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 December 31, 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 February 4, 2022.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of December 31, 2021 (unaudited) and March 31, 2021	1
	b) Condensed Consolidated Statements of Operations for the Quarters Ended December 31, 2021 and 2020 (unaudited)	2
	c) Condensed Consolidated Statements of Operations for the Nine Months Ended December 31, 2021 and 2020 (unaudited)	3
	d) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2021 and 2020 (unaudited)	4
	e) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2021 and 2020 (unaudited)	5
	f) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2021 and 2020 (unaudited)	6
	g) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2021 and 2020 (unaudited)	7
	h) Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2 .	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	62
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	63

Part i Financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

		December 31,		March 31,
		2021		2021
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	2,327,462	$	1,194,012
Reinsurance recoverables and trade receivables, net		230,437		224,426
Inventories and parts, net		166,588		105,577
Prepaid expenses		211,449		469,144
Investments, fixed maturities and marketable equities		2,795,442		2,695,656
Investments, other		602,371		489,759
Deferred policy acquisition costs, net		101,770		89,749
Other assets		41,146		47,730
Right of use assets - financing, net		692,814		877,038
Right of use assets - operating, net		79,450		92,505
Related party assets		56,231		35,395
		7,305,160		6,320,991
Property, plant and equipment, at cost:
Land		1,264,742		1,075,813
Buildings and improvements		5,726,481		5,163,705
Furniture and equipment		841,957		786,505
Rental trailers and other rental equipment		569,150		477,921
Rental trucks		4,425,113		3,909,724
		12,827,443		11,413,668
Less: Accumulated depreciation		(3,544,525)		(3,083,053)
Total property, plant and equipment, net		9,282,918		8,330,615
Total assets	$	16,588,078	$	14,651,606
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	634,795	$	645,575
Notes, loans and finance leases payable, net		5,397,856		4,668,907
Operating lease liability		79,334		92,510
Policy benefits and losses, claims and loss expenses payable		1,003,895		997,701
Liabilities from investment contracts		2,302,591		2,161,530
Other policyholders' funds and liabilities		9,610		12,420
Deferred income		43,352		42,592
Deferred income taxes, net		1,301,229		1,178,489
Total liabilities		10,772,662		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 December 31 and March 31, 2021		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of December 31 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 December 31 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 December 31 and March 31, 2021		10,497		10,497
Additional paid-in capital		453,819		453,819
Accumulated other comprehensive income		63,264		106,857
Retained earnings		5,965,486		4,958,359
Cost of common stock in treasury, net ( 22,377,912 shares as of December 31 and March 31, 2021)		(525,653)		(525,653)
Cost of preferred stock in treasury, net ( 6,100,000 shares as of December 31 and March 31, 2021)		(151,997)		(151,997)
Total stockholders' equity		5,815,416		4,851,882
Total liabilities and stockholders' equity	$	16,588,078	$	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 December 31,
		2021		2020
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	975,552	$	808,215
Self-storage revenues		159,424		123,024
Self-moving and self-storage products and service sales		75,402		74,586
Property management fees		9,651		8,765
Life insurance premiums		27,010		29,993
Property and casualty insurance premiums		25,618		19,933
Net investment and interest income		31,184		35,580
Other revenue		100,495		69,886
Total revenues		1,404,336		1,169,982
Costs and expenses:
Operating expenses		658,095		539,942
Commission expenses		105,155		86,891
Cost of sales		57,042		45,752
Benefits and losses		47,266		45,631
Amortization of deferred policy acquisition costs		7,947		6,572
Lease expense		7,394		7,522
Depreciation, net of gains on disposal of ($71,582 and $10,952, respectively)		103,736		152,602
Net losses on disposal of real estate		977		1,124
Total costs and expenses		987,612		886,036
Earnings from operations		416,724		283,946
Other components of net periodic benefit costs		(280)		(247)
Interest expense		(44,042)		(42,128)
Fees on early extinguishment of debt		(956)		–
Pretax earnings		371,446		241,571
Income tax expense		(89,980)		(58,586)
Earnings available to common stockholders	$	281,466	$	182,985
Basic and diluted earnings per common stock	$	14.35	$	9.33
Weighted average common stock outstanding: Basic and diluted		19,607,788		19,607,788

Related party revenues for the third quarter of fiscal 2022 and 2021, net of eliminations, were $9.7 million and $8.8 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2022 and 2021, net of eliminations, were $21.7 million and $18.8 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 operations

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	3,189,990	$	2,393,530
Self-storage revenues		450,302		347,252
Self-moving and self-storage products and service sales		272,478		264,564
Property management fees		26,847		23,952
Life insurance premiums		84,628		91,958
Property and casualty insurance premiums		64,986		49,536
Net investment and interest income		102,963		85,895
Other revenue		349,252		225,440
Total revenues		4,541,446		3,482,127
Costs and expenses:
Operating expenses		1,968,698		1,606,687
Commission expenses		346,200		255,431
Cost of sales		193,448		159,516
Benefits and losses		139,194		130,660
Amortization of deferred policy acquisition costs		23,520		19,012
Lease expense		22,482		20,995
Depreciation, net of gains on disposal of ($157,980 and $40,083, respectively)		361,201		455,711
Net (gains) losses on disposal of real estate		(2,930)		4,293
Total costs and expenses		3,051,813		2,652,305
Earnings from operations		1,489,633		829,822
Other components of net periodic benefit costs		(840)		(740)
Interest expense		(122,765)		(122,174)
Fees on early extinguishment of debt		(956)		–
Pretax earnings		1,365,072		706,908
Income tax expense		(328,533)		(169,832)
Earnings available to common stockholders	$	1,036,539	$	537,076
Basic and diluted earnings per common stock	$	52.86	$	27.39
Weighted average common stock outstanding: Basic and diluted		19,607,788		19,607,788

Related party revenues for the first nine months of fiscal 2022 and 2021, net of eliminations, were $26.8 million and $24.0 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2022 and 2021, net of eliminations, were $72.3 million and $55.9 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.

3

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended December 31, 2021		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	371,446	$	(89,980)	$	281,466
Other comprehensive income (loss):
Foreign currency translation		112		–		112
Unrealized net loss on investments		(15,187)		3,195		(11,992)
Change in fair value of cash flow hedges		235		(57)		178
Amounts reclassified into earnings on hedging activities		1,007		(248)		759
Total other comprehensive income (loss)		(13,833)		2,890		(10,943)
Total comprehensive income	$	357,613	$	(87,090)	$	270,523
Quarter Ended December 31, 2020		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	241,571	$	(58,586)	$	182,985
Other comprehensive income (loss):
Foreign currency translation		(2,566)		–		(2,566)
Unrealized net gain on investments		12,074		(2,514)		9,560
Change in fair value of cash flow hedges		35		(9)		26
Amounts reclassified into earnings on hedging activities		972		(238)		734
Total other comprehensive income (loss)		10,515		(2,761)		7,754
Total comprehensive income	$	252,086	$	(61,347)	$	190,739

Nine Months Ended December 31, 2021		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	1,365,072	$	(328,533)	$	1,036,539
Other comprehensive income (loss):
Foreign currency translation		(2,288)		–		(2,288)
Unrealized net loss on investments		(55,113)		11,476		(43,637)
Change in fair value of cash flow hedges		93		(22)		71
Amounts reclassified into earnings on hedging activities		2,997		(736)		2,261
Total other comprehensive income (loss)		(54,311)		10,718		(43,593)
Total comprehensive income	$	1,310,761	$	(317,815)	$	992,946
Nine Months Ended December 31, 2020		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	706,908	$	(169,832)	$	537,076
Other comprehensive income (loss):
Foreign currency translation		(5,193)		–		(5,193)
Unrealized net gain on investments		68,298		(13,398)		54,900
Change in fair value of cash flow hedges		(624)		153		(471)
Amounts reclassified into earnings on hedging activities		2,680		(658)		2,022
Total other comprehensive income (loss)		65,161		(13,903)		51,258
Total comprehensive income	$	772,069	$	(183,735)	$	588,334

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

4

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

		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 September 30, 2021	$	10,497	$	453,819	$	74,207	$	5,693,824	$	(525,653)	$	(151,997)	$	5,554,697
Foreign currency translation		–		–		112		–		–		–		112
Unrealized net loss on investments, net of tax		–		–		(11,992)		–		–		–		(11,992)
Change in fair value of cash flow hedges, net of tax		–		–		178		–		–		–		178
Amounts reclassified into earnings on hedging activities		–		–		759		–		–		–		759
Net earnings		–		–		–		281,466		–		–		281,466
Common stock dividends: ($ 0.50 per share for fiscal 2022)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(10,943)		271,662		–		–		260,719
Balance as of December 31, 2021	$	10,497	$	453,819	$	63,264	$	5,965,486	$	(525,653)	$	(151,997)	$	5,815,416
Balance as of September 30, 2020	$	10,497	$	453,819	$	78,156	$	4,740,809	$	(525,653)	$	(151,997)	$	4,605,631
Foreign currency translation		–		–		(2,566)		–		–		–		(2,566)
Unrealized net gain on investments, net of tax		–		–		9,560		–		–		–		9,560
Change in fair value of cash flow hedges, net of tax		–		–		26		–		–		–		26
Amounts reclassified into earnings on hedging activities		–		–		734		–		–		–		734
Net earnings		–		–		–		182,985		–		–		182,985
Common stock dividends: ($ 2.00 per share for fiscal 2021)		–		–		–		(39,215)		–		–		(39,215)
Net activity		–		–		7,754		143,770		–		–		151,524
Balance as of December 31, 2020	$	10,497	$	453,819	$	85,910	$	4,884,579	$	(525,653)	$	(151,997)	$	4,757,155

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

5

Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

		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		–		–		(2,288)		–		–		–		(2,288)
Unrealized net loss on investments, net of tax		–		–		(43,637)		–		–		–		(43,637)
Change in fair value of cash flow hedges, net of tax		–		–		71		–		–		–		71
Amounts reclassified into earnings on hedging activities		–		–		2,261		–		–		–		2,261
Net earnings		–		–		–		1,036,539		–		–		1,036,539
Common stock dividends: ($ 1.50 per share for fiscal 2022)		–		–		–		(29,412)		–		–		(29,412)
Net activity		–		–		(43,593)		1,007,127		–		–		963,534
Balance as of December 31, 2021	$	10,497	$	453,819	$	63,264	$	5,965,486	$	(525,653)	$	(151,997)	$	5,815,416
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		–		–		(5,193)		–		–		–		(5,193)
Unrealized net gain on investments, net of tax		–		–		54,900		–		–		–		54,900
Change in fair value of cash flow hedges, net of tax		–		–		(471)		–		–		–		(471)
Amounts reclassified into earnings on hedging activities		–		–		2,022		–		–		–		2,022
Net earnings		–		–		–		537,076		–		–		537,076
Common stock dividends: ($ 2.50 per share for fiscal 2021)		–		–		–		(49,019)		–		–		(49,019)
Net activity		–		–		51,258		485,177		–		–		536,435
Balance as of December 31, 2020	$	10,497	$	453,819	$	85,910	$	4,884,579	$	(525,653)	$	(151,997)	$	4,757,155

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

6

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	1,036,539	$	537,076
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		519,181		495,794
Amortization of deferred policy acquisition costs		23,520		19,012
Amortization of premiums and accretion of discounts related to investments, net		14,486		10,197
Amortization of debt issuance costs		4,200		4,645
Interest credited to policyholders		47,181		38,672
Change in allowance for losses on trade receivables		1,243		(574)
Change in allowance for inventories and parts reserves		9,799		3,259
Net gains on disposal of personal property		(157,980)		(40,083)
Net (gains) losses on disposal of real estate		(2,930)		4,293
Net gains on sales of investments		(3,495)		(5,644)
Net (gains) losses on equity investments		(3,695)		669
Deferred income taxes		130,760		117,025
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(7,371)		(39,499)
Inventories and parts		(70,796)		(6,349)
Prepaid expenses		257,591		112,428
Capitalization of deferred policy acquisition costs		(25,703)		(24,903)
Other assets		1,178		30,120
Related party assets		(18,683)		(20,794)
Accounts payable and accrued expenses		33,258		97,151
Policy benefits and losses, claims and loss expenses payable		6,411		14,096
Other policyholders' funds and liabilities		(2,810)		24,677
Deferred income		(526)		6,851
Related party liabilities		(2,207)		(1,566)
Net cash provided by operating activities		1,789,151		1,376,553
Cash flows from investing activities:
Escrow deposits		5,695		(1,978)
Purchases of:
Property, plant and equipment		(1,652,984)		(961,995)
Short term investments		(31,074)		(38,790)
Fixed maturities investments		(448,283)		(352,307)
Equity securities		(1,380)		(838)
Preferred stock		(8,000)		(16,144)
Real estate		(190)		(274)
Mortgage loans		(131,633)		(92,281)
Proceeds from sales and paydowns of:
Property, plant and equipment		483,783		434,860
Short term investments		20,669		38,830
Fixed maturities investments		284,347		331,407
Equity securities		2,026		72
Preferred stock		2,000		1,200
Mortgage loans		28,064		4,744
Net cash used by investing activities		(1,446,960)		(653,494)
Cash flows from financing activities:
Borrowings from credit facilities		1,202,412		790,532
Principal repayments on credit facilities		(333,419)		(568,068)
Payment of debt issuance costs		(8,006)		(5,020)
Finance lease payments		(129,150)		(173,520)
Common stock dividends paid		(29,412)		(49,019)
Net contribution from related party		–		22,600
Investment contract deposits		271,657		326,055
Investment contract withdrawals		(177,777)		(169,008)
Net cash provided by financing activities		796,305		174,552
Effects of exchange rate on cash		(5,046)		6,877
Increase in cash and cash equivalents		1,133,450		904,488
Cash and cash equivalents at the beginning of period		1,194,012		494,352
Cash and cash equivalents at the end of period	$	2,327,462	$	1,398,840

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

7

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September 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.  

The condensed consolidated balance sheet as of December 31, 2021 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months of fiscal 2022 and 2021 and cash flows for the first nine months 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 the 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.

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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.

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 $ 26.6 million and $ 27.7 million as of December 31, 2021 and March 31, 2021, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 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
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	118,140	$	9,039	$	–	$	(678)	$	–	$	126,501
U.S. government agency mortgage-backed securities		57,083		370		–		(2,439)		–		55,014
Obligations of states and political subdivisions		191,141		16,734		(80)		(474)		–		207,321
Corporate securities		2,029,477		157,250		(26)		(5,818)		–		2,180,883
Mortgage-backed securities		163,430		10,003		(1)		–		–		173,432
	$	2,559,271	$	193,396	$	( 107 )	$	( 9,409 )	$	–	$	2,743,151

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 $278.8 million during the first nine months of fiscal 2022. The gross realized gains on these sales totaled $4.7 million. The gross realized losses on these sales totaled $3.0 million.

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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 first nine months as of December 31, 2021.

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

		December 31, 2021				March 31, 2021
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)
Due in one year or less	$	69,891	$	71,172	$	90,142	$	91,190
Due after one year through five years		572,812		609,255		562,442		601,818
Due after five years through ten years		677,891		745,523		672,733		754,536
Due after ten years		1,075,247		1,143,769		905,567		1,019,570
		2,395,841		2,569,719		2,230,884		2,467,114
Mortgage-backed securities		163,430		173,432		174,728		186,425
	$	2,559,271	$	2,743,151	$	2,405,612	$	2,653,539

As of December 31, 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:

		December 31, 2021				March 31, 2021
		Amortized Cost		Value Estimated Market		Amortized Cost		Value Estimated Market
		(Unaudited)
		(In thousands)
Common stocks	$	9,775	$	24,179	$	9,775	$	20,440
Non-redeemable preferred stocks		26,054		28,112		20,034		21,677
	$	35,829	$	52,291	$	29,809	$	42,117

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4. Borrowings

Long-Term Debt

Long-term debt was as follows:

										December 31,		March 31,
	2022 Rates					Maturities				2021		2021
										(Unaudited)
										(In thousands)
Real estate loan (amortizing term)				1.61	%			2023	$	51,925	$	82,913
Senior mortgages	2.70	%	-	5.50	%	2022	-	2042		2,199,110		2,125,324
Real estate loans (revolving credit) (a)	1.34	%	-	3.14	%	2023	-	2025		535,000		535,000
Fleet loans (amortizing term)	1.61	%	-	4.66	%	2022	-	2028		136,790		176,295
Fleet loans (revolving credit)	1.25	%		2.36	%	2024	-	2026		550,000		535,000
Finance leases (rental equipment)	1.92	%	-	5.04	%	2022	-	2026		384,505		513,623
Finance liability (rental equipment)	1.60	%	-	4.22	%	2024	-	2029		886,254		644,375
Private placements	2.43	%		2.78	%	2029	-	2033		600,000		–
Other obligations	1.50	%	-	8.00	%	2022	-	2049		87,777		86,085
Notes, loans and finance leases payable										5,431,361		4,698,615
Less: Debt issuance costs										(33,505)		(29,708)
Total notes, loans and finance leases payable, net									$	5,397,856	$	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 December 31, 2021, the applicable LIBOR was 0.11% and the applicable margin was 1.50 %, the sum of which was 1.61 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds.

Senior Mortgages

Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70% and 5.50%. The weighted average interest rate of these loans as of December 31, 2021 was 4.06%.  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.

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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 December 31, 2021, the outstanding balance of these loans in the aggregate was $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of December 31, 2021, the applicable LIBOR was between 0.09% and 0.10% 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 December 31, 2021, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 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 outstanding balance for these revolvers is $ 550.0 million. The interest rates, per the provision of the loan agreements, in aggregate of $ 375.0 million, are the applicable LIBOR plus the applicable margin. As of December 31, 2021, the applicable LIBOR was between 0.09 % and 0.10 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.25 % and 1.34 %. Of this $375.0 million outstanding, $100.0 million is fixed with an interest rate of 2.36%.   The other loan of $175.0 million uses the Secured Overnight Funding Rate which interest rate was 0.05% plus a margin of 1.25% totaling 1.30% as of December 31, 2021.   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 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 $692.8 million and $877.0 million as of December 31, 2021 and March 31, 2021, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the nine months ended December 31, 2021.

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notes to condensed consolidated financial statements – (continued)

Finance Liabilities

Finance liabilities represent our rental equipment financing transactions and 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, sale-leasebacks are accounted for as a financial liability and the leased assets are 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.  

Private Placements

In September 2021, AMERCO entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering.   These notes consist of four tranches each totaling $ 150.0 million and funded in September 2021.   The fixed interest rates range between 2.43 % and 2.78 %.   Interest is payable semiannually.  

In December 2021, AMERCO entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes funded on January 27, 2022. These notes consist of three tranches each totaling $ 100.0 million and two tranches each totaling $ 150.0 million.   The fixed interest rates range between 2.55 % and 2.88 % with maturities between 2030 and 2035 .   Interest is payable semiannually.  

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 December 31, 2021, the aggregate outstanding principal balance of the U-Notes ® issued was $ 90.1 million, of which $ 2.3 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 1.50 % and 8.00 % and maturity dates range between 2022 and 2049 .

Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2021, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 0.49 % and 1.72 % with maturities between September 30, 2022 and September 29, 2025. As of September 30, 2021, available-for-sale investments held with the FHLB totaled $ 110.0 million, of which $ 66.5 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 December 31, 2021 for the next five years and thereafter are as follows:

		Year Ending December 31,
		2022		2023		2024		2025		2026		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable, secured	$	515,591	$	611,940	$	1,084,053	$	539,695	$	661,676	$	2,018,406

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Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Interest expense	$	43,850	$	41,371
Capitalized interest		(2,222)		(2,105)
Amortization of transaction costs		1,407		1,890
Interest expense resulting from cash flow hedges		1,007		972
Total interest expense		44,042		42,128
Fees on early extinguishment of debt		956		–
Total	$	44,998	$	42,128

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Interest expense	$	122,589	$	124,882
Capitalized interest		(6,974)		(10,033)
Amortization of transaction costs		4,153		4,645
Interest expense resulting from cash flow hedges		2,997		2,680
Total interest expense		122,765		122,174
Fees on early extinguishment of debt		956		–
Total	$	123,721	$	122,174

Interest paid in cash, including payments related to derivative contracts, amounted to $ 35.4 million and $ 38.4 million for the third quarter of fiscal 2022 and 2021, respectively, and $ 106.9 million and $ 116.9 million for the first nine months of fiscal 2022 and 2021, respectively.

Interest Rates

Interest rates and Company borrowings were as follows:

		Revolving Credit Activity
		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		1.38	%	1.66	%
Interest rate at the end of the period		1.39	%	1.65	%
Maximum amount outstanding during the period	$	1,085,000	$	1,082,000
Average amount outstanding during the period	$	1,081,283	$	1,057,380
Facility fees	$	66	$	91

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notes to condensed consolidated financial statements – (continued)

		Revolving Credit Activity
		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		1.38	%	1.65	%
Interest rate at the end of the period		1.39	%	1.65	%
Maximum amount outstanding during the period	$	1,093,000	$	1,175,000
Average amount outstanding during the period	$	1,081,571	$	1,092,382
Facility fees	$	198	$	185

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:

		Derivatives Fair Values as of
		December 31, 2021		March 31, 2021
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments:
Assets	$	–	$	–
Liabilities	$	2,051	$	5,141
Notional amount	$	235,000	$	235,000

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		December 31, 2021		December 31, 2020
		(Unaudited)
		(In thousands)
(Gain) loss recognized in AOCI on interest rate contracts	$	(1,242)	$	(1,007)
(Gain) loss reclassified from AOCI into income	$	( 1,007 )	$	( 972 )

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 nine months of fiscal 2022, we recognized a decrease in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first nine months of fiscal 2022, we reclassified $2.3 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of December 31, 2021, we expect to reclassify $2.3 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

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notes to condensed consolidated financial statements – (continued)

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 September 30, 2021 and December 31, 2020, these derivative hedges had a net market value of $ 6.6 million and $ 6.6 million, with notional amounts of $ 399.1 million and $ 282.7 million, respectively. The change in the fair value of these derivative hedges that was recognized in earnings was a gain of ($0.8) million for the quarter ended September 30, 2021 and a loss of $44 thousand for the nine months ended September 30, 2021. 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 changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in the fair value for open contracts.

