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487000 5645000 28752000 92925000 -4530000 -19692000 -1992000 -12618000 -1608000 2230000 -4857000 5216000 11567000 -1818000 -2079000 60000 1626000 1946235000 1535395000 1075513000 9328000 5221000 -6617000 2136537000 1441475000 2309406000 74418000 69929000 61226000 627326000 606233000 379349000 19299000 962000 83000 8000000 16144000 0 261000 622000 4286000 158147000 158071000 62016000 623235000 537484000 687375000 51591000 69718000 59056000 360937000 529239000 268636000 2046000 207000 185000 2000000 2700000 2375000 113000 255000 311000 126218000 29525000 25162000 -1867176000 -1129529000 -1766649000 1969474000 922008000 1121412000 437506000 662588000 349986000 13156000 5793000 5332000 166262000 221247000 307782000 0 0 -206000 29412000 49019000 29404000 347520000 517856000 234640000 237503000 213864000 151022000 1433155000 287353000 512320000 -2089000 6441000 -533000 1510125000 699660000 -179349000 1194012000 494352000 673701000 2704137000 1194012000 494352000 Note 1. Basis of Presentation AMERCO, a Nevada Corporation (“AMERCO”), has a fiscal year that ends on the 31 st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31 st of December for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2021, 2020 and 2019 correspond to fiscal 2022, 2021 and 2020 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in previous years have been reclassified to conform to the current presentation. Please see Note 3, Accounting Policies – Adoption of New Accounting Pronouncements , of the Notes to Consolidated Financial Statements. Note 2. Principles of Consolidation We apply Accounting Standards Codification (“ASC”) 810 - Consolidation (“ASC 810”) in our principles of consolidation. ASC 810 addresses arrangements where a company does not hold a majority of the voting or similar interests of a variable interest entity (“VIE”). A company is required to consolidate a VIE if it has determined it is the primary beneficiary, which is the entity with the power to direct activities that most significantly affect the economic performance of the VIE and has the obligation absorbs the majority of the losses or benefits. ASC 810 also addresses the policy when a company owns a majority of the voting or similar rights and exercises effective control. A VIE is not self-supportive due to having one or both of the following conditions: (i) it has an insufficient amount of equity for it to finance its activities without receiving additional subordinated financial support or (ii) its owners do not hold the typical risks and rights of equity owners. This determination is made upon the creation of a variable interest and is re-assessed on an on-going basis should certain changes in the operations of a VIE, or its relationship with the primary beneficiary trigger a reconsideration. After a reconsideration event occurs the most recent facts and circumstances are utilized in determining whether or not a company is a VIE, which other company(ies) have a variable interest in the entity, and whether or not the company’s interest is such that it is the primary beneficiary. We will continue to monitor our relationships with the other entities regarding who is the primary beneficiary, which could change based on facts and circumstances of any reconsideration events. Please see Note 19, Related Party Transactions, of the Notes to Consolidated Financial Statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, which are consolidated under the voting interest model. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries.  Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. Moving and Storage includes AMERCO, U-Haul, and Real Estate and the wholly-owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. Property and Casualty Insurance includes Repwest and its wholly-owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. Life Insurance includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. 3 Use of Estimates The preparation of financial statements in conformity with the generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. The accounting policies that we deem most critical to us and that require management’s most difficult and subjective judgments include the principles of consolidation, the recoverability of property, plant and equipment, the adequacy of insurance reserves, the recognition and measurement of impairments for investments accounted for under ASC 320 - Investments - Debt and Equity Securities and the recognition and measurement of income tax assets and liabilities. The actual results experienced by us may materially differ from management’s estimates. Cash and Cash Equivalents We consider cash equivalents to be highly liquid debt securities with insignificant interest rate risk with original maturities from the date of purchase of three months or less. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash deposits. Accounts at each United States financial institution are insured by the Federal Deposit Insurance Corporation up to $ 250,000 . Accounts at each Canadian financial institution are insured by the Canada Deposit Insurance Corporation up to $ 100,000 CAD per account. As of March 31, 2022 and March 31, 2021, we held cash equivalents in excess of these insured limits. To mitigate this risk, we select financial institutions based on their credit ratings and financial strength. 250000 100000 Investments Fixed Maturities and Marketable Equities. Fixed maturity investments consist of either marketable debt, equity or redeemable preferred stocks. As of the balance sheet dates, all of our investments in these securities were classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses recorded net of taxes and applicable adjustments to deferred policy acquisition costs in stockholders’ equity.  We adopted ASC Topic 326, Financial Instruments Credit Losses (“Topic 326”) as of April 1, 2020, for available-for-sale debt securities. This new standard requires the use of forward-looking information to estimate credit losses and requires credit losses for available for sale debt securities to be recorded through an allowance for credit losses rather than a reduction in the amortized cost basis.  Changes in the market value of common stocks are recognized in earnings. Fair   value for these investments is based on quoted market prices, dealer quotes or discounted cash flows. The cost of investments sold is based on the specific identification method. See Note 23, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Mortgage Loans and Notes on Real Estate. Mortgage loans and notes on real estate are reported at their unpaid balance, net of any allowance for expected losses and any unamortized premium or discount. See Note 23, Allowance for Credit Losses, of the Notes to Consolidated Financial Statements. Recognition of Investment Income. Interest income from bonds and mortgage notes is recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. Accrued Interest Receivable Accrued interest receivables on available-for-sale securities totaled $28.7 million as of December 31, 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. Derivative Financial Instruments Our objective for holding derivative financial instruments is to manage interest rate risk exposure primarily through entering interest rate swap agreements and call options. We do not enter into these instruments for trading purposes. Counterparties to the interest rate swap agreements are major financial institutions. Derivatives are recognized at fair value on the balance sheet and are classified as prepaid expenses (asset) or accrued expenses (liability). Derivatives that are not designated as cash flow hedges for accounting purposes must be adjusted to fair value through income. If the derivative qualifies and is designated as a cash flow hedge, changes in its fair value will be recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. See Note 10, Derivatives, of the Notes to Consolidated Financial Statements. Inventories and parts, net Inventories and parts, net were as follows:       March 31,     2022   2021     (In thousands) Truck and trailer parts and accessories (a) $ 148,237 $ 95,976 Hitches and towing components (b)   32,508   19,972 Moving supplies and propane (b)   16,623   12,877 Subtotal   197,368   128,825 Less: LIFO reserves   (37,400)   (21,832) Less: excess and obsolete reserves   (1,080)   (1,416) Total $ 158,888 $ 105,577           (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales           Inventories consist primarily of truck and trailer parts and accessories used to manufacture and repair rental equipment as well as products and accessories available for retail sale. Inventory is held at our owned locations; our independent dealers do not hold any of our inventory. Inventories are stated at the lower cost or net realizable value. Inventory cost is primarily determined using the last-in first-out method (“LIFO”). Inventories valued using LIFO consisted of approximately 93 % and 96 % of the total inventories for March 31, 2022 and 2021, respectively. Had we utilized the first-in first-out method (“FIFO”), stated inventory balances would have been $ 37.4 million and $ 21.8 million higher as of March 31, 2022 and 2021, respectively. In fiscal 2022, the negative effect on income due to liquidation of a portion of the LIFO inventory was $ 0.1 million.     