
Weighted average remaining lease term (years)	3		3
Weighted average discount rate	3.6	%	3.6	%

	Operating leases
	June 30,		March 31,
	2021		2021
Weighted average remaining lease term (years)	14.8		14.7
Weighted average discount rate	4.6	%	4.6	%

14

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

For the quarters ended June 30, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 7.5 million and $ 7.0 million, respectively, and our financing cash flow activities were $ 45.2 million and $ 68.6 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million and $4.7 million for the first quarter of fiscal 2022 and 2021, respectively.

The components of lease costs were as follows:

		Three Months Ended
		June 30, 2021		June 30, 2020
		(Unaudited)
		(In thousands)
Operating lease costs	$	8,077	$	7,137
Finance lease cost:
Amortization of right-of-use assets	$	183,277	$	40,836
Interest on lease liabilities		4,571		6,282
Total finance lease cost	$	187,848	$	47,118

Maturities of lease liabilities were as follows:

		Finance leases		Operating leases
		(Unaudited)
Years ending June 30,		(In thousands)
2022	$	168,277	$	24,926
2023		132,482		22,560
2024		98,586		21,418
2025		68,555		6,414
2026		35,679		3,560
Thereafter		–		61,302
Total lease payments		503,579		140,180
Less: imputed interest		(35,095)		(50,790)
Present value of lease liabilities	$	468,484	$	89,390

9. Contingencies

COVID-19

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.

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.

15

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

CARES Act

The Coronavirus Aid, Relief and Economic Security Act (“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 Internal Revenue Service (“IRS”) to carryback net operating losses. These refund claims total approximately $ 366 million, of which we have received approximately $159 million in the first quarter of fiscal 2022 and another approximately $84 million in July 2021 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.

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 other 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.

10. Related Party Transactions

As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight.

AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. 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 (“WGHLP”), which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen

Related Party Revenue

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	7,180	$	6,148
U-Haul management fee revenue from Mercury		1,269		1,199
	$	8,449	$	7,347

16

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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 $ 11.3 million and $ 10.1 million from the above-mentioned entities during the first quarter of fiscal 2022 and 2021, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024.

Related Party Costs and Expenses

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	626	$	657
U-Haul commission expenses to Blackwater		22,880		15,332
	$	23,506	$	15,989

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 June 30, 2021, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 7.2 million, expenses of $0.6 million and cash flows of $ 6.4 million during the first quarter of fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 108.6 million and $22.9 million, respectively, during the first quarter of fiscal 2022.

Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities.

Related Party Assets

		June 30,		March 31,
		2021		2021
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	28,840	$	27,116
U-Haul receivable from Mercury		6,371		9,632
Other (a)		(730)		(1,353)
	$	34,481	$	35,395

(a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.

17

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

11. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

• Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate,

• Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

• Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

18

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of June 30, 2021 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	1,455,973	$	3,246	$	60,762	$	–		$	1,519,981
Reinsurance recoverables and trade receivables, net		120,946		67,589		44,521		–			233,056
Inventories and parts, net		117,978		–		–		–			117,978
Prepaid expenses		306,565		–		–		–			306,565
Investments, fixed maturities and marketable equities		–		290,571		2,464,562		–			2,755,133
Investments, other		20,733		94,028		411,132		–			525,893
Deferred policy acquisition costs, net		–		–		101,169		–			101,169
Other assets		43,439		829		2,642		–			46,910
Right of use assets - financing, net		814,875		–		–		–			814,875
Right of use assets - operating, net		89,034		184		151		–			89,369
Related party assets		53,783		6,557		13,797		(39,656)	(c)		34,481
		3,023,326		463,004		3,098,736		(39,656)			6,545,410
Investment in subsidiaries		677,909		–		–		(677,909)	(b)		–
Property, plant and equipment, at cost:
Land		1,110,300		–		–		–			1,110,300
Buildings and improvements		5,284,224		–		–		–			5,284,224
Furniture and equipment		796,077		–		–		–			796,077
Rental trailers and other rental equipment		495,012		–		–		–			495,012
Rental trucks		4,119,655		–		–		–			4,119,655
		11,805,268		–		–		–			11,805,268
Less:   Accumulated depreciation		(3,235,796)		–		–		–			(3,235,796)
Total property, plant and equipment, net		8,569,472		–		–		–			8,569,472
Total assets	$	12,270,707	$	463,004	$	3,098,736	$	(717,565)		$	15,114,882
(a) Balances as of March 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

19

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of June 30, 2021, continued

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	679,461	$	2,260	$	15,076	$	–		$	696,797
Notes, loans and finance leases payable, net		4,662,325		–		11,058		–			4,673,383
Operating lease liability		89,042		188		160		–			89,390
Policy benefits and losses, claims and loss expenses payable		433,394		179,294		394,456		–			1,007,144
Liabilities from investment contracts		–		–		2,226,560		–			2,226,560
Other policyholders' funds and liabilities		–		3,237		7,752		–			10,989
Deferred income		54,738		–		–		–			54,738
Deferred income taxes, net		1,217,716		11,667		14,970		–			1,244,353
Related party liabilities		26,836		3,812		13,341		(43,989)	(c)		–
Total liabilities		7,163,512		200,458		2,683,373		(43,989)			10,003,354
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)		26,799		15,148		75,145		(85,960)	(b)		31,132
Retained earnings		5,293,520		152,977		311,447		(464,214)	(b)		5,293,730
Cost of common stock in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred stock in treasury, net		(151,997)		–		–		–			(151,997)
Total stockholders' equity		5,107,195		262,546		415,363		(673,576)			5,111,528
Total liabilities and stockholders' equity	$	12,270,707	$	463,004	$	3,098,736	$	(717,565)		$	15,114,882
(a) Balances as of March 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

20

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
Assets:		(In thousands)
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, net		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, net		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

21

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of March 31, 2021, continued

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(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 stock in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred stock in treasury, net		(151,997)		–		–		–			(151,997)
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

22

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statement of operations by industry segment for the quarter ended June 30, 2021 are as follows:

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,036,213	$	–	$	–	$	(836)	(c)	$	1,035,377
Self-storage revenues		137,393		–		–		–			137,393
Self-moving and self-storage products and service sales		104,885		–		–		–			104,885
Property management fees		8,449		–		–		–			8,449
Life insurance premiums		–		–		28,705		–			28,705
Property and casualty insurance premiums		–		17,443		–		(574)	(c)		16,869
Net investment and interest income		680		6,013		29,324		(1,018)	(b)		34,999
Other revenue		105,634		–		630		(85)	(b)		106,179
Total revenues		1,393,254		23,456		58,659		(2,513)			1,472,856
Costs and expenses:
Operating expenses		601,831		8,813		5,375		(1,490)	(b,c)		614,529
Commission expenses		113,149		–		–		–			113,149
Cost of sales		69,915		–		–		–			69,915
Benefits and losses		–		5,227		42,071		–			47,298
Amortization of deferred policy acquisition costs		–		–		8,823		–			8,823
Lease expense		8,077		184		24		(638)	(b)		7,647
Depreciation, net of gains on disposals		121,717		–		–		–			121,717
Net gains on disposal of real estate		(4,430)		–		–		–			(4,430)
Total costs and expenses		910,259		14,224		56,293		(2,128)			978,648
Earnings from operations before equity in earnings of subsidiaries		482,995		9,232		2,366		(385)			494,208
Equity in earnings of subsidiaries		9,119		–		–		(9,119)	(d)		–
Earnings from operations		492,114		9,232		2,366		(9,504)			494,208
Other components of net periodic benefit costs		(280)		–		–		–			(280)
Interest expense		(39,443)		–		(120)		385	(b)		(39,178)
Pretax earnings		452,391		9,232		2,246		(9,119)			454,750
Income tax expense		(107,216)		(1,930)		(429)		–			(109,575)
Earnings available to common stockholders	$	345,175	$	7,302	$	1,817	$	(9,119)		$	345,175
(a) Balances for the quarter ended March 31, 2021
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

23

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statements of operations by industry for the quarter ended June 30, 2020 are as follows:

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	654,913	$	–	$	–	$	(628)	(c)	$	654,285
Self-storage revenues		108,955		–		–		–			108,955
Self-moving and self-storage products and service sales		91,350		–		–		–			91,350
Property management fees		7,347		–		–		–			7,347
Life insurance premiums		–		–		30,908		–			30,908
Property and casualty insurance premiums		–		14,507		–		(773)	(c)		13,734
Net investment and interest income		662		(873)		18,006		(813)	(b)		16,982
Other revenue		63,073		–		739		(136)	(b)		63,676
Total revenues		926,300		13,634		49,653		(2,350)			987,237
Costs and expenses:
Operating expenses		480,081		8,825		5,288		(1,532)	(b,c)		492,662
Commission expenses		69,175		–		–		–			69,175
Cost of sales		52,831		–		–		–			52,831
Benefits and losses		–		4,030		35,547		–			39,577
Amortization of deferred policy acquisition costs		–		–		6,888		–			6,888
Lease expense		7,137		1		10		(545)	(b)		6,603
Depreciation, net of gains on disposals		165,671		–		–		–			165,671
Net gains on disposal of real estate		(256)		–		–		–			(256)
Total costs and expenses		774,639		12,856		47,733		(2,077)			833,151
Earnings from operations before equity in earnings of subsidiaries		151,661		778		1,920		(273)			154,086
Equity in earnings of subsidiaries		2,395		–		–		(2,395)	(d)		–
Earnings from operations		154,056		778		1,920		(2,668)			154,086
Other components of net periodic benefit costs		(247)		–		–		–			(247)
Interest expense		(39,794)		–		–		273	(b)		(39,521)
Pretax earnings		114,015		778		1,920		(2,395)			114,318
Income tax expense		(26,289)		(162)		(141)		–			(26,592)
Earnings available to common stockholders	$	87,726	$	616	$	1,779	$	(2,395)		$	87,726
(a) Balances for the quarter ended March 31, 2020
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

24

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	345,175	$	7,302	$	1,817	$	(9,119)	$	345,175
Earnings from consolidated entities		(9,119)		–		–		9,119		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		172,040		–		–		–		172,040
Amortization of deferred policy acquisition costs		–		–		8,823		–		8,823
Amortization of premiums and accretion of discounts related to investments, net		–		413		3,948		–		4,361
Amortization of debt issuance costs		1,332		–		–		–		1,332
Interest credited to policyholders		–		–		15,583		–		15,583
Change in allowance for losses on trade receivables		(478)		(5)		(1)		–		(484)
Change in allowance for inventories and parts reserve		3,403		–		–		–		3,403
Net gains on disposal of personal property		(50,323)		–		–		–		(50,323)
Net gains on disposal of real estate		(4,430)		–		–		–		(4,430)
Net gains on sales of investments		–		(37)		(2,432)		–		(2,469)
Net gains on equity investments		–		(2,231)		–		–		(2,231)
Deferred income taxes		81,341		604		429		–		82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(1,658)		(520)		(5,904)		–		(8,082)
Inventories and parts		(15,765)		–		–		–		(15,765)
Prepaid expenses		162,706		–		–		–		162,706
Capitalization of deferred policy acquisition costs		–		–		(8,990)		–		(8,990)
Other assets		(436)		(323)		(94)		–		(853)
Related party assets		302		260		–		–		562
Accounts payable and accrued expenses		60,902		225		10,472		–		71,599
Policy benefits and losses, claims and loss expenses payable		5,942		352		2,770		–		9,064
Other policyholders' funds and liabilities		–		(461)		(969)		–		(1,430)
Deferred income		12,125		–		(262)		–		11,863
Related party liabilities		1,422		(1,972)		935		–		385
Net cash provided by operating activities		764,481		3,607		26,125		–		794,213
Cash flows from investing activities:
Escrow deposits		1,887		–		–		–		1,887
Purchases of:
Property, plant and equipment		(508,411)		–		–		–		(508,411)
Short term investments		–		(11,680)		(130)		–		(11,810)
Fixed maturities investments		–		(7,466)		(274,041)		–		(281,507)
Preferred stock		–		–		(8,000)		–		(8,000)
Real estate		–		–		(67)		–		(67)
Mortgage loans		–		(4,850)		(37,688)		–		(42,538)
Proceeds from sales and paydowns of:
Property, plant and equipment		182,146		–		–		–		182,146
Short term investments		–		12,558		–		–		12,558
Fixed maturities investments		–		5,136		121,820		–		126,956
Mortgage loans		–		283		5,345		–		5,628
Net cash used by investing activities		(324,378)		(6,019)		(192,761)		–		(523,158)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2021

25

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021, continued

		Consolidated Moving & Storage		Casualty Insurance (a) Property &		Insurance (a) Life		Elimination		Consolidated AMERCO
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		161,854		–		–		–		161,854
Principal repayments on credit facilities		(109,206)		–		(128)		–		(109,334)
Payments of debt issuance costs		(352)		–		–		–		(352)
Finance lease payments		(45,170)		–		–		–		(45,170)
Investment contract deposits		–		–		113,779		–		113,779
Investment contract withdrawals		–		–		(64,332)		–		(64,332)
Net cash provided by financing activities		7,126		–		49,319		–		56,445
Effects of exchange rate on cash		(1,531)		–		–		–		(1,531)
Increase (decrease) in cash and cash equivalents		445,698		(2,412)		(117,317)		–		325,969
Cash and cash equivalents at beginning of period		1,010,275		5,658		178,079		–		1,194,012
Cash and cash equivalents at end of period	$	1,455,973	$	3,246	$	60,762	$	–	$	1,519,981
		(page 2 of 2)
(a) Balance for the period ended March 31, 2021

26

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	87,726	$	616	$	1,779	$	(2,395)	$	87,726
Earnings from consolidated entities		(2,395)		–		–		2,395		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		166,740		–		–		–		166,740
Amortization of deferred policy acquisition costs		–		–		6,888		–		6,888
Amortization of premiums and accretion of discounts related to investments, net		–		395		3,155		–		3,550
Amortization of debt issuance costs		1,297		–		–		–		1,297
Interest credited to policyholders		–		–		7,667		–		7,667
Change in allowance for losses on trade receivables		60		–		–		–		60
Change in allowance for inventories and parts reserve		(99)		–		–		–		(99)
Net gains on disposal of personal property		(1,069)		–		–		–		(1,069)
Net gains on disposal of real estate		(256)		–		–		–		(256)
Net gains (losses) on sales of investments		–		(13)		2,027		–		2,014
Net losses on equity investments		–		3,989		–		–		3,989
Deferred income taxes		28,939		1,070		(2,475)		–		27,534
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(24,749)		5,725		(4,570)		–		(23,594)
Inventories and parts		350		–		–		–		350
Prepaid expenses		(22,831)		–		–		–		(22,831)
Capitalization of deferred policy acquisition costs		–		–		(7,308)		–		(7,308)
Other assets		758		(340)		(344)		–		74
Related party assets		7,302		27		–		–		7,329
Accounts payable and accrued expenses		56,522		(246)		1,997		–		58,273
Policy benefits and losses, claims and loss expenses payable		294		(2,769)		3,003		–		528
Other policyholders' funds and liabilities		–		(4,089)		663		–		(3,426)
Deferred income		11,238		–		3,660		–		14,898
Related party liabilities		1,867		(834)		(1,282)		–		(249)
Net cash provided by operating activities		311,694		3,531		14,860		–		330,085
Cash flows from investing activities:
Escrow deposits		1,401		–		–		–		1,401
Purchases of:
Property, plant and equipment		(249,740)		–		–		–		(249,740)
Short term investments		–		(8,989)		(636)		–		(9,625)
Fixed maturities investments		–		(1,864)		(92,329)		–		(94,193)
Real estate		–		–		(192)		–		(192)
Mortgage loans		–		–		(33,300)		–		(33,300)
Proceeds from sales and paydowns of:
Property, plant and equipment		76,412		–		–		–		76,412
Short term investments		–		1,980		468		–		2,448
Fixed maturities investments		–		4,402		105,763		–		110,165
Mortgage loans		–		265		1,167		–		1,432
Net cash used by investing activities		(171,927)		(4,206)		(19,059)		–		(195,192)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2020

27

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued

		Consolidated Moving & Storage		Casualty Insurance (a) Property &		Insurance (a) Life		Elimination		Consolidated AMERCO
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		367,451		–		9,600		–		377,051
Principal repayments on credit facilities		(144,489)		–		(9,600)		–		(154,089)
Payment of debt issuance costs		(1,677)		–		–		–		(1,677)
Finance lease payments		(68,554)		–		–		–		(68,554)
Net contribution from (to) related party		18,599		–		–		–		18,599
Investment contract deposits		–		–		75,366		–		75,366
Investment contract withdrawals		–		–		(51,633)		–		(51,633)
Net cash provided by financing activities		171,330		–		23,733		–		195,063
Effects of exchange rate on cash		766		–		–		–		766
Increase (decrease) in cash and cash equivalents		311,863		(675)		19,534		–		330,722
Cash and cash equivalents at beginning of period		459,078		4,794		30,480		–		494,352
Cash and cash equivalents at end of period	$	770,941	$	4,119	$	50,014	$	–	$	825,074
		(page 2 of 2)
(a) Balance for the period ended March 31, 2020

28

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

12. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended June 30, 2021
Total revenues	$	1,396,361	$	76,495	$	1,472,856
Depreciation and amortization, net of gains on disposal		127,650		(1,540)		126,110
Interest expense		38,128		1,050		39,178
Pretax earnings		437,949		16,801		454,750
Income tax expense		105,302		4,273		109,575
Identifiable assets		14,661,722		453,160		15,114,882
Quarter Ended June 30, 2020
Total revenues	$	942,803	$	44,434	$	987,237
Depreciation and amortization, net of gains on disposal		168,526		3,777		172,303
Interest expense		38,654		867		39,521
Pretax earnings		111,949		2,369		114,318
Income tax expense		25,783		809		26,592
Identifiable assets		13,279,882		432,477		13,712,359

13. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	350	$	317
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		227		230
Other components		53		17
Total other components of net periodic benefit costs		280		247
Net periodic postretirement benefit cost	$	630	$	564

14. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;  

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

29

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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.