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 as of March 31, 2021	$	(52,929)	$	167,653	$	(3,879)	$	(3,988)	$	106,857
Foreign currency translation		(2,288)		–		–		–		(2,288)
Unrealized net loss on investments		–		(43,637)		–		–		(43,637)
Change in fair value of cash flow hedges		–		–		71		–		71
Amounts reclassified into earnings on hedging activities		–		–		2,261		–		2,261
Other comprehensive income (loss)		(2,288)		(43,637)		2,332		–		(43,593)
Balance as of December 31, 2021	$	( 55,217 )	$	124,016	$	( 1,547 )	$	( 3,988 )	$	63,264

7. Stockholders’ Equity

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

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
June 9, 2021	$	0.50	June 24, 2021	July 8, 2021
August 19, 2021	$	0.50	September 7, 2021	September 21, 2021
October 6, 2021	$	0.50	October 18, 2021	October 29, 2021

As of December 31, 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.

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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, net 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.

Our equipment sale/leaseback transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements for additional information.

The following tables show the components of our ROU assets:

		As of December 31, 2021
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	136,213	$	136,213
Furniture and equipment		14,732		–		14,732
Rental trailers and other rental equipment		173,940		–		173,940
Rental trucks		1,243,830		–		1,243,830
Right-of-use assets, gross		1,432,502		136,213		1,568,715
Less: Accumulated depreciation		(739,688)		(56,763)		(796,451)
Right-of-use assets, net	$	692,814	$	79,450	$	772,264

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		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   December 31, 2021 and March 31, 2021, we had finance leases for the ROU assets, net of $ 384.5 million and $ 513.6 million, respectively and operating leases of $ 79.3 million and $ 92.5 million, respectively.

	Finance leases
	December 31,		March 31,
	2021		2021
	(Unaudited)
Weighted average remaining lease term (years)	3		3
Weighted average discount rate	3.7	%	3.6	%

	Operating leases
	December 31,		March 31,
	2021		2021
	(Unaudited)
Weighted average remaining lease term (years)	16		14.7
Weighted average discount rate	4.6	%	4.6	%

For the first nine months ended December 31, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 22.6 million and $ 22.0 million, respectively, and our financing cash flow activities were $ 129.2 million and $ 173.5 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $3.5 million and $5.9 million for the first nine months of fiscal 2022 and 2021, respectively.  

The components of lease costs were as follows:

		Nine Months Ended
		December 31, 2021		December 31, 2020
		(Unaudited)
		(In thousands)
Operating lease costs	$	24,018	$	22,564
Finance lease cost:
Amortization of ROU assets	$	90,056	$	116,002
Interest on lease liabilities		14,290		17,448
Total finance lease cost	$	104,346	$	133,450

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notes to condensed consolidated financial statements – (continued)

Maturities of lease liabilities were as follows:

		Finance leases		Operating leases
		(Unaudited)
Year ending December 31,		(In thousands)
2022	$	142,702	$	23,774
2023		122,157		22,123
2024		85,912		14,404
2025		48,427		4,974
2026		12,197		3,135
Thereafter		–		60,040
Total lease payments		411,395		128,450
Less: imputed interest		(26,890)		(49,116)
Present value of lease liabilities	$	384,505	$	79,334

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 $243 million in the first nine months of fiscal 2022, 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.

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notes to condensed consolidated financial statements – (continued)

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. 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 December 31,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	6,972	$	6,350
U-Haul management fee revenue from Mercury		2,679		2,415
	$	9,651	$	8,765

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	21,580	$	19,142
U-Haul management fee revenue from Mercury		5,267		4,810
	$	26,847	$	23,952

20

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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 $ 27.1 million and $ 24.5 million from the above-mentioned entities during the first nine months 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 December 31,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	658
U-Haul commission expenses to Blackwater		21,086		18,099
	$	21,690	$	18,757

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	1,841	$	1,973
U-Haul commission expenses to Blackwater		70,502		53,964
	$	72,343	$	55,937

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 December 31, 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 $ 21.6 million, expenses of $ 1.8 million and cash flows of $ 19.8 million during the first nine months of fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 335.3 million and $ 70.5 million, respectively, during the first nine months 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.

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notes to condensed consolidated financial statements – (continued)

Related Party Assets

		December 31,		March 31,
		2021		2021
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	45,804	$	27,116
U-Haul receivable from Mercury		9,845		9,632
Other (a)		582		(1,353)
	$	56,231	$	35,395

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

11. Consolidating Financial Information by Industry Segment:

AMERCO’s three reportable segments are:

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

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

• Life Insurance, comprised of Oxford and its subsidiaries.

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

22

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notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of December 31, 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	$	2,254,215	$	8,065	$	65,182	$	–		$	2,327,462
Reinsurance recoverables and trade receivables, net		127,753		65,502		37,182		–			230,437
Inventories and parts, net		166,588		–		–		–			166,588
Prepaid expenses		211,449		–		–		–			211,449
Investments, fixed maturities and marketable equities		–		285,212		2,510,230		–			2,795,442
Investments, other		20,766		118,936		462,669		–			602,371
Deferred policy acquisition costs, net		–		–		101,770		–			101,770
Other assets		37,916		575		2,655		–			41,146
Right of use assets - financing, net		692,814		–		–		–			692,814
Right of use assets - operating, net		79,211		123		116		–			79,450
Related party assets		71,882		7,674		14,289		(37,614)	(c)		56,231
		3,662,594		486,087		3,194,093		(37,614)			7,305,160
Investment in subsidiaries		736,500		–		–		(736,500)	(b)		–
Property, plant and equipment, at cost:
Land		1,264,742		–		–		–			1,264,742
Buildings and improvements		5,726,481		–		–		–			5,726,481
Furniture and equipment		841,957		–		–		–			841,957
Rental trailers and other rental equipment		569,150		–		–		–			569,150
Rental trucks		4,425,113		–		–		–			4,425,113
		12,827,443		–		–		–			12,827,443
Less:   Accumulated depreciation		(3,544,525)		–		–		–			(3,544,525)
Total property, plant and equipment, net		9,282,918		–		–		–			9,282,918
Total assets	$	13,682,012	$	486,087	$	3,194,093	$	(774,114)		$	16,588,078
(a) Balances as of September 30, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

23

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	625,504	$	3,687	$	5,604	$	–		$	634,795
Notes, loans and finance leases payable, net		5,397,856		–		–		–			5,397,856
Operating lease liability		79,086		124		124		–			79,334
Policy benefits and losses, claims and loss expenses payable		428,029		176,955		398,911		–			1,003,895
Liabilities from investment contracts		–		–		2,302,591		–			2,302,591
Other policyholders' funds and liabilities		–		3,759		5,851		–			9,610
Deferred income		43,352		–		–		–			43,352
Deferred income taxes, net		1,271,449		12,702		17,078		–			1,301,229
Related party liabilities		25,145		3,414		12,880		(41,439)	(c)		–
Total liabilities		7,870,421		200,641		2,743,039		(41,439)			10,772,662
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)		59,439		18,405		101,787		(116,367)	(b)		63,264
Retained earnings		5,965,276		172,620		320,496		(492,906)	(b)		5,965,486
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		5,811,591		285,446		451,054		(732,675)			5,815,416
Total liabilities and stockholders' equity	$	13,682,012	$	486,087	$	3,194,093	$	(774,114)		$	16,588,078
(a) Balances as of September 30, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

24

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of March 31, 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

25

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

26

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statement of operations by industry segment for the quarter ended December 31, 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	$	977,052	$	–	$	–	$	(1,500)	(c)	$	975,552
Self-storage revenues		159,424		–		–		–			159,424
Self-moving and self-storage products and service sales		75,402		–		–		–			75,402
Property management fees		9,651		–		–		–			9,651
Life insurance premiums		–		–		27,010		–			27,010
Property and casualty insurance premiums		–		26,477		–		(859)	(c)		25,618
Net investment and interest income		666		3,343		28,182		(1,007)	(b)		31,184
Other revenue		99,385		–		1,225		(115)	(b)		100,495
Total revenues		1,321,580		29,820		56,417		(3,481)			1,404,336
Costs and expenses:
Operating expenses		642,900		12,198		5,465		(2,468)	(b,c)		658,095
Commission expenses		105,155		–		–		–			105,155
Cost of sales		57,042		–		–		–			57,042
Benefits and losses		–		7,892		39,374		–			47,266
Amortization of deferred policy acquisition costs		–		–		7,947		–			7,947
Lease expense		7,917		73		28		(624)	(b)		7,394
Depreciation, net of gains on disposal		103,736		–		–		–			103,736
Net losses on disposal of real estate		977		–		–		–			977
Total costs and expenses		917,727		20,163		52,814		(3,092)			987,612
Earnings from operations before equity in earnings of subsidiaries		403,853		9,657		3,603		(389)			416,724
Equity in earnings of subsidiaries		10,403		–		–		(10,403)	(d)		–
Earnings from operations		414,256		9,657		3,603		(10,792)			416,724
Other components of net periodic benefit costs		(280)		–		–		–			(280)
Interest expense		(44,311)		–		(120)		389	(b)		(44,042)
Fees on early extinguishment of debt		(956)		–		–		–			(956)
Pretax earnings		368,709		9,657		3,483		(10,403)			371,446
Income tax expense		(87,243)		(2,027)		(710)		–			(89,980)
Earnings available to common stockholders	$	281,466	$	7,630	$	2,773	$	(10,403)		$	281,466
(a) Balances for the quarter ended September 30, 2021
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

27

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notes to condensed consolidated financial statements – (continued)

Consolidating statements of operations by industry segment for the quarter ended December 31, 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	$	809,371	$	–	$	–	$	(1,156)	(c)	$	808,215
Self-storage revenues		123,024		–		–		–			123,024
Self-moving and self-storage products and service sales		74,586		–		–		–			74,586
Property management fees		8,765		–		–		–			8,765
Life insurance premiums		–		–		29,993		–			29,993
Property and casualty insurance premiums		–		20,706		–		(773)	(c)		19,933
Net investment and interest income		524		5,934		30,092		(970)	(b)		35,580
Other revenue		69,011		–		992		(117)	(b)		69,886
Total revenues		1,085,281		26,640		61,077		(3,016)			1,169,982
Costs and expenses:
Operating expenses		526,884		10,072		5,027		(2,041)	(b,c)		539,942
Commission expenses		86,891		–		–		–			86,891
Cost of sales		45,752		–		–		–			45,752
Benefits and losses		–		4,908		40,723		–			45,631
Amortization of deferred policy acquisition costs		–		–		6,572		–			6,572
Lease expense		8,024		169		31		(702)	(b)		7,522
Depreciation, net of gains on disposal		152,602		–		–		–			152,602
Net losses on disposal of real estate		1,124		–		–		–			1,124
Total costs and expenses		821,277		15,149		52,353		(2,743)			886,036
Earnings from operations before equity in earnings of subsidiaries		264,004		11,491		8,724		(273)			283,946
Equity in earnings of subsidiaries		16,117		–		–		(16,117)	(d)		–
Earnings from operations		280,121		11,491		8,724		(16,390)			283,946
Other components of net periodic benefit costs		(247)		–		–		–			(247)
Interest expense		(42,401)		–		–		273	(b)		(42,128)
Pretax earnings		237,473		11,491		8,724		(16,117)			241,571
Income tax expense		(54,488)		(2,405)		(1,693)		–			(58,586)
Earnings available to common stockholders	$	182,985	$	9,086	$	7,031	$	(16,117)		$	182,985
(a) Balances for the quarter ended September 30, 2020
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

28

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statements of operations by industry segment for the nine months ended December 31, 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	$	3,193,594	$	–	$	–	$	(3,604)	(c)	$	3,189,990
Self-storage revenues		450,302		–		–		–			450,302
Self-moving and self-storage products and service sales		272,478		–		–		–			272,478
Property management fees		26,847		–		–		–			26,847
Life insurance premiums		–		–		84,628		–			84,628
Property and casualty insurance premiums		–		67,277		–		(2,291)	(c)		64,986
Net investment and interest income		2,021		15,538		88,448		(3,044)	(b)		102,963
Other revenue		346,591		–		2,985		(324)	(b)		349,252
Total revenues		4,291,833		82,815		176,061		(9,263)			4,541,446
Costs and expenses:
Operating expenses		1,927,060		31,779		16,063		(6,204)	(b,c)		1,968,698
Commission expenses		346,200		–		–		–			346,200
Cost of sales		193,448		–		–		–			193,448
Benefits and losses		–		16,679		122,515		–			139,194
Amortization of deferred policy acquisition costs		–		–		23,520		–			23,520
Lease expense		24,018		279		81		(1,896)	(b)		22,482
Depreciation, net of gains on disposal		361,201		–		–		–			361,201
Net gains on disposal of real estate		(2,930)		–		–		–			(2,930)
Total costs and expenses		2,848,997		48,737		162,179		(8,100)			3,051,813
Earnings from operations before equity in earnings of subsidiaries		1,442,836		34,078		13,882		(1,163)			1,489,633
Equity in earnings of subsidiaries		37,811		–		–		(37,811)	(d)		–
Earnings from operations		1,480,647		34,078		13,882		(38,974)			1,489,633
Other components of net periodic benefit costs		(840)		–		–		–			(840)
Interest expense		(123,568)		–		(360)		1,163	(b)		(122,765)
Fees on early extinguishment of debt		(956)		–		–		–			(956)
Pretax earnings		1,355,283		34,078		13,522		(37,811)			1,365,072
Income tax expense		(318,744)		(7,133)		(2,656)		–			(328,533)
Earnings available to common stockholders	$	1,036,539	$	26,945	$	10,866	$	(37,811)		$	1,036,539
(a) Balances for the nine months ended September 30, 2021
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

29

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statements of operations by industry segment for the nine months ended December 31, 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	$	2,396,098	$	–	$	–	$	(2,568)	(c)	$	2,393,530
Self-storage revenues		347,252		–		–		–			347,252
Self-moving and self-storage products and service sales		264,564		–		–		–			264,564
Property management fees		23,952		–		–		–			23,952
Life insurance premiums		–		–		91,958		–			91,958
Property and casualty insurance premiums		–		51,934		–		(2,398)	(c)		49,536
Net investment and interest income		1,781		11,013		75,749		(2,648)	(b)		85,895
Other revenue		223,252		–		2,583		(395)	(b)		225,440
Total revenues		3,256,899		62,947		170,290		(8,009)			3,482,127
Costs and expenses:
Operating expenses		1,569,763		27,063		15,208		(5,347)	(b,c)		1,606,687
Commission expenses		255,431		–		–		–			255,431
Cost of sales		159,516		–		–		–			159,516
Benefits and losses		–		11,376		119,284		–			130,660
Amortization of deferred policy acquisition costs		–		–		19,012		–			19,012
Lease expense		22,564		170		102		(1,841)	(b)		20,995
Depreciation, net of gains on disposal		455,711		–		–		–			455,711
Net losses on disposal of real estate		4,293		–		–		–			4,293
Total costs and expenses		2,467,278		38,609		153,606		(7,188)			2,652,305
Earnings from operations before equity in earnings of subsidiaries		789,621		24,338		16,684		(821)			829,822
Equity in earnings of subsidiaries		32,850		–		–		(32,850)	(d)		–
Earnings from operations		822,471		24,338		16,684		(33,671)			829,822
Other components of net periodic benefit costs		(740)		–		–		–			(740)
Interest expense		(122,995)		–		–		821	(b)		(122,174)
Pretax earnings		698,736		24,338		16,684		(32,850)			706,908
Income tax expense		(161,660)		(5,121)		(3,051)		–			(169,832)
Earnings available to common stockholders	$	537,076	$	19,217	$	13,633	$	(32,850)		$	537,076
(a) Balances for the nine months ended September 30, 2020
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

30

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the nine months ended December 31, 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	$	1,036,539	$	26,945	$	10,866	$	(37,811)	$	1,036,539
Earnings from consolidated entities		(37,811)		–		–		37,811		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		519,181		–		–		–		519,181
Amortization of deferred policy acquisition costs		–		–		23,520		–		23,520
Amortization of premiums and accretion of discounts related to investments, net		–		1,326		13,160		–		14,486
Amortization of debt issuance costs		4,200		–		–		–		4,200
Interest credited to policyholders		–		–		47,181		–		47,181
Change in allowance for losses on trade receivables		1,413		(174)		4		–		1,243
Change in allowance for inventories and parts reserve		9,799		–		–		–		9,799
Net gains on disposal of personal property		(157,980)		–		–		–		(157,980)
Net gains on disposal of real estate		(2,930)		–		–		–		(2,930)
Net gains on sales of investments		–		(223)		(3,272)		–		(3,495)
Net gains on equity investments		–		(3,695)		–		–		(3,695)
Deferred income taxes		134,541		763		(4,544)		–		130,760
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(10,403)		1,567		1,465		–		(7,371)
Inventories and parts		(70,796)		–		–		–		(70,796)
Prepaid expenses		257,591		–		–		–		257,591
Capitalization of deferred policy acquisition costs		–		–		(25,703)		–		(25,703)
Other assets		1,213		72		(107)		–		1,178
Related party assets		(17,870)		(813)		–		–		(18,683)
Accounts payable and accrued expenses		30,634		1,659		965		–		33,258
Policy benefits and losses, claims and loss expenses payable		1,172		(1,987)		7,226		–		6,411
Other policyholders' funds and liabilities		–		61		(2,871)		–		(2,810)
Deferred income		687		–		(1,213)		–		(526)
Related party liabilities		(267)		(2,414)		474		–		(2,207)
Net cash provided by operating activities		1,698,913		23,087		67,151		–		1,789,151
Cash flows from investing activities:
Escrow deposits		5,695		–		–		–		5,695
Purchases of:
Property, plant and equipment		(1,652,984)		–		–		–		(1,652,984)
Short term investments		–		(31,074)		–		–		(31,074)
Fixed maturities investments		–		(7,749)		(440,534)		–		(448,283)
Equity securities		–		–		(1,380)		–		(1,380)
Preferred stock		–		–		(8,000)		–		(8,000)
Real estate		(33)		–		(157)		–		(190)
Mortgage loans		–		(19,132)		(112,501)		–		(131,633)
Proceeds from sales and paydowns of:
Property, plant and equipment		483,783		–		–		–		483,783
Short term investments		–		20,608		61		–		20,669
Fixed maturities investments		–		13,816		270,531		–		284,347
Equity securities		–		–		2,026		–		2,026
Preferred stock		–		2,000		–		–		2,000
Mortgage loans		–		851		27,213		–		28,064
Net cash used by investing activities		(1,163,539)		(20,680)		(262,741)		–		(1,446,960)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2021

31

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2021 are as follows:

		Consolidated Moving & Storage		Insurance (a) Property & Casualty		Insurance (a) Life		Elimination		Consolidated AMERCO
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		1,202,412		–		–		–		1,202,412
Principal repayments on credit facilities		(322,232)		–		(11,187)		–		(333,419)
Payments of debt issuance costs		(8,006)		–		–		–		(8,006)
Finance lease payments		(129,150)		–		–		–		(129,150)
Common stock dividend paid		(29,412)		–		–		–		(29,412)
Investment contract deposits		–		–		271,657		–		271,657
Investment contract withdrawals		–		–		(177,777)		–		(177,777)
Net cash provided by financing activities		713,612		–		82,693		–		796,305
Effects of exchange rate on cash		(5,046)		–		–		–		(5,046)
Increase (decrease) in cash and cash equivalents		1,243,940		2,407		(112,897)		–		1,133,450
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	$	2,254,215	$	8,065	$	65,182	$	–	$	2,327,462
		(page 2 of 2)
(a) Balance for the period ended September 30, 2021

32

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the nine months ended December 31, 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	$	537,076	$	19,217	$	13,633	$	(32,850)	$	537,076
Earnings from consolidated entities		(32,850)		–		–		32,850		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		495,794		–		–		–		495,794
Amortization of deferred policy acquisition costs		–		–		19,012		–		19,012
Amortization of premiums and accretion of discounts related to investments, net		–		1,180		9,017		–		10,197
Amortization of debt issuance costs		4,645		–		–		–		4,645
Interest credited to policyholders		–		–		38,672		–		38,672
Change in allowance for losses on trade receivables		(573)		–		(1)		–		(574)
Change in allowance for inventories and parts reserve		3,259		–		–		–		3,259
Net gains on disposal of personal property		(40,083)		–		–		–		(40,083)
Net losses on disposal of real estate		4,293		–		–		–		4,293
Net gains on sales of investments		–		(86)		(5,558)		–		(5,644)
Net losses on equity investments		–		669		–		–		669
Deferred income taxes		116,099		1,685		(759)		–		117,025
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(39,327)		5,880		(6,052)		–		(39,499)
Inventories and parts		(6,349)		–		–		–		(6,349)
Prepaid expenses		112,428		–		–		–		112,428
Capitalization of deferred policy acquisition costs		–		–		(24,903)		–		(24,903)
Other assets		30,337		286		(503)		–		30,120
Related party assets		(20,643)		(151)		–		–		(20,794)
Accounts payable and accrued expenses		96,269		(2,106)		2,988		–		97,151
Policy benefits and losses, claims and loss expenses payable		10,526		(8,824)		12,394		–		14,096
Other policyholders' funds and liabilities		–		(5,671)		30,348		–		24,677
Deferred income		5,483		–		1,368		–		6,851
Related party liabilities		749		(946)		(1,369)		–		(1,566)
Net cash provided by operating activities		1,277,133		11,133		88,287		–		1,376,553
Cash flows from investing activities:
Escrow deposits		(1,978)		–		–		–		(1,978)
Purchases of:
Property, plant and equipment		(961,995)		–		–		–		(961,995)
Short term investments		–		(38,789)		(1)		–		(38,790)
Fixed maturities investments		–		(10,438)		(341,869)		–		(352,307)
Equity securities		–		–		(838)		–		(838)
Preferred stock		–		–		(16,144)		–		(16,144)
Real estate		–		–		(274)		–		(274)
Mortgage loans		–		(14,780)		(77,501)		–		(92,281)
Proceeds from sales and paydowns of:
Property, plant and equipment		434,860		–		–		–		434,860
Short term investments		–		38,830		–		–		38,830
Fixed maturities investments		–		14,217		317,190		–		331,407
Equity securities		–		–		72		–		72
Preferred stock		–		1,200		–		–		1,200
Mortgage loans		–		879		3,865		–		4,744
Net cash used by investing activities		(529,113)		(8,881)		(115,500)		–		(653,494)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2020

33

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2020 are as follows:

		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		780,932		–		9,600		–		790,532
Principal repayments on credit facilities		(558,280)		–		(9,788)		–		(568,068)
Payment of debt issuance costs		(5,020)		–		–		–		(5,020)
Finance lease payments		(173,520)		–		–		–		(173,520)
Common stock dividend paid		(49,019)		–		–		–		(49,019)
Net contribution from (to) related party		41,199		–		(18,599)		–		22,600
Investment contract deposits		–		–		326,055		–		326,055
Investment contract withdrawals		–		–		(169,008)		–		(169,008)
Net cash provided by financing activities		36,292		–		138,260		–		174,552
Effects of exchange rate on cash		6,877		–		–		–		6,877
Increase in cash and cash equivalents		791,189		2,252		111,047		–		904,488
Cash and cash equivalents at beginning of period		459,078		4,794		30,480		–		494,352
Cash and cash equivalents at end of period	$	1,250,267	$	7,046	$	141,527	$	–	$	1,398,840
		(page 2 of 2)
(a) Balance for the period ended September 30, 2020

34

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 December 31, 2021
Total revenues	$	1,334,131	$	70,205	$	1,404,336
Depreciation and amortization, net of (gains) on disposal		110,383		2,277		112,660
Interest expense		43,140		902		44,042
Pretax earnings		360,449		10,997		371,446
Income tax expense		87,135		2,845		89,980
Identifiable assets		16,077,571		510,507		16,588,078
Quarter Ended December 31, 2020
Total revenues	$	1,114,816	$	55,166	$	1,169,982
Depreciation and amortization, net of (gains) on disposal		158,844		1,454		160,298
Interest expense		41,378		750		42,128
Pretax earnings		233,163		8,408		241,571
Income tax expense		56,237		2,349		58,586
Identifiable assets		14,020,573		426,732		14,447,305

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Nine Months Ended December 31, 2021
Total revenues	$	4,307,322	$	234,124	$	4,541,446
Depreciation and amortization, net of (gains) on disposal		379,989		1,802		381,791
Interest expense		119,856		2,909		122,765
Pretax earnings		1,320,056		45,016		1,365,072
Income tax expense		317,057		11,476		328,533
Identifiable assets		16,077,571		510,507		16,588,078
Nine Months Ended December 31, 2020
Total revenues	$	3,318,854	$	163,273	$	3,482,127
Depreciation and amortization, net of (gains) on disposal		471,592		7,424		479,016
Interest expense		120,015		2,159		122,174
Pretax earnings		685,312		21,596		706,908
Income tax expense		163,644		6,188		169,832
Identifiable assets		14,020,573		426,732		14,447,305

35

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

13. Employee Benefit Plans

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

		Quarter Ended December 31,
		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

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	1,051	$	950
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		681		689
Other components		159		51
Total other components of net periodic benefit costs		840		740
Net periodic postretirement benefit cost	$	1,891	$	1,690

14. Fair Value Measurements

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

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

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

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

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

Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

36

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

The estimated fair value of long-term debt and short-term borrowings are based on the rates estimated to be currently available for debt of similar term and remaining maturity.

