Employee Benefit Plans	12 Months Ended
Mar. 31, 2022
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 14. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2022, 2021 or 2020. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2020 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $23.0 million, $23.0 million and $10.3 million for fiscal 2022, 2021 and 2020, respectively, which are included in operating expenses in the consolidated statements of operations. Listed below is a summary of these financing arrangements as of fiscal year-end: Outstanding as of Interest Payments Financing Date March 31, 2022 2022 2021 2020 (In thousands) July, 2009 – – – 9 February, 2016 – – – 229 Leveraged contributions to the Plan Trust during fiscal 2020 was $ 5.6 million. There was no leveraged contribution in fiscal 2022 and 2021. In fiscal 2022, 2021 and 2020, the Company made non-leveraged contributions of $ 23.0 million, $ 23.0 and $ 4.0 million, respectively to the Plan Trust. Shares held by the ESOP were as follows: Years Ended March 31, 2022 2021 (In thousands) Allocated shares 890 951 Unreleased shares - leveraged – – Fair value of unreleased shares - leveraged $ – $ – Unreleased shares - non-leveraged – – Fair value of unreleased shares - non-leveraged $ – $ – The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the trading value of such shares as of March 31, 2022 and March 31, 2021, respectively. During fiscals 2022 and 2021, we released for allocation 33,954 and 38,015 of non-leveraged shares, respectively. As of March 31, 2022, it is estimated there will be no shares committed to be released. Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are coordinated with Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2022 2021 2020 (In thousands) Service cost for benefits earned during the period $ 1,401 $ 1,267 $ 1,055 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 908 919 964 Other components 212 68 90 Total other components of net periodic benefit costs 1,120 987 1,054 Net periodic postretirement benefit cost $ 2,521 $ 2,254 $ 2,109 The fiscal 2022 and fiscal 2021 post retirement benefit liability included the following components: Years Ended March 31, 2022 2021 (In thousands) Beginning of year $ 30,755 $ 27,503 Service cost for benefits earned during the period 1,401 1,267 Interest cost on accumulated post retirement benefit 908 919 Net benefit payments and expense (1,021) (841) Actuarial (gain) loss (1,837) 1,907 Accumulated postretirement benefit obligation 30,206 30,755 Current liabilities 1,449 1,334 Non-current liabilities 28,757 29,421 Total post retirement benefit liability recognized in statement of financial position 30,206 30,755 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (3,237) (5,286) Cumulative net periodic benefit cost (in excess of employer contribution) $ 26,969 $ 25,469 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2022 2021 2020 (In percentages) Accumulated postretirement benefit obligation 3.76 % 2.93 % 3.37 % In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2022 was 4.9 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2046. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2021 (and used to measure the fiscal 2022 net periodic benefit cost) was 5.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2046. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows: Future Net Benefit Payments (In thousands) Year-ended: 2023 $ 1,369 2024 1,536 2025 1,733 2026 1,950 2027 2,170 2028 Through 2032 12,112 Total $ 20,870

Employee Benefit Plans

12 Months Ended

Mar. 31, 2022

Compensation and Retirement Disclosure [Abstract]

