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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. 3 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. 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 26600000 27700000     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 118140000 9039000 0 678000 0 126501000 57083000 370000 0 2439000 0 55014000 191141000 16734000 80000 474000 0 207321000 2029477000 157250000 26000 5818000 0 2180883000 163430000 10003000 1000 0 0 173432000 2559271000 193396000 107000 9409000 0 2743151000     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 92429000 12941000 0 0 0 105370000 61427000 911000 1000 132000 0 62205000 230521000 25249000 59000 3000 0 255708000 1846507000 199447000 163000 641000 1319000 2043831000 174728000 11706000 1000 8000 0 186425000 2405612000 250254000 224000 784000 1319000 2653539000 278800000 4700000 3000000.0     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 69891000 71172000 90142000 91190000 572812000 609255000 562442000 601818000 677891000 745523000 672733000 754536000 1075247000 1143769000 905567000 1019570000 2395841000 2569719000 2230884000 2467114000 163430000 173432000 174728000 186425000 2559271000 2743151000 2405612000 2653539000     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 9775000 24179000 9775000 20440000 26054000 28112000 20034000 21677000 35829000 52291000 29809000 42117000 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                         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.    0.0161 2023 51925000 82913000 0.0270 0.0550 2022 2042 2199110000 2125324000 0.0134 0.0314 2023 2025 535000000 535000000 0.0161 0.0466 2022 2028 136790000 176295000 0.0125 0.0236 2024 2026 550000000 535000000 0.0192 0.0504 2022 2026 384505000 513623000 0.0160 0.0422 2024 2029 886254000 644375000 0.0243 0.0278 2029 2033 600000000 0 0.0150 0.0800 2022 2049 87777000 86085000 5431361000 4698615000 33505000 29708000 5397856000 4668907000 0.0150 0.0161 0.0270 0.0550 385000000.0 385000000.0 0.0125 0.0150 0.0134 0.0159 200000000.0 300000000.0 150000000.0 0.0009 0.0138 0.0147 0.0030 0.0161 0.0466 590000000.0 550000000.0 375000000.0 0.0009 0.0010 0.0115 0.0125 0.0125 0.0134 (7) year terms 0.0504 692800000 877000000.0 (7) years 0.0160 0.0422 600000000.0 150000000.0 0.0243 0.0278 600000000.0 100000000.0 150000000.0 0.0255 0.0288 2030 2035 90100000 2300000 0.0150 0.0800 2022 2049 60000000.0 0.0049 0.0172 110000000.0 66500000     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 515591000 611940000 1084053000 539695000 661676000 2018406000     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 43850000 41371000 2222000 2105000 1407000 1890000 1007000 972000 44042000 42128000 956000 0 44998000 42128000     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 122589000 124882000 6974000 10033000 4153000 4645000 2997000 2680000 122765000 122174000 956000 0 123721000 122174000 35400000 38400000 106900000 116900000     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   0.0138 0.0166 0.0139 0.0165 1085000000 1082000000 1081283000 1057380000 66000 91000     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   0.0138 0.0165 0.0139 0.0165 1093000000 1175000000 1081571000 1092382000 198000 185000 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.     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 0 0 2051000 5141000 235000000 235000000     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 ) -1242000 -1007000 -1007000 -972000 100000 2300000 2300000 6600000 6600000 399100000 282700000 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     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 -52929000 167653000 -3879000 -3988000 106857000 -2288000 0 0 0 -2288000 0 -43637000 0 0 -43637000 0 0 71000 0 71000 0 0 2261000 0 2261000 -2288000 -43637000 2332000 0 -43593000 -55217000 124016000 -1547000 -3988000 63264000 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. 