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.

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 December 31, 2021		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	230,437	$	–	$	–	$	230,437	$	230,437
Mortgage loans, net		494,790		–		–		494,790		494,790
Other investments		107,581		–		–		107,581		107,581
Total	$	832,808	$	–	$	–	$	832,808	$	832,808
Liabilities
Notes, loans and finance leases payable		5,397,856		–		5,397,856		–		5,196,104
Total	$	5,397,856	$	–	$	5,397,856	$	–	$	5,196,104

		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

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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 December 31, 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 December 31, 2021		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	2,102,275	$	2,102,275	$	–	$	–
Fixed maturities - available for sale		2,743,151		17,103		2,725,938		110
Preferred stock		28,112		28,112		–		–
Common stock		24,179		24,179		–		–
Derivatives		6,557		6,557		–		–
Total	$	4,904,274	$	2,178,226	$	2,725,938	$	110
Liabilities
Derivatives		2,051		–		2,051		–
Total	$	2,051	$	–	$	2,051	$	–

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 $ 0.1 million and $ 0.2 million for December 31, 2021 and March 31, 2021, respectively.

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

38

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

  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 December 31, 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. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 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. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Revenue Recognized in Accordance with Topic 842

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.  Please see Note 8, Leases, of the Notes to the Condensed Consolidated Financial Statements.

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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:

		Year Ending December 31,
		2022		2023		2024		2025		2026		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	5,175	$	–	$	–	$	–	$	–	$	–
Property lease revenues		16,211		12,024		8,610		6,450		5,286		48,888
Total	$	21,386	$	12,024	$	8,610	$	6,450	$	5,286	$	48,888

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.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

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.

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	73,785	$	51,161
Revenues recognized at a point in time:		90,763		84,820
Total revenues recognized under ASC 606		164,548		135,981
Revenues recognized under ASC 842		1,154,751		945,024
Revenues recognized under ASC 944		53,853		53,397
Revenues recognized under ASC 320		31,184		35,580
Total revenues	$	1,404,336	$	1,169,982

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	261,638	$	165,445
Revenues recognized at a point in time:		322,405		304,522
Total revenues recognized under ASC 606		584,043		469,967
Revenues recognized under ASC 842		3,701,695		2,780,668
Revenues recognized under ASC 944		152,745		145,597
Revenues recognized under ASC 320		102,963		85,895
Total revenues	$	4,541,446	$	3,482,127

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

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

16. Allowance for Credit Losses

Trade Receivables

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

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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 at December 31, 2021 was $ 4.3 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 December 31, 2021.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $ 29.7 million as of September 30, 2021 and are excluded from the estimate of credit losses.

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 write off accrued interest receivables by reversing interest income.

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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.   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 credit losses are expected to occur, 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 January 1, 2021 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium receivables

Premiums receivables   were $ 2.0 million as of September 30, 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		1,510		(1,320)		14		204
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of December 31, 2021	$	4,345	$	–	$	515	$	4,860

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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.

In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), (“ASU 2021-01”).   The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.   We adopted ASU 2021-01 on a prospective basis effect and there was no impact to 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.

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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 third quarter and first nine months of fiscal 2022, compared with the third quarter and first nine months 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 third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September 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

45

• Life Insurance, comprised of Oxford and its wholly owned subsidiaries.

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 September 30, 2021.

46

Results of Operations

AMERCO and Consolidated Entities

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

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

		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	975,552	$	808,215
Self-storage revenues		159,424		123,024
Self-moving and self-storage products and service sales		75,402		74,586
Property management fees		9,651		8,765
Life insurance premiums		27,010		29,993
Property and casualty insurance premiums		25,618		19,933
Net investment and interest income		31,184		35,580
Other revenue		100,495		69,886
Consolidated revenue	$	1,404,336	$	1,169,982

Self-moving equipment rental revenues increased $167.3 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   This quarter’s 21% improvement is compared against a third quarter from last year that had reported a 30% revenue improvement.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and towing devices in the rental fleet.

Self-storage revenues increased $36.4 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021.   The average monthly number of occupied units increased by 24%, or 94,886 units, during the third 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 3.9 million net rentable square feet, with approximately 0.9 million of that coming on during the third quarter of fiscal 2022.

Sales of self-moving and self-storage products and services increased $0.8 million during the third quarter of fiscal 2022, compared with third quarter of fiscal 2021 primarily due to increases in propane.

Life insurance premiums decreased $3.0 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021 due primarily to decreased sales of single premium life products and policy decrements in Medicare supplement premiums.

Property and casualty insurance premiums increased $5.7 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. 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 July, August and September.

Net investment and interest income decreased $4.4 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Increases from our larger invested asset base were partially offset by a $1.5 million loss realized on derivatives used as hedges to fixed indexed annuities at our Life Insurance subsidiary. Changes in the market value of unaffiliated common stocks held at our Property and Casualty Insurance subsidiary accounted for $2.2 million of the decrease. In addition, the change in the provision for expected credit losses resulted in a $1.7 million decrease to the investment income.

Other revenue increased $30.6 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021, primarily coming from increased moving and storage transactions within our U-Box® program.

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Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2022 and the third quarter of fiscal 2021. The insurance companies’ third quarters ended September 30, 2021 and 2020.

		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,321,580	$	1,085,281
Earnings from operations before equity in earnings of subsidiaries		403,853		264,004
Property and casualty insurance
Revenues		29,820		26,640
Earnings from operations		9,657		11,491
Life insurance
Revenues		56,417		61,077
Earnings from operations		3,603		8,724
Eliminations
Revenues		(3,481)		(3,016)
Earnings from operations before equity in earnings of subsidiaries		(389)		(273)
Consolidated results
Revenues		1,404,336		1,169,982
Earnings from operations		416,724		283,946

Total costs and expenses increased $101.6 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Operating expenses for Moving and Storage increased $116.0 million largely from personnel, fleet repair and maintenance, payment processing, and freight costs. Repair costs associated with the rental fleet experienced a $31.9 million increase during the quarter due to preventative maintenance from higher customer activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.   Net gains from the disposal of rental equipment increased $60.6 million from higher resale values. Depreciation expense associated with our rental fleet increased $6.9 million to $126.6 million.   COVID-19 related delays at manufacturers continue to affect our fleet plan.   Depreciation expense on all other assets, largely from buildings and improvements, increased $4.9 million to $48.8 million. Cost of goods sold associated with our retail sales programs have increased in relation to the increase in sales activity combined with effects from inflation.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased $132.8 million to $416.7 million for the third quarter of fiscal 2022, compared with $283.9 million for the third quarter of fiscal 2021.

Interest expense for the third quarter of fiscal 2022 was $44.0 million, compared with $42.1 million for the third quarter of fiscal 2021.   Average debt outstanding during the period increased while the average cost decreased.

Income tax expense was $90.0 million for the third quarter of fiscal 2022, compared with $58.6 million for the third quarter of fiscal 2021.

As a result of the above-mentioned items, earnings available to common stockholders were $281.5 million for the third quarter of fiscal 2022, compared with $183.0 million for the third quarter of fiscal 2021.

Basic and diluted earnings per share for the third quarter of fiscal 2022 were $14.35, compared with $9.33 for the third quarter of fiscal 2021.

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

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Moving and Storage

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

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

		Quarter Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	977,052	$	809,371
Self-storage revenues		159,424		123,024
Self-moving and self-storage products and service sales		75,402		74,586
Property management fees		9,651		8,765
Net investment and interest income		666		524
Other revenue		99,385		69,011
Moving and Storage revenue	$	1,321,580	$	1,085,281

Self-moving equipment rental revenues increased $167.7 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   This quarter’s 21% improvement is compared against a third quarter from last year that had reported a 30% revenue improvement.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and towing devices in the rental fleet.  

Self-storage revenues increased $36.4 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021.   The average monthly number of occupied units increased by 24%, or 94,886 units, during the third 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 3.9 million net rentable square feet, with approximately 0.9 million of that coming on during the third 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 December 31,
	2021	2020
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31	582	532
Square footage as of December 31	48,836	44,948
Average monthly number of units occupied	483	388
Average monthly occupancy rate based on unit count	83.6%	73.4%
Average monthly square footage occupied	42,239	34,802

Over the last twelve months, we added approximately 3.9 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 6.5%.

Sales of self-moving and self-storage products and services increased $0.8 million during the third quarter of fiscal 2022, compared with third quarter of fiscal 2021 primarily due to increases in propane.

Other revenue increased $30.4 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021 primarily coming from increased moving and storage transactions within our U-Box® program.

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Total costs and expenses increased $96.5 million during the third quarter of fiscal 2022, compared with the third quarter of fiscal 2021. Operating expenses for Moving and Storage increased $116.0 million largely from personnel, fleet repair and maintenance, payment processing, and freight costs. Repair costs associated with the rental fleet experienced a $31.9 million increase during the quarter due to preventative maintenance from higher customer activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.   Net gains from the disposal of rental equipment increased $60.6 million from higher resale values. Depreciation expense associated with our rental fleet increased $6.9 million to $126.6 million.   COVID-19 related delays at manufacturers continue to affect our fleet plan.   Depreciation expense on all other assets, largely from buildings and improvements, increased $4.9 million to $48.8 million. Cost of goods sold associated with our retail sales programs have increased in relation to the increase in sales activity combined with effects from inflation.

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 $139.8 million to $403.9 million for the third quarter of fiscal 2022, compared with $264.0 million for the third quarter of fiscal 2021.

Equity in the earnings of AMERCO’s insurance subsidiaries was $10.4 million for the third quarter of fiscal 2022, compared with $16.1 million for the third quarter of fiscal 2021.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $414.3 million for the third quarter of fiscal 2022, compared with $280.1 million for the third quarter of fiscal 2021.

Property and Casualty Insurance

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

Net premiums were $26.5 million and $20.7 million for the third quarters ended September 30, 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 were $3.3 million and $5.9 million for the third quarters ended September 30, 2021 and 2020, respectively. The main driver for the decrease was the quarter over quarter decrease in our unaffiliated common stock valuations of $2.2 million.

Net operating expenses were $12.2 million and $10.1 million for the quarters ended September 30, 2021 and 2020, respectively, due to an increase in commissions offset by an increase in loss adjusting fees and subrogation income.

Benefits and losses incurred were $7.9 million and $4.9 million for the third quarters ended September 30, 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 $9.7 million and $11.5 million for the third quarters ended September 30, 2021 and 2020, respectively.

Life Insurance

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

Net premiums were $27.0 million and $30.0 million for the third quarters ended September 30, 2021 and 2020, respectively.  Medicare Supplement premiums decreased $2.4 million from the policy decrements offset by premium rate increases. Life premiums decreased $0.7 million from the decrease in sales of single premium life product. Premiums on the remaining lines of business increased $0.1 million. Deferred annuity deposits were $72.2 million or $118.0 million below the prior year and are accounted for on the balance sheet as deposits rather than premiums. The decrease in deferred annuity deposits is a result of highly competitive rates and exceptionally high sales in the third quarter of 2020.

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Net investment income was $28.2 million and $30.1 million for the third quarters ended September 30, 2021 and 2020, respectively. Net realized gains decreased $2.8 million coupled with a $1.5 million loss realized on derivatives used as hedges to fixed indexed annuities. In addition, the change in the provision for expected credit losses resulted in a $1.4 million decrease to the investment income. This was partially offset by a $3.3 million increase in investment income from fixed maturities and mortgage loans due to a larger invested assets base.

Net operating expenses were $5.5 million and $5.0 million for the quarters ended September 30, 2021 and 2020, respectively.   The increase is primarily due to an increase in administrative expenses.

Benefits and losses incurred were $39.4 million and $40.7 million for the third quarters ended September 30, 2021 and 2020, respectively. Life benefits decreased $0.5 million primarily due to improved mortality on single premium whole life. Medicare supplement benefits decreased by $1.7 million from the declined policies in force. This was offset by an $0.8 million increase in interest credited to policyholders primarily due to the increase in annuity deposit base from continued sales.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $7.9 million and $6.6 million for the third quarters ended September 30, 2021 and 2020, respectively. The increase in DAC amortization is on life policies from higher policy lapses.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $3.5 million and $8.7 million for the third quarters ended September 30, 2021 and 2020, respectively.

AMERCO and Consolidated Entities

Nine Months Ended December 31, 2021 compared with the Nine Months Ended December 31, 2020

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

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	3,189,990	$	2,393,530
Self-storage revenues		450,302		347,252
Self-moving and self-storage products and service sales		272,478		264,564
Property management fees		26,847		23,952
Life insurance premiums		84,628		91,958
Property and casualty insurance premiums		64,986		49,536
Net investment and interest income		102,963		85,895
Other revenue		349,252		225,440
Consolidated revenue	$	4,541,446	$	3,482,127

Self-moving equipment rental revenues increased $796.5 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021.   Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and towing devices in the rental fleet.

Self-storage revenues increased $103.1 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021.  The average monthly number of occupied units increased by 26%, or 95,708 units, during the first nine months 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 3.9 million net rentable square feet, or a 9% increase, with approximately 3.1 million of that coming on during the first nine months of fiscal 2022.

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Sales of self-moving and self-storage products and services increased $7.9 million for the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021 primarily due to increase sales of moving supplies and propane offset by decreases in hitch sales.

Life insurance premiums decreased $7.3 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021 due primarily to decreased sales of single premium life products and policy decrements in Medicare supplement premiums.

Property and casualty insurance premiums increased $15.5 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021. 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 increased $17.1 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021. Changes in the market value of unaffiliated common stocks held at our Property and Casualty Insurance subsidiary accounted for $4.4 million of the increase for the nine months. Our Life Insurance subsidiaries investment income from fixed maturities and mortgage loans increased $12.7 million on a larger invested asset base, had a net gain of $1.4 million on derivatives used as hedges to fixed index annuities and had a decrease of $4.1 million in net realized gains.   In addition, the change in the provision for expected credit losses resulted in a $3.2 million increase to the investment income.

Other revenue increased $123.8 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021, primarily coming from increased moving and storage transactions within our U-Box ® program.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2022 and the first nine months of fiscal 2021. The insurance companies’ first nine months ended September 30, 2021 and 2020.

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	4,291,833	$	3,256,899
Earnings from operations before equity in earnings of subsidiaries		1,442,836		789,621
Property and casualty insurance
Revenues		82,815		62,947
Earnings from operations		34,078		24,338
Life insurance
Revenues		176,061		170,290
Earnings from operations		13,882		16,684
Eliminations
Revenues		(9,263)		(8,009)
Earnings from operations before equity in earnings of subsidiaries		(1,163)		(821)
Consolidated results
Revenues		4,541,446		3,482,127
Earnings from operations		1,489,633		829,822

Total costs and expenses increased $399.5 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021. Operating expenses for Moving and Storage increased $357.3 million largely from personnel, fleet repair and maintenance, property taxes, payment processing and freight costs associated with U-Box.  Repair costs associated with the rental fleet experienced a $94.0 million increase for the nine months of fiscal 2022 due to preventative maintenance from higher customer activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.  The addition of new equipment has been effected by delays at our original equipment manufacturers.  Net gains from the disposal of rental equipment increased $117.9 million from an increase in resale values.  Depreciation expense associated with our rental fleet increased $12.4 million to $378.5 million. Depreciation expense on all other assets, largely from buildings and improvements, increased $10.9 million to $140.7 million.  Gains on the disposal or retirement of real

52

  estate increased $7.2 million from a condemnation gain of $4.9 million in fiscal 2022 and fewer roof replacement write-offs in fiscal 2022 compared with fiscal 2021.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $1,489.6 million for the first nine months of fiscal 2022, as compared with $829.8 million for the first nine months of fiscal 2021.

Interest expense for the first nine months of fiscal 2022 was $122.8 million, compared with $122.2 million for the first nine months of fiscal 2021, primarily due to a reduction in borrowing costs.  

Income tax expense was $328.5 million for the first nine months of fiscal 2022, compared with $169.8 million for first nine months of fiscal 2021.

As a result of the above-mentioned items, earnings available to common shareholders were $1,036.5 million for the first nine months of fiscal 2022, compared with $537.1 million for the first nine months of fiscal 2021.

Basic and diluted earnings per common share for the first nine months of fiscal 2022 were $52.86, compared with $27.39 for the first nine months of fiscal 2021.

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

Moving and Storage

Nine Months Ended December 31, 2021 compared with the Nine Months Ended December 31, 2020

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

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	3,193,594	$	2,396,098
Self-storage revenues		450,302		347,252
Self-moving and self-storage products and service sales		272,478		264,564
Property management fees		26,847		23,952
Net investment and interest income		2,021		1,781
Other revenue		346,591		223,252
Moving and Storage revenue	$	4,291,833	$	3,256,899

Self-moving equipment rental revenues increased $797.5 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021.   Transactions for both our In-Town and one-way markets increased as did revenue per transaction.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and towing devices in the rental fleet.

Self-storage revenues increased $103.1 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021.  The average monthly number of occupied units increased by 26%, or 95,708 units, during the first nine months 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 3.9 million net rentable square feet, or a 9% increase, with approximately 3.1 million of that coming on during the first nine months of fiscal 2022.

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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:

	Nine Months Ended December 31,
	2021	2020
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31	582	532
Square footage as of December 31	48,836	44,948
Average monthly number of units occupied	465	369
Average monthly occupancy rate based on unit count	82.6%	71.0%
Average monthly square footage occupied	40,884	33,036

Over the last twelve months, we added approximately 3.9 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 6.5%.

Sales of self-moving and self-storage products and services increased $7.9 million for the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021 primarily due to increase sales of moving supplies and propane offset by decreases in hitch sales.

Other revenue increased $123.3 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021, primarily coming from increased moving and storage transactions within our U-Box ® program.

Total costs and expenses increased $381.7 million during the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021. Operating expenses for Moving and Storage increased $357.3 million largely from personnel, fleet repair and maintenance, property taxes, payment processing and freight costs associated with U-Box.   Repair costs associated with the rental fleet experienced a $94.0 million increase for the nine months of fiscal 2022 due to preventative maintenance from higher customer activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.   The addition of new equipment has been effected by delays at our original equipment manufacturers.   Net gains from the disposal of rental equipment increased $117.9 million from an increase in resale values.   Depreciation expense associated with our rental fleet increased $12.4 million to $378.5 million. Depreciation expense on all other assets, largely from buildings and improvements, increased $10.9 million to $140.7 million.   Gains on the disposal or retirement of real estate increased $7.2 million from a condemnation gain of $4.9 million in fiscal 2022 and fewer roof replacement write-offs in fiscal 2022 compared with fiscal 2021.

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 $1,442.8 million for the first nine months of fiscal 2022, compared with $789.6 million for the first nine months of fiscal 2021.

Equity in the earnings of AMERCO’s insurance subsidiaries was $37.8 million for the first nine months of fiscal 2022, compared with $32.9 million for the first nine months of fiscal 2021.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $1,480.6 million for the first nine months of fiscal 2022, compared with $822.5 million for the first nine months of fiscal 2021.

Property and Casualty Insurance

Nine Months Ended September 30, 2021 compared with the Nine Months Ended September 30, 2020

Net premiums were $67.3 million and $51.9 million for the nine months ended September 30, 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.

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Net investment and interest income was $15.5 million and $11.0 million for the nine months ended September 30, 2021 and 2020, respectively. The main driver of the change in net investment income was the increase in valuation of unaffiliated common stock of $4.4 million.

Net operating expenses were $31.8 million and $27.1 million for the nine months ended September 30, 2021 and 2020, respectively. The change was due to an increase in commissions offset by an increase in loss adjusting fees and subrogation income.

Benefits and losses incurred were $16.7 million and $11.4 million for the nine months ended September 30, 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 $34.1 million and $24.3 million for the nine months ended September 30, 2021 and 2020, respectively.