March 31,     2022   2021     (In thousands) Truck and trailer parts and accessories (a) $ 148,237 $ 95,976 Hitches and towing components (b)   32,508   19,972 Moving supplies and propane (b)   16,623   12,877 Subtotal   197,368   128,825 Less: LIFO reserves   (37,400)   (21,832) Less: excess and obsolete reserves   (1,080)   (1,416) Total $ 158,888 $ 105,577           (a) Primarily held for internal usage, including equipment manufacturing and repair (b) Primarily held for retail sales     148237000 95976000 32508000 19972000 16623000 12877000 197368000 128825000 37400000 21832000 1080000 1416000 158888000 105577000 0.93 0.96 37400000 21800000 100000 Property, Plant and Equipment Our Property, plant and equipment is stated at cost. Interest expense, if any, incurred during the initial construction of buildings is considered part of cost. Depreciation is computed for financial reporting purposes using the straight line or an accelerated method based on a declining balance formula over the following estimated useful lives: rental equipment 2-20 years and buildings and non-rental equipment 3-55 years. Routine maintenance costs are charged to operating expense as they are incurred. Gains and losses on dispositions of property, plant and equipment, other than real estate (“personal property”), are netted against depreciation expense when realized. The net amount of gains, netted against depreciation expense, were $ 214.2 million, $ 54.1 million and $ 27.1 million during fiscal 2022, 2021 and 2020, respectively. Equipment depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal, i.e., minimize gains or losses. In determining the depreciation rate, historical disposal experience, holding periods and trends in the market for vehicles are reviewed. As a result of changes in Internal Revenue Service (“IRS”) regulations regarding the capitalization of assets, beginning in the first quarter of fiscal 2017, we raised the value threshold before certain assets are capitalized within our depreciation policy. This change in threshold, results in the immediate recognition of reported operating costs with a lagging decrease in depreciation expense over the term that these assets would have been depreciated. Due to this change, we had operating expenses of $ 28.7 million, $ 22.8 million and $ 26.9 million in fiscal 2022, 2021 and 2020, respectively. This change in threshold benefited us through the immediate recognition of tax deductible costs. We regularly perform reviews to determine whether facts and circumstances exist which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable or that the useful life of assets are shorter or longer than originally estimated. Reductions in residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) or useful lives will result in an increase in depreciation expense over the remaining life of the equipment. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives. For our box truck fleet we utilize an accelerated method of depreciation based upon a declining formula. Under the declining balances method (2.4 times declining balance), the book value of a rental truck is reduced approximately 16 %, 13 %, 11 %, 9 %, 8 %, 7 %, and 6 % during years one through seven, respectively and then reduced on a straight line basis to a salvage value of 15 % by the end of year fifteen. Comparatively, a standard straight line approach would reduce the book value by approximately 5.7 % per year over the life of the truck. Although we intend to sell our used vehicles for prices approximating book value, the extent to which we realize a gain or loss on the sale of used vehicles is dependent upon various factors including, but not limited to, the general state of the used vehicle market, the age and condition of the vehicle at the time of its disposal and the depreciation rates with respect to the vehicle . We typically sell our used vehicles at our sales centers throughout the United States and Canada, on our website at uhaul.com/trucksales or by phone at 1-866-404-0355. Additionally, we sell a large portion of our pickup and cargo van fleet at automobile dealer auctions. In addition to our property, plant and equipment, we had real estate held for future development or use of $67.8 million and $68.8 million for fiscal 2022 and 2021, respectively and is included in Investments, other. 214200000 54100000 27100000 28700000 22800000 26900000 0.16 0.13 0.11 0.09 0.08 0.07 0.06 0.15 0.057 67800000 68800000 Receivables Trade receivables include trade accounts from moving and self-storage customers and dealers, insurance premiums and amounts due from re-insurers, less management’s estimate of expected losses. Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from sales and rentals of equipment.   For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. 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 6%. Management developed this estimate based on its knowledge of past experience. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Insurance premiums receivable for policies that are billed through contracted agents are recorded net of commissions payable. A commission payable is recorded as a separate liability for those premiums that are billed direct. Reinsurance recoverables include case reserves and actuarial estimates of claims incurred but not reported ("IBNR"). These receivables are not expected to be collected until after the associated claim has been adjudicated and billed to the re-insurer. The reinsurance recoverables may have little or no allowance for credit losses due to the fact that reinsurance is typically procured from carriers with strong credit ratings. Furthermore, we do not cede losses to a re-insurer if the carrier is deemed financially unable to perform on the contract. Reinsurance recoverables also include insurance ceded to other insurance companies. The allowance for expected credit losses on trade receivables as of March 31, 2022 was $8.6 million. Notes and mortgage receivables include accrued interest and are reduced by discounts and amounts considered by management to be uncollectible. Policy Benefits and Losses, Claims and Loss Expenses Payable Liabilities for future policy benefits related to life insurance, Medical supplement insurance, and deferred annuities are determined by management utilizing the net premium valuation methodology and are accrued when premium revenue is recognized. The liability, which represents the present value of future benefits to be paid to policyholders and related expenses less the present value of future net premiums, is estimated using assumptions applicable at the time the insurance contracts are written, with provisions for the risk of adverse deviation, as appropriate. Assumptions include expected mortality and morbidity experience, policy lapses and surrenders, current asset yields and expenses, and expected interest rate yields. The Company periodically performs a gross premium valuation and reviews original assumptions, including capitalized expenses which reduce the gross premium valuation, to evaluate whether the assets and liabilities are adequate and whether a loss reserve should be recognized. Liabilities for health, disability and other policies include estimates of payments to be made on insurance claims for reported losses and estimates of IBNR losses. Oxford’s liabilities for deferred annuity contracts consist of contract account balances that accrue to the benefit of the policyholders. Property and Casualty Insurance’s liability for reported and unreported losses is based on Repwest’s historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from re-insurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the re-insured policy. Adjustments to the liability for unpaid losses and loss expenses as well as amounts recoverable from re-insurers on unpaid losses are charged or credited to expense in the periods in which they are made. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation.   As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors including the following:   Claimant longevity Cost trends associated with claimant treatments Changes in ceding entity and third party administrator reporting practices Changes in environmental factors including legal and regulatory Current conditions affecting claim settlements Future economic conditions including inflation We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements.   Management reviews each claim bi-annually or more frequently, if there are changes in facts or circumstances to determine if the estimated life-time claim costs have increased and then adjusts the reserve estimate accordingly at that time.   We have factored in an estimate of what the potential cost increases could be in our IBNR liability.   We have not assumed settlement of the existing claims in calculating the reserve amount, unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening.   Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Self-Insurance Reserves U-Haul retains the risk for certain public liability and property damage programs related to our rental equipment. The consolidated balance sheets include $ 418.9 million and $ 427.1 million of liabilities related to these programs as of March 31, 2022 and 2021, respectively. These liabilities are recorded in Policy benefits and losses, claims and loss expenses payable. Management takes into account losses incurred based upon actuarial estimates, past experience, current claim trends, as well as social and economic conditions. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents, and severity of incidents. Additionally, as of March 31, 2022 and 2021, the consolidated balance sheets include liabilities of $ 19.7 million and $ 17.5 million, respectively, related to medical plan benefits we provide for eligible employees. We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. These amounts are recorded in Accounts payable and accrued expenses on the consolidated balance sheets. 