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 2021-06-09 0.50 2021-06-24 2021-07-08 2021-08-19 0.50 2021-09-07 2021-09-21 2021-10-06 0.50 2021-10-18 2021-10-29 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     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 0 136213000 136213000 14732000 0 14732000 173940000 0 173940000 1243830000 0 1243830000 1432502000 136213000 1568715000 739688000 56763000 796451000 692814000 79450000 772264000     As of March 31, 2021     Finance   Operating   Total     (In thousands)               Buildings and improvements $ – $ 132,901 $ 132,901 Furniture and equipment   22,316   –   22,316 Rental trailers and other rental equipment   203,594   –   203,594 Rental trucks   1,494,098   –   1,494,098 Right-of-use assets, gross   1,720,008   132,901   1,852,909 Less: Accumulated depreciation   (842,970)   (40,396)   (883,366) Right-of-use assets, net$ 877,038 $ 92,505 $ 969,543 0 132901000 132901000 22316000 0 22316000 203594000 0 203594000 1494098000 0 1494098000 1720008000 132901000 1852909000 842970000 40396000 883366000 877038000 92505000 969543000 384500000 513600000 79300000 92500000     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 % 3 3 0.037 0.036     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 % 16 14.7 0.046 0.046 22600000 22000000.0 129200000 173500000     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 24018000 22564000 90056000 116002000 14290000 17448000 104346000 133450000     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 142702000 23774000 122157000 22123000 85912000 14404000 48427000 4974000 12197000 3135000 0 60040000 411395000 128450000 26890000 49116000 384505000 79334000 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. 366000000 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 .     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 6972000 6350000 2679000 2415000 9651000 8765000     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 21580000 19142000 5267000 4810000 26847000 23952000 0.04 0.10 27100000 24500000     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 604000 658000 21086000 18099000 21690000 18757000     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 1841000 1973000 70502000 53964000 72343000 55937000 21600000 1800000 19800000 335300000 70500000     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)       45804000 27116000 9845000 9632000 582000 -1353000 56231000 35395000 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.     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            2254215000 8065000 65182000 0 2327462000 127753000 65502000 37182000 0 230437000 166588000 0 0 0 166588000 211449000 0 0 0 211449000 0 285212000 2510230000 0 2795442000 20766000 118936000 462669000 0 602371000 0 0 101770000 0 101770000 37916000 575000 2655000 0 41146000 692814000 0 0 0 692814000 79211000 123000 116000 0 79450000 71882000 7674000 14289000 -37614000 56231000 3662594000 486087000 3194093000 -37614000 7305160000 736500000 0 0 -736500000 0 1264742000 0 0 0 1264742000 5726481000 0 0 0 5726481000 841957000 0 0 0 841957000 569150000 0 0 0 569150000 4425113000 0 0 0 4425113000 12827443000 0 0 0 12827443000 3544525000 0 0 0 3544525000 9282918000 0 0 0 9282918000 13682012000 486087000 3194093000 -774114000 16588078000 625504000 3687000 5604000 0 634795000 5397856000 0 0 0 5397856000 79086000 124000 124000 0 79334000 428029000 176955000 398911000 0 1003895000 0 0 2302591000 0 2302591000 0 3759000 5851000 0 9610000 43352000 0 0 0 43352000 1271449000 12702000 17078000 0 1301229000 25145000 3414000 12880000 -41439000 0 7870421000 200641000 2743039000 -41439000 10772662000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 59439000 18405000 101787000 -116367000 63264000 5965276000 172620000 320496000 -492906000 5965486000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 5811591000 285446000 451054000 -732675000 5815416000 13682012000 