We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity.

Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:

		Fair Value Hierarchy
		Carrying								Total Estimated
As of June 30, 2021		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	233,056	$	–	$	–	$	233,056	$	233,056
Mortgage loans, net		428,140		–		–		428,140		428,140
Other investments		97,753		–		–		97,753		97,753
Total	$	758,949	$	–	$	–	$	758,949	$	758,949
Liabilities
Notes, loans and finance leases payable		4,702,127		–		4,702,127		–		4,497,078
Total	$	4,702,127	$	–	$	4,702,127	$	–	$	4,497,078

		Fair Value Hierarchy
		Carrying								Total Estimated
As of March 31, 2021		Value		Level 1		Level 2		Level 3		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

30

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2021 and March 31, 2021 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of June 30, 2021		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	1,311,376	$	1,311,376	$	–	$	–
Fixed maturities - available for sale		2,703,053		7,185		2,695,712		156
Preferred stock		29,408		29,408		–		–
Common stock		22,672		22,672		–		–
Derivatives		6,789		6,789		–		–
Total	$	4,073,298	$	1,377,430	$	2,695,712	$	156
Liabilities
Derivatives		4,222		–		4,222		–
Total	$	4,222	$	–	$	4,222	$	–

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	$	–

The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both June 30, 2021 and March 31, 2021.

15. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers (Topic 606), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

31

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2021 and March 31, 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, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2022 did not have a material effect on our financial statements.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Revenue Recognized in Accordance withTopic 842/840

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in 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 8, Leases, of the Notes to the Condensed Consolidated Financial Statements.

32

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

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:

		Years Ending June 30,
		2022		2023		2024		2025		2026		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	6,560	$	–	$	–	$	–	$	–	$	–
Property lease revenues		16,072		12,621		8,866		6,856		5,398		53,835
Total	$	22,632	$	12,621	$	8,866	$	6,856	$	5,398	$	53,835

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 – Financial Instruments.

33

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

In the following table, revenue is disaggregated by timing of revenue recognition:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	79,815	$	44,938
Revenues recognized at a point in time:		120,718		104,848
Total revenues recognized under ASC 606		200,533		149,786
Revenues recognized under ASC 842 or 840		1,191,010		774,694
Revenues recognized under ASC 944		46,314		45,775
Revenues recognized under ASC 320		34,999		16,982
Total revenues	$	1,472,856	$	987,237

In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues .

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

16. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).   To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2%. 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 June 30, 2021 was $ 2.5 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.

34

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during the quarter ended June 30, 2021.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $ 26.6 million as of March 31, 2021 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 (in accordance with 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 Topic 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 loans 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.

When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded.

Reinsurance recoverable

Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2021 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium receivables

Premium receivables   were $ 2.6 million as of March 31, 2021 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums.

The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:

		Allowance for Credit Losses
		Trade Receivables		Investments, Fixed Maturities		Investments, other		Total
		(Unaudited)
		(in thousands)
Balance as of March 31, 2021	$	2,835	$	1,320	$	501	$	4,656
Allowance change		(291)		(279)		4		(566)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of June 30, 2021	$	2,544	$	1,041	$	505	$	4,090

35

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

17.   Accounting Pronouncements

Adoption of New Accounting Pronouncements

In April 1, 2021, we adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (“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 deferred acquisition costs 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 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.

From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.

18. Subsequent Events

Financial Strength Rating

In July 2021, A.M. Best upgraded the financial strength rating (“FSR”) for Oxford and Christian Fidelity Life Insurance Company to A from A-.   The FSR outlook remains stable.   In addition, A.M. Best upgraded the long-term issuer credit rating (“LTICR”) to “a” from “a-“.   The LTICR outlook has been revised to stable from positive.

36

Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2022.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

AMERCO, a Nevada corporation, has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2021 and 2020 correspond to fiscal 2022 and 2021 for AMERCO.

Overall Strategy

Our overall strategy is to maintain our leadership position in the United States and Canada “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our eMove ® capabilities.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.  

Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

Description of Operating Segments

AMERCO’s three reportable segments are:

• Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate;
• Property and Casualty Insurance, comprised of Repwest and its wholly owned subsidiaries and ARCOA; and
• Life Insurance, comprised of Oxford and its wholly owned subsidiaries.

37

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers and expanding the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul ® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

uhaul.com ® is an online marketplace that connects consumers to our operations as well as independent Moving Help ® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

U-Haul’s Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Scan & Go self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.

Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across 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. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

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.

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2021, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Impairment of Investments

Under the current expected credit loss model, a valuation allowance is recognized in earnings for credit losses. If we intend to sell a debt 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 debt 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.

There were no incremental impairment charges recorded during the quarter ended June 30, 2021.

38

Results of Operations

AMERCO and Consolidated Entities

Quarter Ended June 30, 2021 compared with the Quarter Ended June 30, 2020

Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2022 and the first quarter of fiscal 2021:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,035,377	$	654,285
Self-storage revenues		137,393		108,955
Self-moving and self-storage products and service sales		104,885		91,350
Property management fees		8,449		7,347
Life insurance premiums		28,705		30,908
Property and casualty insurance premiums		16,869		13,734
Net investment and interest income		34,999		16,982
Other revenue		106,179		63,676
Consolidated revenue	$	1,472,856	$	987,237

Self-moving equipment rental revenues increased $381.1 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   One contributing factor to the magnitude of the improvement was the relatively poor results in the first quarter of fiscal 2021 due to the COVID-19 pandemic.   Comparing the first quarter of fiscal 2022 to the first quarter of fiscal 2020, revenue still increased $286.8 million.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and towing devices in the rental fleet.

Self-storage revenues increased $28.4 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   The average monthly number of occupied units increased by 26%, or 89,373, units during the first quarter of fiscal 2022 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we added approximately 3.5 million net rentable square feet, or an 8% increase, with approximately 1.1 million of that coming on during the first quarter of fiscal 2022.

Sales of self-moving and self-storage products and services increased $13.5 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   This was due to increased sales of hitches, moving supplies and propane.

Life insurance premiums decreased $2.2 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums increased $3.1 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021 due to an increase in Safetow ® and Safestor ® sales, which was a reflection of the increased equipment and storage rental transactions.

Net investment and interest income increased $18.0 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021. Changes in the market value of unaffiliated common stocks held in our property and casualty insurance subsidiary accounted for $6.2 million of the increase during the quarter. A $5.7 million realized gain on derivatives used as hedges for our fixed indexed annuities at our life insurance subsidiary also contributed to the increase during the quarter. In addition, the change in the provision for expected credit losses resulted in a $5.2 million increase to investment income for the three months ended March 31, 2021.

Other revenue increased $42.5 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021, caused primarily by growth in our U-Box program.

39

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2022 and the first quarter of fiscal 2021. The insurance companies’ first quarters ended March 31, 2021 and 2020.

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,393,254	$	926,300
Earnings from operations before equity in earnings of subsidiaries		482,995		151,661
Property and casualty insurance
Revenues		23,456		13,634
Earnings from operations		9,232		778
Life insurance
Revenues		58,659		49,653
Earnings from operations		2,366		1,920
Eliminations
Revenues		(2,513)		(2,350)
Earnings from operations before equity in earnings of subsidiaries		(385)		(273)
Consolidated results
Revenues		1,472,856		987,237
Earnings from operations		494,208		154,086

Total costs and expenses increased $145.5 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021. Operating expenses for Moving and Storage increased $121.8 million.   Repair costs associated with the rental fleet experienced a $33.6 million increase during the quarter due to preventative maintenance from higher fleet activity combined with additional costs from increased fleet sales activity.   Other increases included personnel, liability costs and shipping associated with U-Box transactions. Net gains from the disposal of rental equipment increased $49.3 million from an increase in auction activity as compared to the COVID-19 affected first quarter of fiscal 2021.   Depreciation expense associated with our rental fleet increased $1.7 million to $126.6 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $3.6 million to $45.5 million. Net gains on the disposal of real estate increased $4.2 million from a state, department of transportation, condemnation in the first quarter of fiscal 2022.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $494.2 million for the first quarter of fiscal 2022, compared with $154.1 million for the first quarter of fiscal 2021.

Interest expense for the first quarter of fiscal 2022 was $39.2 million, compared with $39.5 million for the first quarter of fiscal 2021, due to decreased borrowings.

Income tax expense was $109.6 million for the first quarter of fiscal 2022, compared with $26.6 million for the first quarter of fiscal 2021.

As a result of the above-mentioned items, earnings available to common stockholders were $345.2 million for the first quarter of fiscal 2022, compared with $87.7 million for the first quarter of fiscal 2021.

Basic and diluted earnings per share for the first quarter of fiscal 2022 were $17.60, compared with $4.47 for the first quarter of fiscal 2021.

The weighted average common shares outstanding basic and diluted were 19,607,788 for both the first quarter of fiscal 2022 and 2021.

40

Moving and Storage

Quarter Ended June 30, 2021 compared with the Quarter Ended June 30, 2020

Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2022 and the first quarter of fiscal 2021:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,036,213	$	654,913
Self-storage revenues		137,393		108,955
Self-moving and self-storage products and service sales		104,885		91,350
Property management fees		8,449		7,347
Net investment and interest income		680		662
Other revenue		105,634		63,073
Moving and Storage revenue	$	1,393,254	$	926,300

Self-moving equipment rental revenues increased $381.3 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   One contributing factor to the magnitude of the improvement was the relatively poor results in the first quarter of fiscal 2021 due to the COVID-19 pandemic.   Comparing the first quarter of fiscal 2022 to the first quarter of fiscal 2020 revenue still increased $287.1 million.   Compared to the same period last year, we increased the number of retail locations, independent dealers, box trucks and towing devices in the rental fleet.        

Self-storage revenues increased $28.4 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   The average monthly number of occupied units increased by 26%, or 89,373 units during the first quarter of fiscal 2022 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we added approximately 3.5 million net rentable square feet, or an 8% increase, with approximately 1.1 million of that coming on during the first quarter of fiscal 2022.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

	Quarter Ended June 30,
	2021	2020
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of June 30	553	516
Square footage as of June 30	46,847	43,393
Average monthly number of units occupied	436	347
Average monthly occupancy rate based on unit count	79.7%	67.6%
Average monthly square footage occupied	38,671	31,010

Over the last twelve months we added approximately 3.5 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development. On average, the occupancy rate of this new capacity on the date it was added was 4.5%.

Sales of self-moving and self-storage products and services increased $13.5 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021.   This was due to increased sales of hitches, moving supplies and propane.

Other revenue increased $42.6 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021, caused primarily by growth in our U-Box program.

41

Total costs and expenses increased $135.6 million during the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021. Operating expenses increased $121.8 million.   Repair costs associated with the rental fleet experienced a $33.6 million increase during the quarter due to an increase in preventative maintenance from higher fleet activity combined with additional costs from higher fleet sales activity.   Other increases included personnel, liability costs and shipping associated with U-Box transactions. Net gains from the disposal of rental equipment increased $49.3 million from an increase in auction activity as compared to the COVID-19 affected first quarter of fiscal 2021.   Depreciation expense associated with our rental fleet increased $1.7 million to $126.6 million.   Depreciation expense on all other assets, largely from buildings and improvements, increased $3.6 million to $45.5 million. Net gains on the disposal of real estate increased $4.2 million from a state, department of transportation, condemnation in the first quarter of fiscal 2022.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries increased to $483.0 million for the first quarter of fiscal 2022, compared with $151.7 million for the first quarter of fiscal 2021.

Equity in the earnings of AMERCO’s insurance subsidiaries was $9.1 million for the first quarter of fiscal 2022, compared with $2.4 million for the first quarter of fiscal 2021.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $492.1 million for the first quarter of fiscal 2022, compared with $154.1 million for the first quarter of fiscal 2021.

Property and Casualty Insurance

Quarter Ended March 31, 2021 compared with the Quarter Ended March 31, 2020

Net premiums were $17.4 million and $14.5 million for the quarters ended March 31, 2021 and 2020, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $6.0 million and $(0.9) million for the three months ended March 31, 2021 and 2020, respectively. The main driver for the increase was the quarter over quarter increase in equity valuations of $6.2 million. In addition, the change in the provision for expected credit losses resulted in a $0.9 million increase to the investment income.

Benefits and losses incurred were $5.2 million and $4.0 million for the three months March 31, 2021 and 2020, respectively. The increase was due to unfavorable loss experience.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $9.2 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively.

Life Insurance

Quarter Ended March 31, 2021 compared with the Quarter Ended March 31, 2020

Net premiums were $28.7 million and $30.9 million for the quarters ended March 31, 2021 and 2020, respectively. Medicare Supplement premiums decreased $2.1 million from the policy decrements offset by premium rate increases. Premiums on the remaining lines of business decreased $0.1 million. Deferred annuity deposits were $98.8 million or $38.4 million above the prior year and are accounted for on the balance sheet as deposits rather than premiums. The increase in deferred annuity deposits was a result of increased sales due to competitive rates and flexible product offerings.

Net investment and interest income were $29.3 million and $18.0 million for the quarters ended March 31, 2021 and 2020, respectively. A $5.7 million gain was realized on derivatives used as hedges to our fixed indexed annuities. Investment income from fixed maturities, mortgage loans and the remaining invested assets increased $3.3 million on a larger invested assets base.   In addition, the change in the provision for expected credit losses resulted in a $4.4 million increase to the investment income. This was offset by a $1.7 million net decrease in realized capital gains.

Benefits and losses incurred were $42.1 million and $35.5 million for the quarters ended March 31, 2021 and 2020, respectively. Interest credited to policyholders increased $7.8 million from the increase in annuity deposit base from continued sales. Life benefits increased $1.9 million due to increased mortality partially attributable to COVID-19. This was offset by a $3.4 million decrease in Medicare supplement benefits from the declined policies in force. Benefits on the remaining lines of business increased $0.2 million.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $8.8 million and $6.9 million for the quarters ended March 31, 2021 and 2020, respectively. The increase in the Annuity DAC amortization resulted from a higher asset base supported by continuous sales. DAC amortization on life policies also increased from higher policy lapses and increased death benefits. This was partially offset by a decrease in Medicare supplement DAC amortization from a decline in the in-force.

42

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $2.2 million and $1.9 million for the quarters ended March 31, 2021 and 2020, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity for the foreseeable future. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

As of June 30, 2021, cash and cash equivalents totaled $1,520.0 million, compared with $1,194.0 million at March 31, 2021. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2021 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

		Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
		(Unaudited)
		(In thousands)
Cash and cash equivalents	$	1,455,973	$	3,246	$	60,762
Other financial assets		195,462		458,745		2,934,012
Debt obligations		4,662,325		–		11,058
(a) As of March 31, 2021

As of June 30, 2021, Moving and Storage had additional cash available under existing credit facilities of $87.0 million.   The majority of invested cash at the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities increased $464.1 million in the first quarter of fiscal 2022 compared with the first quarter of fiscal 2021 largely as a result of increased equipment rental activity and receiving $159 million of federal income tax refund claims.   The first quarter of fiscal 2021 was negatively affected by the COVID-19 pandemic.

Net cash used in investing activities increased $328.0 million in the first quarter of fiscal 2022, compared with the first quarter of fiscal 2021. Purchases of property, plant and equipment, increased $258.7 million. Reinvestment in the fleet was less than our projection due to scattered delays in receiving new equipment from manufacturers during the first quarter of fiscal 2022; however, the level of reinvestment in the rental fleet has increased in comparison to the first quarter of fiscal 2021.   Cash from the sales of property, plant and equipment increased $105.7 million largely due to increased fleet sales. For our insurance subsidiaries, net cash used in investing activities increased $175.5 million due to increased investment purchases.  