Note 14. Employee Benefit Plans Profit Sharing Plans We provide tax-qualified profit sharing retirement plans for the benefit of eligible employees, former employees and retirees in the United States and Canada. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis and provide for annual discretionary employer contributions. Amounts to be contributed are determined by the President and Chairman of the Board of Directors (the “Board”) of the Company under the delegation of authority from the Board, pursuant to the terms of the Profit Sharing Plan. No contributions were made to the profit sharing plan during fiscal 2022, 2021 or 2020. We also provide an employee savings plan which allows participants to defer income under Section 401(k) of the Internal Revenue Code of 1986. ESOP Plan We sponsor an Employee Stock Ownership Plan (“ESOP”) that generally covers all employees with one year or more of service. The ESOP began as a leveraged plan where shares were pledged as collateral for its debt which was originally funded by U-Haul. We made annual contributions to the ESOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. ESOP shares were committed to be released monthly and ESOP compensation expense was recorded based on the current market price at the end of the month. These shares then become outstanding for the earnings per share computations. In fiscal 2020 we de-levered the plan and now contributions are made at the discretion of management with expense being recognized upon the decision to contribute. ESOP compensation expense was $23.0 million, $23.0 million and $10.3 million for fiscal 2022, 2021 and 2020, respectively, which are included in operating expenses in the consolidated statements of operations. Listed below is a summary of these financing arrangements as of fiscal year-end: Outstanding as of Interest Payments Financing Date March 31, 2022 2022 2021 2020 (In thousands) July, 2009 – – – 9 February, 2016 – – – 229 Leveraged contributions to the Plan Trust during fiscal 2020 was $ 5.6 million. There was no leveraged contribution in fiscal 2022 and 2021. In fiscal 2022, 2021 and 2020, the Company made non-leveraged contributions of $ 23.0 million, $ 23.0 and $ 4.0 million, respectively to the Plan Trust. Shares held by the ESOP were as follows: Years Ended March 31, 2022 2021 (In thousands) Allocated shares 890 951 Unreleased shares - leveraged – – Fair value of unreleased shares - leveraged $ – $ – Unreleased shares - non-leveraged – – Fair value of unreleased shares - non-leveraged $ – $ – The fair value of unreleased shares issued prior to 1992 is defined as the historical cost of such shares. The fair value of unreleased shares issued subsequent to December 31, 1992 is defined as the trading value of such shares as of March 31, 2022 and March 31, 2021, respectively. During fiscals 2022 and 2021, we released for allocation 33,954 and 38,015 of non-leveraged shares, respectively. As of March 31, 2022, it is estimated there will be no shares committed to be released. Post Retirement and Post Employment Benefits We provide a health reimbursement benefit to our eligible U.S. employees and their eligible dependents upon retirement from the Company. The retiree must have attained age sixty-five and earned twenty years of full-time service upon retirement to be awarded the health reimbursement benefit. The health reimbursement benefit is capped at a $ 20,000 lifetime maximum per covered person. Reimbursements are coordinated with Medicare and any other medical policies in force. In addition, retirees who have attained age sixty-five and earned at least twenty years of full-time service upon retirement from the Company are entitled to group term life insurance benefits. The life insurance benefit is $ 3,000 plus $ 100 for each year of employment over twenty years. The benefits are not funded, and claims are paid as they are incurred. We use a March 31 measurement date for our post retirement benefit disclosures. The components of net periodic post retirement benefit cost were as follows: Years Ended March 31, 2022 2021 2020 (In thousands) Service cost for benefits earned during the period $ 1,401 $ 1,267 $ 1,055 Other components of net periodic benefit costs: Interest cost on accumulated postretirement benefit 908 919 964 Other components 212 68 90 Total other components of net periodic benefit costs 1,120 987 1,054 Net periodic postretirement benefit cost $ 2,521 $ 2,254 $ 2,109 The fiscal 2022 and fiscal 2021 post retirement benefit liability included the following components: Years Ended March 31, 2022 2021 (In thousands) Beginning of year $ 30,755 $ 27,503 Service cost for benefits earned during the period 1,401 1,267 Interest cost on accumulated post retirement benefit 908 919 Net benefit payments and expense (1,021) (841) Actuarial (gain) loss (1,837) 1,907 Accumulated postretirement benefit obligation 30,206 30,755 Current liabilities 1,449 1,334 Non-current liabilities 28,757 29,421 Total post retirement benefit liability recognized in statement of financial position 30,206 30,755 Components included in accumulated other comprehensive income (loss): Unrecognized net loss (3,237) (5,286) Cumulative net periodic benefit cost (in excess of employer contribution) $ 26,969 $ 25,469 The discount rate assumptions in computing the information above were as follows: Years Ended March 31, 2022 2021 2020 (In percentages) Accumulated postretirement benefit obligation 3.76 % 2.93 % 3.37 % In December 2003, the Medicare Prescription Drug Improvement and Modernization Act of 2003 became law. Net periodic post retirement benefit cost above includes the effect of the subsidy. The discount rate represents the expected yield on a portfolio of high grade (AA to AAA rated or equivalent) fixed income investments with cash flow streams sufficient to satisfy benefit obligations under the plan when due. Fluctuations in the discount rate assumptions primarily reflect changes in U.S. interest rates. The assumed health care cost trend rate used to measure the accumulated postretirement benefit obligation as of the end of fiscal 2022 was 4.9 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2046. The assumed health care cost trend rate used to measure the accumulated post retirement benefit obligation as of the end of fiscal 2021 (and used to measure the fiscal 2022 net periodic benefit cost) was 5.0 % in the initial year and was projected to decline annually to an ultimate rate of 4.0 % in fiscal 2046. Post-employment benefits provided by us, other than upon retirement, are not material. Future net benefit payments are expected as follows: Future Net Benefit Payments (In thousands) Year-ended: 2023 $ 1,369 2024 1,536 2025 1,733 2026 1,950 2027 2,170 2028 Through 2032 12,112 Total $ 20,870