418900000 427100000 19700000 17500000 Revenue Recognition Self-moving rentals are recognized for the period that trucks and moving equipment are rented. Self-storage revenues, based upon the number of paid storage contract days, are recognized as earned during the period.   Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. Property and casualty insurance premiums are recognized as revenue over the policy periods. Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Interest and investment income are recognized as earned. Amounts collected from customers for sales tax are recorded on a net basis. Please see Note 22, Revenue Recognition, of the Notes to Consolidated Financial Statements. Advertising All advertising costs are expensed as incurred. Advertising expense was $ 13.7 million, $ 18.0 million and $ 13.7 million in fiscal 2022, 2021 and 2020, respectively. 13700000 18000000.0 13700000 Deferred Policy Acquisition Costs Commissions and other costs that fluctuate with and are primarily related to the successful acquisition or renewal of certain insurance premiums are deferred. For our Life Insurance’s life and health insurance products, these costs are amortized, with interest, in relation to revenue such that costs are realized as a constant percentage of revenue. For its annuity insurance products the costs are amortized, with interest, in relation to the present value of actual and expected gross profits. Starting in fiscal 2014, new annuity contract holders were provided with a sales inducement in the form of a premium bonus (the “Sales Inducement Asset”).   Sales inducements are recognized as an asset with a corresponding increase to the policyholder liability and are amortized in a similar manner to Deferred Policy Acquisition Costs.   As of December 31, 2021 and 2020, the Sales Inducement Asset included with Deferred Policy Acquisition Costs amounted to $ 15.7 million and $ 16.0 million, respectively on the consolidated balance sheet and amortization expense totaled $ 4.7 million, $ 4.3 million and $ 5.5 million for the periods ended December 31, 2021, 2020 and 2019, respectively. 15700000 16000000.0 4700000 4300000 5500000 Environmental Costs Liabilities are recorded when environmental assessments and remedial efforts, if applicable, are probable and the costs can be reasonably estimated. The amount of the liability is based on management’s best estimate of undiscounted future costs. Certain recoverable environmental costs related to the removal of underground storage tanks or related contamination are capitalized and amortized over the estimated useful lives of the properties. These costs are capitalized if they improve the safety or efficiency of the property or are incurred in preparing the property for sale. Income Taxes AMERCO files a consolidated tax return with all of its legal subsidiaries. The provision for income taxes reflects deferred income taxes resulting from changes in temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities represent the future tax consequence for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses that are available to offset future taxable income. Valuation allowances are established when it is more likely than not that the deferred tax assets will not be realized. Earnings Per Share Our earnings per share is calculated by dividing our earnings available to common stockholders by the weighted average common shares outstanding, basic and diluted. The weighted average common shares outstanding exclude post-1992 shares of the employee stock ownership plan that have not been committed to be released.   As of March 31, 2022 and 2021 all of these shares have been released. There are no dilutive securities for fiscal years 2022, 2021 and 2020. Comprehensive Income (Loss) Comprehensive income (loss) consists of net earnings, foreign currency translation adjustments, unrealized gains and losses on investments, the change in fair value of cash flow hedges and the change in postretirement benefit obligations. Debt Issuance Costs We defer costs directly associated with acquiring third-party financing. Debt issuance costs are deferred and amortized to interest expense using the effective interest method. Debt issuance costs related to our long-term debt are reflected as a direct deduction from the carrying amount of the debt. Please see Note 8, Borrowings, of the Notes to Consolidated Financial Statements. Adoption of New Accounting Pronouncements On 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. On April 1, 2021, we adopted, ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This standard provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Inter-Bank Offer Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We adopted this standard and there was no impact to 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. 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. From time to time, new accounting pronouncements are issued by the FASB or the Securities and Exchange Commission (“SEC”) that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption. Note 4.   Reinsurance Recoverables and Trade Receivables, Net Reinsurance recoverables and trade receivables, net were as follows:       March 31,     2022   2021     (In thousands) Reinsurance recoverable $ 50,586 $ 66,386 Trade accounts receivable   150,285   121,251 Paid losses recoverable   345   276 Accrued investment income   28,689   27,883 Premiums and agents' balances   1,650   2,546 Independent dealer receivable   73   258 Other receivables   6,364   10,247     237,992   228,847 Less: Allowance for credit losses   (8,649)   (4,421)   $ 229,343 $ 224,426     March 31,     2022   2021     (In thousands) Reinsurance recoverable $ 50,586 $ 66,386 Trade accounts receivable   150,285   121,251 Paid losses recoverable   345   276 Accrued investment income   28,689   27,883 Premiums and agents' balances   1,650   2,546 Independent dealer receivable   73   258 Other receivables   6,364   10,247     237,992   228,847 Less: Allowance for credit losses   (8,649)   (4,421)  $ 229,343 $ 224,426 50586000 66386000 150285000 121251000 345000 276000 28689000 27883000 1650000 2546000 73000 258000 6364000 10247000 237992000 228847000 8649000 4421000 229343000 224426000 Note 5.   Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 27.1 million and $ 27.7 million for December 31, 2021 and 2020, respectively. Available-for-Sale Investments Available-for-sale investments as of March 31, 2022 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   Value Fair           (In thousands) U.S. treasury securities and government obligations $ 128,078 $   7,984 $   – $   (969) $   – $   135,093 U.S. government agency mortgage-backed securities   44,678   280   (42)   (3,111)   –   41,805 Obligations of states and political subdivisions   178,040   15,450   –   (508)   –   192,982 Corporate securities   1,989,212   138,909   (402)   (6,604)   (60)   2,121,055 Mortgage-backed securities   324,029   7,671   (1)   (1,542)   –   330,157   $ 2,664,037 $   170,294 $   ( 445 ) $   ( 12,734 ) $   ( 60 ) $   2,821,092 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   Value Fair           (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)   (640)   (1,320)   2,043,831 Mortgage-backed securities   174,728   11,706   (1)   (8)   –   186,425   $ 2,405,612 $ 250,254 $ ( 224 ) $ ( 783 ) $ ( 1,320 ) $ 2,653,539   We sold available-for-sale securities with a fair value of $ 352.3 million, $ 523.9 million and $ 264.5 million in fiscal 2022, 2021 and 2020, respectively. The gross realized gains on these sales totaled $ 9.5 million, $ 9.6 million and $ 6.4 million in fiscal 2022, 2021 and 2020, respectively. We realized gross losses on these sales of $ 1.4 million, $ 2.1 million and $ 0.2 million in fiscal 2022, 2021 and 2020, respectively.   We adopted Topic 326 as of April 1, 2020. For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There were no incremental impairment charges recorded during fiscal year 2022. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity, were as follows:     March 31, 2022   March 31, 2021     Cost Amortized   Value Fair   Cost Amortized   Value Fair     (In thousands) Due in one year or less $ 97,969 $ 99,432 $ 90,142 $ 91,190 Due after one year through five years   541,840   570,135   562,442   601,818 Due after five years through ten years   704,295   765,073   672,733   754,536 Due after ten years   995,904   1,056,295   905,567   1,019,570     2,340,008   2,490,935   2,230,884   2,467,114                   Mortgage backed securities   324,029   330,157   174,728   186,425   $ 2,664,037 $ 2,821,092 $ 2,405,612 $ 2,653,539   Equity investments of common stock and non-redeemable preferred stock were as follows:     March 31, 2022   March 31, 2021     Cost Amortized   Value Fair   Cost Amortized   Value Fair     (In thousands) Common stocks $ 27,674 $ 46,212 $ 9,775 $ 20,440 Non-redeemable preferred stocks   26,054   26,095   20,034   21,677   $ 53,728 $ 72,307 $ 29,809 $ 42,117 Investments, other The carrying value of other investments was as follows:     March 31,     2022   2021     (In thousands) Mortgage loans, net $ 423,163 $ 391,230 Short-term investments   30,916   7,234 Real estate   67,824   68,813 Policy loans   10,309   11,163 Other equity investments   11,543   11,319   $ 543,755 $ 489,759   Mortgage loans are carried at the unpaid balance, less an allowance for expected losses net of any unamortized premium or discount. The portfolio of mortgage loans is principally collateralized by self-storage facilities and commercial properties. The interest rate range on the mortgage loans is 3.5 % to 5.9 % with maturities between 2022 and 2036 . The allowance for expected losses was $ 0.5 million for both March 31, 2022 and 2021. These loans represent first lien mortgages held by us. Mortgage loans are reviewed on an ongoing basis and analysis may include market analysis, estimated valuations of the underlying collateral, loan to value ratios, tenant creditworthiness and other factors. For our mortgage loans, no specifically identified loans were impaired as of March 31, 2022. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. Short-term investments consist primarily of investments in money market funds, mutual funds and any other investments with short-term characteristics that have original maturities of less than one year at acquisition. These investments are recorded at cost, which approximates fair value. Real estate held for future development or use is carried at the lower of fair value at time of acquisition or current estimated fair value less cost to sell. Other equity investments are carried at cost and assessed for impairment. Insurance policy loans are carried at their unpaid balance. 27100000 27700000     Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Fair           (In thousands) U.S. treasury securities and government obligations $ 128,078 $   7,984 $   – $   (969) $   – $   135,093 U.S. government agency mortgage-backed securities   44,678   280   (42)   (3,111)   –   41,805 Obligations of states and political subdivisions   178,040   15,450   –   (508)   –   192,982 Corporate securities   1,989,212   138,909   (402)   (6,604)   (60)   2,121,055 Mortgage-backed securities   324,029   7,671   (1)   (1,542)   –   330,157  $ 2,664,037 $  170,294 $ ( 445 )$ ( 12,734 )$ ( 60 )$  2,821,092 128078000 7984000 0 969000 0 135093000 44678000 280000 42000 3111000 0 41805000 178040000 15450000 0 508000 0 192982000 1989212000 138909000 402000 6604000 60000 2121055000 324029000 7671000 1000 1542000 0 330157000 2664037000 170294000 445000 12734000 60000 2821092000     Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Fair           (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)   (640)   (1,320)   2,043,831 Mortgage-backed securities   174,728   11,706   (1)   (8)   –   186,425  $ 2,405,612 $ 250,254 $( 224 )$( 783 )$( 1,320 )$ 2,653,539 92429000 12941000 0 0 0 105370000 61427000 911000 1000 132000 0 62205000 230521000 25249000 59000 3000 0 255708000 1846507000 199447000 163000 640000 1320000 2043831000 174728000 11706000 1000 8000 0 186425000 2405612000 250254000 224000 783000 1320000 2653539000 352300000 523900000 264500000 9500000 9600000 6400000 1400000 2100000 200000     March 31, 2022   March 31, 2021     Amortized   Fair   Amortized   Fair     (In thousands) Due in one year or less $ 97,969 $ 99,432 $ 90,142 $ 91,190 Due after one year through five years   541,840   570,135   562,442   601,818 Due after five years through ten years   704,295   765,073   672,733   754,536 Due after ten years   995,904   1,056,295   905,567   1,019,570     2,340,008   2,490,935   2,230,884   2,467,114                   Mortgage backed securities   324,029   330,157   174,728   186,425  $ 2,664,037 $ 2,821,092 $ 2,405,612 $ 2,653,539 97969000 99432000 90142000 91190000 541840000 570135000 562442000 601818000 704295000 765073000 672733000 754536000 995904000 1056295000 905567000 1019570000 2340008000 2490935000 2230884000 2467114000 324029000 330157000 174728000 186425000 2664037000 2821092000 2405612000 2653539000     March 31, 2022   March 31, 2021     Amortized   Fair   Amortized   Fair     (In thousands) Common stocks $ 27,674 $ 46,212 $ 9,775 $ 20,440 Non-redeemable preferred stocks   26,054   26,095   20,034   21,677  $ 53,728 $ 72,307 $ 29,809 $ 42,117 27674000 46212000 9775000 20440000 26054000 26095000 20034000 21677000 53728000 72307000 29809000 42117000     March 31,     2022   2021     (In thousands) Mortgage loans, net $ 423,163 $ 391,230 Short-term investments   30,916   7,234 Real estate   67,824   68,813 Policy loans   10,309   11,163 Other equity investments   11,543   11,319  $ 543,755 $ 489,759 423163000 391230000 30916000 7234000 67824000 68813000 10309000 11163000 11543000 11319000 543755000 489759000 0.035 0.059 2022 2036 500000 Note 6.   Other Assets Other assets were as follows:       March 31,     2022   2021     (In thousands) Deposits (debt-related) $ 37,588 $ 33,952 Cash surrender value of life insurance policies   –   567 Deposits (real estate related)   22,821   13,211   $ 60,409 $ 47,730     March 31,     2022   2021     (In thousands) Deposits (debt-related) $ 37,588 $ 33,952 Cash surrender value of life insurance policies   –   567 Deposits (real estate related)   22,821   13,211  $ 60,409 $ 47,730 37588000 33952000 0 567000 22821000 13211000 60409000 47730000 Note 7.   Net Investment and Interest Income Net investment and interest income, were as follows:       Years Ended March 31,     2022   2021   2020     (In thousands) Fixed maturities $ 111,625 $ 102,021 $ 107,434 Real estate   5,648   5,769   7,304 Insurance policy loans   705   829   974 Mortgage loans   25,850   18,248   17,164 Short-term, amounts held by ceding reinsurers, net and other investments   11,713   3,103   9,807 Investment income   155,541   129,970   142,683 Less: investment expenses   (7,280)   (7,032)   (4,854) Net investment and interest income $ 148,261 $ 122,938 $ 137,829     Years Ended March 31,     2022   2021   2020     (In thousands) Fixed maturities $ 111,625 $ 102,021 $ 107,434 Real estate   5,648   5,769   7,304 Insurance policy loans   705   829   974 Mortgage loans   25,850   18,248   17,164 Short-term, amounts held by ceding reinsurers, net and other investments   11,713   3,103   9,807 Investment income   155,541   129,970   142,683 Less: investment expenses   (7,280)   (7,032)   (4,854) Net investment and interest income$ 148,261 $ 122,938 $ 137,829 111625000 102021000 107434000 5648000 5769000 7304000 705000 829000 974000 25850000 18248000 17164000 11713000 3103000 9807000 155541000 129970000 142683000 7280000 7032000 4854000 148261000 122938000 137829000 Note 8.   Borrowings Long-Term Debt Long-term debt was as follows:                       March 31,   2022 Rates   Maturities   2022   2021                     (In thousands) Real estate loan (amortizing term)       1.83 %     2023 $ 50,259 $ 82,913 Senior mortgages 2.70 % - 5.50 % 2023 - 2042   2,206,268   2,125,324 Real estate loans (revolving credit) (a) 1.58 % - 3.14 % 2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028   124,651   176,295 Fleet loans (revolving credit) 1.30 % - 2.36 % 2024 - 2026   560,000   535,000 Finance leases (rental equipment) 2.16 % - 5.04 % 2022 - 2026   347,393   513,623 Finance liability (rental equipment) 1.60 % - 4.68 % 2024 - 2030   949,936   644,375 Private placements 2.43 % - 2.88 % 2029 - 2035   1,200,000   – Other obligations 1.50 % - 8.00 % 2022 - 2049   86,206   86,085 Notes, loans and finance leases payable                 $ 6,059,713 $ 4,698,615 Less: Debt issuance costs                   (37,216)   (29,708) Total notes, loans and finance leases payable, net         $ 6,022,497 $ 4,668,907                           (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin         Real Estate Backed Loans Real Estate Loan Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan (the “Real Estate Loan”).   The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers.   The interest rate, per the provisions of the amended loan agreement, is the applicable LIBOR plus the applicable margin. As of March 31, 2022, the applicable LIBOR was 0.33 % and the applicable margin was 1.50 %, the sum of which was 1.83 %. 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 March 31, 2022 was 4.0%.  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 March 31, 2022, the outstanding balance of these loans in the aggregate was $ 385.0 million. These loans are secured by certain properties owned by the borrowers. The loan agreements provide for term loans, subject to the terms of the loan agreements. The loans require monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The interest rate, per the provision of the loan agreements, is the applicable LIBOR plus the applicable margin. As of March 31, 2022, the applicable LIBOR was between 0.21 % and 0.45 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 1.46 % and 1.85 %. 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. These loan agreements contain fallback language for the replacement of LIBOR. AMERCO is a borrower under a real estate loan. The current maximum credit commitment is $ 200.0 million, which can be increased to $ 300.0 million by bringing in other lenders. As of March 31, 2022, the outstanding balance was $ 150.0 million. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. As of March 31, 2022, the applicable LIBOR was 0.21 % and the margin was 1.38 %, the sum of which was 1.59 %. 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. This loan agreement contains fallback language for the replacement of LIBOR. 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 $ 560.0 million. The interest rates, per the provision of the loan agreements, in aggregate of $ 385.0 million, are the applicable LIBOR plus the applicable margin. As of March 31, 2022, the applicable LIBOR was 0.21 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 1.36 % and 1.46 %. Of this $385.0 million outstanding, $ 100.0 million was 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 March 31, 2022.   Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. These loan agreements either contain fallback language for the replacement of LIBOR or are in the process of being amended to add updated language. 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 2.16% to 5.04%.  All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $620.8 million and $877.0 million as of March 31, 2022 and March 31, 2021, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during fiscal 2022. 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 4.68 %. These finance liabilities are collateralized by our rental fleet.   The net book value of the corresponding rental equipment was $ 1,068.3 million and $ 718.3 million as of March 31, 2022 and March 31, 2021, respectively 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 % with maturities between 2029 and 2033 .   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 in January 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 March 31, 2022, the aggregate outstanding principal balance of the U-Notes ® issued was $ 88.5 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 December 31, 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 December 31, 2021, available-for-sale investments held with the FHLB totaled $ 105.6 million, of which $ 62.8 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within Liabilities from investment contracts on the consolidated balance sheets. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable as of March 31, 2022 for the next five years and thereafter are as follows:       Years Ended March 31,     2023   2024   2025   2026   2027   Thereafter   Total     (In thousands) Notes, loans and finance leases payable, secured $ 478,954 $ 937,542 $ 898,740 $ 570,127 $ 559,961 $ 2,614,389 $ 6,059,713                     March 31,   2022 Rates   Maturities   2022   2021                     (In thousands) Real estate loan (amortizing term)       1.83 %     2023 $ 50,259 $ 82,913 Senior mortgages 2.70 % - 5.50 % 2023 - 2042   2,206,268   2,125,324 Real estate loans (revolving credit) (a) 1.58 % - 3.14 % 2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 % 2022 - 2028   124,651   176,295 Fleet loans (revolving credit) 1.30 % - 2.36 % 2024 - 2026   560,000   535,000 Finance leases (rental equipment) 2.16 % - 5.04 % 2022 - 2026   347,393   513,623 Finance liability (rental equipment) 1.60 % - 4.68 % 2024 - 2030   949,936   644,375 Private placements 2.43 % - 2.88 % 2029 - 2035   1,200,000   – Other obligations 1.50 % - 8.00 % 2022 - 2049   86,206   86,085 Notes, loans and finance leases payable                 $ 6,059,713 $ 4,698,615 Less: Debt issuance costs                   (37,216)   (29,708) Total notes, loans and finance leases payable, net         $ 6,022,497 $ 4,668,907                           (a) Certain loans have interest rate swaps fixing the rate between 3.03% and 3.14% based on current margin    0.0183 2023 50259000 82913000 0.0270 0.0550 2023 2042 2206268000 2125324000 0.0158 0.0314 2023 2025 535000000 535000000 0.0161 0.0466 2022 2028 124651000 176295000 0.0130 0.0236 2024 2026 560000000 535000000 0.0216 0.0504 2022 2026 347393000 513623000 0.0160 0.0468 2024 2030 949936000 644375000 0.0243 0.0288 2029 2035 1200000000 0 0.0150 0.0800 2022 2049 86206000 86085000 6059713000 4698615000 37216000 29708000 6022497000 4668907000 0.0033 0.0150 0.0183 0.0270 0.0550 0.040 385000000.0 385000000.0 0.0021 0.0045 0.0125 0.0150 0.0146 0.0185 200000000.0 300000000.0 150000000.0 0.0021 0.0138 0.0159 0.0030 0.0161 0.0466 590000000.0 560000000.0 385000000.0 0.0021 0.0115 0.0125 0.0136 0.0146 100000000.0 0.0236 (7) year terms 0.0216 0.0504 620800000 877000000.0 (7) years 0.0160 0.0468 1068300000 718300000 600000000.0 150000000.0 0.0243 0.0278 2029 2033 600000000.0 100000000.0 150000000.0 0.0255 0.0288 2030 2035 88500000 2300000 0.0150 0.0800 2022 2049 60000000.0 0.0049 0.0172 105600000 62800000     Years Ended March 31,     2023   2024   2025   2026   2027   Thereafter   Total     (In thousands) Notes, loans and finance leases payable, secured$ 478,954 $ 937,542 $ 898,740 $ 570,127 $ 559,961 $ 2,614,389 $ 6,059,713 478954000 937542000 898740000 570127000 559961000 2614389000 6059713000 Note 9.   Interest on Borrowings Interest Expense Components of interest expense include the following:     Years Ended March 31,     2022   2021   2020     (In thousands) Interest expense $ 167,618 $ 165,484 $ 180,444 Capitalized interest   (9,700)   (11,573)   (23,517) Amortization of transaction costs   5,556   5,949   4,427 Interest expense resulting from cash flow hedges   3,950   3,642   (404) Total interest expense   167,424   163,502   160,950 Interest paid in cash, including payments related to derivative contracts, amounted to $ 147.9 million, $ 153.2 million and $ 168.1 million for fiscal 2022, 2021 and 2020, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows:     Revolving Credit Activity       Years Ended March 31,       2022   2021   2020       (In thousands, except interest rates)   Weighted average interest rate during the year   1.40 % 1.40 % 3.31 % Interest rate at year end   1.49 % 1.40 % 2.86 % Maximum amount outstanding during the year $ 1,105,000 $ 1,175,000 $ 1,086,000   Average amount outstanding during the year $ 1,085,074 $ 1,088,293 $ 1,002,081   Facility fees $ 253 $ 261 $ 193       Years Ended March 31,     2022   2021   2020     (In thousands) Interest expense $ 167,618 $ 165,484 $ 180,444 Capitalized interest   (9,700)   (11,573)   (23,517) Amortization of transaction costs   5,556   5,949   4,427 Interest expense resulting from cash flow hedges   3,950   3,642   (404) Total interest expense  167,424   163,502   160,950 167618000 165484000 180444000 9700000 11573000 23517000 5556000 5949000 4427000 3950000 3642000 -404000 167424000 163502000 160950000 147900000 153200000 168100000     Revolving Credit Activity       Years Ended March 31,       2022   2021   2020       (In thousands, except interest rates)   Weighted average interest rate during the year   1.40 % 1.40 % 3.31 % Interest rate at year end   1.49 % 1.40 % 2.86 % Maximum amount outstanding during the year $ 1,105,000 $ 1,175,000 $ 1,086,000   Average amount outstanding during the year $ 1,085,074 $ 1,088,293 $ 1,002,081   Facility fees$ 253 $ 261 $ 193   0.0140 0.0140 0.0331 0.0149 0.0140 0.0286 1105000000 1175000000 1086000000 1085074000 1088293000 1002081000 253000 261000 193000 Note 10.   Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates, with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt and a variable rate operating lease. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of its counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:             March 31, 2022   March 31, 2021     (In thousands) Interest rate contracts designated as hedging instruments         Assets $ – $ – Liabilities   587   5,141 Notional amount (debt)   235,000   235,000     The Effect of Interest Rate     Contracts on the Statements of Operations     Years Ended March 31,     2022   2021   2020     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (4,553) $ (3,071) $ 8,355 (Gain) loss reclassified from AOCI into income $ ( 3,948 ) $ ( 3,640 ) $ 3   Gains or losses recognized in income on derivatives are recorded as interest expense in the consolidated statements of operations.   During fiscal year 2022, we recognized an increase in the fair value of our cash flow hedges of $0.5 million, net of taxes.   During fiscal year 2022, we reclassified $ 3.9 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense.   As of March, 31 2022, we expect to reclassify $ 1.2 million of net gains on interest contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. At December 31, 2021 and 2020, these derivative hedges had a fair value of $ 7.5 million and $ 6.6 million, with notional amounts of $ 416.7   million and $ 282.7   million, respectively. These derivative instruments are included in Investments, other; on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.           March 31, 2022   March 31, 2021     (In thousands) Interest rate contracts designated as hedging instruments         Assets $ – $ – Liabilities   587   5,141 Notional amount (debt)  235,000   235,000 0 0 587000 5141000 235000000 235000000     The Effect of Interest Rate     Contracts on the Statements of Operations     Years Ended March 31,     2022   2021   2020     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ (4,553) $ (3,071) $ 8,355 (Gain) loss reclassified from AOCI into income $( 3,948 )$( 3,640 )$ 3 -4553000 -3071000 8355000 -3948000 -3640000 3000 3900000 1200000 7500000 6600000 416700000 282700000 Note 11.   