Life Insurance

Nine Months Ended September 30, 2021 compared with the Nine Months Ended September 30, 2020

Net premiums were $84.6 million and $92.0 million for the nine months ended September 30, 2021 and 2020, respectively. Medicare Supplement premiums decreased $6.7 million from the policy decrements offset by premium rate increases. Life premiums decreased $0.8 million due to the decrease in sales of single premium life product offset by the increased final expense renewal premiums. Premiums on the remaining lines of business increased $0.1 million. Deferred annuity deposits were $256.6 million or $22.9 million below the prior year and are accounted for on the balance sheet as deposits rather than premiums. The decrease in deferred annuity deposits is a result of highly competitive rates and exceptionally high sales in the third quarter of 2020.

Net investment income was $88.4 million and $75.7 million for the nine months ended September 30, 2021 and 2020, respectively. Investment income from fixed maturities and mortgage loans increased $12.7 million on a larger invested assets base.   A net gain of $1.4 million was realized on derivatives used as hedges to fixed indexed annuities. In addition, the change in the provision for expected credit losses resulted in a $2.9 million increase to the investment income. This was partially offset by a $4.1 million decrease in net realized gains and a $0.2 million decrease in investment income on the remaining assets.

Net operating expenses were $16.1 million and $15.2 million for the nine months ended September 30, 2021 and 2020, respectively. The increase is primarily due to the increase in administrative expenses offset by the decreased commissions on Medicare supplement and single premium life due to declined premiums.

Benefits and losses incurred were $122.5 million and $119.3 million for the nine months ended September 30, 2021 and 2020, respectively. Interest credited to policyholders increased $7.8 million from the increase in the annuity deposit base due to sales. Life benefits increased $0.9 million primarily due to increased mortality on the final expense product partially attributable to COVID-19, offset by decreased benefits on single premium life product. Benefits on remaining products increased $0.2 million. This was offset by a $5.7 million decrease in Medicare supplement benefits from the declined policies in force.

Amortization of DAC, SIA and VOBA were $23.5 million and $19.0 million for the nine months ended September 30, 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.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $13.5 million and $16.7 million for the nine months ended September 30, 2021 and 2020, respectively. 

55

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 December 31, 2021, cash and cash equivalents totaled $2,327.5 million, compared with $1,194.0 million as of 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 December 31, 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	$	2,254,215	$	8,065	$	65,182
Other financial assets		220,401		477,324		3,024,370
Debt obligations		5,397,856		–		–
(a) As of September 30, 2021

As of December 31, 2021, Moving and Storage had additional cash available under existing credit facilities of $90.0 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 $412.6 million in the first nine months of fiscal 2022 compared with the first nine months of fiscal 2021. The increase was primarily due to increased revenue and profitability, a decrease in interest paid of $10.0 million and $119.6 million of federal income taxes received, net of payments, offset by increases in cash used for inventory and parts of $64.4 million.

Net cash used in investing activities increased $793.5 million in the first nine months of fiscal 2022, compared with the first nine months of fiscal 2021. Purchases of property, plant and equipment increased $691.0 million. Reinvestment in the rental fleet was less than originally anticipated due to delays in receiving new equipment from manufacturers during the first nine months of fiscal 2022; however, the level of reinvestment in the rental fleet has increased in comparison to the first nine months of fiscal 2021.    Cash from the sales of property, plant and equipment increased $48.9 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities increased $159.0 million due to increased investment purchases.

Net cash provided by financing activities increased $621.8 million in the first nine months of fiscal 2022, as compared with the first nine months of fiscal 2021. This was due to a combination of decreased debt payments of $234.6 million, decreased finance lease payments of $44.4 million, an increase in cash from borrowings of $411.9 million, a decrease in net annuity deposits from Life Insurance of $63.2 million and a decrease in dividends paid of $19.6 million.

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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 rental equipment fleet approximately $495 million, net of equipment sales and excluding any lease buyouts. Through the first nine months of fiscal 2022, the Company invested, net of sales, approximately $338 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2022 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from manufacturers 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 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.

The Company has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt 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.   For the first nine months of fiscal 2022, the Company invested $783 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 $1,169.2 million and $527.1 million for the first nine months of fiscal 2022 and 2021, respectively. The components of our net capital expenditures are provided in the following table:

		Nine Months Ended December 31,
		2021		2020
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	808,944	$	546,612
Equipment lease buyouts		–		11,477
Purchases of real estate, construction and renovations		782,725		365,237
Other capital expenditures		61,315		38,669
Gross capital expenditures		1,652,984		961,995
Less: Sales of property, plant and equipment		(483,783)		(434,860)
Net capital expenditures	$	1,169,201	$	527,135

Moving and Storage continues to hold significant cash and 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.

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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 $285.4 million and $262.6 million as of September 30, 2021 and December 31, 2020, respectively. The increase resulted from net earnings of $26.9 million, and a decrease in other comprehensive income of $4.1 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 nine months as of September 30, 2021 were $93.9 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.  

Life Insurance’s stockholder’s equity was $451.1 million and $479.2 million as of September 30, 2021 and December 31, 2020, respectively. The decrease resulted from net earnings of $10.9 million, and a decrease in other comprehensive income of $39.0 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 September 30, 2021, Oxford had outstanding deposits of $60.0 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 $1,698.9 million and $1,277.1 million for the first nine months of fiscal 2022 and 2021, respectively. The increase was primarily due to increased revenue and profitability, a decrease in interest paid of $10.0 million and $119.6 million of federal income taxes received, net of payments, offset by increases in cash used for inventory and parts of $64.4 million.

Property and Casualty Insurance

Net cash provided by operating activities were $23.1 million and $11.1 million for the first nine months ended September 30, 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 $25.8 million and $12.9 million as of September 30, 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 $67.2 million and $88.3 million for the first nine months ended September 30, 2021 and 2020, respectively. The decrease in operating cash flows was primarily due to timing of settlement of payables and receivables, offset by an increase in collected investment income.

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 September 30, 2021 and December 31, 2021, cash and cash equivalents and short-term investments amounted to $65.2 million and $178.1 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

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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 $243 million in the first nine months of fiscal 2022, 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, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. 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 December 31, 2021, we had available borrowing capacity under existing credit facilities of $90.0 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.

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 at 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.

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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.

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 December 31, 2021:

	Notional Amount		Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
	(Unaudited)
	(In thousands)
$	85,000	$	(608)	6/28/2019	6/15/2022	1.76%	1 Month LIBOR
	75,000		(576)	6/28/2019	6/30/2022	1.78%	1 Month LIBOR
	75,000		(867)	6/28/2019	10/31/2022	1.76%	1 Month LIBOR

As of December 31, 2021, we had $1,136.9 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 $9.0 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 September 30, 2021 and December 31, 2020, these derivative hedges had a net market value of $6.6 million and $6.6 million, with notional amounts of $399.1 million and $282.7 million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.

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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 4.7% of our revenue was generated in Canada during the first nine months 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.

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.

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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.

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.

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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 most recently filed Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended September 30, 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
10.1	Note Purchase Agreement, dated December 2, 2021, among AMERCO and the purchasers named therein.	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 2021, file no. 1-11255
10.2	Form of AMERCO 2.55% Senior Note, Series A due January 27, 2030	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 2021, file no. 1-11255
10.3	Form of AMERCO 2.60% Senior Note, Series B due January 27, 2031	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 2021, file no. 1-11255
10.4	Form of AMERCO 2.68% Senior Note, Series C due January 27, 2032	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 2021, file no. 1-11255
10.5	Form of AMERCO 2.73% Senior Note, Series D due January 27, 2033	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 2021, file no. 1-11255

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10.6	Form of AMERCO 2.88% Senior Note, Series E due January 27, 2035	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on December 7, 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

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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:   February 9, 2022	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
	(Principal Executive Officer)
Date:   February 9, 2022	/s/ Jason A. Berg
	Jason A. Berg
	Chief Financial Officer
	(Principal Financial Officer)
Date:   February 9, 2022	/s/ Maria L. Bell
	Maria L. Bell
	Chief Accounting Officer
	(Principal Accounting Officer)

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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: February 9, 2022

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: February 9, 2022	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 December 31, 2021 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 9, 2022 (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: February 9, 2022	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 December 31, 2021 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on February 9, 2022 (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: February 9, 2022	Chief Financial Officer

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Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
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	Q3
Document Period End Date	Dec. 31, 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
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
ASSETS:
Cash and cash equivalents	$ 2,327,462	$ 1,194,012
Reinsurance recoverables and trade receivables, net	230,437	224,426
Inventories, net	166,588	105,577
Prepaid expenses	211,449	469,144
Investments, fixed maturities and marketable equities	2,795,442	2,695,656
Investments, other	602,371	489,759
Deferred policy acquisition costs, net	101,770	89,749
Other assets	41,146	47,730
Right of use Assets - Financing	692,814	877,038
Right of use Assets - Operating	79,450	92,505
Related party assets	56,231	35,395
Subtotal assets	7,305,160	6,320,991
Property, plant and equipment, at cost:
Land	1,264,742	1,075,813
Buildings and improvements	5,726,481	5,163,705
Furniture and equipment	841,957	786,505
Property, plant and equipment (gross)	12,827,443	11,413,668
Less: Accumulated depreciation	(3,544,525)	(3,083,053)
Total property, plant and equipment	9,282,918	8,330,615
Total assets	16,588,078	14,651,606
Liabilities:
Accounts payable and accrued expenses	634,795	645,575
Notes, loans and leases payable	5,397,856	4,668,907
Financing lease liability	384,505
Operating lease liability	79,334	92,510
Policy benefits and losses, claims and loss expenses payable	1,003,895	997,701
Liabilities from investment contracts	2,302,591	2,161,530
Other policyholders' funds and liabilities	9,610	12,420
Deferred income	43,352	42,592
Deferred income taxes, net	1,301,229	1,178,489
Total liabilities	10,772,662	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	63,264	106,857
Retained earnings	5,965,486	4,958,359
Total stockholders' equity	5,815,416	4,851,882
Total liabilities and stockholders' equity	16,588,078	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	569,150	477,921
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 4,425,113	$ 3,909,724

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Condensed Consolidated Balance Sheets Parenthetical	Dec. 31, 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

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Self-moving equipment rentals	$ 975,552	$ 808,215	$ 3,189,990	$ 2,393,530
Self-storage revenues	159,424	123,024	450,302	347,252
Self moving and self-storage products and service sales	75,402	74,586	272,478	264,564
Property management fees	9,651	8,765	26,847	23,952
Life insurance premiums	27,010	29,993	84,628	91,958
Property and casualty insurance premiums	25,618	19,933	64,986	49,536
Net investment and interest income	31,184	35,580	102,963	85,895
Other revenue	100,495	69,886	349,252	225,440
Total revenues	1,404,336	1,169,982	4,541,446	3,482,127
Costs and expenses:
Operating expenses	658,095	539,942	1,968,698	1,606,687
Commission expenses	105,155	86,891	346,200	255,431
Cost of sales	57,042	45,752	193,448	159,516
Benefits and losses	47,266	45,631	139,194	130,660
Amortization of deferred policy acquisition costs	7,947	6,572	23,520	19,012
Lease expense	7,394	7,522	22,482	20,995
Depreciation, net of (gains) losses on disposals	103,736	152,602	361,201	455,711
Net (gains) losses on disposal of real estate	977	1,124	(2,930)	4,293
Total costs and expenses	987,612	886,036	3,051,813	2,652,305
Earnings from operations	416,724	283,946	1,489,633	829,822
Other components of net periodic benefit costs	(280)	(247)	(840)	(740)
Interest expense	(44,042)	(42,128)	(122,765)	(122,174)
Fees on early extinguishment of debt	(956)	0	(956)	0
Pretax earnings	371,446	241,571	1,365,072	706,908
Income tax expense	(89,980)	(58,586)	(328,533)	(169,832)
Earnings available to common stockholders	$ 281,466	$ 182,985	$ 1,036,539	$ 537,076
Basic and diluted earnings per common share	$ 14.35	$ 9.33	$ 52.86	$ 27.39
Weighted average common shares outstanding: basic and diluted	19,607,788	19,607,788	19,607,788	19,607,788

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Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Depreciation:
Net gain on sale of real and personal property			$ (157,980)	$ (40,083)
Related party:
Related party revenues, net of eliminations	$ 9,651	$ 8,765	26,847	23,952
Related party, costs and expenses, net of eliminations	$ 21,690	$ 18,757	$ 72,343	$ 55,937

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Comprehensive income (loss) (pretax):
Pretax earnings (loss)	$ 371,446	$ 241,571	$ 1,365,072	$ 706,908
Comprehensive income (loss) (tax effect):
Income tax expense	(89,980)	(58,586)	(328,533)	(169,832)
Comprehensive income (loss) (net of tax):
Net earnings	281,466	182,985	1,036,539	537,076
Other comprehensive income (loss):
Foreign currency translation (pretax)	112	(2,566)	(2,288)	(5,193)
Foreign currency translation (tax effect)	0	0	0	0
Foreign currency translation (net of tax)	112	(2,566)	(2,288)	(5,193)
Unrealized gain (loss) on investments (pretax)	(15,187)	12,074	(55,113)	68,298
Unrealized gain (loss) on investments (tax effect)	3,195	(2,514)	11,476	(13,398)
Unrealized gain (loss) on investments (net of tax)	(11,992)	9,560	(43,637)	54,900
Change in fair value of cash flow hedges (pretax)	235	35	93	(624)
Change in fair value of cash flow hedges (tax effect)	(57)	(9)	(22)	153
Change in fair value of cash flow hedges (net of tax)	178	26	71	(471)
Amounts reclassified into earnings on hedging activities, (pre tax)	1,007	972	2,997	2,680
Amounts reclassified into earnings on hedging activities (tax effect)	(248)	(238)	(736)	(658)
Amounts reclassified into earnings on hedging activities (net of tax)	759	734	2,261	2,022
Total other comprehensive income (loss) (pretax)	(13,833)	10,515	(54,311)	65,161
Total other comprehensive income (loss) (tax effect)	2,890	(2,761)	10,718	(13,903)
Total other comprehensive income (loss), (net of tax)	(10,943)	7,754	(43,593)	51,258
Total comprehensive income (pretax)	357,613	252,086	1,310,761	772,069
Total comprehensive income (tax effect)	(87,090)	(61,347)	(317,815)	(183,735)
Total comprehensive income (loss) (net of tax)	$ 270,523	$ 190,739	$ 992,946	$ 588,334

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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]	Less: Unearned Employee Stock Ownership Plan Shares [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
Purchase of ESOP shares	(2,880)	0	0	0	(2,880)	0	0
Foreign currency translation	(5,193)	0	0	(5,193)	0	0	0
Unrealized net gain (loss) on investments, net of tax	54,900	0	0	54,900	0	0	0
Change in fair value of cash flow hedges, net of tax	(471)	0	0	(471)	0	0	0
Amounts reclassified into earnings on hedging activities, net	2,022	0	0	2,022	0	0	0
Net earnings	537,076	0	0	0	537,076	0	0
Common stock dividends	(49,019)	0	0	0	(49,019)	0	0
Net activity	536,435	0	0	51,258	485,177	0	0
Balance, end of period at Dec. 31, 2020	4,757,155	10,497	453,819	85,910	4,884,579	(525,653)	(151,997)
Balance, beginning of period at Sep. 30, 2020	4,605,631	10,497	453,819	78,156	4,740,809	(525,653)	(151,997)
Cosolidated statement of change in equity
Foreign currency translation	(2,566)	0	0	(2,566)	0	0	0
Unrealized net gain (loss) on investments, net of tax	9,560	0	0	9,560	0	0	0
Change in fair value of cash flow hedges, net of tax	26	0	0	26	0	0	0
Amounts reclassified into earnings on hedging activities, net	734	0	0	734	0	0	0
Net earnings	182,985	0	0	0	182,985	0	0
Common stock dividends	(39,215)	0	0	0	(39,215)	0	0
Net activity	151,524	0	0	7,754	143,770	0	0
Balance, end of period at Dec. 31, 2020	4,757,155	10,497	453,819	85,910	4,884,579	(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	(2,288)	0	0	(2,288)	0	0	0	$ 0
Unrealized net gain (loss) on investments, net of tax	(43,637)	0	0	(43,637)	0	0	0	0
Change in fair value of cash flow hedges, net of tax	71	0	0	71	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	2,261	0	0	2,261	0	0	0	$ 0
Net earnings	1,036,539	0	0	0	1,036,539	0	0
Common stock dividends	(29,412)	0	0	0	(29,412)	0	0
Net activity	963,534	0	0	(43,593)	1,007,127	0	0
Balance, end of period at Dec. 31, 2021	5,815,416	10,497	453,819	63,264	5,965,486	(525,653)	(151,997)
Balance, beginning of period at Sep. 30, 2021	5,554,697	10,497	453,819	74,207	5,693,824	(525,653)	(151,997)
Cosolidated statement of change in equity
Foreign currency translation	112	0	0	112	0	0	0
Unrealized net gain (loss) on investments, net of tax	(11,992)	0	0	(11,992)	0	0	0
Change in fair value of cash flow hedges, net of tax	178	0	0	178	0	0	0
Amounts reclassified into earnings on hedging activities, net	759	0	0	759	0	0	0
Net earnings	281,466	0	0	0	281,466	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0
Net activity	260,719	0	0	(10,943)	271,662	0	0
Balance, end of period at Dec. 31, 2021	$ 5,815,416	$ 10,497	$ 453,819	$ 63,264	$ 5,965,486	$ (525,653)	$ (151,997)

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Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Common Stock, Dividends, Per Share, Declared	$ 0.50	$ 2.00	$ 1.50	$ 2.50

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net earnings	$ 1,036,539	$ 537,076
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	519,181	495,794
Amortization of deferred policy acquisition costs	23,520	19,012
Amortization of premiums and accretion of discounts related to investments, net	14,486	10,197
Amortization of debt issuance costs	4,200	4,645
Interest credited to policyholders	47,181	38,672
Change in allowance for losses on trade receivables	1,243	(574)
Change in allowance for inventory reserves	9,799	3,259
Net gain on sale of real and personal property	(157,980)	(40,083)
Net losses on disposal of real estate	(2,930)	4,293
Net (gain) loss on sale of investments	(3,495)	(5,644)
Net losses on equity investments	(3,695)	669
Deferred income tax	130,760	117,025
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(7,371)	(39,499)
Inventories	(70,796)	(6,349)
Prepaid expenses	257,591	112,428
Capitalization of deferred policy acquisition costs	(25,703)	(24,903)
Other assets	1,178	30,120
Related party assets	(18,683)	(20,794)
Accounts payable and accrued expenses	33,258	97,151
Policy benefits and losses, claims and loss expenses payable	6,411	14,096
Other policyholders' funds and liabilities	(2,810)	24,677
Deferred income	(526)	6,851
Related party liabilities	(2,207)	(1,566)
Net cash provided by operating activities	1,789,151	1,376,553
Cash flow from investing activities:
Escrow deposits	5,695	(1,978)
Purchase of:
Property, plant and equipment	(1,652,984)	(961,995)
Short term investments	(31,074)	(38,790)
Fixed maturity investments	(448,283)	(352,307)
Equity securities	(1,380)	(838)
Preferred stock	(8,000)	(16,144)
Real estate	(190)	(274)
Mortgage loans	(131,633)	(92,281)
Proceeds from sale of:
Property, plant and equipment	483,783	434,860
Short term investments	20,669	38,830
Fixed maturity investments	284,347	331,407
Equity securities	2,026	72
Preferred stock	2,000	1,200
Mortgage loans	28,064	4,744
Net cash used by investing activities	(1,446,960)	(653,494)
Cash flow from financing activities:
Borrowings from credit facilities	1,202,412	790,532
Principal repayments on credit facilities	(333,419)	(568,068)
Payment of debt issuance costs	(8,006)	(5,020)
Capital lease payments	(129,150)	(173,520)
Securitization deposits		(49,019)
Common stock dividends paid	(29,412)	(49,019)
Net contribution from (to) related party	0	22,600
Investment contract deposits	271,657	326,055
Investment contract withdrawals	(177,777)	(169,008)
Net cash provided by (used in) financing activities	796,305	174,552
Effects of exchange rate on cash	(5,046)	6,877
Increase (decrease) in cash and cash equivalents	1,133,450	904,488
Cash and cash equivalents at the beginning of period	1,194,012	494,352
Cash and cash equivalents at the end of the period	$ 2,327,462	$ 1,398,840

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Basis of Presentation	9 Months Ended
	Dec. 31, 2021
Disclosure Text Block [Abstract]
1. Basis of Presentation	AMERCO, a Nevada corporation (“AMERCO”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September 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.   The condensed consolidated balance sheet as of December 31, 2021 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months of fiscal 2022 and 2021 and cash flows for the first nine months 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 the 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.

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Earnings Per Share	9 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
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.