486087000 3194093000 -774114000 16588078000     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            1010275000 5658000 178079000 0 118741000 67069000 38616000 0 224426000 105577000 0 0 0 105577000 469144000 0 0 0 469144000 0 295753000 2399903000 0 2695656000 20733000 90412000 378614000 0 489759000 0 0 89749000 0 89749000 44763000 436000 2531000 0 47730000 877038000 0 0 0 877038000 92245000 92000 168000 0 92505000 54042000 6854000 13850000 -39351000 35395000 2792558000 466274000 3101510000 -39351000 6320991000 741860000 0 0 -741860000 0 1075813000 0 0 0 1075813000 5163705000 0 0 0 5163705000 786505000 0 0 0 786505000 477921000 0 0 0 477921000 3909724000 0 0 0 3909724000 11413668000 0 0 0 11413668000 3083053000 0 0 0 3083053000 8330615000 0 0 0 8330615000 11865033000 466274000 3101510000 -781211000 14651606000 636257000 2029000 7289000 0 645575000 4657720000 0 11187000 0 4668907000 92236000 96000 178000 0 92510000 427073000 178942000 391686000 0 997701000 0 0 2161530000 0 2161530000 0 3698000 8722000 0 12420000 42592000 0 0 0 42592000 1136149000 13046000 29294000 0 1178489000 25413000 5821000 12406000 -43640000 0 7017440000 203632000 2622292000 -43640000 9799724000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 102568000 22546000 140817000 -159074000 106857000 4958149000 145675000 309630000 -455095000 4958359000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 4847593000 262642000 479218000 -737571000 4851882000 11865033000 466274000 3101510000 -781211000 14651606000     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             977052000 0 0 -1500000 975552000 159424000 0 0 0 159424000 75402000 0 0 0 75402000 9651000 0 0 0 9651000 0 0 27010000 0 27010000 0 26477000 0 -859000 25618000 666000 3343000 28182000 -1007000 31184000 99385000 0 1225000 -115000 100495000 1321580000 29820000 56417000 -3481000 1404336000 642900000 12198000 5465000 -2468000 658095000 105155000 0 0 0 105155000 57042000 0 0 0 57042000 0 7892000 39374000 0 47266000 0 0 7947000 0 7947000 7917000 73000 28000 -624000 7394000 103736000 0 0 0 103736000 977000 0 0 0 977000 917727000 20163000 52814000 -3092000 987612000 403853000 9657000 3603000 -389000 416724000 10403000 0 0 -10403000 0 414256000 9657000 3603000 -10792000 416724000 280000 0 0 0 280000 44311000 0 120000 -389000 44042000 956000 0 0 0 956000 368709000 9657000 3483000 -10403000 371446000 87243000 2027000 710000 0 89980000 281466000 7630000 2773000 -10403000 281466000     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            809371000 0 0 -1156000 808215000 123024000 0 0 0 123024000 74586000 0 0 0 74586000 8765000 0 0 0 8765000 0 0 29993000 0 29993000 0 20706000 0 -773000 19933000 524000 5934000 30092000 -970000 35580000 69011000 0 992000 -117000 69886000 1085281000 26640000 61077000 -3016000 1169982000 526884000 10072000 5027000 -2041000 539942000 86891000 0 0 0 86891000 45752000 0 0 0 45752000 0 4908000 40723000 0 45631000 0 0 6572000 0 6572000 8024000 169000 31000 -702000 7522000 152602000 0 0 0 152602000 1124000 0 0 0 1124000 821277000 15149000 52353000 -2743000 886036000 264004000 11491000 8724000 -273000 283946000 16117000 0 0 -16117000 0 280121000 11491000 8724000 -16390000 283946000 247000 0 0 0 247000 42401000 0 0 -273000 42128000 237473000 11491000 8724000 -16117000 241571000 54488000 2405000 1693000 0 58586000 182985000 9086000 7031000 -16117000 182985000     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             3193594000 0 0 -3604000 3189990000 450302000 0 0 0 450302000 272478000 0 0 0 272478000 26847000 0 0 0 26847000 0 0 84628000 0 84628000 0 67277000 0 -2291000 64986000 2021000 15538000 88448000 -3044000 102963000 346591000 0 2985000 -324000 349252000 4291833000 82815000 176061000 -9263000 4541446000 1927060000 31779000 16063000 -6204000 1968698000 346200000 0 0 0 346200000 193448000 0 0 0 193448000 0 16679000 122515000 0 139194000 0 0 23520000 0 23520000 24018000 279000 81000 -1896000 22482000 361201000 0 0 0 361201000 -2930000 0 0 0 -2930000 2848997000 48737000 162179000 -8100000 3051813000 1442836000 34078000 13882000 -1163000 1489633000 37811000 0 0 -37811000 0 1480647000 34078000 13882000 -38974000 1489633000 840000 0 0 0 840000 123568000 0 360000 -1163000 122765000 956000 0 0 0 956000 1355283000 34078000 13522000 -37811000 1365072000 318744000 7133000 2656000 0 328533000 1036539000 26945000 10866000 -37811000 1036539000     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            2396098000 0 0 -2568000 2393530000 347252000 0 0 0 347252000 264564000 0 0 0 264564000 23952000 0 0 0 23952000 0 0 91958000 0 91958000 0 51934000 0 -2398000 49536000 1781000 11013000 75749000 -2648000 85895000 223252000 0 2583000 -395000 225440000 3256899000 62947000 170290000 -8009000 3482127000 1569763000 27063000 15208000 -5347000 1606687000 255431000 0 0 0 255431000 159516000 0 0 0 159516000 0 11376000 119284000 0 130660000 0 0 19012000 0 19012000 22564000 170000 102000 -1841000 20995000 455711000 0 0 0 455711000 4293000 0 0 0 4293000 2467278000 38609000 153606000 -7188000 2652305000 789621000 24338000 16684000 -821000 829822000 32850000 0 0 -32850000 0 822471000 24338000 16684000 -33671000 829822000 740000 0 0 0 740000 122995000 0 0 -821000 122174000 698736000 24338000 16684000 -32850000 706908000 161660000 5121000 3051000 0 169832000 537076000 19217000 13633000 -32850000 537076000     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            1036539000 26945000 10866000 -37811000 1036539000 37811000 0 0 -37811000 0 519181000 0 0 0 519181000 0 0 23520000 0 23520000 0 1326000 13160000 0 14486000 4200000 0 0 0 4200000 0 0 47181000 0 47181000 1413000 -174000 4000 0 1243000 9799000 0 0 0 9799000 157980000 0 0 0 157980000 -2930000 0 0 0 -2930000 0 223000 3272000 0 3495000 0 -3695000 0 0 -3695000 134541000 763000 -4544000 0 130760000 10403000 -1567000 -1465000 0 7371000 70796000 0 0 0 70796000 -257591000 0 0 0 -257591000 0 0 25703000 0 25703000 -1213000 -72000 107000 0 -1178000 17870000 813000 0 0 18683000 30634000 1659000 965000 0 33258000 1172000 -1987000 7226000 0 6411000 0 61000 -2871000 0 -2810000 687000 0 -1213000 0 -526000 -267000 -2414000 474000 0 -2207000 1698913000 23087000 67151000 0 1789151000 -5695000 0 0 0 -5695000 1652984000 0 0 0 1652984000 0 31074000 0 0 31074000 0 7749000 440534000 0 448283000 0 0 1380000 0 1380000 0 0 8000000 0 8000000 33000 0 157000 0 190000 0 19132000 112501000 0 131633000 483783000 0 0 0 483783000 0 20608000 61000 0 20669000 0 13816000 270531000 0 284347000 0 0 2026000 0 2026000 0 2000000 0 0 2000000 0 851000 27213000 0 28064000 -1163539000 -20680000 -262741000 0 -1446960000 1202412000 0 0 0 1202412000 322232000 0 11187000 0 333419000 8006000 0 0 0 8006000 129150000 0 0 0 129150000 29412000 0 0 0 29412000 0 0 271657000 0 271657000 0 0 177777000 0 177777000 713612000 0 82693000 0 796305000 -5046000 0 0 0 -5046000 1243940000 2407000 -112897000 0 1133450000 1010275000 5658000 178079000 0 1194012000 2254215000 8065000 65182000 0 2327462000     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            537076000 19217000 13633000 -32850000 537076000 32850000 0 0 -32850000 0 495794000 0 0 0 495794000 0 0 19012000 0 19012000 0 1180000 9017000 0 10197000 4645000 0 0 0 4645000 0 0 38672000 0 38672000 -573000 0 -1000 0 -574000 3259000 0 0 0 3259000 40083000 0 0 0 40083000 4293000 0 0 0 4293000 0 86000 5558000 0 5644000 0 669000 0 0 669000 116099000 1685000 -759000 0 117025000 39327000 -5880000 6052000 0 39499000 6349000 0 0 0 6349000 -112428000 0 0 0 -112428000 0 0 24903000 0 24903000 -30337000 -286000 503000 0 -30120000 20643000 151000 0 0 20794000 96269000 -2106000 2988000 0 97151000 10526000 -8824000 12394000 0 14096000 0 -5671000 30348000 0 24677000 5483000 0 1368000 0 6851000 749000 -946000 -1369000 0 -1566000 1277133000 11133000 88287000 0 1376553000 1978000 0 0 0 1978000 961995000 0 0 0 961995000 0 38789000 1000 0 