Net cash provided by financing activities decreased $138.6 million in the first quarter of fiscal 2022, as compared with the first quarter of fiscal 2021. This was due to a combination of decreased debt payments of $44.8 million, decreased finance lease repayments of $23.4 million, a decrease in cash from borrowings of $215.2 million, and an increase in net annuity deposits from Life Insurance of $25.7 million.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2022 the Company will reinvest in its truck and trailer rental fleet approximately $550 million, net of equipment sales and excluding any lease buyouts. Through the first quarter of fiscal 2022, the Company invested, net of sales, approximately $128 million before any lease buyouts in its truck and trailer fleet. Fleet investments in fiscal 2022 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment and the used-truck sales market. We anticipate that the fiscal 2022 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability

43

  of financing options. Based upon interactions with our existing lenders, the Company does not believe that COVID-19 will materially inhibit our ability to obtain financing for the purchases of rental equipment in fiscal 2022. Should the situation severely worsen this belief could change.

Real Estate has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. The Company expects to fund these development projects through a combination of internally generated funds along with borrowings. For the first quarter of fiscal 2022, the Company invested $197 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2022, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and any lingering effects of COVID-19.   U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $326.3 million and $173.3 million for the first quarter of fiscal 2022 and 2021, respectively. The components of our net capital expenditures are provided in the following table:

		Quarter Ended June 30,
		2021		2020
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	310,389	$	122,943
Equipment lease buyouts		–		11,477
Purchases of real estate, construction and renovations		184,362		102,590
Other capital expenditures		13,660		12,730
Gross capital expenditures		508,411		249,740
Less: Sales of property, plant and equipment		(182,146)		(76,412)
Net capital expenditures	$	326,265	$	173,328

Moving and Storage continues to hold significant cash we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $262.5 million and $262.6 million at March 31, 2021 and December 31, 2020, respectively. The change resulted from net earnings of $7.3 million and a decrease in other comprehensive income of $7.4 million.   Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net deposits for the quarter ended March 31, 2021 were $49.4 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

44

Life Insurance’s stockholder’s equity was $415.4 million and $479.2 million as of March 31, 2021 and December 31, 2020, respectively. The change resulted from net earnings of $1.8 million and a decrease in other comprehensive income of $65.6 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of March 31, 2021, Oxford had outstanding deposits of $70.5 million in the FHLB.   For a more detailed discussion of this deposit, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

Cash Provided from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $764.5 million and $311.7 million for the first quarter of fiscal 2022 and 2021, respectively, largely as a result of increased equipment rental activity and receiving $159 million of federal income tax refund claims.   The first quarter of fiscal 2021 was negatively affected by the COVID-19 pandemic.

Property and Casualty Insurance

Net cash provided by operating activities were $3.6 million and $3.5 million for the first quarters ended March 31, 2021 and 2020, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $9.6 million and $12.9 million at March 31, 2021 and December 31, 2020, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $26.1 million and $14.9 million for the first quarters ended March 31, 2021 and 2020, respectively. The increase in operating cash flows was primarily due to an increase in payables for securities and other payable accounts coupled with a decrease in federal income taxes paid.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of March 31, 2021 and December 31, 2020, cash and cash equivalents and short-term investments amounted to $60.8 million and $178.1 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

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, of which we have received approximately $159 million in the first quarter of fiscal 2022 and another approximately $84 million in July 2021 and are reflected in Prepaid expense. These amounts are expected to provide us additional liquidity whenever received. It is possible future legislation could negatively impact our ability to receive these tax refunds.

Our borrowing strategy is primarily focused on asset-backed financing and rental equipment leases. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2021, we had available borrowing capacity under existing credit facilities of $87.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long term debt and borrowing capacity, please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

45

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Off-Balance Sheet Arrangements

We use off-balance sheet arrangements in situations where management believes that the economics and sound business principles warrant their use.

Historically, we have used off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information please see Note 10, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements. These arrangements were primarily used when our overall borrowing structure was more limited. We do not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders.

Fiscal 2022 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals.   Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2022. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2022, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2022. We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2022.

In light of COVID-19 and its lingering effects, we may be challenged in our progress.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

46

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations. Following is a summary of our interest rate swap agreements as of June 30, 2021:

	Notional Amount		Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
	(Unaudited)
	(In thousands)
$	85,000	$	(1,350)	6/28/2019	6/15/2022	1.76%	1 Month LIBOR
	75,000		(1,248)	6/28/2019	6/30/2022	1.78%	1 Month LIBOR
	75,000		(1,624)	6/28/2019	10/31/2022	1.76%	1 Month LIBOR

As of June 30, 2021, we had $1,143.3 million of variable rate debt obligations. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $9.1 million annually (after consideration of the effect of the above derivative contracts). 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.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

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 market value on our balance sheet. As of March 31, 2021 and December 31, 2020, these derivative hedges had a net market value of $6.8 million and $6.6 million, with notional amounts of $276.0 million and $282.7   million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.

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 call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.2% and 4.5% of our revenue was generated in Canada during the first quarter of fiscal 2022 and 2021, respectively. The result of a 10.0% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities, which assists management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

47

Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, the risk associated with COVID-19 or similar events on employees or customers, impact on the economic environment or demand of our products and the cost and availability of debt and capital, estimates of capital expenditures, plans for future operations, products or services, financing needs, plans and strategies, our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us, liquidity and the availability of financial resources to meet our needs, goals and strategies, plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets, the impact of our compliance with environmental laws and cleanup costs, our beliefs regarding our sustainable practices, our used vehicle disposition strategy, the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans, our plan to expand our U-Haul storage affiliate program, that additional leverage can be supported by our operations and business, the availability of alternative vehicle manufacturers, our estimates of the residual values of our equipment fleet, our plans with respect to off-balance sheet arrangements, our plans to continue to invest in the U-Box ® program, the impact of interest rate and foreign currency exchange rate changes on our operations, the sufficiency of our capital resources and the sufficiency of capital of our insurance subsidiaries as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

Attached as exhibits to this Quarterly Report are certifications of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), which are required in accordance with Rule 13a-14 of the Exchange Act. This "Controls and Procedures" section includes information concerning the controls and procedures evaluation referred to in the certifications and it should be read in conjunction with the certifications for a more complete understanding of the topics presented in the section titled Evaluation of Disclosure Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) (“Disclosure Controls”) as of the end of the most recently completed fiscal quarter covered by this Quarterly Report. Our Disclosure Controls are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Our Disclosure Controls are also designed to ensure that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Based upon the controls evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report, our Disclosure Controls were effective at a reasonable assurance level related to the above stated design purposes.

48

Inherent Limitations on the Effectiveness of Controls

Our management, including our CEO and CFO, does not expect that our Disclosure Controls or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of our controls to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 9, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The following documents are filed as part of this report:

Exhibit Number	Description	Page or Method of Filing
3.1	Amended and Restated Articles of Incorporation of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255
3.2	Restated Bylaws of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255

49

4.1	Forty-First Supplemental Indenture and Pledge and Security Agreement dated April 13, 2021, by and between AMERCO and U.S. Bank National Association, as trustee	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 13, 2021, file no. 1-11255.
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of AMERCO	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Chief Financial Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	Inline XBRL Instance Document	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema	Filed herewith
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase	Filed herewith
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	Filed herewith
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase	Filed herewith
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)	Filed herewith

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERCO

Date:   August 4, 2021	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
	(Principal Executive Officer)
Date:   August 4, 2021	/s/ Jason A. Berg
	Jason A. Berg
	Chief Financial Officer
	(Principal Financial Officer)
Date: August 4, 2021	/s/ Maria L. Bell
	Maria L. Bell
	Chief Accounting Officer
	(Principal Accounting Officer)

51

EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Edward J. Shoen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERCO;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

1. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
4. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
   

	/s/Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
Date: August 4, 2021

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Jason A. Berg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERCO;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

1. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
4. Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

	/s/Jason A. Berg
	Jason A. Berg
Date: August 4, 2021	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended June 30, 2021 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 4, 2021 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, to the best of my knowledge and belief, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	AMERCO
	a Nevada corporation
	/s/Edward J. Shoen
	Edward J. Shoen
Date: August 4, 2021	President and Chairman of the Board

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended June 30, 2021 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 4, 2021 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	AMERCO
	a Nevada corporation
	/s/Jason A. Berg
	Jason A. Berg
Date: August 4, 2021	Chief Financial Officer

XML

Document and Entity Information	3 Months Ended
	Jun. 30, 2021 shares
Document and Entity Information [Abstract]
Entity Registrant Name	AMERCO
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Small Business	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2022
Trading Symbol	UHAL
Document Type	10-Q
Document Fiscal Period Focus	Q1
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Entity Common Stock, Shares Outstanding	19,607,788
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-11255
Entity Tax Identification Number	88-0106815
Entity address, address line one	5555 Kietzke Lane
Entity address, address line two	Suite 100
Entity address, City or Town	Reno
Entity address, State or Province	NV
Entity address, postal zip code	89511
City Area Code	775
Local Phone Number	688-6300
Entity Incorporation, State or Country Code	NV
Title of 12(b) Security	Common Stock , $0.25 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
ASSETS:
Cash and cash equivalents	$ 1,519,981	$ 1,194,012
Reinsurance recoverables and trade receivables, net	233,056	224,426
Inventories, net	117,978	105,577
Prepaid expenses	306,565	469,144
Investments, fixed maturities and marketable equities	2,755,133	2,695,656
Investments, other	525,893	489,759
Deferred policy acquisition costs, net	101,169	89,749
Other assets	46,910	47,730
Right of use Assets - Financing	814,875	877,038
Right of use Assets - Operating	89,369	92,505
Related party assets	34,481	35,395
Subtotal assets	6,545,410	6,320,991
Property, plant and equipment, at cost:
Land	1,110,300	1,075,813
Buildings and improvements	5,284,224	5,163,705
Furniture and equipment	796,077	786,505
Property, plant and equipment (gross)	11,805,268	11,413,668
Less: Accumulated depreciation	(3,235,796)	(3,083,053)
Total property, plant and equipment	8,569,472	8,330,615
Total assets	15,114,882	14,651,606
Liabilities:
Accounts payable and accrued expenses	696,797	645,575
Notes, loans and leases payable	4,673,383	4,668,907
Financing lease liability	468,484
Operating lease liability	89,390	92,510
Policy benefits and losses, claims and loss expenses payable	1,007,144	997,701
Liabilities from investment contracts	2,226,560	2,161,530
Other policyholders' funds and liabilities	10,989	12,420
Deferred income	54,738	42,592
Deferred income taxes, net	1,244,353	1,178,489
Total liabilities	10,003,354	9,799,724
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:
Additional paid-in capital	453,819	453,819
Accumulated other comprehensive loss	31,132	106,857
Retained earnings	5,293,730	4,958,359
Total stockholders' equity	5,111,528	4,851,882
Total liabilities and stockholders' equity	15,114,882	14,651,606
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	495,012	477,921
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 4,119,655	$ 3,909,724

XML

Condensed Consolidated Balance Sheets Parenthetical	Jun. 30, 2021 $ / shares shares
Series Preferred Stock With or Without Par Value [Member]
Preferred stock:
Preferred stock, shares authorized	50,000,000
Series A Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	6,100,000
Preferred stock, shares issued	6,100,000
Series B Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	100,000
Serial Common Stock With or Without Par Value [Member]
Common stock:
Common stock, shares authorized	250,000,000
Serial Common Stock [Member]
Common stock:
Common stock, shares authorized	10,000,000
Common stock, par or stated value per share | $ / shares	$ 0.25
Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000
Common stock, par or stated value per share | $ / shares	$ 0.25
Amerco Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000
Common stock, shares, issued	41,985,700
Common stock, shares, outstanding	19,607,788
Common stock, par or stated value per share | $ / shares	$ 0.25
Common Stock in Treasury [Member]
Treasury stock:
Treasury stock, shares	22,377,912
Preferred Stock in Treasury [Member]
Treasury stock:
Treasury stock, shares	6,100,000

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Self-moving equipment rentals	$ 1,035,377	$ 654,285
Self-storage revenues	137,393	108,955
Self moving and self-storage products and service sales	104,885	91,350
Property management fees	8,449	7,347
Life insurance premiums	28,705	30,908
Property and casualty insurance premiums	16,869	13,734
Investment income interest and dividend	34,999	16,982
Other revenue	106,179	63,676
Total revenues	1,472,856	987,237
Costs and expenses:
Operating expenses	614,529	492,662
Commission expenses	113,149	69,175
Cost of sales	69,915	52,831
Benefits and losses	47,298	39,577
Amortization of deferred policy acquisition costs	8,823	6,888
Lease expense	7,647	6,603
Depreciation, net of (gains) losses on disposals	121,717	165,671
Net (gains) losses on disposal of real estate	(4,430)	(256)
Total costs and expenses	978,648	833,151
Earnings from operations	494,208	154,086
Other components of net periodic benefit costs	(280)	(247)
Interest expense	(39,178)	(39,521)
Pretax earnings	454,750	114,318
Income tax expense	(109,575)	(26,592)
Earnings available to common stockholders	$ 345,175	$ 87,726
Basic and diluted earnings per common share		$ 4.47
Weighted average common shares outstanding: basic and diluted	19,607,788	19,607,788

XML

Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Depreciation:
Net gain on sale of real and personal property	$ (50,323)	$ (1,069)
Related party:
Related party revenues, net of eliminations	8,449	7,347
Related party, costs and expenses, net of eliminations	$ 23,506	$ 15,989

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Comprehensive income (loss) (pretax):
Pretax earnings (loss)	$ 454,750	$ 114,318
Comprehensive income (loss) (tax effect):
Income tax expense	(109,575)	(26,592)
Comprehensive income (loss) (net of tax):
Net earnings	345,175	87,726
Other comprehensive income (loss):
Foreign currency translation (pretax)	(3,392)	(2,917)
Foreign currency translation (tax effect)	0	0
Foreign currency translation (net of tax)	(3,392)	(2,917)
Unrealized gain (loss) on investments (pretax)	(92,451)	(58,962)
Unrealized gain (loss) on investments (tax effect)	19,424	13,463
Unrealized gain (loss) on investments (net of tax)	(73,027)	(45,499)
Change in fair value of cash flow hedges (pretax)	(68)	(705)
Change in fair value of cash flow hedges (tax effect)	17	173
Change in fair value of cash flow hedges (net of tax)	(51)	(532)
Amounts reclassifed into earnings on hedging activities (pretax)	987	747
Amounts reclassified into earnings on hedging activities (tax effect)	(242)	(183)
Amounts reclassified into earnings on hedging activities (net of tax)	745	564
Total other comprehensive income (loss) (pretax)	(94,924)	(61,837)
Total other comprehensive income (loss) (tax effect)	19,199	13,453
Total other comprehensive income (loss) (net of tax)	(75,725)	(48,384)
Total comprehensive income (pretax)	359,826	52,481
Total comprehensive income (tax effect)	(90,376)	(13,139)
Total comprehensive income (net of tax)	$ 269,450	$ 39,342

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Less: Treasury Common Stock [Member]	Less: Treasury Preferred Stock [Member]
Balance, beginning of period at Mar. 31, 2020	$ 4,220,720	$ 10,497	$ 453,819	$ 34,652	$ 4,399,402	$ (525,653)	$ (151,997)
Cosolidated statement of change in equity
Adjustment for adoption of ASU 2016-13	(2,880)	0	0	0	(2,880)	0	0
Foreign currency translation	(2,917)	0	0	(2,917)	0	0	0
Unrealized net gain (loss) on investments, net of tax	(45,499)	0	0	(45,499)	0	0	0
Change in fair value of cash flow hedges, net of tax	(532)	0	0	(532)	0	0	0
Amounts reclassified into earnings on hedging activities	564	0	0	564	0	0	0
Net earnings	87,726	0	0	0	87,726	0	0
Net activity	36,462	0	0	(48,384)	84,846	0	0
Balance, end of period at Jun. 30, 2020	4,257,182	10,497	453,819	(13,732)	4,484,248	(525,653)	(151,997)
Balance, beginning of period at Mar. 31, 2021	4,851,882	10,497	453,819	106,857	4,958,359	(525,653)	(151,997)
Cosolidated statement of change in equity
Foreign currency translation	(3,392)	0	0	(3,392)	0	0	0
Unrealized net gain (loss) on investments, net of tax	(73,027)	0	0	(73,027)	0	0	0
Change in fair value of cash flow hedges, net of tax	(51)	0	0	(51)	0	0	0
Amounts reclassified into earnings on hedging activities	745	0	0	745	0	0	0
Net earnings	345,175	0	0	0	345,175	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0
Net activity	259,646	0	0	(75,725)	335,371	0	0
Balance, end of period at Jun. 30, 2021	$ 5,111,528	$ 10,497	$ 453,819	$ 31,132	$ 5,293,730	$ (525,653)	$ (151,997)

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical	3 Months Ended
	Jun. 30, 2021 $ / shares
Common Stock, Dividends, Per Share, Declared	$ 0.50

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net earnings	$ 345,175	$ 87,726
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	172,040	166,740
Amortization of deferred policy acquisition costs	8,823	6,888
Amortization of premiums and accretion of discounts related to investments, net	4,361	3,550
Amortization of debt issuance costs	1,332	1,297
Interest credited to policyholders	15,583	7,667
Change in allowance for losses on trade receivables	(484)	60
Change in allowance for inventory reserves	3,403	(99)
Net gain on sale of real and personal property	(50,323)	(1,069)
Net losses on disposal of real estate	(4,430)	(256)
Net (gain) loss on sale of investments	(2,469)	2,014
Net losses on equity investments	(2,231)	3,989
Deferred income tax	82,374	27,534
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(8,082)	(23,594)
Inventories	(15,765)	350
Prepaid expenses	162,706	(22,831)
Capitalization of deferred policy acquisition costs	(8,990)	(7,308)
Other assets	(853)	74
Related party assets	562	7,329
Accounts payable and accrued expenses	71,599	58,273
Policy benefits and losses, claims and loss expenses payable	9,064	528
Other policyholders' funds and liabilities	(1,430)	(3,426)
Deferred income	11,863	14,898
Related party liabilities	385	(249)
Net cash provided by operating activities	794,213	330,085
Cash flow from investing activities:
Escrow deposits	1,887	1,401
Purchase of:
Property, plant and equipment	(508,411)	(249,740)
Short term investments	(11,810)	(9,625)
Fixed maturity investments	(281,507)	(94,193)
Preferred stock	(8,000)	0
Real estate	(67)	(192)
Mortgage loans	(42,538)	(33,300)
Proceeds from sale of:
Property, plant and equipment	182,146	76,412
Short term investments	12,558	2,448
Fixed maturity investments	126,956	110,165
Mortgage loans	5,628	1,432
Net cash used by investing activities	(523,158)	(195,192)
Cash flow from financing activities:
Borrowings from credit facilities	161,854	377,051
Principal repayments on credit facilities	(109,334)	(154,089)
Payment of debt issuance costs	(352)	(1,677)
Capital lease payments	(45,170)	(68,554)
Net contribution from (to) related party	0	18,599
Investment contract deposits	113,779	75,366
Investment contract withdrawals	(64,332)	(51,633)
Net cash provided by (used in) financing activities	56,445	195,063
Effects of exchange rate on cash	(1,531)	766
Increase (decrease) in cash and cash equivalents	325,969	330,722
Cash and cash equivalents at the beginning of period	1,194,012	494,352
Cash and cash equivalents at the end of the period	$ 1,519,981	$ 825,074

XML

Basis of Presentation	3 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
1. Basis of Presentation	1.Basis of Presentation AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2021 and 2020 correspond to fiscal 2022 and 2021 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. The condensed consolidated balance sheet as of June 30, 2021 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2022 and 2021 are unaudited. In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

XML

Earnings Per Share	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
2. Earnings Per Share	2. Earnings per Share Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted.