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Investments	9 Months Ended
	Dec. 31, 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 $ 26.6 million and $ 27.7 million as of December 31, 2021 and March 31, 2021, respectively. Available-for-Sale Investments Available-for-sale investments as of December 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     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 118,140 $   9,039 $   – $   (678) $   – $   126,501 U.S. government agency mortgage-backed securities   57,083   370   –   (2,439)   –   55,014 Obligations of states and political subdivisions   191,141   16,734   (80)   (474)   –   207,321 Corporate securities   2,029,477   157,250   (26)   (5,818)   –   2,180,883 Mortgage-backed securities   163,430   10,003   (1)   –   –   173,432   $ 2,559,271 $   193,396 $   ( 107 ) $   ( 9,409 ) $   – $   2,743,151   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 $278.8 million during the first nine months of fiscal 2022. The gross realized gains on these sales totaled $4.7 million. The gross realized losses on these sales totaled $3.0 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 first nine months as of December 31, 2021. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     December 31, 2021   March 31, 2021     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 69,891 $ 71,172 $ 90,142 $ 91,190 Due after one year through five years   572,812   609,255   562,442   601,818 Due after five years through ten years   677,891   745,523   672,733   754,536 Due after ten years   1,075,247   1,143,769   905,567   1,019,570     2,395,841   2,569,719   2,230,884   2,467,114                   Mortgage-backed securities   163,430   173,432   174,728   186,425   $ 2,559,271 $ 2,743,151 $ 2,405,612 $ 2,653,539 As of December 31, 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:     December 31, 2021   March 31, 2021     Amortized   Estimated   Amortized   Estimated     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 24,179 $ 9,775 $ 20,440 Non-redeemable preferred stocks   26,054   28,112   20,034   21,677   $ 35,829 $ 52,291 $ 29,809 $ 42,117

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Borrowings	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
4. Borrowings	4. Borrowings Long-Term Debt Long-term debt was as follows:                         December 31,   March 31,   2022 Rates     Maturities   2021   2021                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.61 %       2023 $ 51,925 $   82,913 Senior mortgages 2.70 % - 5.50 %   2022 - 2042   2,199,110   2,125,324 Real estate loans (revolving credit) (a) 1.34 % - 3.14 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2028   136,790   176,295 Fleet loans (revolving credit) 1.25 %   2.36 %   2024 - 2026   550,000   535,000 Finance leases (rental equipment) 1.92 % - 5.04 %   2022 - 2026   384,505   513,623 Finance liability (rental equipment) 1.60 % - 4.22 %   2024 - 2029   886,254   644,375 Private placements 2.43 %   2.78 %   2029 - 2033   600,000   – Other obligations 1.50 % - 8.00 %   2022 - 2049   87,777   86,085 Notes, loans and finance leases payable                   5,431,361   4,698,615 Less: Debt issuance costs                     (33,505)   (29,708) Total notes, loans and finance leases payable, net         $ 5,397,856 $   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 December 31, 2021, the applicable LIBOR was 0.11% and the applicable margin was 1.50 %, the sum of which was 1.61 %. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Senior Mortgages Various subsidiaries of Real Estate and U-Haul are borrowers under certain senior mortgages. The senior mortgages require monthly principal and interest payments. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 2.70% and 5.50%. The weighted average interest rate of these loans as of December 31, 2021 was 4.06%.  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 December 31, 2021, the outstanding balance of these loans in the aggregate was $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of December 31, 2021, the applicable LIBOR was between 0.09% and 0.10% 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 December 31, 2021, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of December 31, 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 outstanding balance for these revolvers is $ 550.0 million. The interest rates, per the provision of the loan agreements, in aggregate of $ 375.0 million, are the applicable LIBOR plus the applicable margin. As of December 31, 2021, the applicable LIBOR was between 0.09 % and 0.10 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.25 % and 1.34 %. Of this $375.0 million outstanding, $100.0 million is fixed with an interest rate of 2.36%.   The other loan of $175.0 million uses the Secured Overnight Funding Rate which interest rate was 0.05% plus a margin of 1.25% totaling 1.30% as of December 31, 2021.   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 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 $692.8 million and $877.0 million as of December 31, 2021 and March 31, 2021, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the nine months ended December 31, 2021. Finance Liabilities Finance liabilities represent our rental equipment financing transactions and 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, sale-leasebacks are accounted for as a financial liability and the leased assets are 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.   Private Placements In September 2021, AMERCO entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering.   These notes consist of four tranches each totaling $ 150.0 million and funded in September 2021.   The fixed interest rates range between 2.43 % and 2.78 %.   Interest is payable semiannually.   In December 2021, AMERCO entered into a note purchase agreement to issue $ 600.0 million of fixed rate senior unsecured notes in a private placement offering. These notes funded on January 27, 2022. These notes consist of three tranches each totaling $ 100.0 million and two tranches each totaling $ 150.0 million.   The fixed interest rates range between 2.55 % and 2.88 % with maturities between 2030 and 2035 .   Interest is payable semiannually.   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 December 31, 2021, the aggregate outstanding principal balance of the U-Notes ® issued was $ 90.1 million, of which $ 2.3 million is held by our insurance subsidiaries and eliminated in consolidation. Interest rates range between 1.50 % and 8.00 % and maturity dates range between 2022 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2021, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 0.49 % and 1.72 % with maturities between September 30, 2022 and September 29, 2025. As of September 30, 2021, available-for-sale investments held with the FHLB totaled $ 110.0 million, of which $ 66.5 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 December 31, 2021 for the next five years and thereafter are as follows:     Year Ending December 31,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured $ 515,591 $ 611,940 $ 1,084,053 $ 539,695 $ 661,676 $ 2,018,406 Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 43,850 $ 41,371 Capitalized interest   (2,222)   (2,105) Amortization of transaction costs   1,407   1,890 Interest expense resulting from cash flow hedges   1,007   972 Total interest expense   44,042   42,128 Fees on early extinguishment of debt   956   – Total $ 44,998 $ 42,128       Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 122,589 $ 124,882 Capitalized interest   (6,974)   (10,033) Amortization of transaction costs   4,153   4,645 Interest expense resulting from cash flow hedges   2,997   2,680 Total interest expense   122,765   122,174 Fees on early extinguishment of debt   956   – Total $ 123,721 $ 122,174 Interest paid in cash, including payments related to derivative contracts, amounted to $ 35.4 million and $ 38.4 million for the third quarter of fiscal 2022 and 2021, respectively, and $ 106.9 million and $ 116.9 million for the first nine months of fiscal 2022 and 2021, respectively. Interest Rates Interest rates and Company borrowings were as follows:     Revolving Credit Activity       Quarter Ended December 31,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.38 % 1.66 % Interest rate at the end of the period   1.39 % 1.65 % Maximum amount outstanding during the period $ 1,085,000 $ 1,082,000   Average amount outstanding during the period $ 1,081,283 $ 1,057,380   Facility fees $ 66 $ 91       Revolving Credit Activity       Nine Months Ended December 31,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.38 % 1.65 % Interest rate at the end of the period   1.39 % 1.65 % Maximum amount outstanding during the period $ 1,093,000 $ 1,175,000   Average amount outstanding during the period $ 1,081,571 $ 1,092,382   Facility fees $ 198 $ 185

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Derivatives	9 Months Ended
	Dec. 31, 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:     Derivatives Fair Values as of     December 31, 2021   March 31, 2021     (Unaudited)     (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ – Liabilities $ 2,051 $ 5,141 Notional amount $ 235,000 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2021   December 31, 2020     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,242) $ (1,007) (Gain) loss reclassified from AOCI into income $ ( 1,007 ) $ ( 972 ) 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 nine months of fiscal 2022, we recognized a decrease in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first nine months of fiscal 2022, we reclassified $2.3 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense. As of December 31, 2021, we expect to reclassify $2.3 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of September 30, 2021 and December 31, 2020, these derivative hedges had a net market value of $ 6.6 million and $ 6.6 million, with notional amounts of $ 399.1 million and $ 282.7 million, respectively. The change in the fair value of these derivative hedges that was recognized in earnings was a gain of ($0.8) million for the quarter ended September 30, 2021 and a loss of $44 thousand for the nine months ended September 30, 2021. 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 changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in the fair value for open contracts.

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Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Dec. 31, 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 as of March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $   106,857 Foreign currency translation   (2,288)   –   –   –   (2,288) Unrealized net loss on investments   –   (43,637)   –   –   (43,637) Change in fair value of cash flow hedges   –   –   71   –   71 Amounts reclassified into earnings on hedging activities   –   –   2,261   –   2,261 Other comprehensive income (loss)   (2,288)   (43,637)   2,332   –   (43,593) Balance as of December 31, 2021 $ ( 55,217 ) $   124,016 $   ( 1,547 ) $   ( 3,988 ) $   63,264

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Stockholders' Equity	9 Months Ended
	Dec. 31, 2021
Stockholders' Equity [Abstract]
7. Stockholders' Equity	7. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal 2022: Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 October 6, 2021 $ 0.50   October 18, 2021   October 29, 2021 As of December 31, 2021, no awards had been issued under the 2016 AMERCO Stock Option Plan.

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Leases	9 Months Ended
	Dec. 31, 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. 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, net 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. Our equipment sale/leaseback transactions are classified as financing leases, and therefore the transactions do not qualify as a sale.   New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability.   Please see Note 4, Borrowings, of the Notes to Condensed Consolidated Financial Statements for additional information. The following tables show the components of our ROU assets:     As of December 31, 2021     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 136,213 $ 136,213 Furniture and equipment   14,732   –   14,732 Rental trailers and other rental equipment   173,940   –   173,940 Rental trucks   1,243,830   –   1,243,830 Right-of-use assets, gross   1,432,502   136,213   1,568,715 Less: Accumulated depreciation   (739,688)   (56,763)   (796,451) Right-of-use assets, net $ 692,814 $ 79,450 $ 772,264       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   December 31, 2021 and March 31, 2021, we had finance leases for the ROU assets, net of $ 384.5 million and $ 513.6 million, respectively and operating leases of $ 79.3 million and $ 92.5 million, respectively.     Finance leases       December 31,   March 31,       2021   2021       (Unaudited)   Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.7 % 3.6 %       Operating leases       December 31,   March 31,       2021   2021       (Unaudited)   Weighted average remaining lease term (years)   16   14.7   Weighted average discount rate   4.6 % 4.6 % For the first nine months ended December 31, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 22.6 million and $ 22.0 million, respectively, and our financing cash flow activities were $ 129.2 million and $ 173.5 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $3.5 million and $5.9 million for the first nine months of fiscal 2022 and 2021, respectively.   The components of lease costs were as follows:     Nine Months Ended     December 31, 2021   December 31, 2020     (Unaudited)     (In thousands)           Operating lease costs $ 24,018 $ 22,564           Finance lease cost:         Amortization of ROU assets $ 90,056 $ 116,002 Interest on lease liabilities   14,290   17,448 Total finance lease cost $ 104,346 $ 133,450 Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2022 $ 142,702 $ 23,774 2023   122,157   22,123 2024   85,912   14,404 2025   48,427   4,974 2026   12,197   3,135 Thereafter   –   60,040 Total lease payments   411,395   128,450 Less: imputed interest   (26,890)   (49,116) Present value of lease liabilities $ 384,505 $ 79,334

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Contingencies	9 Months Ended
	Dec. 31, 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 $243 million in the first nine months of fiscal 2022, 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.

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Related Party Transactions	9 Months Ended
	Dec. 31, 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. 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 December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,972 $ 6,350 U-Haul management fee revenue from Mercury   2,679   2,415   $ 9,651 $ 8,765       Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 21,580 $ 19,142 U-Haul management fee revenue from Mercury   5,267   4,810   $ 26,847 $ 23,952 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 $ 27.1 million and $ 24.5 million from the above-mentioned entities during the first nine months 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 December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 658 U-Haul commission expenses to Blackwater   21,086   18,099   $ 21,690 $ 18,757       Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,841 $ 1,973 U-Haul commission expenses to Blackwater   70,502   53,964   $ 72,343 $ 55,937 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 December 31, 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 $ 21.6 million, expenses of $ 1.8 million and cash flows of $ 19.8 million during the first nine months of fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 335.3 million and $ 70.5 million, respectively, during the first nine months 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     December 31,   March 31,     2021   2021     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 45,804 $ 27,116 U-Haul receivable from Mercury   9,845   9,632 Other (a)   582   (1,353)   $ 56,231 $ 35,395 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods .

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Consolidating Financial Information by Industry Segment	9 Months Ended
	Dec. 31, 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.

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Employee Benefit Plans	9 Months Ended
	Dec. 31, 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 December 31,     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       Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 1,051 $   950 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   681   689 Other components   159   51 Total other components of net periodic benefit costs   840   740 Net periodic postretirement benefit cost $ 1,891 $   1,690

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Revenue Recognition	9 Months Ended
	Dec. 31, 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 December 31, 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. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time. Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 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. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance with Topic 842 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.  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:     Year Ending December 31,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 5,175 $ – $ – $ – $ – $ – Property lease revenues   16,211   12,024   8,610   6,450   5,286   48,888 Total $ 21,386 $ 12,024 $ 8,610 $ 6,450 $ 5,286 $ 48,888 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. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. 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. In the following tables, revenue is disaggregated by timing of revenue recognition:     Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   73,785 $   51,161 Revenues recognized at a point in time:   90,763   84,820 Total revenues recognized under ASC 606   164,548   135,981           Revenues recognized under ASC 842   1,154,751   945,024 Revenues recognized under ASC 944   53,853   53,397 Revenues recognized under ASC 320   31,184   35,580 Total revenues $   1,404,336 $   1,169,982       Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   261,638 $   165,445 Revenues recognized at a point in time:   322,405   304,522 Total revenues recognized under ASC 606   584,043   469,967           Revenues recognized under ASC 842   3,701,695   2,780,668 Revenues recognized under ASC 944   152,745   145,597 Revenues recognized under ASC 320   102,963   85,895 Total revenues $   4,541,446 $   3,482,127 In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues . We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenue, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

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Allowance for Credit Losses	9 Months Ended
	Dec. 31, 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 at December 31, 2021 was $ 4.3 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 December 31, 2021. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 29.7 million as of September 30, 2021 and are excluded from the estimate of credit losses. 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 write off accrued interest receivables by reversing interest income. 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.   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 credit losses are expected to occur, 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 January 1, 2021 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premiums receivables   were $ 2.0 million as of September 30, 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   1,510   (1,320)   14   204 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of December 31, 2021 $ 4,345 $ – $ 515 $ 4,860

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Accounting Pronouncements	9 Months Ended
	Dec. 31, 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. In January 2021, FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), (“ASU 2021-01”).   The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.   We adopted ASU 2021-01 on a prospective basis effect and there was no impact to 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.

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Investments (Table Text Block)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Investments Debt Equity Securities [Abstract]
Available-for-Sale Investments	Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 118,140 $   9,039 $   – $   (678) $   – $   126,501 U.S. government agency mortgage-backed securities   57,083   370   –   (2,439)   –   55,014 Obligations of states and political subdivisions   191,141   16,734   (80)   (474)   –   207,321 Corporate securities   2,029,477   157,250   (26)   (5,818)   –   2,180,883 Mortgage-backed securities   163,430   10,003   (1)   –   –   173,432  $ 2,559,271 $  193,396 $ ( 107 )$ ( 9,409 )$  – $  2,743,151	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	December 31, 2021   March 31, 2021     Amortized   Estimated   Amortized   Estimated     (Unaudited)         (In thousands) Due in one year or less $ 69,891 $ 71,172 $ 90,142 $ 91,190 Due after one year through five years   572,812   609,255   562,442   601,818 Due after five years through ten years   677,891   745,523   672,733   754,536 Due after ten years   1,075,247   1,143,769   905,567   1,019,570     2,395,841   2,569,719   2,230,884   2,467,114                   Mortgage-backed securities   163,430   173,432   174,728   186,425  $ 2,559,271 $ 2,743,151 $ 2,405,612 $ 2,653,539
Available for sale equity investments	December 31, 2021   March 31, 2021     Cost   Market   Cost   Market     (Unaudited)             (In thousands)                   Common stocks $ 9,775 $ 24,179 $ 9,775 $ 20,440 Non-redeemable preferred stocks   26,054   28,112   20,034   21,677  $ 35,829 $ 52,291 $ 29,809 $ 42,117

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Borrowings (Table Text Block)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Debt Instruments [Abstract]
Long-Term Debt		December 31,   March 31,   2022 Rates     Maturities   2021   2021                 (Unaudited)                     (In thousands) Real estate loan (amortizing term)       1.61 %       2023 $ 51,925 $   82,913 Senior mortgages 2.70 % - 5.50 %   2022 - 2042   2,199,110   2,125,324 Real estate loans (revolving credit) (a) 1.34 % - 3.14 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2028   136,790   176,295 Fleet loans (revolving credit) 1.25 %   2.36 %   2024 - 2026   550,000   535,000 Finance leases (rental equipment) 1.92 % - 5.04 %   2022 - 2026   384,505   513,623 Finance liability (rental equipment) 1.60 % - 4.22 %   2024 - 2029   886,254   644,375 Private placements 2.43 %   2.78 %   2029 - 2033   600,000   – Other obligations 1.50 % - 8.00 %   2022 - 2049   87,777   86,085 Notes, loans and finance leases payable                   5,431,361   4,698,615 Less: Debt issuance costs                     (33,505)   (29,708) Total notes, loans and finance leases payable, net         $ 5,397,856 $   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		Year Ending December 31,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured$ 515,591 $ 611,940 $ 1,084,053 $ 539,695 $ 661,676 $ 2,018,406
Components of interest expense	Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 43,850 $ 41,371 Capitalized interest   (2,222)   (2,105) Amortization of transaction costs   1,407   1,890 Interest expense resulting from cash flow hedges   1,007   972 Total interest expense   44,042   42,128 Fees on early extinguishment of debt   956   – Total $ 44,998 $ 42,128	Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) Interest expense $ 122,589 $ 124,882 Capitalized interest   (6,974)   (10,033) Amortization of transaction costs   4,153   4,645 Interest expense resulting from cash flow hedges   2,997   2,680 Total interest expense   122,765   122,174 Fees on early extinguishment of debt   956   – Total $ 123,721 $ 122,174
Interest rates and company borrowings	Revolving Credit Activity       Quarter Ended December 31,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.38 % 1.66 % Interest rate at the end of the period   1.39 % 1.65 % Maximum amount outstanding during the period $ 1,085,000 $ 1,082,000   Average amount outstanding during the period $ 1,081,283 $ 1,057,380   Facility fees$ 66 $ 91	Revolving Credit Activity       Nine Months Ended December 31,       2021   2020       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   1.38 % 1.65 % Interest rate at the end of the period   1.39 % 1.65 % Maximum amount outstanding during the period $ 1,093,000 $ 1,175,000   Average amount outstanding during the period $ 1,081,571 $ 1,092,382   Facility fees$ 198 $ 185

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Derivatives (Table Text Block)	9 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	Derivatives Fair Values as of     December 31, 2021   March 31, 2021     (Unaudited)     (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ – $ – Liabilities $ 2,051 $ 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         December 31, 2021   December 31, 2020     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (1,242) $ (1,007) (Gain) loss reclassified from AOCI into income$( 1,007 )$( 972 )

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Accumulated Other Comprehensive Income (loss) (Table Text Block)	9 Months Ended
	Dec. 31, 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 as of March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $   106,857 Foreign currency translation   (2,288)   –   –   –   (2,288) Unrealized net loss on investments   –   (43,637)   –   –   (43,637) Change in fair value of cash flow hedges   –   –   71   –   71 Amounts reclassified into earnings on hedging activities   –   –   2,261   –   2,261 Other comprehensive income (loss)   (2,288)   (43,637)   2,332   –   (43,593) Balance as of December 31, 2021$( 55,217 )$  124,016 $ ( 1,547 )$ ( 3,988 )$  63,264

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Stockholders' Equity (Table Text Block)	9 Months Ended
	Dec. 31, 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 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 October 6, 2021$ 0.50  October 18, 2021 October 29, 2021

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Leases (Table Text Block)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases		As of December 31, 2021     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 136,213 $ 136,213 Furniture and equipment   14,732   –   14,732 Rental trailers and other rental equipment   173,940   –   173,940 Rental trucks   1,243,830   –   1,243,830 Right-of-use assets, gross   1,432,502   136,213   1,568,715 Less: Accumulated depreciation   (739,688)   (56,763)   (796,451) Right-of-use assets, net$ 692,814 $ 79,450 $ 772,264	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       December 31,   March 31,       2021   2021       (Unaudited)   Weighted average remaining lease term (years)   3   3   Weighted average discount rate  3.7 % 3.6 %	Operating leases       December 31,   March 31,       2021   2021       (Unaudited)   Weighted average remaining lease term (years)   16   14.7   Weighted average discount rate  4.6 % 4.6 %
Components of Lease Expense		Nine Months Ended     December 31, 2021   December 31, 2020     (Unaudited)     (In thousands)           Operating lease costs $ 24,018 $ 22,564           Finance lease cost:         Amortization of ROU assets $ 90,056 $ 116,002 Interest on lease liabilities   14,290   17,448 Total finance lease cost$ 104,346 $ 133,450
Maturities of Lease Liabilities		Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2022 $ 142,702 $ 23,774 2023   122,157   22,123 2024   85,912   14,404 2025   48,427   4,974 2026   12,197   3,135 Thereafter   –   60,040 Total lease payments   411,395   128,450 Less: imputed interest   (26,890)   (49,116) Present value of lease liabilities$ 384,505 $ 79,334

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Related Party Transations (Table Text Block)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Related Party Revenue [Abstract]
Related Party Revenue	Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 6,972 $ 6,350 U-Haul management fee revenue from Mercury   2,679   2,415  $ 9,651 $ 8,765	Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 21,580 $ 19,142 U-Haul management fee revenue from Mercury   5,267   4,810  $ 26,847 $ 23,952
Related Party costs and expenses	Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 658 U-Haul commission expenses to Blackwater   21,086   18,099  $ 21,690 $ 18,757	Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,841 $ 1,973 U-Haul commission expenses to Blackwater   70,502   53,964  $ 72,343 $ 55,937
Related party assets		December 31,   March 31,     2021   2021     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 45,804 $ 27,116 U-Haul receivable from Mercury   9,845   9,632 Other (a)   582   (1,353)   $ 56,231 $ 35,395 (a)