Accumulated Other Comprehensive Income (Loss) A summary of our AOCI components, net of tax, were as follows:       Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)           (In thousands) Balance as of March 31, 2019 $ (56,612) $   (7,259) $   107 $   (2,934) $   (66,698) Foreign currency translation   9,377   –   –   –   9,377 Unrealized net gain on investments   –   97,943   –   –   97,943 Change in fair value of cash flow hedges   –   –   (6,301)   –   (6,301) Amounts reclassified into earnings on hedging activities   –   –   (2)   –   (2) Change in post retirement benefit obligations   –   –   –   333   333 Other comprehensive income (loss)   9,377   97,943   (6,303)   333   101,350 Balance as of March 31, 2020 $ (47,235) $   90,684 $   (6,196) $   (2,601) $   34,652 Foreign currency translation   (5,694)   –   –   –   (5,694) Unrealized net gain on investments   –   76,969   –   –   76,969 Change in fair value of cash flow hedges   –   –   (429)   –   (429) Amounts reclassified into earnings on hedging activities   –   –   2,746   –   2,746 Change in post retirement benefit obligations   –   –   –   (1,387)   (1,387) Other comprehensive income (loss)   (5,694)   76,969   2,317   (1,387)   72,205 Balance as of March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $ 106,857 Foreign currency translation   (2,828)   –   –   –   (2,828) Unrealized net loss on investments   –   (62,626)   –   –   (62,626) Change in fair value of cash flow hedges   –   –   457   –   457 Amounts reclassified into earnings on hedging activities   –   –   2,978   –   2,978 Change in post retirement benefit obligations   –   –   –   1,546   1,546 Other comprehensive income (loss)   (2,828)   (62,626)   3,435   1,546   (60,473) Balance as of March 31, 2022 $ ( 55,757 ) $   105,027 $   ( 444 ) $   ( 2,442 ) $   46,384     Foreign Currency Translation   Unrealized Net Gain on Investments   Fair Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)           (In thousands) Balance as of March 31, 2019 $ (56,612) $   (7,259) $   107 $   (2,934) $   (66,698) Foreign currency translation   9,377   –   –   –   9,377 Unrealized net gain on investments   –   97,943   –   –   97,943 Change in fair value of cash flow hedges   –   –   (6,301)   –   (6,301) Amounts reclassified into earnings on hedging activities   –   –   (2)   –   (2) Change in post retirement benefit obligations   –   –   –   333   333 Other comprehensive income (loss)   9,377   97,943   (6,303)   333   101,350 Balance as of March 31, 2020 $ (47,235) $   90,684 $   (6,196) $   (2,601) $   34,652 Foreign currency translation   (5,694)   –   –   –   (5,694) Unrealized net gain on investments   –   76,969   –   –   76,969 Change in fair value of cash flow hedges   –   –   (429)   –   (429) Amounts reclassified into earnings on hedging activities   –   –   2,746   –   2,746 Change in post retirement benefit obligations   –   –   –   (1,387)   (1,387) Other comprehensive income (loss)   (5,694)   76,969   2,317   (1,387)   72,205 Balance as of March 31, 2021 $ (52,929) $   167,653 $   (3,879) $   (3,988) $ 106,857 Foreign currency translation   (2,828)   –   –   –   (2,828) Unrealized net loss on investments   –   (62,626)   –   –   (62,626) Change in fair value of cash flow hedges   –   –   457   –   457 Amounts reclassified into earnings on hedging activities   –   –   2,978   –   2,978 Change in post retirement benefit obligations   –   –   –   1,546   1,546 Other comprehensive income (loss)   (2,828)   (62,626)   3,435   1,546   (60,473) Balance as of March 31, 2022$( 55,757 )$  105,027 $ ( 444 )$ ( 2,442 )$  46,384 -56612000 -7259000 107000 -2934000 -66698000 9377000 0 0 0 9377000 0 97943000 0 0 97943000 0 0 -6301000 0 -6301000 0 0 -2000 0 -2000 0 0 0 333000 333000 9377000 97943000 -6303000 333000 101350000 -47235000 90684000 -6196000 -2601000 34652000 -5694000 0 0 0 -5694000 0 76969000 0 0 76969000 0 0 -429000 0 -429000 0 0 2746000 0 2746000 0 0 0 -1387000 -1387000 -5694000 76969000 2317000 -1387000 72205000 -52929000 167653000 -3879000 -3988000 106857000 -2828000 0 0 0 -2828000 0 -62626000 0 0 -62626000 0 0 457000 0 457000 0 0 2978000 0 2978000 0 0 0 1546000 1546000 -2828000 -62626000 3435000 1546000 -60473000 -55757000 105027000 -444000 -2442000 46384000 Note 12. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal years 2022 and 2021.   Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               October 6, 2021 $ 0.50   October 18, 2021   October 29, 2021 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021 December 9, 2020 $ 2.00   December 21, 2020   December 30, 2020 August 20, 2020 $ 0.50   September 7, 2020   September 21, 2020 As of March 31, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               October 6, 2021 $ 0.50   October 18, 2021   October 29, 2021 August 19, 2021 $ 0.50   September 7, 2021   September 21, 2021 June 9, 2021 $ 0.50   June 24, 2021   July 8, 2021 December 9, 2020 $ 2.00   December 21, 2020   December 30, 2020 August 20, 2020$ 0.50  September 7, 2020 September 21, 2020 2021-10-06 0.50 2021-10-18 2021-10-29 2021-08-19 0.50 2021-09-07 2021-09-21 2021-06-09 0.50 2021-06-24 2021-07-08 2020-12-09 2.00 2020-12-21 2020-12-30 2020-08-20 0.50 2020-09-07 2020-09-21 Note 13.   Provision for Taxes Earnings before taxes and the provision for taxes consisted of the following:       Years Ended March 31,     2022   2021   2020     (In thousands) Pretax earnings:             U.S. $ 1,431,155 $ 773,030 $ 372,687 Non-U.S.   44,342   23,628   5,437 Total pretax earnings $ 1,475,497 $ 796,658 $ 378,124               Current provision (benefit)             Federal $ 189,488 $ 100,521 $ (373,817) State   55,518   16,572   (9,600) Non-U.S.   6,893   3,404   949     251,899   120,497   (382,468) Deferred provision (benefit)             Federal   90,852   53,957   307,846 State   6,355   9,795   9,728 Non-U.S.   3,105   1,553   970     100,312   65,305   318,544               Provision for income tax expense (benefit) $ 352,211 $ 185,802 $ (63,924)               Income taxes paid (net of income tax refunds received) $ ( 4,548 ) $ 29,044 $ 6,859   The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to income before taxes was as follows:     Years Ended March 31,       2022   2021   2020       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               NOL tax rate benefit   – % – % (38.62) % State taxes, net of federal benefit   3.24 % 2.53 % 0.02 % Foreign rate differential   0.05 % – % 0.21 % Federal tax credits   (0.19) % (0.99) % (0.53) % Transition tax   – % – % – % Tax-exempt income   (0.03) % (0.08) % (0.17) % Dividend received deduction   – % (0.01) % (0.01) % Other   (0.20) % 0.87 % 1.19 % Actual tax expense (benefit) of operations   23.87 % 23.32 % ( 16.91 ) % Significant components of our deferred tax assets and liabilities were as follows:       March 31,     2022   2021 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 36,367 $ 30,432 Accrued expenses   114,152   109,740 Policy benefit and losses, claims and loss expenses payable, net   30,572   26,799 Operating leases   15,540   19,370 Total deferred tax assets $ 196,631 $ 186,341           Deferred tax liabilities:         Property, plant and equipment $ 1,395,216 $ 1,280,703 Operating leases   15,540   19,370 Deferred policy acquisition costs   12,962   13,696 Unrealized gains   36,299   48,667 Other   1,972   2,394 Total deferred tax liabilities   1,461,989   1,364,830 Net deferred tax liability $ 1,265,358 $ 1,178,489   On March 27, 2020, former President Trump signed into U.S. federal law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was aimed at providing emergency assistance and health care for individuals, families, and businesses affected by COVID-19 global pandemic and generally supporting the U.S. economy.   The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. In particular, the CARES Act allows for NOLs generated in 2018, 2019, or 2020 to be carried back 5 years.    As a result, we filed applicable forms with the IRS to carryback net operating losses. The statutory tax rate for the carryback years was 35% as compared to 21% at present.   Consequently, we recognized a benefit amount of $ 146.0 million for fiscal year 2020.     These refund claims total approximately $ 366 million, of which we have received approximately $ 243 million in 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. As a result, the NOL and credit carry-forwards in the above table are primarily attributable to state NOLs. As of March 31, 2022 and March 31, 2021, AMERCO had state NOLs of $ 458.5 million and $ 384.9 million, respectively, that will begin to expire March 31, 2023, if not utilized. On March 3, 2021, the IRS notifiied us that our federal inome tax returns for the tax years March 31, 2014, 2015, 2016, 2018 and 2019 were selected for examination. The IRS agent in charged confirmed that this is a limited scope examination arising out of NOL carryback claims and is a standard procedure for the IRS to process the refund. As such, the scope of the exam is expected to be limited to the items reported on Forms 1139 and related schedules only. As of now, we are still working with the IRS agent and there is no audit adjustment for any of the above tax periods. No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable. The Company accounts for uncertainty in income taxes by recognizing the tax benefit or expense from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits and expenses recognized in the consolidated financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. A reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period are as follows:     Unrecognized Tax Benefits     March 31,     2022   2021     (In thousands)           Unrecognized tax benefits beginning balance $ 31,069 $ 29,632 Revaluation based on change in after tax benefit   –   – Additions based on tax positions related to the current year   8,257   1,479 Reductions for tax positions of prior years   –   (42) Additions for tax provisions of prior years   9,525   – Unrecognized tax benefits ending balance $ 48,851 $ 31,069 We recognize interest related to unrecognized tax benefits as interest expense, and penalties as income tax expenses. As of March 31, 2022 and 2021, the amount of interest accrued on unrecognized tax benefits was $ 15.7 million and $ 14.3 million, net of tax. During the current year we recorded expense from interest in the amount of $ 1.4 million, net of tax. We file income tax returns in the U.S. federal jurisdiction, and various states and Canadian jurisdictions. While the Company has ongoing audits in Canada and various state jurisdictions, there have been no proposed or anticipated adjustments that would materially impact the financial statements. With some exceptions, we are no longer subject to audit for years prior to the fiscal year ended March 31, 2019.     