XML

Investments	3 Months Ended
	Jun. 30, 2021
Investments Debt Equity Securities [Abstract]
3. Investments	3. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 26.8 million and $ 27.7 million as of June 30, 2021 and March 31, 2021, respectively. Available-for-Sale Investments Available-for-sale investments as of June 30, 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   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 104,016 $   9,087 $   – $   (818) $   – $   112,285 U.S. government agency mortgage-backed securities   70,219   782   (7)   (762)   –   70,232 Obligations of states and political subdivisions   215,298   18,323   (106)   (969)   –   232,546 Corporate securities   1,998,177   129,442   (1,079)   (18,456)   (1,041)   2,107,043 Mortgage-backed securities   170,569   10,380   (1)   (2)   –   180,946   $ 2,558,279 $   168,014 $   (1,193) $   (21,007) $   (1,041) $   2,703,052   Available-for-sale investments as of March 31, 2021 were as follows:       Cost Amortized   Unrealized Gains Gross   Unrealized Losses More than 12 Months Gross   Unrealized Losses Less than 12 Months Gross   Allowance for Expected Credit Losses   Market Value Estimated           (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   We sold available-for-sale securities with a fair value of $ 124.7 million during the first quarter of fiscal 2022. The gross realized gains on these sales totaled $ 2.1 million.   The gross realized losses on these sales totaled $ 0.6 million. 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.   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 June 30, 2021. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:       June 30, 2021   March 31, 2021     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 57,753 $ 58,374 $ 90,142 $ 91,190 Due after one year through five years   590,448   627,370   562,442   601,818 Due after five years through ten years   641,992   694,439   672,733   754,536 Due after ten years   1,097,517   1,141,923   905,567   1,019,570     2,387,710   2,522,106   2,230,884   2,467,114                   Mortgage-backed securities   170,569   180,946   174,728   186,425 Redeemable preferred stocks   –   –   –   –   $ 2,558,279 $ 2,703,052 $ 2,405,612 $ 2,653,539   As of June 30, 2021 and March 31, 2021, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows:       June 30, 2021   March 31, 2021     Amortized   Estimated   Amortized   Estimated     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 22,673 $ 9,775 $ 20,440 Non-redeemable preferred stocks   28,034   29,408   20,034   21,677   $ 37,809 $ 52,081 $ 29,809 $ 42,117

XML

Borrowings	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
4. Borrowings	4. Borrowings Long Term Debt Long term debt was as follows:                       June 30,   March 31,   2022 Rates (a)     Maturities   2021   2021                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.60 %       2023 $ 55,257 $   82,913 Senior mortgages 2.80 % - 6.62 %   2021 - 2038   2,122,167   2,125,324 Real estate loans (revolving credit) (a) 1.47 % - 3.14 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2028   162,528   176,295 Fleet loans (revolving credit) 1.24 %   1.34 %   2023 - 2025   553,000   535,000 Finance leases (rental equipment) 1.92 % - 5.04 %   2021 - 2026   468,484   513,623 Finance liability (rental equipment) 1.60 % - 4.22 %   2024   2029   718,585   644,375 Other obligations 1.75 % - 8.00 %   2021 - 2049   87,106   86,085 Notes, loans and finance leases payable                   4,702,127   4,698,615 Less: Debt issuance costs                     (28,744)   (29,708) Total notes, loans and finance leases payable, net         $ 4,673,383 $   4,668,907                             (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margins.     Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”).   The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.   The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2021, the applicable LIBOR was 0.10 % and the applicable margin was 1.50 %, the sum of which was 1.60 %. 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 June 30, 2021 was 4.27 %.   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. 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 June 30, 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 June 30, 2021, the applicable LIBOR was between 0.08% and 0.09% and the margin was between 1.25% and 1.50%, the sum of which was between 1.34% and 1.59%. 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 June 30, 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 June 30, 2021, the applicable LIBOR was 0.09 % and the margin was 1.38 %, the sum of which was 1.47 %. 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 June 30, 2021, the applicable LIBOR was 0.09 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.24 % and 1.34 %. 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 Topic 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 $ 804.1 million and $ 865.6 million as of June 30, 2021 and March 31, 2021, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first quarter of fiscal 2022. 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 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 June 30, 2021, the aggregate outstanding principal balance of the U-Notes® issued was $89.5 million, of which $2.4 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 1.75% 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 March 31, 2021, the advances had an aggregate balance of $ 70.5 million, for which Oxford pays fixed interest rates between 0.00 % and 1.72 % with maturities between June 8, 2021 and September 29, 2025. As of March 31, 2021, available-for-sale investments held with the FHLB totaled $ 134.3 million, of which $ 79.3 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 June 30, 2021 for the next five years and thereafter are as follows:     Years Ending June 30,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured $ 510,380 $ 673,861 $ 1,152,549 $ 561,740 $ 410,089 $ 1,393,508 Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 38,935 $ 41,911 Capitalized interest   (2,030)   (4,434) Amortization of transaction costs   1,286   1,297 Interest expense resulting from cash flow hedges   987   747 Total interest expense $ 39,178 $ 39,521   Interest paid in cash, including payments related to derivative contracts, amounted to $ 36.1 million and $ 39.4 million for the first quarter of fiscal 2022 and 2021, respectively. Interest Rates Interest rates and Company borrowings were as follows:     Revolving Credit Activity       Quarter Ended June 30,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.39 % 2.02 % Interest rate at the end of the quarter   1.38 % 1.67 % Maximum amount outstanding during the quarter $ 1,088,000 $ 1,175,000   Average amount outstanding during the quarter $ 1,073,055 $ 1,161,385   Facility fees $ 71 $ 4

XML

Derivatives	3 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
5. Derivatives	5. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows:       June 30, 2021   March 31, 2021     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ – Liabilities   4,222   5,141 Notional amount   235,000   235,000         The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         June 30, 2021   June 30, 2020     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (919) $ (42) (Gain) loss reclassified from AOCI into income $ 987 $ 747   Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2022, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first quarter of fiscal 2022, we reclassified $0.7 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of June 30, 2021, we expect to reclassify $ 3.9 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

XML

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jun. 30, 2021
Disclosure Text Block [Abstract]
6. Comprehensive Income (Loss)	6. Accumulated Other Comprehensive Income (Loss) A summary of AOCI components, net of tax, were as follows:       Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $   106,857 Foreign currency translation   (3,392)   –   –   –   (3,392) Unrealized net losses on investments   –   (73,027)   –   –   (73,027) Change in fair value of cash flow hedges   –   –   (51)   –   (51) Amounts reclassified into earnings on hedging activities   –   –   745   –   745 Other comprehensive income (loss)   (3,392)   (73,027)   694   –   (75,725) Balance at June 30, 2021 $ ( 56,321 ) $   94,626 $   ( 3,185 ) $   ( 3,988 ) $   31,132

XML

Stockholders' Equity	3 Months Ended
	Jun. 30, 2021
Stockholders' Equity [Abstract]
7. Stockholders' Equity	7. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal year 2022. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021   As of June 30, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan.

XML

Leases	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
8. Leases	8. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. We combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 15, Revenue Recognition, to the Notes to Condensed Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. 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 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 amortizing or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term.   We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. The standard also changed the manner by which we account for our equipment sale/leaseback transactions.   Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   Pursuant to the guidance, new sale leaseback transactions that fail to qualify as a sale will be accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condendsed Consolidated Financial Statements for additional information. The following tables show the components of our ROU assets, net:     As of June 30, 2021     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 135,174 $ 135,174 Furniture and equipment   22,176   –   22,176 Rental trailers and other rental equipment   197,981   –   197,981 Rental trucks   1,395,144   –   1,395,144 Right-of-use assets, gross   1,615,301   135,174   1,750,475 Less: Accumulated depreciation   (800,426)   (45,805)   (846,231) Right-of-use assets, net $ 814,875 $ 89,369 $ 904,244       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 June 30, 2021 and March 31, 2021, we had finance leases for the ROU assets, net of $ 468.5 million and $ 513.6 million, respectively and operating leases of $ 89.4 million and $ 92.5 million, respectively.       Finance leases       June 30,   March 31,       2021   2021               Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.6 % 3.6 %       Operating leases       June 30,   March 31,       2021   2021               Weighted average remaining lease term (years)   14.8   14.7   Weighted average discount rate   4.6 % 4.6 %   For the quarters ended June 30, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 7.5 million and $ 7.0 million, respectively, and our financing cash flow activities were $ 45.2 million and $ 68.6 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million and $4.7 million for the first quarter of fiscal 2022 and 2021, respectively. The components of lease costs were as follows:       Three Months Ended     June 30, 2021   June 30, 2020     (Unaudited)     (In thousands)           Operating lease costs $ 8,077 $ 7,137           Finance lease cost:         Amortization of right-of-use assets $ 183,277 $ 40,836 Interest on lease liabilities   4,571   6,282 Total finance lease cost $ 187,848 $ 47,118 Maturities of lease liabilities were as follows:       Finance leases   Operating leases     (Unaudited) Years ending June 30,   (In thousands)           2022 $ 168,277 $ 24,926 2023   132,482   22,560 2024   98,586   21,418 2025   68,555   6,414 2026   35,679   3,560 Thereafter   –   61,302 Total lease payments   503,579   140,180 Less: imputed interest   (35,095)   (50,790) Present value of lease liabilities $ 468,484 $ 89,390

XML

Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
9. Contingencies	9. Contingencies COVID-19 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. 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 Coronavirus Aid, Relief and Economic Security Act (“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 Internal Revenue Service (“IRS”) to carryback net operating losses. These refund claims total approximately $ 366 million, of which we have received approximately $159 million in the first quarter of fiscal 2022 and another approximately $84 million in July 2021 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. 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 other 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.

XML

Related Party Transactions	3 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
10. Related Party Transactions	10. Related Party Transactions As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with generally accepted accounting principles (“GAAP”). Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. 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 (“WGHLP”), which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen Related Party Revenue       Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,180 $ 6,148 U-Haul management fee revenue from Mercury   1,269   1,199   $ 8,449 $ 7,347   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 $ 11.3 million and $ 10.1 million from the above-mentioned entities during the first quarter of fiscal 2022 and 2021, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses       Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 626 $ 657 U-Haul commission expenses to Blackwater   22,880   15,332   $ 23,506 $ 15,989   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 June 30, 2021, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 7.2 million, expenses of $0.6 million and cash flows of $ 6.4 million during the first quarter of fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 108.6 million and $22.9 million, respectively, during the first quarter of fiscal 2022. Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets       June 30,   March 31,     2021   2021     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 28,840 $ 27,116 U-Haul receivable from Mercury   6,371   9,632 Other (a)   (730)   (1,353)   $ 34,481 $ 35,395 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.

XML

Consolidating Financial Information by Industry Segment	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
11. Consolidating Financial Information by Industry Segment	11. Consolidating Financial Information by Industry Segment   AMERCO’s three reportable segments are:   Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate,   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and   Life Insurance, comprised of Oxford and its subsidiaries.   Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

XML

Industry Segment and Geographic Area Data	3 Months Ended
	Jun. 30, 2021
Segments, Geographical Areas [Abstract]
12. Industry Segment and Geographic Area Data	12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2021             Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal   127,650   (1,540)   126,110 Interest expense   38,128   1,050   39,178 Pretax earnings   437,949   16,801   454,750 Income tax expense   105,302   4,273   109,575 Identifiable assets   14,661,722   453,160   15,114,882               Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets   13,279,882   432,477   13,712,359

XML

Employee Benefit Plans	3 Months Ended
	Jun. 30, 2021
Compensation and Retirement Disclosure [Abstract]
13. Employee Benefit Plans	13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:       Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 350 $   317 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   227   230 Other components   53   17 Total other components of net periodic benefit costs   280   247 Net periodic postretirement benefit cost $ 630 $   564

XML

Fair Value Measurements	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
14. Fair Value Measurements	14. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.   Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. The carrying amount of long-term debt and short-term borrowings are estimated to approximate fair value as the actual interest rate is consistent with the rate estimated to be currently available for debt of similar term and remaining maturity. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:       Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2021   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 233,056 $ – $ – $ 233,056 $ 233,056 Mortgage loans, net   428,140   –   –   428,140   428,140 Other investments   97,753   –   –   97,753   97,753 Total $ 758,949 $ – $ – $ 758,949 $ 758,949                                             Liabilities                     Notes, loans and finance leases payable   4,702,127   –   4,702,127   –   4,497,078 Total $ 4,702,127 $ – $ 4,702,127 $ – $ 4,497,078       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2021   Value   Level 1   Level 2   Level 3   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   The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2021 and March 31, 2021 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.   As of June 30, 2021   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 1,311,376 $ 1,311,376 $ – $ – Fixed maturities - available for sale   2,703,053   7,185   2,695,712   156 Preferred stock   29,408   29,408   –   – Common stock   22,672   22,672   –   – Derivatives   6,789   6,789   –   – Total $ 4,073,298 $ 1,377,430 $ 2,695,712 $ 156                                     Liabilities                 Derivatives   4,222   –   4,222   – Total $ 4,222 $ – $ 4,222 $ –     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 $ –   The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.2 million for both June 30, 2021 and March 31, 2021.

XML

Revenue Recognition	3 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires 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 as of June 30, 2021 and March 31, 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, which is consistent with the timing of our revenue recognition under legacy guidance. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct in accordance with paragraph 606-10-25-19. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time under Topic 606, which is consistent with the timing of our revenue recognition under legacy guidance for the Management Fee component of the compensation received in exchange for the service. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. Historically, these fees have been recognized once fully determinable. Under Topic 606, we measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2022 did not have a material effect on our financial statements. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time under Topic 606 which is consistent with the timing of our revenue recognition under legacy guidance. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance withTopic 842/840 The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in 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 8, Leases, of the Notes to the 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. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. 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:       Years Ending June 30,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 6,560 $ – $ – $ – $ – $ – Property lease revenues   16,072   12,621   8,866   6,856   5,398   53,835 Total $ 22,632 $ 12,621 $ 8,866 $ 6,856 $ 5,398 $ 53,835   The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Life insurance premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Property and casualty premiums are recognized in accordance with existing guidance in Topic 944 – Financial Services – Insurance. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Net investment and interest income is recognized in accordance with existing guidance in Topic 825 – Financial Instruments.   In the following table, revenue is disaggregated by timing of revenue recognition:     Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   79,815 $   44,938 Revenues recognized at a point in time:   120,718   104,848 Total revenues recognized under ASC 606   200,533   149,786           Revenues recognized under ASC 842 or 840   1,191,010   774,694 Revenues recognized under ASC 944   46,314   45,775 Revenues recognized under ASC 320   34,999   16,982 Total revenues $   1,472,856 $   987,237 In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

XML

Allowance for Credit Losses	3 Months Ended
	Jun. 30, 2021
Allowance For Credit Loss [Abstract]
Allowance For Credit Losses [Text Block]	16. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rental of equipment.   For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit-loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).   To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2%. 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 June 30, 2021 was $ 2.5 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 June 30, 2021. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 26.6 million as of March 31, 2021 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 (in accordance with 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 Topic 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 loans 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. When management determines that foreclosure is probable, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverable Reinsurance recoverable on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2021 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premium receivables   were $ 2.6 million as of March 31, 2021 in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn't pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:       Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change   (291)   (279)   4   (566) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2021 $ 2,544 $ 1,041 $ 505 $ 4,090

XML

Accounting Pronouncements	3 Months Ended
	Jun. 30, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements And Changes In Accounting Principles [Text Block]	17.   Accounting Pronouncements Adoption of New Accounting Pronouncements In April 1, 2021, we adopted 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. The adoption of the standard did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“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 deferred acquisition costs 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 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. From time to time, new accounting pronouncements are issued by the FASB or the SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.