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Consolidating Financial Information By Industry Segment (Table Text Block)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Table Text Block Supplement [Abstract]
Consolidated Balance Sheet by Industry Segment			Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 2,254,215 $ 8,065 $ 65,182 $ –   $ 2,327,462 Reinsurance recoverables and trade receivables, net   127,753   65,502   37,182   –     230,437 Inventories and parts, net   166,588   –   –   –     166,588 Prepaid expenses   211,449   –   –   –     211,449 Investments, fixed maturities and marketable equities   –   285,212   2,510,230   –     2,795,442 Investments, other   20,766   118,936   462,669   –     602,371 Deferred policy acquisition costs, net   –   –   101,770   –     101,770 Other assets   37,916   575   2,655   –     41,146 Right of use assets - financing, net   692,814   –   –   –     692,814 Right of use assets - operating, net   79,211   123   116   –     79,450 Related party assets   71,882   7,674   14,289   (37,614) (c)   56,231     3,662,594   486,087   3,194,093   (37,614)     7,305,160                         Investment in subsidiaries   736,500   –   –   (736,500) (b)   –                         Property, plant and equipment, at cost:                       Land   1,264,742   –   –   –     1,264,742 Buildings and improvements   5,726,481   –   –   –     5,726,481 Furniture and equipment   841,957   –   –   –     841,957 Rental trailers and other rental equipment   569,150   –   –   –     569,150 Rental trucks   4,425,113   –   –   –     4,425,113     12,827,443   –   –   –     12,827,443 Less:   Accumulated depreciation   (3,544,525)   –   –   –     (3,544,525) Total property, plant and equipment, net   9,282,918   –   –   –     9,282,918 Total assets $ 13,682,012 $ 486,087 $ 3,194,093 $ (774,114)   $ 16,588,078                         (a) Balances as of September 30, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         Consolidating balance sheets by industry segment as of December 31, 2021, continued:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 625,504 $ 3,687 $ 5,604 $ –   $ 634,795 Notes, loans and finance leases payable, net   5,397,856   –   –   –     5,397,856 Operating lease liability   79,086   124   124   –     79,334 Policy benefits and losses, claims and loss expenses payable   428,029   176,955   398,911   –     1,003,895 Liabilities from investment contracts   –   –   2,302,591   –     2,302,591 Other policyholders' funds and liabilities   –   3,759   5,851   –     9,610 Deferred income   43,352   –   –   –     43,352 Deferred income taxes, net   1,271,449   12,702   17,078   –     1,301,229 Related party liabilities   25,145   3,414   12,880   (41,439) (c)   – Total liabilities   7,870,421   200,641   2,743,039   (41,439)     10,772,662                         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)   59,439   18,405   101,787   (116,367) (b)   63,264 Retained earnings   5,965,276   172,620   320,496   (492,906) (b)   5,965,486 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   5,811,591   285,446   451,054   (732,675)     5,815,416 Total liabilities and stockholders' equity $ 13,682,012 $ 486,087 $ 3,194,093 $ (774,114)   $ 16,588,078                         (a) Balances as of September 30, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables		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	Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 977,052 $ – $ – $ (1,500) (c) $ 975,552 Self-storage revenues   159,424   –   –   –     159,424 Self-moving and self-storage products and service sales   75,402   –   –   –     75,402 Property management fees   9,651   –   –   –     9,651 Life insurance premiums   –   –   27,010   –     27,010 Property and casualty insurance premiums   –   26,477   –   (859) (c)   25,618 Net investment and interest income   666   3,343   28,182   (1,007) (b)   31,184 Other revenue   99,385   –   1,225   (115) (b)   100,495 Total revenues   1,321,580   29,820   56,417   (3,481)     1,404,336                         Costs and expenses:                       Operating expenses   642,900   12,198   5,465   (2,468) (b,c)   658,095 Commission expenses   105,155   –   –   –     105,155 Cost of sales   57,042   –   –   –     57,042 Benefits and losses   –   7,892   39,374   –     47,266 Amortization of deferred policy acquisition costs   –   –   7,947   –     7,947 Lease expense   7,917   73   28   (624) (b)   7,394 Depreciation, net of gains on disposal   103,736   –   –   –     103,736 Net losses on disposal of real estate   977   –   –   –     977 Total costs and expenses   917,727   20,163   52,814   (3,092)     987,612                         Earnings from operations before equity in earnings of subsidiaries   403,853   9,657   3,603   (389)     416,724                         Equity in earnings of subsidiaries   10,403   –   –   (10,403) (d)   –                         Earnings from operations   414,256   9,657   3,603   (10,792)     416,724 Other components of net periodic benefit costs   (280)   –   –   –     (280) Interest expense   (44,311)   –   (120)   389 (b)   (44,042) Fees on early extinguishment of debt   (956)   –   –   –     (956) Pretax earnings   368,709   9,657   3,483   (10,403)     371,446 Income tax expense   (87,243)   (2,027)   (710)   –     (89,980) Earnings available to common stockholders $ 281,466 $ 7,630 $ 2,773 $ (10,403)   $ 281,466                         (a) Balances for the quarter ended September 30, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries	Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 809,371 $ – $ – $ (1,156) (c) $ 808,215 Self-storage revenues   123,024   –   –   –     123,024 Self-moving and self-storage products and service sales   74,586   –   –   –     74,586 Property management fees   8,765   –   –   –     8,765 Life insurance premiums   –   –   29,993   –     29,993 Property and casualty insurance premiums   –   20,706   –   (773) (c)   19,933 Net investment and interest income   524   5,934   30,092   (970) (b)   35,580 Other revenue   69,011   –   992   (117) (b)   69,886 Total revenues   1,085,281   26,640   61,077   (3,016)     1,169,982                         Costs and expenses:                       Operating expenses   526,884   10,072   5,027   (2,041) (b,c)   539,942 Commission expenses   86,891   –   –   –     86,891 Cost of sales   45,752   –   –   –     45,752 Benefits and losses   –   4,908   40,723   –     45,631 Amortization of deferred policy acquisition costs   –   –   6,572   –     6,572 Lease expense   8,024   169   31   (702) (b)   7,522 Depreciation, net of gains on disposal   152,602   –   –   –     152,602 Net losses on disposal of real estate   1,124   –   –   –     1,124 Total costs and expenses   821,277   15,149   52,353   (2,743)     886,036                         Earnings from operations before equity in earnings of subsidiaries   264,004   11,491   8,724   (273)     283,946                         Equity in earnings of subsidiaries   16,117   –   –   (16,117) (d)   –                         Earnings from operations   280,121   11,491   8,724   (16,390)     283,946 Other components of net periodic benefit costs   (247)   –   –   –     (247) Interest expense   (42,401)   –   –   273 (b)   (42,128) Pretax earnings   237,473   11,491   8,724   (16,117)     241,571 Income tax expense   (54,488)   (2,405)   (1,693)   –     (58,586) Earnings available to common stockholders $ 182,985 $ 9,086 $ 7,031 $ (16,117)   $ 182,985                         (a) Balances for the quarter ended September 30, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries	Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,193,594 $ – $ – $ (3,604) (c) $ 3,189,990 Self-storage revenues   450,302   –   –   –     450,302 Self-moving and self-storage products and service sales   272,478   –   –   –     272,478 Property management fees   26,847   –   –   –     26,847 Life insurance premiums   –   –   84,628   –     84,628 Property and casualty insurance premiums   –   67,277   –   (2,291) (c)   64,986 Net investment and interest income   2,021   15,538   88,448   (3,044) (b)   102,963 Other revenue   346,591   –   2,985   (324) (b)   349,252 Total revenues   4,291,833   82,815   176,061   (9,263)     4,541,446                         Costs and expenses:                       Operating expenses   1,927,060   31,779   16,063   (6,204) (b,c)   1,968,698 Commission expenses   346,200   –   –   –     346,200 Cost of sales   193,448   –   –   –     193,448 Benefits and losses   –   16,679   122,515   –     139,194 Amortization of deferred policy acquisition costs   –   –   23,520   –     23,520 Lease expense   24,018   279   81   (1,896) (b)   22,482 Depreciation, net of gains on disposal   361,201   –   –   –     361,201 Net gains on disposal of real estate   (2,930)   –   –   –     (2,930) Total costs and expenses   2,848,997   48,737   162,179   (8,100)     3,051,813                         Earnings from operations before equity in earnings of subsidiaries   1,442,836   34,078   13,882   (1,163)     1,489,633                         Equity in earnings of subsidiaries   37,811   –   –   (37,811) (d)   –                         Earnings from operations   1,480,647   34,078   13,882   (38,974)     1,489,633 Other components of net periodic benefit costs   (840)   –   –   –     (840) Interest expense   (123,568)   –   (360)   1,163 (b)   (122,765) Fees on early extinguishment of debt   (956)   –   –   –     (956) Pretax earnings   1,355,283   34,078   13,522   (37,811)     1,365,072 Income tax expense   (318,744)   (7,133)   (2,656)   –     (328,533) Earnings available to common stockholders $ 1,036,539 $ 26,945 $ 10,866 $ (37,811)   $ 1,036,539                         (a) Balances for the nine months ended September 30, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries	Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 2,396,098 $ – $ – $ (2,568) (c) $ 2,393,530 Self-storage revenues   347,252   –   –   –     347,252 Self-moving and self-storage products and service sales   264,564   –   –   –     264,564 Property management fees   23,952   –   –   –     23,952 Life insurance premiums   –   –   91,958   –     91,958 Property and casualty insurance premiums   –   51,934   –   (2,398) (c)   49,536 Net investment and interest income   1,781   11,013   75,749   (2,648) (b)   85,895 Other revenue   223,252   –   2,583   (395) (b)   225,440 Total revenues   3,256,899   62,947   170,290   (8,009)     3,482,127                         Costs and expenses:                       Operating expenses   1,569,763   27,063   15,208   (5,347) (b,c)   1,606,687 Commission expenses   255,431   –   –   –     255,431 Cost of sales   159,516   –   –   –     159,516 Benefits and losses   –   11,376   119,284   –     130,660 Amortization of deferred policy acquisition costs   –   –   19,012   –     19,012 Lease expense   22,564   170   102   (1,841) (b)   20,995 Depreciation, net of gains on disposal   455,711   –   –   –     455,711 Net losses on disposal of real estate   4,293   –   –   –     4,293 Total costs and expenses   2,467,278   38,609   153,606   (7,188)     2,652,305                         Earnings from operations before equity in earnings of subsidiaries   789,621   24,338   16,684   (821)     829,822                         Equity in earnings of subsidiaries   32,850   –   –   (32,850) (d)   –                         Earnings from operations   822,471   24,338   16,684   (33,671)     829,822 Other components of net periodic benefit costs   (740)   –   –   –     (740) Interest expense   (122,995)   –   –   821 (b)   (122,174) Pretax earnings   698,736   24,338   16,684   (32,850)     706,908 Income tax expense   (161,660)   (5,121)   (3,051)   –     (169,832) Earnings available to common stockholders $ 537,076 $ 19,217 $ 13,633 $ (32,850)   $ 537,076                         (a) Balances for the nine months ended September 30, 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			Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   1,036,539 $   26,945 $   10,866 $   (37,811)   $   1,036,539 Earnings from consolidated entities   (37,811)   –   –   37,811     – Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   519,181   –   –   –     519,181 Amortization of deferred policy acquisition costs   –   –   23,520   –     23,520 Amortization of premiums and accretion of discounts related to investments, net   –   1,326   13,160   –     14,486 Amortization of debt issuance costs   4,200   –   –   –     4,200 Interest credited to policyholders   –   –   47,181   –     47,181 Change in allowance for losses on trade receivables   1,413   (174)   4   –     1,243 Change in allowance for inventories and parts reserve   9,799   –   –   –     9,799 Net gains on disposal of personal property   (157,980)   –   –   –     (157,980) Net gains on disposal of real estate   (2,930)   –   –   –     (2,930) Net gains on sales of investments   –   (223)   (3,272)   –     (3,495) Net gains on equity investments   –   (3,695)   –   –     (3,695) Deferred income taxes   134,541   763   (4,544)   –     130,760 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (10,403)   1,567   1,465   –     (7,371) Inventories and parts   (70,796)   –   –   –     (70,796) Prepaid expenses   257,591   –   –   –     257,591 Capitalization of deferred policy acquisition costs   –   –   (25,703)   –     (25,703) Other assets   1,213   72   (107)   –     1,178 Related party assets   (17,870)   (813)   –   –     (18,683) Accounts payable and accrued expenses   30,634   1,659   965   –     33,258 Policy benefits and losses, claims and loss expenses payable   1,172   (1,987)   7,226   –     6,411 Other policyholders' funds and liabilities   –   61   (2,871)   –     (2,810) Deferred income   687   –   (1,213)   –     (526) Related party liabilities   (267)   (2,414)   474   –     (2,207) Net cash provided by operating activities   1,698,913   23,087   67,151   –     1,789,151                         Cash flows from investing activities:                       Escrow deposits   5,695   –   –   –     5,695 Purchases of:                       Property, plant and equipment   (1,652,984)   –   –   –     (1,652,984) Short term investments   –   (31,074)   –   –     (31,074) Fixed maturities investments   –   (7,749)   (440,534)   –     (448,283) Equity securities   –   –   (1,380)   –     (1,380) Preferred stock   –   –   (8,000)   –     (8,000) Real estate   (33)   –   (157)   –     (190) Mortgage loans   –   (19,132)   (112,501)   –     (131,633) Proceeds from sales and paydowns of:                       Property, plant and equipment   483,783   –   –   –     483,783 Short term investments   –   20,608   61   –     20,669 Fixed maturities investments   –   13,816   270,531   –     284,347 Equity securities   –   –   2,026   –     2,026 Preferred stock   –   2,000   –   –     2,000 Mortgage loans   –   851   27,213   –     28,064 Net cash used by investing activities   (1,163,539)   (20,680)   (262,741)   –     (1,446,960)     (page 1 of 2) (a) Balance for the period ended September 30, 2021                       Consolidating cash flow statements by industry segment for the nine months ended December 31, 2021 are as follows:     Moving & Storage   Property & Casualty   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   1,202,412   –   –   –     1,202,412 Principal repayments on credit facilities   (322,232)   –   (11,187)   –     (333,419) Payments of debt issuance costs   (8,006)   –   –   –     (8,006) Finance lease payments   (129,150)   –   –   –     (129,150) Common stock dividend paid   (29,412)   –   –   –     (29,412) Investment contract deposits   –   –   271,657   –     271,657 Investment contract withdrawals   –   –   (177,777)   –     (177,777) Net cash provided by financing activities   713,612   –   82,693   –     796,305                         Effects of exchange rate on cash   (5,046)   –   –   –     (5,046)                         Increase (decrease) in cash and cash equivalents   1,243,940   2,407   (112,897)   –     1,133,450 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 $   2,254,215 $   8,065 $   65,182 $   –   $   2,327,462     (page 2 of 2) (a) Balance for the period ended September 30, 2021	Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   537,076 $   19,217 $   13,633 $   (32,850)   $   537,076 Earnings from consolidated entities   (32,850)   –   –   32,850     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   495,794   –   –   –     495,794 Amortization of deferred policy acquisition costs   –   –   19,012   –     19,012 Amortization of premiums and accretion of discounts related to investments, net   –   1,180   9,017   –     10,197 Amortization of debt issuance costs   4,645   –   –   –     4,645 Interest credited to policyholders   –   –   38,672   –     38,672 Change in allowance for losses on trade receivables   (573)   –   (1)   –     (574) Change in allowance for inventories and parts reserve   3,259   –   –   –     3,259 Net gains on disposal of personal property   (40,083)   –   –   –     (40,083) Net losses on disposal of real estate   4,293   –   –   –     4,293 Net gains on sales of investments   –   (86)   (5,558)   –     (5,644) Net losses on equity investments   –   669   –   –     669 Deferred income taxes   116,099   1,685   (759)   –     117,025 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (39,327)   5,880   (6,052)   –     (39,499) Inventories and parts   (6,349)   –   –   –     (6,349) Prepaid expenses   112,428   –   –   –     112,428 Capitalization of deferred policy acquisition costs   –   –   (24,903)   –     (24,903) Other assets   30,337   286   (503)   –     30,120 Related party assets   (20,643)   (151)   –   –     (20,794) Accounts payable and accrued expenses   96,269   (2,106)   2,988   –     97,151 Policy benefits and losses, claims and loss expenses payable   10,526   (8,824)   12,394   –     14,096 Other policyholders' funds and liabilities   –   (5,671)   30,348   –     24,677 Deferred income   5,483   –   1,368   –     6,851 Related party liabilities   749   (946)   (1,369)   –     (1,566) Net cash provided by operating activities   1,277,133   11,133   88,287   –     1,376,553                         Cash flows from investing activities:                       Escrow deposits   (1,978)   –   –   –     (1,978) Purchases of:                       Property, plant and equipment   (961,995)   –   –   –     (961,995) Short term investments   –   (38,789)   (1)   –     (38,790) Fixed maturities investments   –   (10,438)   (341,869)   –     (352,307) Equity securities   –   –   (838)   –     (838) Preferred stock   –   –   (16,144)   –     (16,144) Real estate   –   –   (274)   –     (274) Mortgage loans   –   (14,780)   (77,501)   –     (92,281) Proceeds from sales and paydowns of:                       Property, plant and equipment   434,860   –   –   –     434,860 Short term investments   –   38,830   –   –     38,830 Fixed maturities investments   –   14,217   317,190   –     331,407 Equity securities   –   –   72   –     72 Preferred stock   –   1,200   –   –     1,200 Mortgage loans   –   879   3,865   –     4,744 Net cash used by investing activities   (529,113)   (8,881)   (115,500)   –     (653,494)     (page 1 of 2) (a) Balance for the period ended September 30, 2020                       Consolidating cash flow statements by industry segment for the nine months ended December 31, 2020 are as follows:       Moving & Storage   Property &   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   780,932   –   9,600   –     790,532 Principal repayments on credit facilities   (558,280)   –   (9,788)   –     (568,068) Payment of debt issuance costs   (5,020)   –   –   –     (5,020) Finance lease payments   (173,520)   –   –   –     (173,520) Common stock dividend paid   (49,019)   –   –   –     (49,019) Net contribution from (to) related party   41,199   –   (18,599)   –     22,600 Investment contract deposits   –   –   326,055   –     326,055 Investment contract withdrawals   –   –   (169,008)   –     (169,008) Net cash provided by financing activities   36,292   –   138,260   –     174,552                         Effects of exchange rate on cash   6,877   –   –   –     6,877                         Increase in cash and cash equivalents   791,189   2,252   111,047   –     904,488 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   –     494,352 Cash and cash equivalents at end of period $   1,250,267 $   7,046 $   141,527 $   –   $   1,398,840     (page 2 of 2) (a) Balance for the period ended September 30, 2020

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Industry Segment and Geographic Area Data (Table Text Block)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 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 December 31, 2021             Total revenues $ 1,334,131 $ 70,205 $ 1,404,336 Depreciation and amortization, net of (gains) on disposal   110,383   2,277   112,660 Interest expense   43,140   902   44,042 Pretax earnings   360,449   10,997   371,446 Income tax expense   87,135   2,845   89,980 Identifiable assets   16,077,571   510,507   16,588,078               Quarter Ended December 31, 2020             Total revenues $ 1,114,816 $ 55,166 $ 1,169,982 Depreciation and amortization, net of (gains) on disposal   158,844   1,454   160,298 Interest expense   41,378   750   42,128 Pretax earnings   233,163   8,408   241,571 Income tax expense   56,237   2,349   58,586 Identifiable assets  14,020,573   426,732   14,447,305	United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2021             Total revenues $ 4,307,322 $ 234,124 $ 4,541,446 Depreciation and amortization, net of (gains) on disposal   379,989   1,802   381,791 Interest expense   119,856   2,909   122,765 Pretax earnings   1,320,056   45,016   1,365,072 Income tax expense   317,057   11,476   328,533 Identifiable assets   16,077,571   510,507   16,588,078               Nine Months Ended December 31, 2020             Total revenues $ 3,318,854 $ 163,273 $ 3,482,127 Depreciation and amortization, net of (gains) on disposal   471,592   7,424   479,016 Interest expense   120,015   2,159   122,174 Pretax earnings   685,312   21,596   706,908 Income tax expense   163,644   6,188   169,832 Identifiable assets  14,020,573   426,732   14,447,305

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Employee Benefit Plans (Table Text Block)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Post Retirement Benefit Cost	Quarter Ended December 31,     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	Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 1,051 $   950 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   681   689 Other components   159   51 Total other components of net periodic benefit costs   840   740 Net periodic postretirement benefit cost$ 1,891 $  1,690

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Fair Value Measurements (Table Text Block)	9 Months Ended	12 Months Ended
	Dec. 31, 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 December 31, 2021   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 230,437 $ – $ – $ 230,437 $ 230,437 Mortgage loans, net   494,790   –   –   494,790   494,790 Other investments   107,581   –   –   107,581   107,581 Total $ 832,808 $ – $ – $ 832,808 $ 832,808                                             Liabilities                     Notes, loans and finance leases payable   5,397,856   –   5,397,856   –   5,196,104 Total$ 5,397,856 $ – $ 5,397,856 $ – $ 5,196,104	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 December 31, 2021   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,102,275 $ 2,102,275 $ – $ – Fixed maturities - available for sale   2,743,151   17,103   2,725,938   110 Preferred stock   28,112   28,112   –   – Common stock   24,179   24,179   –   – Derivatives   6,557   6,557   –   – Total $ 4,904,274 $ 2,178,226 $ 2,725,938 $ 110                                     Liabilities                 Derivatives   2,051   –   2,051   – Total$ 2,051 $ – $ 2,051 $ –	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 $ –

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Revenue Recognition (Table Text Block)	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Disaggregation Of Revenue	Quarter Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   73,785 $   51,161 Revenues recognized at a point in time:   90,763   84,820 Total revenues recognized under ASC 606   164,548   135,981           Revenues recognized under ASC 842   1,154,751   945,024 Revenues recognized under ASC 944   53,853   53,397 Revenues recognized under ASC 320   31,184   35,580 Total revenues$  1,404,336 $  1,169,982	Nine Months Ended December 31,     2021   2020     (Unaudited)     (In thousands)           Revenues recognized over time: $   261,638 $   165,445 Revenues recognized at a point in time:   322,405   304,522 Total revenues recognized under ASC 606   584,043   469,967           Revenues recognized under ASC 842   3,701,695   2,780,668 Revenues recognized under ASC 944   152,745   145,597 Revenues recognized under ASC 320   102,963   85,895 Total revenues$  4,541,446 $  3,482,127
Next five years and thereafter revenue		Year Ending December 31,     2022   2023   2024   2025   2026   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 5,175 $ – $ – $ – $ – $ – Property lease revenues   16,211   12,024   8,610   6,450   5,286   48,888 Total$ 21,386 $ 12,024 $ 8,610 $ 6,450 $ 5,286 $ 48,888

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Allowance for Credit Losses (Table Text Block)	9 Months Ended
	Dec. 31, 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   1,510   (1,320)   14   204 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of December 31, 2021$ 4,345 $ – $ 515 $ 4,860

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Basis of Presentation (Narratives) (Details)	9 Months Ended
	Dec. 31, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

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Investments (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Insurance Regulatory Authorites:
Assets held by insurance regulators	$ 26.6	$ 27.7
Available for sale securities:
Fair value of sold available for sale securites	278.8
Available-for-sale securities, gross realized gains	4.7
Available-for-sale securities, gross realized losses	$ 3.0

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Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Available-for-sale Securities [Abstract]
Amortized cost	$ 2,559,271	$ 2,405,612
Gross Unrealized Gains	193,396	250,254
Gross unrealized losses more than 12 months	(107)	(224)
Gross unrealized losses less than 12 months	(9,409)	(784)
Allowance for Expected Credit Losses	0	(1,319)
Estimated market value	2,743,151	2,653,539
U.S. treasury securities and government obligations [Member]
Available-for-sale Securities [Abstract]
Amortized cost	118,140	92,429
Gross Unrealized Gains	9,039	12,941
Gross unrealized losses more than 12 months	0	0
Gross unrealized losses less than 12 months	(678)	0
Allowance for Expected Credit Losses	0	0
Estimated market value	126,501	105,370
U.S. government agency mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	57,083	61,427
Gross Unrealized Gains	370	911
Gross unrealized losses more than 12 months	0	(1)
Gross unrealized losses less than 12 months	(2,439)	(132)
Allowance for Expected Credit Losses	0	0
Estimated market value	55,014	62,205
Obligations of states and political subdivisions [Member]
Available-for-sale Securities [Abstract]
Amortized cost	191,141	230,521
Gross Unrealized Gains	16,734	25,249
Gross unrealized losses more than 12 months	(80)	(59)
Gross unrealized losses less than 12 months	(474)	(3)
Allowance for Expected Credit Losses	0	0
Estimated market value	207,321	255,708
Corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	2,029,477	1,846,507
Gross Unrealized Gains	157,250	199,447
Gross unrealized losses more than 12 months	(26)	(163)
Gross unrealized losses less than 12 months	(5,818)	(641)
Allowance for Expected Credit Losses	0	(1,319)
Estimated market value	2,180,883	2,043,831
Mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	163,430	174,728
Gross Unrealized Gains	10,003	11,706
Gross unrealized losses more than 12 months	(1)	(1)
Gross unrealized losses less than 12 months	0	(8)
Allowance for Expected Credit Losses	0	0
Estimated market value	$ 173,432	$ 186,425