38790000 0 10438000 341869000 0 352307000 0 0 838000 0 838000 0 0 274000 0 274000 0 14780000 77501000 0 92281000 434860000 0 0 0 434860000 0 38830000 0 0 38830000 0 14217000 317190000 0 331407000 0 0 72000 0 72000 0 1200000 0 0 1200000 0 879000 3865000 0 4744000 -529113000 -8881000 -115500000 0 -653494000 780932000 0 9600000 0 790532000 558280000 0 9788000 0 568068000 5020000 0 0 0 5020000 173520000 0 0 0 173520000 49019000 0 0 0 49019000 41199000 0 -18599000 0 22600000 0 0 326055000 0 326055000 0 0 169008000 0 169008000 36292000 0 138260000 0 174552000 6877000 0 0 0 6877000 791189000 2252000 111047000 0 904488000 459078000 4794000 30480000 0 494352000 1250267000 7046000 141527000 0 1398840000     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 1334131000 70205000 1404336000 110383000 2277000 112660000 43140000 902000 44042000 360449000 10997000 371446000 87135000 2845000 89980000 16077571000 510507000 16588078000 1114816000 55166000 1169982000 158844000 1454000 160298000 41378000 750000 42128000 233163000 8408000 241571000 56237000 2349000 58586000 14020573000 426732000 14447305000     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 4307322000 234124000 4541446000 379989000 1802000 381791000 119856000 2909000 122765000 1320056000 45016000 1365072000 317057000 11476000 328533000 16077571000 510507000 16588078000 3318854000 163273000 3482127000 471592000 7424000 479016000 120015000 2159000 122174000 685312000 21596000 706908000 163644000 6188000 169832000 14020573000 426732000 14447305000 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     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 350000 317000 227000 230000 53000 17000 280000 247000 630000 564000     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 1051000 950000 681000 689000 159000 51000 840000 740000 1891000 1690000     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 230437000 0 0 230437000 230437000 494790000 0 0 494790000 494790000 107581000 0 0 107581000 107581000 832808000 0 0 832808000 832808000 5397856000 0 5397856000 0 5196104000 5397856000 0 5397856000 0 5196104000     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 224426000 0 0 224426000 224426000 391230000 0 0 391230000 391230000 98529000 0 0 98529000 98529000 714185000 0 0 714185000 714185000 4698615000 0 4698615000 0 4449691000 4698615000 0 4698615000 0 4449691000 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 $ – 2102275000 2102275000 0 0 2743151000 17103000 2725938000 110000 28112000 28112000 0 0 24179000 24179000 0 0 6557000 6557000 0 0 4904274000 2178226000 2725938000 110000 2051000 0 2051000 0 2051000 0 2051000 0 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 $ – 839250000 839250000 0 0 2653539000 6967000 2646415000 157000 21677000 21677000 0 0 20440000 20440000 0 0 6601000 6601000 0 0 3541507000 894935000 2646415000 157000 5141000 0 5141000 0 5141000 0 5141000 0 100000 200000 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.     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 5175000 0 0 0 0 0 16211000 12024000 8610000 6450000 5286000 48888000 21386000 12024000 8610000 6450000 5286000 48888000     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 73785000 51161000 90763000 84820000 164548000 135981000 1154751000 945024000 53853000 53397000 31184000 35580000 1404336000 1169982000     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 261638000 165445000 322405000 304522000 584043000 469967000 3701695000 2780668000 152745000 145597000 102963000 85895000 4541446000 3482127000 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 2 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. 4300000 29700000 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. 0.01 2000000.0     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 2835000 1320000 501000 4656000 1510000 -1320000 14000 204000 0 0 0 0 0 0 0 0 4345000 0 515000 4860000 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.