XML

Subsequent Events	3 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Financial Strength Rating In July 2021, A.M. Best upgraded the financial strength rating (“FSR”) for Oxford and Christian Fidelity Life Insurance Company to A from A-.   The FSR outlook remains stable.   In addition, A.M. Best upgraded the long-term issuer credit rating (“LTICR”) to “a” from “a-“.   The LTICR outlook has been revised to stable from positive.

XML

Investments (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Investments Debt Equity Securities [Abstract]
Available-for-Sale Investments	Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses More than 12 Months   Gross Unrealized Losses Less than 12 Months   Allowance for Expected Credit Losses   Estimated Market Value     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 104,016 $   9,087 $   – $   (818) $   – $   112,285 U.S. government agency mortgage-backed securities   70,219   782   (7)   (762)   –   70,232 Obligations of states and political subdivisions   215,298   18,323   (106)   (969)   –   232,546 Corporate securities   1,998,177   129,442   (1,079)   (18,456)   (1,041)   2,107,043 Mortgage-backed securities   170,569   10,380   (1)   (2)   –   180,946   $ 2,558,279 $   168,014 $   (1,193) $   (21,007) $   (1,041) $   2,703,052   Available-for-sale investments as of March 31, 2021 were as follows:       Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated           (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
Adjusted Cost and Estimated Market Value of Available-for-sale Investments	June 30, 2021   March 31, 2021     Amortized   Estimated   Amortized   Estimated     (Unaudited)         (In thousands) Due in one year or less $ 57,753 $ 58,374 $ 90,142 $ 91,190 Due after one year through five years   590,448   627,370   562,442   601,818 Due after five years through ten years   641,992   694,439   672,733   754,536 Due after ten years   1,097,517   1,141,923   905,567   1,019,570     2,387,710   2,522,106   2,230,884   2,467,114                   Mortgage-backed securities   170,569   180,946   174,728   186,425 Redeemable preferred stocks   –   –   –   –  $ 2,558,279 $ 2,703,052 $ 2,405,612 $ 2,653,539
Available for sale equity investments	June 30, 2021   March 31, 2021     Cost   Market   Cost   Market     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 22,673 $ 9,775 $ 20,440 Non-redeemable preferred stocks   28,034   29,408   20,034   21,677  $ 37,809 $ 52,081 $ 29,809 $ 42,117

XML

Borrowings (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Debt Instruments [Abstract]
Long-Term Debt	June 30,   March 31,   2022 Rates (a)     Maturities   2021   2021                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.60 %       2023 $ 55,257 $   82,913 Senior mortgages 2.80 % - 6.62 %   2021 - 2038   2,122,167   2,125,324 Real estate loans (revolving credit) (a) 1.47 % - 3.14 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2028   162,528   176,295 Fleet loans (revolving credit) 1.24 %   1.34 %   2023 - 2025   553,000   535,000 Finance leases (rental equipment) 1.92 % - 5.04 %   2021 - 2026   468,484   513,623 Finance liability (rental equipment) 1.60 % - 4.22 %   2024   2029   718,585   644,375 Other obligations 1.75 % - 8.00 %   2021 - 2049   87,106   86,085 Notes, loans and finance leases payable                   4,702,127   4,698,615 Less: Debt issuance costs                     (28,744)   (29,708) Total notes, loans and finance leases payable, net         $ 4,673,383 $   4,668,907                             (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margins.
Annual Maturities of Notes, Loans and Leases Payable	Years Ending June 30,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured$ 510,380 $ 673,861 $ 1,152,549 $ 561,740 $ 410,089 $ 1,393,508
Components of interest expense	Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 38,935 $ 41,911 Capitalized interest   (2,030)   (4,434) Amortization of transaction costs   1,286   1,297 Interest expense resulting from cash flow hedges   987   747 Total interest expense$ 39,178 $ 39,521
Interest rates and company borrowings	Revolving Credit Activity       Quarter Ended June 30,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.39 % 2.02 % Interest rate at the end of the quarter   1.38 % 1.67 % Maximum amount outstanding during the quarter $ 1,088,000 $ 1,175,000   Average amount outstanding during the quarter $ 1,073,055 $ 1,161,385   Facility fees$ 71 $ 4

XML

Derivatives (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Derivative Instrument Detail [Abstract]
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet	June 30, 2021   March 31, 2021     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ – Liabilities   4,222   5,141 Notional amount  235,000   235,000
Effect of Interest Rate Contracts on the Statement of Operations	The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         June 30, 2021   June 30, 2020     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (919) $ (42) (Gain) loss reclassified from AOCI into income$ 987 $ 747

XML

Accumulated Other Comprehensive Income (loss) (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Table Text Block Supplement [Abstract]
Summary of accumulated other comprehensive income (loss) components, net of tax	Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance at March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $   106,857 Foreign currency translation   (3,392)   –   –   –   (3,392) Unrealized net losses on investments   –   (73,027)   –   –   (73,027) Change in fair value of cash flow hedges   –   –   (51)   –   (51) Amounts reclassified into earnings on hedging activities   –   –   745   –   745 Other comprehensive income (loss)   (3,392)   (73,027)   694   –   (75,725) Balance at June 30, 2021$( 56,321 )$  94,626 $ ( 3,185 )$ ( 3,988 )$  31,132

XML

Stockholders' Equity (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Stockholders' Equity [Abstract]
Common Stock Dividends	Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               June 9, 2021$ 0.50  June 24, 2021 July 8, 2021

XML

Leases (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	As of June 30, 2021     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 135,174 $ 135,174 Furniture and equipment   22,176   –   22,176 Rental trailers and other rental equipment   197,981   –   197,981 Rental trucks   1,395,144   –   1,395,144 Right-of-use assets, gross   1,615,301   135,174   1,750,475 Less: Accumulated depreciation   (800,426)   (45,805)   (846,231) Right-of-use assets, net $ 814,875 $ 89,369 $ 904,244       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
Summary of Weighted-average remaining lease terms and Discount rates	Finance leases       June 30,   March 31,       2021   2021               Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.6 % 3.6 %       Operating leases       June 30,   March 31,       2021   2021               Weighted average remaining lease term (years)   14.8   14.7   Weighted average discount rate  4.6 % 4.6 %
Components of Lease Expense	Three Months Ended     June 30, 2021   June 30, 2020     (Unaudited)     (In thousands)           Operating lease costs $ 8,077 $ 7,137           Finance lease cost:         Amortization of right-of-use assets $ 183,277 $ 40,836 Interest on lease liabilities   4,571   6,282 Total finance lease cost$ 187,848 $ 47,118
Maturities of Lease Liabilities	Finance leases   Operating leases     (Unaudited) Years ending June 30,   (In thousands)           2022 $ 168,277 $ 24,926 2023   132,482   22,560 2024   98,586   21,418 2025   68,555   6,414 2026   35,679   3,560 Thereafter   –   61,302 Total lease payments   503,579   140,180 Less: imputed interest   (35,095)   (50,790) Present value of lease liabilities$ 468,484 $ 89,390

XML

Related Party Transations (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Related Party Revenue [Abstract]
Related Party Revenue	Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,180 $ 6,148 U-Haul management fee revenue from Mercury   1,269   1,199  $ 8,449 $ 7,347
Related Party costs and expenses	Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 626 $ 657 U-Haul commission expenses to Blackwater   22,880   15,332  $ 23,506 $ 15,989
Related party assets	June 30,   March 31,     2021   2021     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 28,840 $ 27,116 U-Haul receivable from Mercury   6,371   9,632 Other (a)   (730)   (1,353)   $ 34,481 $ 35,395 (a)

XML

Consolidating Financial Information By Industry Segment (Table Text Block)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Table Text Block Supplement [Abstract]
Consolidated Balance Sheet by Industry Segment	Consolidating balance sheets by industry segment as of June 30, 2021 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 1,455,973 $ 3,246 $ 60,762 $ –   $ 1,519,981 Reinsurance recoverables and trade receivables, net   120,946   67,589   44,521   –     233,056 Inventories and parts, net   117,978   –   –   –     117,978 Prepaid expenses   306,565   –   –   –     306,565 Investments, fixed maturities and marketable equities   –   290,571   2,464,562   –     2,755,133 Investments, other   20,733   94,028   411,132   –     525,893 Deferred policy acquisition costs, net   –   –   101,169   –     101,169 Other assets   43,439   829   2,642   –     46,910 Right of use assets - financing, net   814,875   –   –   –     814,875 Right of use assets - operating, net   89,034   184   151   –     89,369 Related party assets   53,783   6,557   13,797   (39,656) (c)   34,481     3,023,326   463,004   3,098,736   (39,656)     6,545,410                         Investment in subsidiaries   677,909   –   –   (677,909) (b)   –                         Property, plant and equipment, at cost:                       Land   1,110,300   –   –   –     1,110,300 Buildings and improvements   5,284,224   –   –   –     5,284,224 Furniture and equipment   796,077   –   –   –     796,077 Rental trailers and other rental equipment   495,012   –   –   –     495,012 Rental trucks   4,119,655   –   –   –     4,119,655     11,805,268   –   –   –     11,805,268 Less:   Accumulated depreciation   (3,235,796)   –   –   –     (3,235,796) Total property, plant and equipment, net   8,569,472   –   –   –     8,569,472 Total assets $ 12,270,707 $ 463,004 $ 3,098,736 $ (717,565)   $ 15,114,882                         (a) Balances as of March 31, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         Consolidating balance sheets by industry segment as of June 30, 2021, continued       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 679,461 $ 2,260 $ 15,076 $ –   $ 696,797 Notes, loans and finance leases payable, net   4,662,325   –   11,058   –     4,673,383 Operating lease liability   89,042   188   160   –     89,390 Policy benefits and losses, claims and loss expenses payable   433,394   179,294   394,456   –     1,007,144 Liabilities from investment contracts   –   –   2,226,560   –     2,226,560 Other policyholders' funds and liabilities   –   3,237   7,752   –     10,989 Deferred income   54,738   –   –   –     54,738 Deferred income taxes, net   1,217,716   11,667   14,970   –     1,244,353 Related party liabilities   26,836   3,812   13,341   (43,989) (c)   – Total liabilities   7,163,512   200,458   2,683,373   (43,989)     10,003,354                         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)   26,799   15,148   75,145   (85,960) (b)   31,132 Retained earnings   5,293,520   152,977   311,447   (464,214) (b)   5,293,730 Cost of common stock in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred stock in treasury, net   (151,997)   –   –   –     (151,997) Total stockholders' equity   5,107,195   262,546   415,363   (673,576)     5,111,528 Total liabilities and stockholders' equity $ 12,270,707 $ 463,004 $ 3,098,736 $ (717,565)   $ 15,114,882                         (a) Balances as of March 31, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                           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       Assets:   (In thousands) 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, net   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, net   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                         Consolidating balance sheets by industry segment as of March 31, 2021, continued       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO                             (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 stock in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred stock in treasury, net   (151,997)   –   –   –     (151,997) 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
Consolidated Statement of Operations by Industry Segment	Consolidating statement of operations by industry segment for the quarter ended June 30, 2021 are as follows:       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,036,213 $ – $ – $ (836) (c) $ 1,035,377 Self-storage revenues   137,393   –   –   –     137,393 Self-moving and self-storage products and service sales   104,885   –   –   –     104,885 Property management fees   8,449   –   –   –     8,449 Life insurance premiums   –   –   28,705   –     28,705 Property and casualty insurance premiums   –   17,443   –   (574) (c)   16,869 Net investment and interest income   680   6,013   29,324   (1,018) (b)   34,999 Other revenue   105,634   –   630   (85) (b)   106,179 Total revenues   1,393,254   23,456   58,659   (2,513)     1,472,856                         Costs and expenses:                       Operating expenses   601,831   8,813   5,375   (1,490) (b,c)   614,529 Commission expenses   113,149   –   –   –     113,149 Cost of sales   69,915   –   –   –     69,915 Benefits and losses   –   5,227   42,071   –     47,298 Amortization of deferred policy acquisition costs   –   –   8,823   –     8,823 Lease expense   8,077   184   24   (638) (b)   7,647 Depreciation, net of gains on disposals   121,717   –   –   –     121,717 Net gains on disposal of real estate   (4,430)   –   –   –     (4,430) Total costs and expenses   910,259   14,224   56,293   (2,128)     978,648                         Earnings from operations before equity in earnings of subsidiaries   482,995   9,232   2,366   (385)     494,208                         Equity in earnings of subsidiaries   9,119   –   –   (9,119) (d)   –                         Earnings from operations   492,114   9,232   2,366   (9,504)     494,208 Other components of net periodic benefit costs   (280)   –   –   –     (280) Interest expense   (39,443)   –   (120)   385 (b)   (39,178) Pretax earnings   452,391   9,232   2,246   (9,119)     454,750 Income tax expense   (107,216)   (1,930)   (429)   –     (109,575) Earnings available to common stockholders $ 345,175 $ 7,302 $ 1,817 $ (9,119)   $ 345,175                         (a) Balances for the quarter ended March 31, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries	Consolidating statements of operations by industry for the quarter ended June 30, 2020 are as follows:       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 654,913 $ – $ – $ (628) (c) $ 654,285 Self-storage revenues   108,955   –   –   –     108,955 Self-moving and self-storage products and service sales   91,350   –   –   –     91,350 Property management fees   7,347   –   –   –     7,347 Life insurance premiums   –   –   30,908   –     30,908 Property and casualty insurance premiums   –   14,507   –   (773) (c)   13,734 Net investment and interest income   662   (873)   18,006   (813) (b)   16,982 Other revenue   63,073   –   739   (136) (b)   63,676 Total revenues   926,300   13,634   49,653   (2,350)     987,237                         Costs and expenses:                       Operating expenses   480,081   8,825   5,288   (1,532) (b,c)   492,662 Commission expenses   69,175   –   –   –     69,175 Cost of sales   52,831   –   –   –     52,831 Benefits and losses   –   4,030   35,547   –     39,577 Amortization of deferred policy acquisition costs   –   –   6,888   –     6,888 Lease expense   7,137   1   10   (545) (b)   6,603 Depreciation, net of gains on disposals   165,671   –   –   –     165,671 Net gains on disposal of real estate   (256)   –   –   –     (256) Total costs and expenses   774,639   12,856   47,733   (2,077)     833,151                         Earnings from operations before equity in earnings of subsidiaries   151,661   778   1,920   (273)     154,086                         Equity in earnings of subsidiaries   2,395   –   –   (2,395) (d)   –                         Earnings from operations   154,056   778   1,920   (2,668)     154,086 Other components of net periodic benefit costs   (247)   –   –   –     (247) Interest expense   (39,794)   –   –   273 (b)   (39,521) Pretax earnings   114,015   778   1,920   (2,395)     114,318 Income tax expense   (26,289)   (162)   (141)   –     (26,592) Earnings available to common stockholders $ 87,726 $ 616 $ 1,779 $ (2,395)   $ 87,726                         (a) Balances for the quarter ended March 31, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries
Consolidated Cash Flow Statement by Industry Segment	Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   345,175 $   7,302 $   1,817 $   (9,119)   $   345,175 Earnings from consolidated entities   (9,119)   –   –   9,119     – Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   172,040   –   –   –     172,040 Amortization of deferred policy acquisition costs   –   –   8,823   –     8,823 Amortization of premiums and accretion of discounts related to investments, net   –   413   3,948   –     4,361 Amortization of debt issuance costs   1,332   –   –   –     1,332 Interest credited to policyholders   –   –   15,583   –     15,583 Change in allowance for losses on trade receivables   (478)   (5)   (1)   –     (484) Change in allowance for inventories and parts reserve   3,403   –   –   –     3,403 Net gains on disposal of personal property   (50,323)   –   –   –     (50,323) Net gains on disposal of real estate   (4,430)   –   –   –     (4,430) Net gains on sales of investments   –   (37)   (2,432)   –     (2,469) Net gains on equity investments   –   (2,231)   –   –     (2,231) Deferred income taxes   81,341   604   429   –     82,374 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (1,658)   (520)   (5,904)   –     (8,082) Inventories and parts   (15,765)   –   –   –     (15,765) Prepaid expenses   162,706   –   –   –     162,706 Capitalization of deferred policy acquisition costs   –   –   (8,990)   –     (8,990) Other assets   (436)   (323)   (94)   –     (853) Related party assets   302   260   –   –     562 Accounts payable and accrued expenses   60,902   225   10,472   –     71,599 Policy benefits and losses, claims and loss expenses payable   5,942   352   2,770   –     9,064 Other policyholders' funds and liabilities   –   (461)   (969)   –     (1,430) Deferred income   12,125   –   (262)   –     11,863 Related party liabilities   1,422   (1,972)   935   –     385 Net cash provided by operating activities   764,481   3,607   26,125   –     794,213                         Cash flows from investing activities:                       Escrow deposits   1,887   –   –   –     1,887 Purchases of:                       Property, plant and equipment   (508,411)   –   –   –     (508,411) Short term investments   –   (11,680)   (130)   –     (11,810) Fixed maturities investments   –   (7,466)   (274,041)   –     (281,507) Preferred stock   –   –   (8,000)   –     (8,000) Real estate   –   –   (67)   –     (67) Mortgage loans   –   (4,850)   (37,688)   –     (42,538) Proceeds from sales and paydowns of:                       Property, plant and equipment   182,146   –   –   –     182,146 Short term investments   –   12,558   –   –     12,558 Fixed maturities investments   –   5,136   121,820   –     126,956 Mortgage loans   –   283   5,345   –     5,628 Net cash used by investing activities   (324,378)   (6,019)   (192,761)   –     (523,158)     (page 1 of 2) (a) Balance for the period ended March 31, 2021                         Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021, continued       Moving & Storage   Property &   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   161,854   –   –   –     161,854 Principal repayments on credit facilities   (109,206)   –   (128)   –     (109,334) Payments of debt issuance costs   (352)   –   –   –     (352) Finance lease payments   (45,170)   –   –   –     (45,170) Investment contract deposits   –   –   113,779   –     113,779 Investment contract withdrawals   –   –   (64,332)   –     (64,332) Net cash provided by financing activities   7,126   –   49,319   –     56,445                         Effects of exchange rate on cash   (1,531)   –   –   –     (1,531)                         Increase (decrease) in cash and cash equivalents   445,698   (2,412)   (117,317)   –     325,969 Cash and cash equivalents at beginning of period   1,010,275   5,658   178,079   –     1,194,012 Cash and cash equivalents at end of period $   1,455,973 $   3,246 $   60,762 $   –   $   1,519,981     (page 2 of 2) (a) Balance for the period ended March 31, 2021	Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   87,726 $   616 $   1,779 $   (2,395)   $   87,726 Earnings from consolidated entities   (2,395)   –   –   2,395     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   166,740   –   –   –     166,740 Amortization of deferred policy acquisition costs   –   –   6,888   –     6,888 Amortization of premiums and accretion of discounts related to investments, net   –   395   3,155   –     3,550 Amortization of debt issuance costs   1,297   –   –   –     1,297 Interest credited to policyholders   –   –   7,667   –     7,667 Change in allowance for losses on trade receivables   60   –   –   –     60 Change in allowance for inventories and parts reserve   (99)   –   –   –     (99) Net gains on disposal of personal property   (1,069)   –   –   –     (1,069) Net gains on disposal of real estate   (256)   –   –   –     (256) Net gains (losses) on sales of investments   –   (13)   2,027   –     2,014 Net losses on equity investments   –   3,989   –   –     3,989 Deferred income taxes   28,939   1,070   (2,475)   –     27,534 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (24,749)   5,725   (4,570)   –     (23,594) Inventories and parts   350   –   –   –     350 Prepaid expenses   (22,831)   –   –   –     (22,831) Capitalization of deferred policy acquisition costs   –   –   (7,308)   –     (7,308) Other assets   758   (340)   (344)   –     74 Related party assets   7,302   27   –   –     7,329 Accounts payable and accrued expenses   56,522   (246)   1,997   –     58,273 Policy benefits and losses, claims and loss expenses payable   294   (2,769)   3,003   –     528 Other policyholders' funds and liabilities   –   (4,089)   663   –     (3,426) Deferred income   11,238   –   3,660   –     14,898 Related party liabilities   1,867   (834)   (1,282)   –     (249) Net cash provided by operating activities   311,694   3,531   14,860   –     330,085                         Cash flows from investing activities:                       Escrow deposits   1,401   –   –   –     1,401 Purchases of:                       Property, plant and equipment   (249,740)   –   –   –     (249,740) Short term investments   –   (8,989)   (636)   –     (9,625) Fixed maturities investments   –   (1,864)   (92,329)   –     (94,193) Real estate   –   –   (192)   –     (192) Mortgage loans   –   –   (33,300)   –     (33,300) Proceeds from sales and paydowns of:                       Property, plant and equipment   76,412   –   –   –     76,412 Short term investments   –   1,980   468   –     2,448 Fixed maturities investments   –   4,402   105,763   –     110,165 Mortgage loans   –   265   1,167   –     1,432 Net cash used by investing activities   (171,927)   (4,206)   (19,059)   –     (195,192)     (page 1 of 2) (a) Balance for the period ended March 31, 2020                         Consolidating cash flow statements by industry segment for the quarter ended June 30, 2020, continued       Moving & Storage   Property &   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   367,451   –   9,600   –     377,051 Principal repayments on credit facilities   (144,489)   –   (9,600)   –     (154,089) Payment of debt issuance costs   (1,677)   –   –   –     (1,677) Finance lease payments   (68,554)   –   –   –     (68,554) Net contribution from (to) related party   18,599   –   –   –     18,599 Investment contract deposits   –   –   75,366   –     75,366 Investment contract withdrawals   –   –   (51,633)   –     (51,633) Net cash provided by financing activities   171,330   –   23,733   –     195,063                         Effects of exchange rate on cash   766   –   –   –     766                         Increase (decrease) in cash and cash equivalents   311,863   (675)   19,534   –     330,722 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   –     494,352 Cash and cash equivalents at end of period $   770,941 $   4,119 $   50,014 $   –   $   825,074     (page 2 of 2) (a) Balance for the period ended March 31, 2020