Years Ended March 31,     2022   2021   2020     (In thousands) Pretax earnings:             U.S. $ 1,431,155 $ 773,030 $ 372,687 Non-U.S.   44,342   23,628   5,437 Total pretax earnings $ 1,475,497 $ 796,658 $ 378,124               Current provision (benefit)             Federal $ 189,488 $ 100,521 $ (373,817) State   55,518   16,572   (9,600) Non-U.S.   6,893   3,404   949     251,899   120,497   (382,468) Deferred provision (benefit)             Federal   90,852   53,957   307,846 State   6,355   9,795   9,728 Non-U.S.   3,105   1,553   970     100,312   65,305   318,544               Provision for income tax expense (benefit) $ 352,211 $ 185,802 $ (63,924)               Income taxes paid (net of income tax refunds received)$( 4,548 )$ 29,044 $ 6,859 1431155000 773030000 372687000 44342000 23628000 5437000 1475497000 796658000 378124000 189488000 100521000 -373817000 55518000 16572000 -9600000 6893000 3404000 949000 251899000 120497000 -382468000 90852000 53957000 307846000 6355000 9795000 9728000 3105000 1553000 970000 100312000 65305000 318544000 352211000 185802000 -63924000 -4548000 29044000 6859000     Years Ended March 31,       2022   2021   2020       (In percentages)   Statutory federal income tax rate   21.00 % 21.00 % 21.00 % Increase (reduction) in rate resulting from:               NOL tax rate benefit   – % – % (38.62) % State taxes, net of federal benefit   3.24 % 2.53 % 0.02 % Foreign rate differential   0.05 % – % 0.21 % Federal tax credits   (0.19) % (0.99) % (0.53) % Transition tax   – % – % – % Tax-exempt income   (0.03) % (0.08) % (0.17) % Dividend received deduction   – % (0.01) % (0.01) % Other   (0.20) % 0.87 % 1.19 % Actual tax expense (benefit) of operations  23.87 % 23.32 %( 16.91 )% 0.2100 0.2100 0.2100 0 0 -0.3862 0.0324 0.0253 0.0002 0.0005 0 0.0021 -0.0019 -0.0099 -0.0053 0 0 0 -0.0003 -0.0008 -0.0017 0 -0.0001 -0.0001 -0.0020 0.0087 0.0119 0.2387 0.2332 -0.1691     March 31,     2022   2021 Deferred tax assets:   (In thousands) Net operating loss and credit carry forwards $ 36,367 $ 30,432 Accrued expenses   114,152   109,740 Policy benefit and losses, claims and loss expenses payable, net   30,572   26,799 Operating leases   15,540   19,370 Total deferred tax assets $ 196,631 $ 186,341           Deferred tax liabilities:         Property, plant and equipment $ 1,395,216 $ 1,280,703 Operating leases   15,540   19,370 Deferred policy acquisition costs   12,962   13,696 Unrealized gains   36,299   48,667 Other   1,972   2,394 Total deferred tax liabilities   1,461,989   1,364,830 Net deferred tax liability$ 1,265,358 $ 1,178,489 36367000 30432000 114152000 109740000 30572000 26799000 15540000 19370000 196631000 186341000 1395216000 1280703000 15540000 19370000 12962000 13696000 36299000 48667000 1972000 2394000 1461989000 1364830000 1265358000 1178489000 146000000.0 366000000 243000000 458500000 384900000     Unrecognized Tax Benefits     March 31,     2022   2021     (In thousands)           Unrecognized tax benefits beginning balance $ 31,069 $ 29,632 Revaluation based on change in after tax benefit   –   – Additions based on tax positions related to the current year   8,257   1,479 Reductions for tax positions of prior years   –   (42) Additions for tax provisions of prior years   9,525   – Unrecognized tax benefits ending balance$ 48,851 $ 31,069 31069000 29632000 0 0 8257000 1479000 0 42000 9525000 0 48851000 31069000 15700000 14300000 1400000 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 23000000.0 23000000.0 10300000     Outstanding as of   Interest Payments Financing Date   March 31, 2022   2022   2021   2020     (In thousands) July, 2009   –   –   –   9 February, 2016  –   –   –   229 0 0 0 9000 0 0 0 229000 5600000 23000000.0 23000000.0 4000000.0     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$ – $ – 890 951 0 0 0 0 0 0 0 0 20000 3000 100     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 1401000 1267000 1055000 908000 919000 964000 212000 68000 90000 1120000 987000 1054000 2521000 2254000 2109000     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 30755000 27503000 1401000 1267000 908000 919000 1021000 841000 -1837000 1907000 30206000 30755000 1449000 1334000 28757000 29421000 30206000 30755000 -3237000 -5286000 26969000 25469000     Years Ended March 31,     2022 2021 2020     (In percentages)   Accumulated postretirement benefit obligation  3.76 % 2.93 % 3.37 % 0.0376 0.0293 0.0337 0.049 0.040 0.050 0.040     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 1369000 1536000 1733000 1950000 2170000 12112000 20870000 Note 15.   Fair Value Measurements Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Other investments including short-term investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:     Fair Value Hierarchy As of March 31, 2022   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net   423,163   –   –   423,163   450,347 Other investments   120,592   –   –   120,592   120,592 Total $ 773,098 $ – $ – $ 773,098 $ 800,282                                             Liabilities                     Notes, loans and finance leases payable $ 6,059,713 $ – $ 6,059,713 $ – $ 5,875,781 Total $ 6,059,713 $ – $ 6,059,713 $ – $ 5,875,781   .   Fair Value Hierarchy As of March 31, 2021   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,426 $ – $ – $ 224,426 $ 224,426 Mortgage loans, net   391,230   –   –   391,230   391,230 Other investments   98,529   –   –   98,529   98,529 Total $ 714,185 $ – $ – $ 714,185 $ 714,185                                             Liabilities                     Notes, loans and finance leases payable $ 4,698,615   – $ 4,698,615 $ – $ 4,449,691 Total $ 4,698,615 $ – $ 4,698,615 $ – $ 4,449,691 The following tables represent the financial assets and liabilities on the consolidated balance sheets as of March 31, 2022 and 2021, that are measured at fair value on a recurring basis and the level within the fair value hierarchy. As of March 31, 2022   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale   2,821,092   26,914   2,794,086   92 Preferred stock   26,095   26,095   –   – Common stock   46,212   46,212   –   – Derivatives   7,474   7,474   –   – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92                                     Liabilities                 Derivatives $ 587 $ – $ 587 $ – Total $ 587 $ – $ 587 $ – As of March 31, 2021   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 839,250 $ 839,250 $ – $ – Fixed maturities - available for sale   2,653,539   6,967   2,646,415   157 Preferred stock   21,677   21,677   –   – Common stock   20,440   20,440   –   – Derivatives   6,601   6,601   –   – Total $ 3,541,507 $ 894,935 $ 2,646,415 $ 157                                     Liabilities                 Derivatives $ 5,141 $ – $ 5,141 $ – Total $ 5,141 $ – $ 5,141 $ –   The fair value measurement of our assets using significant unobservable inputs (Level 3) were $ 0.1 million and $ 0.2 million for March 31, 2022 and 2021, respectively.     Fair Value Hierarchy As of March 31, 2022   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 229,343 $ – $ – $ 229,343 $ 229,343 Mortgage loans, net   423,163   –   –   423,163   450,347 Other investments   120,592   –   –   120,592   120,592 Total $ 773,098 $ – $ – $ 773,098 $ 800,282                                             Liabilities                     Notes, loans and finance leases payable $ 6,059,713 $ – $ 6,059,713 $ – $ 5,875,781 Total$ 6,059,713 $ – $ 6,059,713 $ – $ 5,875,781 229343000 0 0 229343000 229343000 423163000 0 0 423163000 450347000 120592000 0 0 120592000 120592000 773098000 0 0 773098000 800282000 6059713000 0 6059713000 0 5875781000 6059713000 0 6059713000 0 5875781000 .   Fair Value Hierarchy As of March 31, 2021   Carrying Value   Level 1   Level 2   Level 3   Total Estimated Fair Value     (In thousands) Assets                     Reinsurance recoverables and trade receivables, net $ 224,426 $ – $ – $ 224,426 $ 224,426 Mortgage loans, net   391,230   –   –   391,230   391,230 Other investments   98,529   –   –   98,529   98,529 Total $ 714,185 $ – $ – $ 714,185 $ 714,185                                             Liabilities                     Notes, loans and finance leases payable $ 4,698,615   – $ 4,698,615 $ – $ 4,449,691 Total$ 4,698,615 $ – $ 4,698,615 $ – $ 4,449,691 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 March 31, 2022   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale   2,821,092   26,914   2,794,086   92 Preferred stock   26,095   26,095   –   – Common stock   46,212   46,212   –   – Derivatives   7,474   7,474   –   – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92                                     Liabilities                 Derivatives $ 587 $ – $ 587 $ – Total$ 587 $ – $ 587 $ – 2482154000 2482154000 0 0 2821092000 26914000 2794086000 92000 26095000 26095000 0 0 46212000 46212000 0 0 7474000 7474000 0 0 5383027000 2588849000 2794086000 92000 587000 0 587000 0 587000 0 587000 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 Note 16.   Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of life insurance retained on any one life is $ 150,000 .       