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Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Available-for-sale securities, amortized cost:
Amortized cost	$ 2,559,271	$ 2,405,612
Available-for-sale securities, fair value:
Estimated market value	2,743,151	2,653,539
US Treasury Securities [Member]
Available-for-sale securities, amortized cost:
Due in one year or less	69,891	90,142
Due after one year through five years	572,812	562,442
Due after five years through ten years	677,891	672,733
Due after ten years	1,075,247	905,567
Amortized cost	2,395,841	2,230,884
Available-for-sale securities, fair value:
Due in one year or less	71,172	91,190
Due after one year through five years	609,255	601,818
Due after five years through ten years	745,523	754,536
Due after ten years	1,143,769	1,019,570
Estimated market value	2,569,719	2,467,114
Mortgage-backed securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost	163,430	174,728
Available-for-sale securities, fair value:
Estimated market value	$ 173,432	$ 186,425

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Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Abstract]
Amortized cost, equity investments	$ 35,829	$ 29,809
Estimated market value, equity investments	52,291	42,117
Common stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	9,775	9,775
Estimated market value, equity investments	24,179	20,440
Non-redeemable preferred stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	26,054	20,034
Estimated market value, equity investments	$ 28,112	$ 21,677

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Borrowings (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Mar. 31, 2021
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 5,397,856		$ 5,397,856			$ 4,668,907
Interest paid related to derivative contracts [Abstract]
Interest paid in cash	35,400	$ 38,400	$ 106,900	$ 116,900
Real estate loan [Member]
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year			2023
Real estate loans (revolving credit) [Member]
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year			2025
Finance Lease [Member]
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year			2029
Finance Lease [Member] | AMERCO [Member]
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms			(7) year terms
Finance Lease [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 692,800		$ 692,800
Finance Lease [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%		5.04%
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 877,000		$ 877,000
Capital Lease Obligations [Member] | AMERCO [Member]
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms			(7) years
Capital Lease Obligations [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%		1.60%
Capital Lease Obligations [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.22%		4.22%
Private Placement [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Amounts held at LIBOR plus margin	$ 100,000		$ 100,000		$ 150,000
New capital lease obligiations, amount	600,000		$ 600,000
Line of credit facility increase, amount	$ 150,000
Private Placement [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.55%		2.55%		2.43%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2030
Private Placement [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.88%		2.88%		2.78%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2035
Other Obligations [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.50%		1.50%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year			2022
Other Obligations [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%		8.00%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year			2049
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.50%		1.50%
Sum of LIBOR and margin, maximum rate	1.61%		1.61%
Amerco Real Estate Company [Member] | Rental Truck (amortizing loans) First Loan [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%		1.61%
Amerco Real Estate Company [Member] | Rental Truck (amortizing loans) First Loan [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.66%		4.66%
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	2.70%		2.70%
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	5.50%		5.50%
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		$ 385,000
Notes, loans and leases payable	$ 385,000		$ 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:
Applicable margin interest rate	1.25%		1.25%
Sum of LIBOR and margin, maximum rate	1.34%		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:
Applicable margin interest rate	1.50%		1.50%
Sum of LIBOR and margin, maximum rate	1.59%		1.59%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 375,000		$ 375,000
Line of credit, current borrowing capacity	590,000		590,000
Notes, loans and leases payable	$ 550,000		$ 550,000
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.09%		0.09%
Applicable margin interest rate	1.15%		1.15%
Sum of LIBOR and margin, maximum rate	1.25%		1.25%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck Revolvers [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.10%		0.10%
Applicable margin interest rate	1.25%		1.25%
Sum of LIBOR and margin, maximum rate	1.34%		1.34%
Uhaul Intl and Subsidiaries [Member] | Real estate loans (revolving credit) [Member] | AMERCO [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.38%		1.38%
Sum of LIBOR and margin, maximum rate	1.47%		1.47%
Unused capacity fee			0.30%
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 300,000		$ 300,000
Line of credit, current borrowing capacity	200,000		200,000
Line of credit facility, remaining borrowing capacity	$ 150,000		$ 150,000
Uhaul Intl and Subsidiaries [Member] | Real estate loans (revolving credit) [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.09%		0.09%
Amerco, Us Bank, National Association, Trustee [Member] | Other Obligations [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount	$ 90,100		$ 90,100
Subsidiary holdings of parent company debt	$ 2,300		$ 2,300
Life Insurance [Member] | Other Obligations [Member] | Federal Home Loan Bank [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Aggregate deposit amount					$ 60,000
Available for sale equity securities, noncurrent					110,000
Available for sale equity securities pledged as collateral					$ 66,500
Life Insurance [Member] | Other Obligations [Member] | Federal Home Loan Bank [Member] | Minimum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate					0.49%
Life Insurance [Member] | Other Obligations [Member] | Federal Home Loan Bank [Member] | Maximum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate					1.72%

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Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Debt instrument, maturities:
Debt Instrument Carrying Amount	$ 5,196,104	$ 4,449,691
Notes, loans and finance/capital leases payable	5,431,361	4,698,615
Less: Debt issuance costs	(33,505)	(29,708)
Total notes, loans and finance/capital leases payable, net	$ 5,397,856	4,668,907
Real estate loan (amortizing term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year	2023
Debt Instrument Carrying Amount	$ 51,925	82,913
Real estate loan (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%
Senior Mortgages [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2042
Debt Instrument Carrying Amount	$ 2,199,110	2,125,324
Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.70%
Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.50%
Real estate loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year	2025
Debt instrument, maturity year range, start	2023
Debt Instrument Carrying Amount	$ 535,000	535,000
Real estate loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.34%
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
Debt Instrument Carrying Amount	$ 136,790	176,295
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	2024
Debt instrument, maturity year range, end	2026
Debt Instrument Carrying Amount	$ 550,000	535,000
Fleet loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.25%
Fleet loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.36%
Capital Leases (rental equipment) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2026
Debt Instrument Carrying Amount	$ 384,505	513,623
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	2029
Debt instrument, maturity year range, start	2024
Debt Instrument Carrying Amount	$ 886,254	644,375
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%
Private Placement [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2029
Debt instrument, maturity year range, end	2033
Debt Instrument Carrying Amount	$ 600,000	0
Private Placement [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.43%
Private Placement [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.78%
Other Obligations [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2049
Debt Instrument Carrying Amount	$ 87,777	$ 86,085
Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.50%
Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%

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Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Long-term debt, by Maturity:
2021	$ 515,591
2022	611,940
2023	1,084,053
2024	539,695
2025	661,676
Thereafter	$ 2,018,406

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Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Interest expense, borrowings:
Interest expense	$ 43,850	$ 41,371	$ 122,589	$ 124,882
Capitalized interest	(2,222)	(2,105)	(6,974)	(10,033)
Amortization of transaction costs	1,407	1,890	4,153	4,645
Interest expense resulting from derivatives	1,007	972	2,997	2,680
Total interest expense	44,042	42,128	122,765	122,174
Fees on early extinguishment of debt	956	0	956	0
Total	$ 44,998	$ 42,128	$ 123,721	$ 122,174

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Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Interest and debt expense:
Weighted average interest rate during the quarter	1.38%	1.66%	1.38%	1.65%
Interest rate at quarter end	1.39%	1.65%	1.39%	1.65%
Maximum amount outstanding during the quarter	$ 1,085,000	$ 1,082,000	$ 1,093,000	$ 1,175,000
Average amount outstanding during the quarter	1,081,283	1,057,380	1,081,571	1,092,382
Facility fees	$ 66	$ 91	$ 198	$ 185

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Derivatives (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Mar. 31, 2021
AOCI Attributable To Parent [Abstract]
Interest expense	$ 44,042	$ 42,128	$ 122,765	$ 122,174
Derivative Fair Value Of Derivative Net [Abstract]
Derivative hedges, net market value	0		0			$ 0
Decrease, fair value, cash flow hedges
AOCI Attributable To Parent [Abstract]
Interest expense			100
Reclassified AOCI
AOCI Attributable To Parent [Abstract]
Interest expense			2,300
Interest rate contracts
AOCI Attributable To Parent [Abstract]
Interest expense			2,300
Investments, other
Derivative Fair Value Of Derivative Net [Abstract]
Derivative hedges, net market value	6,600		6,600		$ 6,600
Derivative hedges, notional amount	$ 282,700		$ 282,700		$ 399,100

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Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Interest Rate Fair Value Hedges [Abstract]
Assets	$ 0	$ 0
Liabilities	2,051	5,141
Notional amount (debt)	$ 235,000	$ 235,000

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Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
The effect of interest rate contracts on the statement of operations:
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)	$ (1,242)	$ (1,007)
(Gain) loss reclassified from AOCI into income	$ (1,007)	$ (972)

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Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			$ 106,857
Foreign currency translation	$ 112	$ (2,566)	(2,288)	$ (5,193)
Unrealized net gain on investments	(11,992)	9,560	(43,637)	54,900
Change in fair value of cash flow hedges	178	26	71	(471)
Amount reclassified from AOCI	759	734	2,261	2,022
Other comprehensive income (loss)	(10,943)	7,754	(43,593)	51,258
Balance as of December 31, 2020	63,264		63,264
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			(52,929)
Foreign currency translation			(2,288)
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			(2,288)
Balance as of December 31, 2020	(55,217)		(55,217)
Unrealized Net Gain on Investments [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			167,653
Foreign currency translation			0
Unrealized net gain on investments			(43,637)
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			(43,637)
Balance as of December 31, 2020	124,016		124,016
Fair Market Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			(3,879)
Foreign currency translation			0
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			71
Amount reclassified from AOCI			2,261
Other comprehensive income (loss)			2,332
Balance as of December 31, 2020	(1,547)		(1,547)
Postretirement Benefit Obligation Gain [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			(3,988)
Foreign currency translation			0
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			0
Balance as of December 31, 2020	(3,988)		(3,988)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2020			106,857
Foreign currency translation	112	(2,566)	(2,288)	(5,193)
Unrealized net gain on investments	(11,992)	9,560	(43,637)	54,900
Change in fair value of cash flow hedges	178	26	71	(471)
Amount reclassified from AOCI	759	$ 734	2,261	$ 2,022
Other comprehensive income (loss)			(43,593)
Balance as of December 31, 2020	$ 63,264		$ 63,264

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Stockholders' Equity (Narratives) (Details)	9 Months Ended
	Dec. 31, 2021 $ / shares
Dividends Stock [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
Dividends Declared Two [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared	Aug. 19, 2021
Dividend paid, amount per share	$ 0.50
Dividends Payable, Date of Record	Sep. 07, 2021
Dividends Payable, Date to be Paid	Sep. 21, 2021
Dividends Declared Three [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared	Oct. 06, 2021
Dividend paid, amount per share	$ 0.50
Dividends Payable, Date of Record	Oct. 18, 2021
Dividends Payable, Date to be Paid	Oct. 29, 2021

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Leases (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	$ 384.5	$ 513.6
Right Of Use Asset Obtained In Exchange For Finance Lease Liability	79.3	92.5
Cash paid for operating leases	22.6	22.0
Cash paid for finance leases	$ 129.2	$ 173.5

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Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Finance Lease [Abstract]
Buildings and Improvements	$ 136,213	$ 132,901
Furniture and equipment	14,732	22,316
Rental trailers and other rental equipment	173,940	203,594
Rental trucks	1,243,830	1,494,098
Right-of-use assets, gross	1,568,715	1,852,909
Less: Accumulated depreciation	(796,451)	(883,366)
Right of use assets, net	772,264	969,543
Finance Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	0	0
Furniture and equipment	14,732	22,316
Rental trailers and other rental equipment	173,940	203,594
Rental trucks	1,243,830	1,494,098
Right-of-use assets, gross	1,432,502	1,720,008
Less: Accumulated depreciation	(739,688)	(842,970)
Right of use assets, net	692,814	877,038
Operating Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	136,213	132,901
Furniture and equipment	0	0
Rental trailers and other rental equipment	0	0
Rental trucks	0	0
Right-of-use assets, gross	136,213	132,901
Less: Accumulated depreciation	(56,763)	(40,396)
Right of use assets, net	$ 79,450	$ 92,505

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Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]
Remaining Lease Term Finance Lease Weighted Average	3	3
Finance Lease Weighted Average Discount Rate Percent	3.70%	3.60%

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Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]
Remaining Lease Term Operating Lease Weighted Average	16	14.7
Operating Lease Weighted Average Discount Rate Percent	4.60%	4.60%

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Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease cost:
Operating lease costs	$ 24,018	$ 22,564
Cash Flow Financing Activities Lessee [Abstract]
Amortization of right of use assets	90,056	116,002
Interest on lease liabilities	14,290	17,448
Total finance lease cost	$ 104,346	$ 133,450

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Leases (Maturities of lease liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Finance Lease Liabilities Payments Due [Abstract]
2021	$ 142,702
2022	122,157
2023	85,912
2024	48,427
2025	12,197
Thereafter	0
Total lease payments	411,395
Less: imputed interest	(26,890)
Financing lease liability	384,505
Operating Lease Liabilities Payments Due [Abstract]
2021	23,774
2022	22,123
2023	14,404
2024	4,974
2025	3,135
Thereafter	60,040
Total lease payments	128,450
Less: inputed interest	(49,116)
Operating lease liability	$ 79,334	$ 92,510

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Contingencies (Narratives) (Details) $ in Millions	9 Months Ended
	Dec. 31, 2021 USD ($)
Covid 19 pandemic
Unusual Or Infrequent Item Net Gain Loss [Abstract]
CARES act, estimated refund amount	$ 366.0

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Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]
Property Management Fee [Abstract]
Property Management Fee Revenue	$ 27.1	$ 24.5
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	$ 21.6
Expenses, related parties	1.8
Cash flow, related party	19.8
Revenue generated by the dealer agreement from related parties	335.3
Commission expenses, generated from dealer agreement with related parties	$ 70.5

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Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Related party transactions:
Management fee revenue	$ 9,651	$ 8,765	$ 26,847	$ 23,952
Revenue from related parties	9,651	8,765	26,847	23,952
Blackwater [Member]
Related party transactions:
Management fee revenue	6,972	6,350	21,580	19,142
Mercury [Member]
Related party transactions:
Management fee revenue	$ 2,679	$ 2,415	$ 5,267	$ 4,810

XML

Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Related party cost and expense:
Related party expenses, total	$ 21,690	$ 18,757	$ 72,343	$ 55,937
Blackwater [Member]
Related party cost and expense:
U-Haul lease expenses	604	658	1,841	1,973
U-Haul commission expenses	$ 21,086	$ 18,099	$ 70,502	$ 53,964

XML

Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Related party assets:
Related party assets	$ 56,231	$ 35,395
Blackwater [Member]
Related party assets:
Notes receivable	45,804	27,116
Mercury [Member]
Related party assets:
Notes receivable	9,845	9,632
Insurance Group [Member]
Related party assets:
Amount due to related parties	$ 582	$ (1,353)

XML

Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
ASSETS:
Cash and cash equivalents	$ 2,327,462	$ 1,194,012	$ 1,398,840	$ 494,352
Reinsurance recoverables and trade receivables, net	230,437	224,426
Inventories, net	166,588	105,577
Prepaid expenses	211,449	469,144
Investments, fixed maturities and marketable equities	2,795,442	2,695,656
Investments, other	602,371	489,759
Deferred policy acquisition costs, net	101,770	89,749
Other assets	41,146	47,730
Right of use Assets - Financing	692,814	877,038
Right of use Assets - Operating	79,450	92,505
Related party assets	56,231	35,395
Subtotal assets	7,305,160	6,320,991
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	1,264,742	1,075,813
Buildings and improvements	5,726,481	5,163,705
Furniture and equipment	841,957	786,505
Property, plant and equipment (gross)	12,827,443	11,413,668
Less: Accumulated depreciation	(3,544,525)	(3,083,053)
Total property, plant and equipment	9,282,918	8,330,615
Total assets	16,588,078	14,651,606	14,447,305
Liabilities:
Accounts payable and accrued expenses	634,795	645,575
Notes, loans and leases payable	5,397,856	4,668,907
Financing lease liability	384,505
Operating lease liability	79,334	92,510
Policy benefits and losses, claims and loss expenses payable	1,003,895	997,701
Liabilities from investment contracts	2,302,591	2,161,530
Other policyholders' funds and liabilities	9,610	12,420
Deferred income	43,352	42,592
Deferred income taxes, net	1,301,229	1,178,489
Related party liabilities	0	0
Total liabilities	10,772,662	9,799,724
Stockholders' equity:
Additional paid-in capital	453,819	453,819
Accumulated other comprehensive loss	63,264	106,857
Retained earnings	5,965,486	4,958,359
Total stockholders' equity	5,815,416	4,851,882
Total liabilities and stockholders' equity	16,588,078	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	569,150	477,921
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	4,425,113	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	2,254,215	1,010,275	1,250,267	459,078
Reinsurance recoverables and trade receivables, net	127,753	118,741
Inventories, net	166,588	105,577
Prepaid expenses	211,449	469,144
Investments, fixed maturities and marketable equities	0	0
Investments, other	20,766	20,733
Deferred policy acquisition costs, net	0	0
Other assets	37,916	44,763
Right of use Assets - Financing	692,814	877,038
Right of use Assets - Operating	79,211	92,245
Related party assets	71,882	54,042
Subtotal assets	3,662,594	2,792,558
Investments in subsidiaries	736,500	741,860
Property, plant and equipment, at cost:
Land	1,264,742	1,075,813
Buildings and improvements	5,726,481	5,163,705
Furniture and equipment	841,957	786,505
Property, plant and equipment (gross)	12,827,443	11,413,668
Less: Accumulated depreciation	(3,544,525)	(3,083,053)
Total property, plant and equipment	9,282,918	8,330,615
Total assets	13,682,012	11,865,033
Liabilities:
Accounts payable and accrued expenses	625,504	636,257
Notes, loans and leases payable	5,397,856	4,657,720
Operating lease liability	79,086	92,236
Policy benefits and losses, claims and loss expenses payable	428,029	427,073
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	43,352	42,592
Deferred income taxes, net	1,271,449	1,136,149
Related party liabilities	25,145	25,413
Total liabilities	7,870,421	7,017,440
Stockholders' equity:
Additional paid-in capital	454,029	454,029
Accumulated other comprehensive loss	59,439	102,568
Retained earnings	5,965,276	4,958,149
Total stockholders' equity	5,811,591	4,847,593
Total liabilities and stockholders' equity	13,682,012	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	569,150	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	4,425,113	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	8,065	5,658	7,046	4,794
Reinsurance recoverables and trade receivables, net	65,502	67,069
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	285,212	295,753
Investments, other	118,936	90,412
Deferred policy acquisition costs, net	0	0
Other assets	575	436
Right of use Assets - Financing	0	0
Right of use Assets - Operating	123	92
Related party assets	7,674	6,854
Subtotal assets	486,087	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	486,087	466,274
Liabilities:
Accounts payable and accrued expenses	3,687	2,029
Notes, loans and leases payable	0	0
Operating lease liability	124	96
Policy benefits and losses, claims and loss expenses payable	176,955	178,942
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	3,759	3,698
Deferred income	0	0
Deferred income taxes, net	12,702	13,046
Related party liabilities	3,414	5,821
Total liabilities	200,641	203,632
Stockholders' equity:
Additional paid-in capital	91,120	91,120
Accumulated other comprehensive loss	18,405	22,546
Retained earnings	172,620	145,675
Total stockholders' equity	285,446	262,642
Total liabilities and stockholders' equity	486,087	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	65,182	178,079	141,527	30,480
Reinsurance recoverables and trade receivables, net	37,182	38,616
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	2,510,230	2,399,903
Investments, other	462,669	378,614
Deferred policy acquisition costs, net	101,770	89,749
Other assets	2,655	2,531
Right of use Assets - Financing	0	0
Right of use Assets - Operating	116	168
Related party assets	14,289	13,850
Subtotal assets	3,194,093	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	3,194,093	3,101,510
Liabilities:
Accounts payable and accrued expenses	5,604	7,289
Notes, loans and leases payable	0	11,187
Operating lease liability	124	178
Policy benefits and losses, claims and loss expenses payable	398,911	391,686
Liabilities from investment contracts	2,302,591	2,161,530
Other policyholders' funds and liabilities	5,851	8,722
Deferred income	0	0
Deferred income taxes, net	17,078	29,294
Related party liabilities	12,880	12,406
Total liabilities	2,743,039	2,622,292
Stockholders' equity:
Additional paid-in capital	26,271	26,271
Accumulated other comprehensive loss	101,787	140,817
Retained earnings	320,496	309,630
Total stockholders' equity	451,054	479,218
Total liabilities and stockholders' equity	3,194,093	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	(37,614)	(39,351)
Subtotal assets	(37,614)	(39,351)
Investments in subsidiaries	(736,500)	(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	(774,114)	(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	(41,439)	(43,640)
Total liabilities	(41,439)	(43,640)
Stockholders' equity:
Additional paid-in capital	(117,601)	(117,601)
Accumulated other comprehensive loss	(116,367)	(159,074)
Retained earnings	(492,906)	(455,095)
Total stockholders' equity	(732,675)	(737,571)
Total liabilities and stockholders' equity	(774,114)	(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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Self-moving equipment rentals	$ 975,552	$ 808,215	$ 3,189,990	$ 2,393,530
Self-storage revenues	159,424	123,024	450,302	347,252
Self moving and self-storage products and service sales	75,402	74,586	272,478	264,564
Property management fees	9,651	8,765	26,847	23,952
Life insurance premiums	27,010	29,993	84,628	91,958
Property and casualty insurance premiums	25,618	19,933	64,986	49,536
Net investment and interest income	31,184	35,580	102,963	85,895
Other revenue	100,495	69,886	349,252	225,440
Total revenues	1,404,336	1,169,982	4,541,446	3,482,127
Costs and expenses:
Operating expenses	658,095	539,942	1,968,698	1,606,687
Commission expenses	105,155	86,891	346,200	255,431
Cost of sales	57,042	45,752	193,448	159,516
Benefits and losses	47,266	45,631	139,194	130,660
Amortization of deferred policy acquisition costs	7,947	6,572	23,520	19,012
Lease expense	7,394	7,522	22,482	20,995
Depreciation, net of (gains) losses on disposals	103,736	152,602	361,201	455,711
Net (gains) losses on disposal of real estate	977	1,124	(2,930)	4,293
Total costs and expenses	987,612	886,036	3,051,813	2,652,305
Earnings (loss) from operations before equity in earnings of subsidiaries	416,724	283,946	1,489,633	829,822
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	416,724	283,946	1,489,633	829,822
Other components of net periodic benefit costs	(280)	(247)	(840)	(740)
Interest expense	(44,042)	(42,128)	(122,765)	(122,174)
Fees on early extinguishment of debt	(956)	0	(956)	0
Pretax earnings	371,446	241,571	1,365,072	706,908
Income tax expense	(89,980)	(58,586)	(328,533)	(169,832)
Earnings available to common stockholders	281,466	182,985	1,036,539	537,076
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Revenues:
Self-moving equipment rentals	977,052	809,371	3,193,594	2,396,098
Self-storage revenues	159,424	123,024	450,302	347,252
Self moving and self-storage products and service sales	75,402	74,586	272,478	264,564
Property management fees	9,651	8,765	26,847	23,952
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	0	0	0	0
Net investment and interest income	666	524	2,021	1,781
Other revenue	99,385	69,011	346,591	223,252
Total revenues	1,321,580	1,085,281	4,291,833	3,256,899
Costs and expenses:
Operating expenses	642,900	526,884	1,927,060	1,569,763
Commission expenses	105,155	86,891	346,200	255,431
Cost of sales	57,042	45,752	193,448	159,516
Benefits and losses	0	0	0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	7,917	8,024	24,018	22,564
Depreciation, net of (gains) losses on disposals	103,736	152,602	361,201	455,711
Net (gains) losses on disposal of real estate	977	1,124	(2,930)	4,293
Total costs and expenses	917,727	821,277	2,848,997	2,467,278
Earnings (loss) from operations before equity in earnings of subsidiaries	403,853	264,004	1,442,836	789,621
Equity in earnings of subsidiaries	10,403	16,117	37,811	32,850
Earnings from operations	414,256	280,121	1,480,647	822,471
Other components of net periodic benefit costs	(280)	(247)	(840)	(740)
Interest expense	(44,311)	(42,401)	(123,568)	(122,995)
Fees on early extinguishment of debt	(956)		(956)
Pretax earnings	368,709	237,473	1,355,283	698,736
Income tax expense	(87,243)	(54,488)	(318,744)	(161,660)
Earnings available to common stockholders	281,466	182,985	1,036,539	537,076
Operating Segments [Member] | Property and Casualty Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0	0	0
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	26,477	20,706	67,277	51,934
Net investment and interest income	3,343	5,934	15,538	11,013
Other revenue	0	0	0	0
Total revenues	29,820	26,640	82,815	62,947
Costs and expenses:
Operating expenses	12,198	10,072	31,779	27,063
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	7,892	4,908	16,679	11,376
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	73	169	279	170
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	20,163	15,149	48,737	38,609
Earnings (loss) from operations before equity in earnings of subsidiaries	9,657	11,491	34,078	24,338
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	9,657	11,491	34,078	24,338
Other components of net periodic benefit costs	0	0	0	0
Interest expense	0	0	0	0
Fees on early extinguishment of debt	0		0
Pretax earnings	9,657	11,491	34,078	24,338
Income tax expense	(2,027)	(2,405)	(7,133)	(5,121)
Earnings available to common stockholders	7,630	9,086	26,945	19,217
Operating Segments [Member] | Life Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0	0	0
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	27,010	29,993	84,628	91,958
Property and casualty insurance premiums	0	0	0	0
Net investment and interest income	28,182	30,092	88,448	75,749
Other revenue	1,225	992	2,985	2,583
Total revenues	56,417	61,077	176,061	170,290
Costs and expenses:
Operating expenses	5,465	5,027	16,063	15,208
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	39,374	40,723	122,515	119,284
Amortization of deferred policy acquisition costs	7,947	6,572	23,520	19,012
Lease expense	28	31	81	102
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	52,814	52,353	162,179	153,606
Earnings (loss) from operations before equity in earnings of subsidiaries	3,603	8,724	13,882	16,684
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	3,603	8,724	13,882	16,684
Other components of net periodic benefit costs	0	0	0	0
Interest expense	(120)	0	(360)	0
Fees on early extinguishment of debt	0		0
Pretax earnings	3,483	8,724	13,522	16,684
Income tax expense	(710)	(1,693)	(2,656)	(3,051)
Earnings available to common stockholders	2,773	7,031	10,866	13,633
Consolidation, Eliminations [Member]
Revenues:
Self-moving equipment rentals	(1,500)	(1,156)	(3,604)	(2,568)
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	(859)	(773)	(2,291)	(2,398)
Net investment and interest income	(1,007)	(970)	(3,044)	(2,648)
Other revenue	(115)	(117)	(324)	(395)
Total revenues	(3,481)	(3,016)	(9,263)	(8,009)
Costs and expenses:
Operating expenses	(2,468)	(2,041)	(6,204)	(5,347)
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	0	0	0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	(624)	(702)	(1,896)	(1,841)
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	(3,092)	(2,743)	(8,100)	(7,188)
Earnings (loss) from operations before equity in earnings of subsidiaries	(389)	(273)	(1,163)	(821)
Equity in earnings of subsidiaries	(10,403)	(16,117)	(37,811)	(32,850)
Earnings from operations	(10,792)	(16,390)	(38,974)	(33,671)
Other components of net periodic benefit costs	0	0	0	0
Interest expense	389	273	1,163	821
Fees on early extinguishment of debt	0		0
Pretax earnings	(10,403)	(16,117)	(37,811)	(32,850)
Income tax expense	0	0	0	0
Earnings available to common stockholders	$ (10,403)	$ (16,117)	$ (37,811)	$ (32,850)