XML

Industry Segment and Geographic Area Data (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Geographic Areas, Long-Lived Assets [Abstract]
Industry Segment and Geographic Area Data	United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2021             Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal   127,650   (1,540)   126,110 Interest expense   38,128   1,050   39,178 Pretax earnings   437,949   16,801   454,750 Income tax expense   105,302   4,273   109,575 Identifiable assets   14,661,722   453,160   15,114,882               Quarter Ended June 30, 2020             Total revenues $ 942,803 $ 44,434 $ 987,237 Depreciation and amortization, net of gains on disposal   168,526   3,777   172,303 Interest expense   38,654   867   39,521 Pretax earnings   111,949   2,369   114,318 Income tax expense   25,783   809   26,592 Identifiable assets  13,279,882   432,477   13,712,359

XML

Employee Benefit Plans (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Post Retirement Benefit Cost	Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 350 $   317 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   227   230 Other components   53   17 Total other components of net periodic benefit costs   280   247 Net periodic postretirement benefit cost$ 630 $  564

XML

Fair Value Measurements (Table Text Block)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial Instruments, Carrying and Estimated fair values	Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2021   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 233,056 $ – $ – $ 233,056 $ 233,056 Mortgage loans, net   428,140   –   –   428,140   428,140 Other investments   97,753   –   –   97,753   97,753 Total $ 758,949 $ – $ – $ 758,949 $ 758,949                                             Liabilities                     Notes, loans and finance leases payable   4,702,127   –   4,702,127   –   4,497,078 Total $ 4,702,127 $ – $ 4,702,127 $ – $ 4,497,078       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2021   Value   Level 1   Level 2   Level 3   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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis	As of June 30, 2021   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 1,311,376 $ 1,311,376 $ – $ – Fixed maturities - available for sale   2,703,053   7,185   2,695,712   156 Preferred stock   29,408   29,408   –   – Common stock   22,672   22,672   –   – Derivatives   6,789   6,789   –   – Total $ 4,073,298 $ 1,377,430 $ 2,695,712 $ 156                                     Liabilities                 Derivatives   4,222   –   4,222   – Total$ 4,222 $ – $ 4,222 $ –	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 $ –

XML

Revenue Recognition (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Next five years and thereafter revenue	Years Ending June 30,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 6,560 $ – $ – $ – $ – $ – Property lease revenues   16,072   12,621   8,866   6,856   5,398   53,835 Total$ 22,632 $ 12,621 $ 8,866 $ 6,856 $ 5,398 $ 53,835
Disaggregation Of Revenue	Quarter Ended June 30,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   79,815 $   44,938 Revenues recognized at a point in time:   120,718   104,848 Total revenues recognized under ASC 606   200,533   149,786           Revenues recognized under ASC 842 or 840   1,191,010   774,694 Revenues recognized under ASC 944   46,314   45,775 Revenues recognized under ASC 320   34,999   16,982 Total revenues$  1,472,856 $  987,237

XML

Allowance For Credit Losses (Table Text Block)	3 Months Ended
	Jun. 30, 2021
Allowance For Credit Loss [Abstract]
Accounts Receivable Allowance For Credit Loss [Table Text Block]	Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change   (291)   (279)   4   (566) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2021$ 2,544 $ 1,041 $ 505 $ 4,090

XML

Basis of Presentation (Narratives) (Details)	3 Months Ended
	Jun. 30, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

XML

Investments (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Insurance Regulatory Authorites:
Assets held by insurance regulators	$ 26.8	$ 27.7
Available for sale securities:
Fair value of sold available for sale securites	124.7
Available-for-sale securities, gross realized gains	2.1
Available-for-sale securities, gross realized losses	$ 0.6

XML

Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Available-for-sale Securities [Abstract]
Amortized cost	$ 2,558,279	$ 2,405,612
Gross Unrealized Gains	168,014	250,254
Gross unrealized losses more than 12 months	(1,193)	(224)
Gross unrealized losses less than 12 months	(21,007)	(784)
Allowance for Expected Credit Losses	(1,041)	(1,319)
Estimated market value	2,703,052	2,653,539
U.S. treasury securities and government obligations [Member]
Available-for-sale Securities [Abstract]
Amortized cost	104,016	92,429
Gross Unrealized Gains	9,087	12,941
Gross unrealized losses more than 12 months	0	0
Gross unrealized losses less than 12 months	(818)	0
Allowance for Expected Credit Losses	0	0
Estimated market value	112,285	105,370
U.S. government agency mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	70,219	61,427
Gross Unrealized Gains	782	911
Gross unrealized losses more than 12 months	(7)	(1)
Gross unrealized losses less than 12 months	(762)	(132)
Allowance for Expected Credit Losses	0	0
Estimated market value	70,232	62,205
Obligations of states and political subdivisions [Member]
Available-for-sale Securities [Abstract]
Amortized cost	215,298	230,521
Gross Unrealized Gains	18,323	25,249
Gross unrealized losses more than 12 months	(106)	(59)
Gross unrealized losses less than 12 months	(969)	(3)
Allowance for Expected Credit Losses	0	0
Estimated market value	232,546	255,708
Corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	1,998,177	1,846,507
Gross Unrealized Gains	129,442	199,447
Gross unrealized losses more than 12 months	(1,079)	(163)
Gross unrealized losses less than 12 months	(18,456)	(641)
Allowance for Expected Credit Losses	(1,041)	(1,319)
Estimated market value	2,107,043	2,043,831
Mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	170,569	174,728
Gross Unrealized Gains	10,380	11,706
Gross unrealized losses more than 12 months	(1)	(1)
Gross unrealized losses less than 12 months	(2)	(8)
Allowance for Expected Credit Losses	0	0
Estimated market value	$ 180,946	$ 186,425

XML

Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Available-for-sale securities, amortized cost:
Amortized cost	$ 2,558,279	$ 2,405,612
Available-for-sale securities, fair value:
Estimated market value	2,703,052	2,653,539
US Treasury Securities [Member]
Available-for-sale securities, amortized cost:
Due in one year or less	57,753	90,142
Due after one year through five years	590,448	562,442
Due after five years through ten years	641,992	672,733
Due after ten years	1,097,517	905,567
Amortized cost	2,387,710	2,230,884
Available-for-sale securities, fair value:
Due in one year or less	58,374	91,190
Due after one year through five years	627,370	601,818
Due after five years through ten years	694,439	754,536
Due after ten years	1,141,923	1,019,570
Estimated market value	2,522,106	2,467,114
Mortgage-backed securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost	170,569	174,728
Available-for-sale securities, fair value:
Estimated market value	180,946	186,425
Redeemable preferred stocks [Member]
Available-for-sale securities, amortized cost:
Amortized cost	0	0
Available-for-sale securities, fair value:
Estimated market value	$ 0	$ 0

XML

Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Marketable Securities [Abstract]
Amortized cost, equity investments	$ 37,809	$ 29,809
Estimated market value, equity investments	52,081	42,117
Common stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	9,775	9,775
Estimated market value, equity investments	22,673	20,440
Non-redeemable preferred stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	28,034	20,034
Estimated market value, equity investments	$ 29,408	$ 21,677

XML

Borrowings (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 4,673,383		$ 4,668,907
Debt instruments, issuance and maturity dates:
Remaining Lease Term Finance Lease Weighted Average	14.8		14.7
Interest paid related to derivative contracts [Abstract]
Interest paid in cash	$ 36,100	$ 39,400
Real estate loan [Member]
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2023
Capital Lease Obligations [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 804,100		$ 865,600
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	(7) year terms
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.92%
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%
Finance Lease [Member] | AMERCO [Member]
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	(7) years
Finance Lease [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%
Finance Lease [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.22%
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.10%
Applicable margin interest rate	1.50%
Sum of LIBOR and margin, maximum rate	1.60%
Amerco Real Estate Company [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%
Amerco Real Estate Company [Member] | Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.66%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	4.27%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.80%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	6.62%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Line of credit, current borrowing capacity	$ 385,000
Line of credit facility, remaining borrowing capacity	$ 385,000
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.08%
Applicable margin interest rate	1.25%
Sum of LIBOR and margin, maximum rate	1.34%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.09%
Applicable margin interest rate	1.50%
Sum of LIBOR and margin, maximum rate	1.59%
Uhaul Intl and Subsidiaries [Member] | Working capital loans two [Member] | AMERCO [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.09%
Applicable margin interest rate	1.38%
Sum of LIBOR and margin, maximum rate	1.47%
Unused capacity fee	0.30%
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 300,000
Line of credit, current borrowing capacity	200,000
Notes, loans and leases payable	$ 150,000
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.36%
Debt instruments, interest rate, effective percentage:
LIBOR	0.09%
Debt instruments, face, payment, and remaining balance amount:
Line of credit, current borrowing capacity	$ 590,000
New capital lease obligiations, amount	535,000
Subsidiary holdings of parent company debt	$ 100,000
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.15%
Sum of LIBOR and margin, maximum rate	1.24%
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.25%
Sum of LIBOR and margin, maximum rate	1.34%
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 89,500
Subsidiary holdings of parent company debt	$ 2,400
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.75%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2021
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2049
Life Insurance [Member] | Federal Home Loan Bank [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Aggregate deposit amount			70,500
Available for sale equity securities, noncurrent			134,300
Available for sale equity securities pledged as collateral			$ 79,300
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate			0.00%
Life Insurance [Member] | Federal Home Loan Bank [Member] | Maximum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate			1.72%

XML

Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Debt instrument, maturities:
Notes, loans and finance/capital leases payable	$ 4,702,127	$ 4,698,615
Less: Debt issuance costs	(28,744)	(29,708)
Total notes, loans and finance/capital leases payable, net	$ 4,673,383	$ 4,668,907
Real estate loan (amortizing term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year	2023
Real estate loan (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%
Senior Mortgages [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2021
Debt instrument, maturity year range, end	2038
Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.80%
Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	6.62%
Real estate loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2025
Real estate loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.47%
Real estate loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	3.14%
Fleet loans (amortizing term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2028
Fleet loans (amortizing term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%
Fleet loans (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.66%
Fleet loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2025
Fleet loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.24%
Fleet loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.34%
Capital Leases (rental equipment) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2021
Debt instrument, maturity year range, end	2026
Capital Leases (rental equipment) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.92%
Capital Leases (rental equipment) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%
Finance capital lease [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2024
Debt instrument, maturity year range, end	2029
Finance capital lease [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%
Finance capital lease [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.22%
Other Obligations [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2021
Debt instrument, maturity year range, end	2049
Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.75%
Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%

XML

Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Long-term debt, by Maturity:
2022	$ 510,380
2023	673,861
2024	1,152,549
2025	561,740
2026	410,089
Thereafter	$ 1,393,508

XML

Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Interest expense, borrowings:
Interest expense	$ 38,935	$ 41,911
Capitalized interest	(2,030)	(4,434)
Amortization of transaction costs	1,286	1,297
Interest expense resulting from derivatives	987	747
Total interest expense	$ 39,178	$ 39,521

XML

Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Interest and debt expense:
Weighted average interest rate during the quarter	1.39%	2.02%
Interest rate at quarter end	1.38%	1.67%
Maximum amount outstanding during the quarter	$ 1,088,000	$ 1,175,000
Average amount outstanding during the quarter	1,073,055	1,161,385
Facility fees	$ 71	$ 4

XML

Derivatives (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Interest Rate Derivatives [Abstract]
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months	$ 3.9

XML

Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Interest Rate Fair Value Hedges [Abstract]
Assets	$ 0	$ 0
Liabilities	4,222	5,141
Notional amount (debt)	$ 235,000	$ 235,000

XML

Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
The effect of interest rate contracts on the statement of operations:
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)	$ (919)	$ (42)
Loss recognized in income on interest rate contracts	$ 987	$ 747

XML

Accumulated other comprehensive income (loss) components of net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	$ 106,857
Foreign currency translation	(3,392)	$ (2,917)
Unrealized net gain on investments	(73,027)	(45,499)
Change in fair value of cash flow hedges	(51)	(532)
Amounts reclassified into earnings on hedging activities	745	564
Other comprehensive income (loss)	(75,725)	(48,384)
Balance as of June 30, 2021	31,132
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(52,929)
Foreign currency translation	(3,392)
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	(3,392)
Balance as of June 30, 2021	(56,321)
Unrealized Net Gain on Investments [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	167,653
Foreign currency translation	0
Unrealized net gain on investments	(73,027)
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	(73,027)
Balance as of June 30, 2021	94,626
Fair Market Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(3,879)
Foreign currency translation	0
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	(51)
Amounts reclassified into earnings on hedging activities	745
Other comprehensive income (loss)	694
Balance as of June 30, 2021	(3,185)
Postretirement Benefit Obligation Gain [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(3,988)
Foreign currency translation	0
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	0
Balance as of June 30, 2021	(3,988)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	106,857
Foreign currency translation	(3,392)	(2,917)
Unrealized net gain on investments	(73,027)	(45,499)
Change in fair value of cash flow hedges	(51)	(532)
Amounts reclassified into earnings on hedging activities	745	$ 564
Other comprehensive income (loss)	(75,725)
Balance as of June 30, 2021	$ 31,132

XML

Stockholders' Equity (Narratives) (Details)	3 Months Ended
	Jun. 30, 2021 $ / shares
Dividends [Abstract]
Dividends payable, date declared	Jun. 09, 2021
Dividend paid, amount per share	$ 0.50
Dividends payable, date of record	Jun. 24, 2021
Dividends payable, date to be paid	Jul. 08, 2021

XML

Leases (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Leases [Abstract]
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	$ 468.5		$ 513.6
Operating Cash Flows For Financing Leases	89.4		$ 92.5
Cash paid for finance leases	7.5	$ 7.0
Cash paid for operating leases	$ 45.2	$ 68.6

XML

Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Finance Lease [Abstract]
Buildings and Improvements	$ 135,174	$ 132,901
Furniture and equipment	22,176	22,316
Rental trailers and other rental equipment	197,981	203,594
Rental trucks	1,395,144	1,494,098
Right-of-use assets, gross	1,750,475	1,852,909
Less: Accumulated depreciation	(846,231)	(883,366)
Right of use assets, net	904,244	969,543
Finance Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	0	0
Furniture and equipment	22,176	22,316
Rental trailers and other rental equipment	197,981	203,594
Rental trucks	1,395,144	1,494,098
Right-of-use assets, gross	1,615,301	1,720,008
Less: Accumulated depreciation	(800,426)	(842,970)
Right of use assets, net	814,875	877,038
Operating Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	135,174	132,901
Furniture and equipment	0	0
Rental trailers and other rental equipment	0	0
Rental trucks	0	0
Right-of-use assets, gross	135,174	132,901
Less: Accumulated depreciation	(45,805)	(40,396)
Right of use assets, net	$ 89,369	$ 92,505

XML

Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Finance Leases Weighted Average Remaining Lease Term And Discount Rate[Abstract]
Remaining Lease Term Operating Lease Weighted Average	3	3
Finance Lease Weighted Average Discount Rate Percent	3.60%	3.60%

XML

Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]
Remaining Lease Term Finance Lease Weighted Average	14.8	14.7
Operating Lease Weighted Average Discount Rate Percent	4.60%	4.60%

XML

Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Lease cost:
Operating lease costs	$ 8,077	$ 7,137
Finance lease cost:
Amortization of right of use assets	183,277	40,836
Interest on lease liabilities	4,571	6,282
Total finance lease cost	$ 187,848	$ 47,118

XML

Leases (Maturities of lease liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Finance Lease Liabilities Payments Due [Abstract]
2022	$ 168,277
2023	132,482
2024	98,586
2025	68,555
2026	35,679
Thereafter	0
Total lease payments	503,579
Less: imputed interest	(35,095)
Present value of finance lease liabilities	468,484
Operating Lease Liabilities Payments Due [Abstract]
2022	24,926
2023	22,560
2024	21,418
2025	6,414
2026	3,560
Thereafter	61,302
Total lease payments	140,180
Less: inputed interest	(50,790)
Present value of operating lease liabilities	$ 89,390	$ 92,510

XML

Contingencies (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Covid 19 Pandemic
Unusual Or Infrequent Item Net Gain Loss [Abstract]
CARES act, refund estimate	$ 366.0

XML

Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]
Property Management Fee [Abstract]
Property Management Fee Revenue	$ 11.3	$ 10.1
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]
Property Management Fee [Abstract]
Management fee rate	4.00%
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]
Property Management Fee [Abstract]
Management fee rate	10.00%
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]
Related party costs and expenses:
Revenue, excluding dealer agreement commissions and expenses	$ 7.2
Cash flow, related party	6.4
Revenue generated by the dealer agreement from related parties	$ 108.6

XML

Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Related party transactions:
Management fee revenue	$ 8,449	$ 7,347
Revenue from related parties	8,449	7,347
Blackwater [Member]
Related party transactions:
Management fee revenue	7,180	6,148
Mercury [Member]
Related party transactions:
Management fee revenue	$ 1,269	$ 1,199

XML

Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Related party cost and expense:
Related party expenses, total	$ 23,506	$ 15,989
Blackwater [Member]
Related party cost and expense:
U-Haul lease expenses	626	657
U-Haul commission expenses	$ 22,880	$ 15,332

XML

Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Related party assets:
Amounts due to related parties	$ (730)	$ (1,353)
Related party assets	34,481	35,395
Blackwater [Member]
Related party assets:
Notes receivable	28,840	27,116
Mercury [Member]
Related party assets:
Notes receivable	$ 6,371	$ 9,632

XML

Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
ASSETS:
Cash and cash equivalents	$ 1,519,981	$ 1,194,012	$ 825,074	$ 494,352
Reinsurance recoverables and trade receivables, net	233,056	224,426
Inventories, net	117,978	105,577
Prepaid expenses	306,565	469,144
Investments, fixed maturities and marketable equities	2,755,133	2,695,656
Investments, other	525,893	489,759
Deferred policy acquisition costs, net	101,169	89,749
Other assets	46,910	47,730
Right of use Assets - Financing	814,875	877,038
Right of use Assets - Operating	89,369	92,505
Related party assets	34,481	35,395
Subtotal assets	6,545,410	6,320,991
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	1,110,300	1,075,813
Buildings and improvements	5,284,224	5,163,705
Furniture and equipment	796,077	786,505
Property, plant and equipment (gross)	11,805,268	11,413,668
Less: Accumulated depreciation	(3,235,796)	(3,083,053)
Total property, plant and equipment	8,569,472	8,330,615
Total assets	15,114,882	14,651,606	13,712,359
Liabilities:
Accounts payable and accrued expenses	696,797	645,575
Notes, loans and leases payable	4,673,383	4,668,907
Financing lease liability	468,484
Operating lease liability	89,390	92,510
Policy benefits and losses, claims and loss expenses payable	1,007,144	997,701
Liabilities from investment contracts	2,226,560	2,161,530
Other policyholders' funds and liabilities	10,989	12,420
Deferred income	54,738	42,592
Deferred income taxes, net	1,244,353	1,178,489
Related party liabilities	0	0
Total liabilities	10,003,354	9,799,724
Stockholders' equity:
Additional paid-in capital	453,819	453,819
Accumulated other comprehensive loss	31,132	106,857
Retained earnings	5,293,730	4,958,359
Total stockholders' equity	5,111,528	4,851,882
Total liabilities and stockholders' equity	15,114,882	14,651,606
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	495,012	477,921
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	4,119,655	3,909,724
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Moving and Storage Consolidations [Member]
ASSETS:
Cash and cash equivalents	1,455,973	1,010,275	770,941	459,078
Reinsurance recoverables and trade receivables, net	120,946	118,741
Inventories, net	117,978	105,577
Prepaid expenses	306,565	469,144
Investments, fixed maturities and marketable equities	0	0
Investments, other	20,733	20,733
Deferred policy acquisition costs, net	0	0
Other assets	43,439	44,763
Right of use Assets - Financing	814,875	877,038
Right of use Assets - Operating	89,034	92,245
Related party assets	53,783	54,042
Subtotal assets	3,023,326	2,792,558
Investments in subsidiaries	677,909	741,860
Property, plant and equipment, at cost:
Land	1,110,300	1,075,813
Buildings and improvements	5,284,224	5,163,705
Furniture and equipment	796,077	786,505
Property, plant and equipment (gross)	11,805,268	11,413,668
Less: Accumulated depreciation	(3,235,796)	(3,083,053)
Total property, plant and equipment	8,569,472	8,330,615
Total assets	12,270,707	11,865,033
Liabilities:
Accounts payable and accrued expenses	679,461	636,257
Notes, loans and leases payable	4,662,325	4,657,720
Operating lease liability	89,042	92,236
Policy benefits and losses, claims and loss expenses payable	433,394	427,073
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	54,738	42,592
Deferred income taxes, net	1,217,716	1,136,149
Related party liabilities	26,836	25,413
Total liabilities	7,163,512	7,017,440
Stockholders' equity:
Additional paid-in capital	454,029	454,029
Accumulated other comprehensive loss	26,799	102,568
Retained earnings	5,293,520	4,958,149
Total stockholders' equity	5,107,195	4,847,593
Total liabilities and stockholders' equity	12,270,707	11,865,033
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	495,012	477,921
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	4,119,655	3,909,724
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Property and Casualty Insurance [Member]
ASSETS:
Cash and cash equivalents	3,246	5,658	4,119	4,794
Reinsurance recoverables and trade receivables, net	67,589	67,069
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	290,571	295,753
Investments, other	94,028	90,412
Deferred policy acquisition costs, net	0	0
Other assets	829	436
Right of use Assets - Financing	0	0
Right of use Assets - Operating	184	92
Related party assets	6,557	6,854
Subtotal assets	463,004	466,274
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	463,004	466,274
Liabilities:
Accounts payable and accrued expenses	2,260	2,029
Notes, loans and leases payable	0	0
Operating lease liability	188	96
Policy benefits and losses, claims and loss expenses payable	179,294	178,942
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	3,237	3,698
Deferred income	0	0
Deferred income taxes, net	11,667	13,046
Related party liabilities	3,812	5,821
Total liabilities	200,458	203,632
Stockholders' equity:
Additional paid-in capital	91,120	91,120
Accumulated other comprehensive loss	15,148	22,546
Retained earnings	152,977	145,675
Total stockholders' equity	262,546	262,642
Total liabilities and stockholders' equity	463,004	466,274
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	3,301	3,301
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member]
ASSETS:
Cash and cash equivalents	60,762	178,079	50,014	30,480
Reinsurance recoverables and trade receivables, net	44,521	38,616
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	2,464,562	2,399,903
Investments, other	411,132	378,614
Deferred policy acquisition costs, net	101,169	89,749
Other assets	2,642	2,531
Right of use Assets - Financing	0	0
Right of use Assets - Operating	151	168
Related party assets	13,797	13,850
Subtotal assets	3,098,736	3,101,510
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	3,098,736	3,101,510
Liabilities:
Accounts payable and accrued expenses	15,076	7,289
Notes, loans and leases payable	11,058	11,187
Operating lease liability	160	178
Policy benefits and losses, claims and loss expenses payable	394,456	391,686
Liabilities from investment contracts	2,226,560	2,161,530
Other policyholders' funds and liabilities	7,752	8,722
Deferred income	0	0
Deferred income taxes, net	14,970	29,294
Related party liabilities	13,341	12,406
Total liabilities	2,683,373	2,622,292
Stockholders' equity:
Additional paid-in capital	26,271	26,271
Accumulated other comprehensive loss	75,145	140,817
Retained earnings	311,447	309,630
Total stockholders' equity	415,363	479,218
Total liabilities and stockholders' equity	3,098,736	3,101,510
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	2,500	2,500
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member]
ASSETS:
Cash and cash equivalents	0	0	$ 0	$ 0
Reinsurance recoverables and trade receivables, net	0	0
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	0	0
Investments, other	0	0
Deferred policy acquisition costs, net	0	0
Other assets	0	0
Right of use Assets - Financing	0	0
Right of use Assets - Operating	0	0
Related party assets	(39,656)	(39,351)
Subtotal assets	(39,656)	(39,351)
Investments in subsidiaries	(677,909)	(741,860)
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	(717,565)	(781,211)
Liabilities:
Accounts payable and accrued expenses	0	0
Notes, loans and leases payable	0	0
Operating lease liability	0	0
Policy benefits and losses, claims and loss expenses payable	0	0
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	0	0
Deferred income taxes, net	0	0
Related party liabilities	(43,989)	(43,640)
Total liabilities	(43,989)	(43,640)
Stockholders' equity:
Additional paid-in capital	(117,601)	(117,601)
Accumulated other comprehensive loss	(85,960)	(159,074)
Retained earnings	(464,214)	(455,095)
Total stockholders' equity	(673,576)	(737,571)
Total liabilities and stockholders' equity	(717,565)	(781,211)
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	(5,801)	(5,801)
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	$ 0	$ 0

XML

Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Self-moving equipment rentals	$ 1,035,377	$ 654,285
Self-storage revenues	137,393	108,955
Self moving and self-storage products and service sales	104,885	91,350
Property management fees	8,449	7,347
Life insurance premiums	28,705	30,908
Property and casualty insurance premiums	16,869	13,734
Investment income interest and dividend	34,999	16,982
Other revenue	106,179	63,676
Total revenues	1,472,856	987,237
Costs and expenses:
Operating expenses	614,529	492,662
Commission expenses	113,149	69,175
Cost of sales	69,915	52,831
Benefits and losses	47,298	39,577
Amortization of deferred policy acquisition costs	8,823	6,888
Lease expense	7,647	6,603
Depreciation, net of (gains) losses on disposals	121,717	165,671
Net (gains) losses on disposal of real estate	(4,430)	(256)
Total costs and expenses	978,648	833,151
Earnings (loss) from operations before equity in earnings of subsidiaries	494,208	154,086
Equity in earnings of subsidiaries	0	0
Earnings from operations	494,208	154,086
Other components of net periodic benefit costs	(280)	(247)
Interest expense	(39,178)	(39,521)
Pretax earnings	454,750	114,318
Income tax expense	(109,575)	(26,592)
Earnings available to common stockholders	345,175	87,726
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Revenues:
Self-moving equipment rentals	1,036,213	654,913
Self-storage revenues	137,393	108,955
Self moving and self-storage products and service sales	104,885	91,350
Property management fees	8,449	7,347
Life insurance premiums	0	0
Property and casualty insurance premiums	0	0
Investment income interest and dividend	680	662
Other revenue	105,634	63,073
Total revenues	1,393,254	926,300
Costs and expenses:
Operating expenses	601,831	480,081
Commission expenses	113,149	69,175
Cost of sales	69,915	52,831
Benefits and losses	0	0
Amortization of deferred policy acquisition costs	0	0
Lease expense	8,077	7,137
Depreciation, net of (gains) losses on disposals	121,717	165,671
Net (gains) losses on disposal of real estate	(4,430)	(256)
Total costs and expenses	910,259	774,639
Earnings (loss) from operations before equity in earnings of subsidiaries	482,995	151,661
Equity in earnings of subsidiaries	9,119	2,395
Earnings from operations	492,114	154,056
Other components of net periodic benefit costs	(280)	(247)
Interest expense	(39,443)	(39,794)
Pretax earnings	452,391	114,015
Income tax expense	(107,216)	(26,289)
Earnings available to common stockholders	345,175	87,726
Operating Segments [Member] | Property and Casualty Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	0	0
Property and casualty insurance premiums	17,443	14,507
Investment income interest and dividend	6,013	(873)
Other revenue	0	0
Total revenues	23,456	13,634
Costs and expenses:
Operating expenses	8,813	8,825
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	5,227	4,030
Amortization of deferred policy acquisition costs	0	0
Lease expense	184	1
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	14,224	12,856
Earnings (loss) from operations before equity in earnings of subsidiaries	9,232	778
Equity in earnings of subsidiaries	0	0
Earnings from operations	9,232	778
Other components of net periodic benefit costs	0	0
Interest expense	0	0
Pretax earnings	9,232	778
Income tax expense	(1,930)	(162)
Earnings available to common stockholders	7,302	616
Operating Segments [Member] | Life Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	28,705	30,908
Property and casualty insurance premiums	0	0
Investment income interest and dividend	29,324	18,006
Other revenue	630	739
Total revenues	58,659	49,653
Costs and expenses:
Operating expenses	5,375	5,288
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	42,071	35,547
Amortization of deferred policy acquisition costs	8,823	6,888
Lease expense	24	10
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	56,293	47,733
Earnings (loss) from operations before equity in earnings of subsidiaries	2,366	1,920
Equity in earnings of subsidiaries	0	0
Earnings from operations	2,366	1,920
Other components of net periodic benefit costs	0	0
Interest expense	(120)	0
Pretax earnings	2,246	1,920
Income tax expense	(429)	(141)
Earnings available to common stockholders	1,817	1,779
Consolidation, Eliminations [Member]
Revenues:
Self-moving equipment rentals	(836)	(628)
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	0	0
Property and casualty insurance premiums	(574)	(773)
Investment income interest and dividend	(1,018)	(813)
Other revenue	(85)	(136)
Total revenues	(2,513)	(2,350)
Costs and expenses:
Operating expenses	(1,490)	(1,532)
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	0	0
Amortization of deferred policy acquisition costs	0	0
Lease expense	(638)	(545)
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	(2,128)	(2,077)
Earnings (loss) from operations before equity in earnings of subsidiaries	(385)	(273)
Equity in earnings of subsidiaries	(9,119)	(2,395)
Earnings from operations	(9,504)	(2,668)
Other components of net periodic benefit costs	0	0
Interest expense	385	273
Pretax earnings	(9,119)	(2,395)
Income tax expense	0	0
Earnings available to common stockholders	$ (9,119)	$ (2,395)