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Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities:
Net earnings	$ 281,466	$ 182,985	$ 1,036,539	$ 537,076
Earnings from consolidated entities			0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			519,181	495,794
Amortization of deferred policy acquisition costs	7,947	6,572	23,520	19,012
Amortization of premiums and accretion of discounts related to investments, net			14,486	10,197
Amortization of debt issuance costs			4,200	4,645
Interest credited to policyholders			47,181	38,672
Change in allowance for losses on trade receivables			1,243	(574)
Change in allowance for inventory reserves			9,799	3,259
Net gain on sale of real and personal property			(157,980)	(40,083)
Net losses on disposal of real estate	977	1,124	(2,930)	4,293
Net (gain) loss on sale of investments			(3,495)	(5,644)
Net losses on equity investments			(3,695)	669
Deferred income tax			130,760	117,025
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			(7,371)	(39,499)
Inventories			(70,796)	(6,349)
Prepaid expenses			257,591	112,428
Capitalization of deferred policy acquisition costs			(25,703)	(24,903)
Other assets			1,178	30,120
Related party assets			(18,683)	(20,794)
Accounts payable and accrued expenses			33,258	97,151
Policy benefits and losses, claims and loss expenses payable			6,411	14,096
Other policyholders' funds and liabilities			(2,810)	24,677
Deferred income			(526)	6,851
Related party liabilities			(2,207)	(1,566)
Net cash provided by operating activities			1,789,151	1,376,553
Cash flow from investing activities:
Escrow deposits			5,695	(1,978)
Purchase of:
Property, plant and equipment			(1,652,984)	(961,995)
Short term investments			(31,074)	(38,790)
Fixed maturity investments			(448,283)	(352,307)
Equity securities			(1,380)	(838)
Preferred stock			(8,000)	(16,144)
Real estate			(190)	(274)
Mortgage loans			(131,633)	(92,281)
Proceeds from sale of:
Property, plant and equipment			483,783	434,860
Short term investments			20,669	38,830
Fixed maturity investments			284,347	331,407
Equity securities			2,026	72
Preferred stock			2,000	1,200
Mortgage loans			28,064	4,744
Net cash used by investing activities			(1,446,960)	(653,494)
Cash flow from financing activities:
Borrowings from credit facilities			1,202,412	790,532
Principal repayments on credit facilities			(333,419)	(568,068)
Payment of debt issuance costs			(8,006)	(5,020)
Capital lease payments			(129,150)	(173,520)
Securitization deposits				(49,019)
Common stock dividends paid			(29,412)	(49,019)
Net contribution from (to) related party			0	22,600
Investment contract deposits			271,657	326,055
Investment contract withdrawals			(177,777)	(169,008)
Net cash provided by (used in) financing activities			796,305	174,552
Effects of exchange rate on cash			(5,046)	6,877
Increase (decrease) in cash and cash equivalents			1,133,450	904,488
Cash and cash equivalents at the beginning of period			1,194,012	494,352
Cash and cash equivalents at the end of the period	2,327,462	1,398,840	2,327,462	1,398,840
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Cash flow from operating activities:
Net earnings	281,466	182,985	1,036,539	537,076
Earnings from consolidated entities			(37,811)	(32,850)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			519,181	495,794
Amortization of deferred policy acquisition costs	0	0	0	0
Amortization of premiums and accretion of discounts related to investments, net			0	0
Amortization of debt issuance costs			4,200	4,645
Interest credited to policyholders			0	0
Change in allowance for losses on trade receivables			1,413	(573)
Change in allowance for inventory reserves			9,799	3,259
Net gain on sale of real and personal property			(157,980)	(40,083)
Net losses on disposal of real estate	977	1,124	(2,930)	4,293
Net (gain) loss on sale of investments			0	0
Net losses on equity investments			0	0
Deferred income tax			134,541	116,099
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			(10,403)	(39,327)
Inventories			(70,796)	(6,349)
Prepaid expenses			257,591	112,428
Capitalization of deferred policy acquisition costs			0	0
Other assets			1,213	30,337
Related party assets			(17,870)	(20,643)
Accounts payable and accrued expenses			30,634	96,269
Policy benefits and losses, claims and loss expenses payable			1,172	10,526
Other policyholders' funds and liabilities			0	0
Deferred income			687	5,483
Related party liabilities			(267)	749
Net cash provided by operating activities			1,698,913	1,277,133
Cash flow from investing activities:
Escrow deposits			5,695	(1,978)
Purchase of:
Property, plant and equipment			(1,652,984)	(961,995)
Short term investments			0	0
Fixed maturity investments			0	0
Equity securities			0	0
Preferred stock			0
Real estate			(33)	0
Mortgage loans			0	0
Proceeds from sale of:
Property, plant and equipment			483,783	434,860
Short term investments			0	0
Fixed maturity investments			0	0
Equity securities			0	0
Preferred stock			0	0
Mortgage loans			0	0
Net cash used by investing activities			(1,163,539)	(529,113)
Cash flow from financing activities:
Borrowings from credit facilities			1,202,412	780,932
Principal repayments on credit facilities			(322,232)	(558,280)
Payment of debt issuance costs			(8,006)	(5,020)
Capital lease payments			(129,150)	(173,520)
Securitization deposits				(49,019)
Common stock dividends paid			(29,412)
Net contribution from (to) related party				41,199
Investment contract deposits			0	0
Investment contract withdrawals			0	0
Net cash provided by (used in) financing activities			713,612	36,292
Effects of exchange rate on cash			(5,046)	6,877
Increase (decrease) in cash and cash equivalents			1,243,940	791,189
Cash and cash equivalents at the beginning of period			1,010,275	459,078
Cash and cash equivalents at the end of the period	2,254,215	1,250,267	2,254,215	1,250,267
Operating Segments [Member] | Property and Casualty Insurance [Member]
Cash flow from operating activities:
Net earnings	7,630	9,086	26,945	19,217
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	0	0
Amortization of premiums and accretion of discounts related to investments, net			1,326	1,180
Amortization of debt issuance costs			0	0
Interest credited to policyholders			0	0
Change in allowance for losses on trade receivables			(174)	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	0	0
Net (gain) loss on sale of investments			(223)	(86)
Net losses on equity investments			(3,695)	669
Deferred income tax			763	1,685
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			1,567	5,880
Inventories			0	0
Prepaid expenses			0	0
Capitalization of deferred policy acquisition costs			0	0
Other assets			72	286
Related party assets			(813)	(151)
Accounts payable and accrued expenses			1,659	(2,106)
Policy benefits and losses, claims and loss expenses payable			(1,987)	(8,824)
Other policyholders' funds and liabilities			61	(5,671)
Deferred income			0	0
Related party liabilities			(2,414)	(946)
Net cash provided by operating activities			23,087	11,133
Cash flow from investing activities:
Escrow deposits			0	0
Purchase of:
Property, plant and equipment			0	0
Short term investments			(31,074)	(38,789)
Fixed maturity investments			(7,749)	(10,438)
Equity securities			0	0
Preferred stock			0
Real estate			0	0
Mortgage loans			(19,132)	(14,780)
Proceeds from sale of:
Property, plant and equipment			0	0
Short term investments			20,608	38,830
Fixed maturity investments			13,816	14,217
Equity securities			0	0
Preferred stock			2,000	1,200
Mortgage loans			851	879
Net cash used by investing activities			(20,680)	(8,881)
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
Securitization deposits				0
Common stock dividends paid			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			2,407	2,252
Cash and cash equivalents at the beginning of period			5,658	4,794
Cash and cash equivalents at the end of the period	8,065	7,046	8,065	7,046
Operating Segments [Member] | Life Insurance [Member]
Cash flow from operating activities:
Net earnings	2,773	7,031	10,866	13,633
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	7,947	6,572	23,520	19,012
Amortization of premiums and accretion of discounts related to investments, net			13,160	9,017
Amortization of debt issuance costs			0	0
Interest credited to policyholders			47,181	38,672
Change in allowance for losses on trade receivables			4	(1)
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	0	0
Net (gain) loss on sale of investments			(3,272)	(5,558)
Net losses on equity investments			0	0
Deferred income tax			(4,544)	(759)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			1,465	(6,052)
Inventories			0	0
Prepaid expenses			0	0
Capitalization of deferred policy acquisition costs			(25,703)	(24,903)
Other assets			(107)	(503)
Related party assets			0	0
Accounts payable and accrued expenses			965	2,988
Policy benefits and losses, claims and loss expenses payable			7,226	12,394
Other policyholders' funds and liabilities			(2,871)	30,348
Deferred income			(1,213)	1,368
Related party liabilities			474	(1,369)
Net cash provided by operating activities			67,151	88,287
Cash flow from investing activities:
Escrow deposits			0	0
Purchase of:
Property, plant and equipment			0	0
Short term investments			0	(1)
Fixed maturity investments			(440,534)	(341,869)
Equity securities			(1,380)	(838)
Preferred stock			(8,000)
Real estate			(157)	(274)
Mortgage loans			(112,501)	(77,501)
Proceeds from sale of:
Property, plant and equipment			0	0
Short term investments			61	0
Fixed maturity investments			270,531	317,190
Equity securities			2,026	72
Preferred stock			0	0
Mortgage loans			27,213	3,865
Net cash used by investing activities			(262,741)	(115,500)
Cash flow from financing activities:
Borrowings from credit facilities			0	9,600
Principal repayments on credit facilities			(11,187)	(9,788)
Payment of debt issuance costs			0	0
Capital lease payments			0	0
Securitization deposits				0
Common stock dividends paid			0
Net contribution from (to) related party				(18,599)
Investment contract deposits			271,657	326,055
Investment contract withdrawals			(177,777)	(169,008)
Net cash provided by (used in) financing activities			82,693	138,260
Effects of exchange rate on cash			0	0
Increase (decrease) in cash and cash equivalents			(112,897)	111,047
Cash and cash equivalents at the beginning of period			178,079	30,480
Cash and cash equivalents at the end of the period	65,182	141,527	65,182	141,527
Consolidation, Eliminations [Member]
Cash flow from operating activities:
Net earnings	(10,403)	(16,117)	(37,811)	(32,850)
Earnings from consolidated entities			37,811	32,850
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			0	0
Amortization of deferred policy acquisition costs	0	0	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	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
Equity securities			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
Equity securities			0	0
Preferred stock			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
Securitization deposits				0
Common stock dividends paid			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	$ 0	$ 0

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Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Quarter ended:
Total revenues	$ 1,404,336	$ 1,169,982	$ 4,541,446	$ 3,482,127
Depreciation and amortization, net of (gains) losses on disposals	112,660	160,298	381,791	479,016
Interest expense	44,042	42,128	122,765	122,174
Pretax earnings (loss)	371,446	241,571	1,365,072	706,908
Income tax expense	89,980	58,586	328,533	169,832
Identifiable assets	16,588,078	14,447,305	16,588,078	14,447,305	$ 14,651,606
United States [Member]
Quarter ended:
Total revenues	1,334,131	1,114,816	4,307,322	3,318,854
Depreciation and amortization, net of (gains) losses on disposals	110,383	158,844	379,989	471,592
Interest expense	43,140	41,378	119,856	120,015
Pretax earnings (loss)	360,449	233,163	1,320,056	685,312
Income tax expense	87,135	56,237	317,057	163,644
Identifiable assets	16,077,571	14,020,573	16,077,571	14,020,573
Canada [Member]
Quarter ended:
Total revenues	70,205	55,166	234,124	163,273
Depreciation and amortization, net of (gains) losses on disposals	2,277	1,454	1,802	7,424
Interest expense	902	750	2,909	2,159
Pretax earnings (loss)	10,997	8,408	45,016	21,596
Income tax expense	2,845	2,349	11,476	6,188
Identifiable assets	$ 510,507	$ 426,732	$ 510,507	$ 426,732

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Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 350	$ 317	$ 1,051	$ 950
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit	227	230	681	689
Other components	53	17	159	51
Total other components of net periodic benefit costs	280	247	840	740
Net periodic postretirement benefit cost	$ 630	$ 564	$ 1,891	$ 1,690

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Fair Value Measurements (Narratives) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Sales Issuances Settlements [Abstract]
Fair value measurements, assets, significant unobservable inputs	$ 0.1	$ 0.2

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Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Assets
Reinsurance recoverables and trade receivables, net	$ 230,437	$ 224,426
Mortgage loans, net	494,790	391,230
Other investments	107,581	98,529
Total	832,808	714,185
Liabilities
Notes, loans and leases payable, gross	5,196,104	4,449,691
Total	5,196,104	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	5,397,856	4,698,615
Total	5,397,856	4,698,615
Level 3 [Member]
Assets
Reinsurance recoverables and trade receivables, net	230,437	224,426
Mortgage loans, net	494,790	391,230
Other investments	107,581	98,529
Total	832,808	714,185
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Carrying Value [Member]
Assets
Reinsurance recoverables and trade receivables, net	230,437	224,426
Mortgage loans, net	494,790	391,230
Other investments	107,581	98,529
Total	832,808	714,185
Liabilities
Notes, loans and leases payable, gross	5,397,856	4,698,615
Total	$ 5,397,856	$ 4,698,615

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Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Assets:
Short-term investments	$ 2,102,275	$ 839,250
Fixed maturities - available for sale	2,743,151	2,653,539
Preferred stock	28,112	21,677
Common stock	24,179	20,440
Derivatives	6,557	6,601
Total	4,904,274	3,541,507
Liabilities:
Derivatives	2,051	5,141
Total	2,051	5,141
Level 1 [Member]
Assets:
Short-term investments	2,102,275	839,250
Fixed maturities - available for sale	17,103	6,967
Preferred stock	28,112	21,677
Common stock	24,179	20,440
Derivatives	6,557	6,601
Total	2,178,226	894,935
Liabilities:
Derivatives	0	0
Total	0	0
Level 2 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	2,725,938	2,646,415
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	2,725,938	2,646,415
Liabilities:
Derivatives	2,051	5,141
Total	2,051	5,141
Level 3 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	110	157
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	110	157
Liabilities:
Derivatives	0	0
Total	$ 0	$ 0

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Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenues Recognized Over Time	$ 73,785	$ 51,161	$ 261,638	$ 165,445
Revenues recognized at a point in time	90,763	84,820	322,405	304,522
Total revenues recognized under ASC 606	164,548	135,981	584,043	469,967
Revenues recognized under ASC 840	1,154,751	945,024	3,701,695	2,780,668
Revenues recognized under ASC 944	53,853	53,397	152,745	145,597
Revenues recognized under ASC 320	31,184	35,580	102,963	85,895
Total revenues	$ 1,404,336	$ 1,169,982	$ 4,541,446	$ 3,482,127

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Revenue Recognition (Revenue over time) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Contract With Customer Liability [Abstract]
2020	$ 21,386
2021	12,024
2022	8,610
2023	6,450
2024	5,286
Thereafter	48,888
Self Moving Equipment [Member]
Contract With Customer Liability [Abstract]
2020	5,175
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Property Lease Revenue [Member]
Contract With Customer Liability [Abstract]
2020	16,211
2021	12,024
2022	8,610
2023	6,450
2024	5,286
Thereafter	$ 48,888

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Allowance for Credit Losses (Narratives) (Details) $ in Millions	9 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Receivables [Abstract]
Trade receivable components	2
Allowance for expected credit losses	$ 4.3
Available for sale securities, accrued interest receivable		$ 29.7
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Reinsurance paid percentage of total assets	1.00%
Premiums Receivable Gross	$ 2.0
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.
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Modeling of mortgage loans	Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for 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.

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Allowance for Credit Losses (Reserve Allowance Various Credit Loss) (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2021 USD ($)
Valuation And Qualifying Accounts [Abstract]
March 31, 2020	$ 4,656
Transition adjustment expected credit loss current	204
Write-offs against allowance	0
Recoveries	0
December 31, 2020	4,860
Trade Receivables
Valuation And Qualifying Accounts [Abstract]
March 31, 2020	2,835
Transition adjustment expected credit loss current	1,510
Write-offs against allowance	0
Recoveries	0
December 31, 2020	4,345
Investments, Fixed Maturities
Valuation And Qualifying Accounts [Abstract]
March 31, 2020	1,320
Transition adjustment expected credit loss current	(1,320)
Write-offs against allowance	0
Recoveries	0
December 31, 2020	0
Investments, Other
Valuation And Qualifying Accounts [Abstract]
March 31, 2020	501
Transition adjustment expected credit loss current	14
Write-offs against allowance	0
Recoveries	0
December 31, 2020	$ 515