XML

Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net earnings	$ 345,175	$ 87,726
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	172,040	166,740
Amortization of deferred policy acquisition costs	8,823	6,888
Amortization of premiums and accretion of discounts related to investments, net	4,361	3,550
Amortization of debt issuance costs	1,332	1,297
Interest credited to policyholders	15,583	7,667
Change in allowance for losses on trade receivables	(484)	60
Change in allowance for inventory reserves	3,403	(99)
Net gain on sale of real and personal property	(50,323)	(1,069)
Net losses on disposal of real estate	(4,430)	(256)
Net (gain) loss on sale of investments	(2,469)	2,014
Net losses on equity investments	(2,231)	3,989
Deferred income tax	82,374	27,534
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(8,082)	(23,594)
Inventories	(15,765)	350
Prepaid expenses	162,706	(22,831)
Capitalization of deferred policy acquisition costs	(8,990)	(7,308)
Other assets	(853)	74
Related party assets	562	7,329
Accounts payable and accrued expenses	71,599	58,273
Policy benefits and losses, claims and loss expenses payable	9,064	528
Other policyholders' funds and liabilities	(1,430)	(3,426)
Deferred income	11,863	14,898
Related party liabilities	385	(249)
Net cash provided by operating activities	794,213	330,085
Cash flow from investing activities:
Escrow deposits	1,887	1,401
Purchase of:
Property, plant and equipment	(508,411)	(249,740)
Short term investments	(11,810)	(9,625)
Fixed maturity investments	(281,507)	(94,193)
Preferred stock	(8,000)	0
Real estate	(67)	(192)
Mortgage loans	(42,538)	(33,300)
Proceeds from sale of:
Property, plant and equipment	182,146	76,412
Short term investments	12,558	2,448
Fixed maturity investments	126,956	110,165
Mortgage loans	5,628	1,432
Net cash used by investing activities	(523,158)	(195,192)
Cash flow from financing activities:
Borrowings from credit facilities	161,854	377,051
Principal repayments on credit facilities	(109,334)	(154,089)
Payment of debt issuance costs	(352)	(1,677)
Capital lease payments	(45,170)	(68,554)
Net contribution from (to) related party	0	18,599
Investment contract deposits	113,779	75,366
Investment contract withdrawals	(64,332)	(51,633)
Net cash provided by (used in) financing activities	56,445	195,063
Effects of exchange rate on cash	(1,531)	766
Increase (decrease) in cash and cash equivalents	325,969	330,722
Cash and cash equivalents at the beginning of period	1,194,012	494,352
Cash and cash equivalents at the end of the period	1,519,981	825,074
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Cash flow from operating activities:
Net earnings	345,175	87,726
Earnings from consolidated entities	(9,119)	(2,395)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	172,040	166,740
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, net	0	0
Amortization of debt issuance costs	1,332	1,297
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	(478)	60
Change in allowance for inventory reserves	3,403	(99)
Net gain on sale of real and personal property	(50,323)	(1,069)
Net losses on disposal of real estate	(4,430)	(256)
Net (gain) loss on sale of investments	0	0
Net losses on equity investments	0	0
Deferred income tax	81,341	28,939
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(1,658)	(24,749)
Inventories	(15,765)	350
Prepaid expenses	162,706	(22,831)
Capitalization of deferred policy acquisition costs	0	0
Other assets	(436)	758
Related party assets	302	7,302
Accounts payable and accrued expenses	60,902	56,522
Policy benefits and losses, claims and loss expenses payable	5,942	294
Other policyholders' funds and liabilities	0	0
Deferred income	12,125	11,238
Related party liabilities	1,422	1,867
Net cash provided by operating activities	764,481	311,694
Cash flow from investing activities:
Escrow deposits	1,887	1,401
Purchase of:
Property, plant and equipment	(508,411)	(249,740)
Short term investments	0	0
Fixed maturity investments	0	0
Preferred stock	0
Real estate	0	0
Mortgage loans	0	0
Proceeds from sale of:
Property, plant and equipment	182,146	76,412
Short term investments	0	0
Fixed maturity investments	0	0
Mortgage loans	0	0
Net cash used by investing activities	(324,378)	(171,927)
Cash flow from financing activities:
Borrowings from credit facilities	161,854	367,451
Principal repayments on credit facilities	(109,206)	(144,489)
Payment of debt issuance costs	(352)	(1,677)
Capital lease payments	(45,170)	(68,554)
Net contribution from (to) related party		18,599
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	7,126	171,330
Effects of exchange rate on cash	(1,531)	766
Increase (decrease) in cash and cash equivalents	445,698	311,863
Cash and cash equivalents at the beginning of period	1,010,275	459,078
Cash and cash equivalents at the end of the period	1,455,973	770,941
Operating Segments [Member] | Property and Casualty Insurance [Member]
Cash flow from operating activities:
Net earnings	7,302	616
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, net	413	395
Amortization of debt issuance costs	0	0
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	(5)	0
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	(37)	(13)
Net losses on equity investments	(2,231)	3,989
Deferred income tax	604	1,070
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(520)	5,725
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	0	0
Other assets	(323)	(340)
Related party assets	260	27
Accounts payable and accrued expenses	225	(246)
Policy benefits and losses, claims and loss expenses payable	352	(2,769)
Other policyholders' funds and liabilities	(461)	(4,089)
Deferred income	0	0
Related party liabilities	(1,972)	(834)
Net cash provided by operating activities	3,607	3,531
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	(11,680)	(8,989)
Fixed maturity investments	(7,466)	(1,864)
Preferred stock	0
Real estate	0	0
Mortgage loans	(4,850)	0
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	12,558	1,980
Fixed maturity investments	5,136	4,402
Mortgage loans	283	265
Net cash used by investing activities	(6,019)	(4,206)
Cash flow from financing activities:
Borrowings from credit facilities	0	0
Principal repayments on credit facilities	0	0
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Net contribution from (to) related party		0
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	0	0
Effects of exchange rate on cash	0	0
Increase (decrease) in cash and cash equivalents	(2,412)	(675)
Cash and cash equivalents at the beginning of period	5,658	4,794
Cash and cash equivalents at the end of the period	3,246	4,119
Operating Segments [Member] | Life Insurance [Member]
Cash flow from operating activities:
Net earnings	1,817	1,779
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	8,823	6,888
Amortization of premiums and accretion of discounts related to investments, net	3,948	3,155
Amortization of debt issuance costs	0	0
Interest credited to policyholders	15,583	7,667
Change in allowance for losses on trade receivables	(1)	0
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	(2,432)	2,027
Net losses on equity investments	0	0
Deferred income tax	429	(2,475)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(5,904)	(4,570)
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	(8,990)	(7,308)
Other assets	(94)	(344)
Related party assets	0	0
Accounts payable and accrued expenses	10,472	1,997
Policy benefits and losses, claims and loss expenses payable	2,770	3,003
Other policyholders' funds and liabilities	(969)	663
Deferred income	(262)	3,660
Related party liabilities	935	(1,282)
Net cash provided by operating activities	26,125	14,860
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	(130)	(636)
Fixed maturity investments	(274,041)	(92,329)
Preferred stock	(8,000)
Real estate	(67)	(192)
Mortgage loans	(37,688)	(33,300)
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	0	468
Fixed maturity investments	121,820	105,763
Mortgage loans	5,345	1,167
Net cash used by investing activities	(192,761)	(19,059)
Cash flow from financing activities:
Borrowings from credit facilities	0	9,600
Principal repayments on credit facilities	(128)	(9,600)
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Net contribution from (to) related party		0
Investment contract deposits	113,779	75,366
Investment contract withdrawals	(64,332)	(51,633)
Net cash provided by (used in) financing activities	49,319	23,733
Effects of exchange rate on cash	0	0
Increase (decrease) in cash and cash equivalents	(117,317)	19,534
Cash and cash equivalents at the beginning of period	178,079	30,480
Cash and cash equivalents at the end of the period	60,762	50,014
Consolidation, Eliminations [Member]
Cash flow from operating activities:
Net earnings	(9,119)	(2,395)
Earnings from consolidated entities	9,119	2,395
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, net	0	0
Amortization of debt issuance costs	0	0
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	0	0
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	0	0
Net losses on equity investments	0	0
Deferred income tax	0	0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	0	0
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	0	0
Other assets	0	0
Related party assets	0	0
Accounts payable and accrued expenses	0	0
Policy benefits and losses, claims and loss expenses payable	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	0	0
Related party liabilities	0	0
Net cash provided by operating activities	0	0
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	0	0
Fixed maturity investments	0	0
Preferred stock	0
Real estate	0	0
Mortgage loans	0	0
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	0	0
Fixed maturity investments	0	0
Mortgage loans	0	0
Net cash used by investing activities	0	0
Cash flow from financing activities:
Borrowings from credit facilities	0	0
Principal repayments on credit facilities	0	0
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Net contribution from (to) related party		0
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	0	0
Effects of exchange rate on cash	0	0
Increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at the beginning of period	0	0
Cash and cash equivalents at the end of the period	$ 0	$ 0

XML

Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Quarter ended:
Total revenues	$ 1,472,856	$ 987,237
Depreciation and amortization, net of (gains) losses on disposals	126,110	172,303
Interest expense	39,178	39,521
Pretax earnings (loss)	454,750	114,318
Income tax expense	109,575	26,592
Identifiable assets	15,114,882	13,712,359	$ 14,651,606
United States [Member]
Quarter ended:
Total revenues	1,396,361	942,803
Depreciation and amortization, net of (gains) losses on disposals	127,650	168,526
Interest expense	38,128	38,654
Pretax earnings (loss)	437,949	111,949
Income tax expense	105,302	25,783
Identifiable assets	14,661,722	13,279,882
Canada [Member]
Quarter ended:
Total revenues	76,495	44,434
Depreciation and amortization, net of (gains) losses on disposals	(1,540)	3,777
Interest expense	1,050	867
Pretax earnings (loss)	16,801	2,369
Income tax expense	4,273	809
Identifiable assets	$ 453,160	$ 432,477

XML

Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 350	$ 317
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit	227	230
Other components	53	17
Total other components of net periodic benefit costs	280	247
Net periodic postretirement benefit cost	$ 630	$ 564

XML

Fair Value Measurements (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales	$ 0.2

XML

Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Assets
Reinsurance recoverables and trade receivables, net	$ 233,056	$ 224,426
Mortgage loans, net	428,140	391,230
Other investments	97,753	98,529
Total	758,949	714,185
Liabilities
Notes, loans and leases payable, gross	4,497,078	4,449,691
Total	4,497,078	4,449,691
Level 1 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Level 2 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	4,702,127	4,698,615
Total	4,702,127	4,698,615
Level 3 [Member]
Assets
Reinsurance recoverables and trade receivables, net	233,056	224,426
Mortgage loans, net	428,140	391,230
Other investments	97,753	98,529
Total	758,949	714,185
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Carrying Value [Member]
Assets
Reinsurance recoverables and trade receivables, net	233,056	224,426
Mortgage loans, net	428,140	391,230
Other investments	97,753	98,529
Total	758,949	714,185
Liabilities
Notes, loans and leases payable, gross	4,702,127	4,698,615
Total	$ 4,702,127	$ 4,698,615

XML

Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Assets:
Short-term investments	$ 1,311,376	$ 839,250
Fixed maturities - available for sale	2,703,053	2,653,539
Preferred stock	29,408	21,677
Common stock	22,672	20,440
Derivatives	6,789	6,601
Total	4,073,298	3,541,507
Liabilities:
Derivatives	4,222	5,141
Total	4,222	5,141
Level 1 [Member]
Assets:
Short-term investments	1,311,376	839,250
Fixed maturities - available for sale	7,185	6,967
Preferred stock	29,408	21,677
Common stock	22,672	20,440
Derivatives	6,789	6,601
Total	1,377,430	894,935
Liabilities:
Derivatives	0	0
Total	0	0
Level 2 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	2,695,712	2,646,415
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	2,695,712	2,646,415
Liabilities:
Derivatives	4,222	5,141
Total	4,222	5,141
Level 3 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	156	157
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	156	157
Liabilities:
Derivatives	0	0
Total	$ 0	$ 0

XML

Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenues Recognized Over Time	$ 79,815	$ 44,938
Revenues recognized at a point in time	120,718	104,848
Total revenues recognized under ASC 606	200,533	149,786
Revenues recognized under ASC 840	1,191,010	774,694
Revenues recognized under ASC 944	46,314	45,775
Revenues recognized under ASC 320	34,999	16,982
Total revenues	$ 1,472,856	$ 987,237

XML

Revenue Recognition (Revenue over time) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Contract With Customer Liability [Abstract]
2020	$ 22,632
2021	12,621
2022	8,866
2023	6,856
2024	5,398
Thereafter	53,835
Self Moving Equipment [Member]
Contract With Customer Liability [Abstract]
2020	6,560
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Property Lease Revenue [Member]
Contract With Customer Liability [Abstract]
2020	16,072
2021	12,621
2022	8,866
2023	6,856
2024	5,398
Thereafter	$ 53,835

XML

Allowance For Credit Losses (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021 USD ($)
Receivables [Abstract]
Trade receivable components	2
Allowance for expected credit losses	$ 2.5
Available for sale securities, accrued interest receivable	$ 26.6
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Reinsurance paid percentage of total assets	1.00%
Premiums Receivable Gross	$ 2.6
Credit card receivables
Receivables [Abstract]
Average Historical Chargeback Term	For credit card receivable, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivable. The Company rents equipment to corporate customers in which payment terms are 30 days.

XML

Allowance For Credit Losses (Reserve Allowance For Various Credit Loss) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021 USD ($)
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	$ 4,656
Transition adjustment current expected credit losses	(566)
Write-offs against allowance	0
Recoveries	0
June 30, 2021	4,090
Trade Receivables
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	2,835
Transition adjustment current expected credit losses	(291)
Write-offs against allowance	0
Recoveries	0
June 30, 2021	2,544
Investments, Fixed Maturities
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	1,320
Transition adjustment current expected credit losses	(279)
Write-offs against allowance	0
Recoveries	0
June 30, 2021	1,041
Investments, Other
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	501
Transition adjustment current expected credit losses	4
Write-offs against allowance	0
Recoveries	0
June 30, 2021	$ 505

XML

Accounting Pronouncements (Narratives) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($)
Allowance For Credit Loss [Abstract]
Allowance For Doubtful Accounts Provision For Credit Losses	$ 2,880

XML

Label	Element	Value
Fleet Loans Revolving Credit [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	$ 553,000,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	535,000,000
Finance Lease [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	718,585,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	644,375,000
Rental Truck (amortizing loans) First Loan [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	162,528,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	176,295,000
Senior Loans [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	2,122,167,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	2,125,324,000
Capital Lease Obligations [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	468,484,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	513,623,000
Other Obligations [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	87,106,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	86,085,000
Working Capital Loans [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	535,000,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	535,000,000
Real estate loan (amortizing term) [Member]
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	55,257,000
Debt Instrument Carrying Amount	us-gaap_DebtInstrumentCarryingAmount	$ 82,913,000