Amount (a) Direct   Other Companies Ceded to   from Other Companies Assumed   Amount (a) Net   Amount Assumed to Net Percentage of       (In thousands)   Year ended December 31, 2021                       Life insurance in force $ 1,029,537 $ 72 $ 328,030 $ 1,357,495   24 % Premiums earned:                       Life $ 56,353 $ 2 $ 4,514 $ 60,865   7 % Accident and health   48,385   160   1,166   49,391   2 % Annuity   444   –   327   771   42 % Property and casualty   89,667   –   –   89,667   – % Total $ 194,849 $ 162 $ 6,007 $ 200,694                               Year ended December 31, 2020                       Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827   26 % Premiums earned:                       Life $ 58,048 $ 1 $ 5,049 $ 63,096   8 % Accident and health   57,081   211   1,388   58,258   2 % Annuity   221   –   34   255   13 % Property and casualty   70,285   –   –   70,285   – % Total $ 185,635 $ 212 $ 6,471 $ 191,894                               Year ended December 31, 2019                       Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836   32 % Premiums earned:                       Life $ 53,289 $ 1 $ 5,629 $ 58,917   10 % Accident and health   66,863   226   1,563   68,200   2 % Annuity   65   –   794   859   92 % Property and casualty   69,126   –   15   69,141   – % Total $ 189,343 $ 227 $ 8,001 $ 197,117       (a)   Balances are reported net of inter-segment transactions.   Reserves for recognizing a premium deficiency included in future policy benefits are established, if necessary, when the liability for future policy benefits plus the present value of expected future gross premiums are determined to be materially insufficient to provide for expected future policy benefits and expenses. Additionally, in certain instances the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. The Company has not recognized any reserves related to premium deficiencies in the years ended December 31, 2021 and December 31, 2020. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit as of December 31, 2021 in the amount of $0.1 million from re-insurers. Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:     December 31,     2021   2020     (In thousands) Unpaid losses and loss adjustment expense $ 159,162 $ 177,963 Reinsurance losses payable   1,217   979 Total $ 160,379 $ 178,942   Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:       December 31,     2021   2020   2019     (In thousands) Balance at January 1 $ 177,963 $ 209,127 $ 228,970 Less: reinsurance recoverable   64,873   87,083   94,920 Net balance at January 1   113,090   122,044   134,050 Incurred related to:             Current year   28,980   20,670   22,137 Prior years   (6,290)   (3,865)   (9,535) Total incurred   22,690   16,805   12,602 Paid related to:             Current year   11,040   7,664   7,366 Prior years   12,972   18,095   17,242 Total paid   24,012   25,759   24,608 Net balance at December 31   111,768   113,090   122,044 Plus: reinsurance recoverable   47,394   64,873   87,083 Balance at December 31 $ 159,162 $ 177,963 $ 209,127   Prior year incurred losses were impacted by favorable development on numerous Excess Workers Compensation claims. The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $47.4 million) decreased by $18.8 million as of December 31, 2021. The information about property and casualty incurred and paid loss and loss adjustment expense development for the years end December 31, 2015 through 2021, and the average annual percentage payout of incurred claims by age as of December 31, 2021, is presented as supplementary information. Claims data for December 31, 2015 through 2020 is unaudited. Claims data for December 31, 2021 is audited.   Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance                                 As of                                 December 31, 2021                                 Total of                                     Incurred-but-                                     Not-Reported                                     Liabilities Plus                                     Expected   Cumulative                                 Development   Number of Accident                               on Reported   Reported Year   2015   2016   2017   2018   2019   2020   2021   Claims   Claims         (In thousands, except claim counts)     2015 $ 12,214 $ 12,459 $ 12,460 $ 12,464 $ 11,087 $ 11,092 $ 11,093 $ –   11,104 2016       13,297   13,011   13,056   11,790   11,764   11,764   –   11,469 2017           15,748   16,109   17,078   15,538   15,273   –   12,102 2018               19,580   18,386   18,027   17,157   251   11,983 2019                   22,138   26,316   27,316   2,283   11,746 2020                       20,671   17,485   3,455   11,274 2021                           28,982   12,709   13,729                             Total   18,698       The following table presents paid claims development as of December 31, 2021, net of reinsurance. Claims data for 2015 through 2020 is unaudited. Claims data for 2021 is audited.   Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance     (In thousands) Accident                             Year   2015   2016   2017   2018   2019   2020   2021 2015 $ 7,509 $ 9,601 $ 9,730 $ 10,343 $ 11,087 $ 11,092 $ 11,093 2016       7,777   10,665   11,643   11,746   11,764   11,764 2017           8,970   11,638   14,825   15,012   15,263 2018               8,838   12,689   15,150   16,766 2019                   7,366   14,737   19,215 2020                       7,665   11,114 2021                           11,040                     Total   Total   96,255 All outstanding liabilities before 2015, net of reinsurance       78,955 Liabilities for claims and claim adjustment expenses, net of reinsurance       111,768 The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:     December 31, 2021     (In thousands) Liabilities for unpaid Property and Casualty claims     and claim adjustment expenses, net of reinsurance $ 111,768       Total reinsurance recoverable on unpaid     Property and Casualty claims $ 47,394       Total gross liability for unpaid Property and Casualty     claims and claim adjustment expense $ 159,162 The following is supplementary information about average historical claims duration as of December 31, 2021. Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance     (In percentages)   Years   1   2   3   4   5   6   7   Property and Casualty Insurance   50.4 % 21.7 % 12.2 % 4.3 % 2.8 % – % – % 150000     Direct   Ceded to   Assumed   Net   Percentage of       (In thousands)   Year ended December 31, 2021                       Life insurance in force $ 1,029,537 $ 72 $ 328,030 $ 1,357,495   24 % Premiums earned:                       Life $ 56,353 $ 2 $ 4,514 $ 60,865   7 % Accident and health   48,385   160   1,166   49,391   2 % Annuity   444   –   327   771   42 % Property and casualty   89,667   –   –   89,667   – % Total $ 194,849 $ 162 $ 6,007 $ 200,694                               Year ended December 31, 2020                       Life insurance in force $ 1,031,634 $ 73 $ 356,266 $ 1,387,827   26 % Premiums earned:                       Life $ 58,048 $ 1 $ 5,049 $ 63,096   8 % Accident and health   57,081   211   1,388   58,258   2 % Annuity   221   –   34   255   13 % Property and casualty   70,285   –   –   70,285   – % Total $ 185,635 $ 212 $ 6,471 $ 191,894                               Year ended December 31, 2019                       Life insurance in force $ 957,280 $ 7 $ 441,563 $ 1,398,836   32 % Premiums earned:                       Life $ 53,289 $ 1 $ 5,629 $ 58,917   10 % Accident and health   66,863   226   1,563   68,200   2 % Annuity   65   –   794   859   92 % Property and casualty   69,126   –   15   69,141   – % Total$ 189,343 $ 227 $ 8,001 $ 197,117     1029537000 72000 328030000 1357495000 0.24 56353000 2000 4514000 60865000 0.07 48385000 160000 1166000 49391000 0.02 444000 0 327000 771000 0.42 89667000 0 0 89667000 0 194849000 162000 6007000 200694000 1031634000 73000 356266000 1387827000 0.26 58048000 1000 5049000 63096000 0.08 57081000 211000 1388000 58258000 0.02 221000 0 34000 255000 0.13 70285000 0 0 70285000 0 185635000 212000 6471000 191894000 957280000 7000 441563000 1398836000 0.32 53289000 1000 5629000 58917000 0.10 66863000 226000 1563000 68200000 0.02 65000 0 794000 859000 0.92 69126000 0 15000 69141000 0 189343000 227000 8001000 197117000 100000     December 31,     2021   2020     (In thousands) Unpaid losses and loss adjustment expense $ 159,162 $ 177,963 Reinsurance losses payable   1,217   979 Total $ 160,379 $ 178,942 159162000 177963000 1217000 979000 160379000 178942000     December 31,     2021   2020   2019     (In thousands) Balance at January 1 $ 177,963 $ 209,127 $ 228,970 Less: reinsurance recoverable   64,873   87,083   94,920 Net balance at January 1   113,090   122,044   134,050 Incurred related to:             Current year   28,980   20,670   22,137 Prior years   (6,290)   (3,865)   (9,535) Total incurred   22,690   16,805   12,602 Paid related to:             Current year   11,040   7,664   7,366 Prior years   12,972   18,095   17,242 Total paid   24,012   25,759   24,608 Net balance at December 31   111,768   113,090   122,044 Plus: reinsurance recoverable   47,394   64,873   87,083 Balance at December 31$ 159,162 $ 177,963 $ 209,127 177963000 209127000 228970000 64873000 87083000 94920000 113090000 122044000 134050000 28980000 20670000 22137000 6290000 3865000 9535000 22690000 16805000 12602000 11040000 7664000 7366000 12972000 18095000 17242000 24012000 25759000 24608000 111768000 113090000 122044000 47394000 64873000 87083000 159162000 177963000 209127000 47400000 18800000 Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance                                 As of                                 December 31, 2021                                 Total of                                     Incurred-but-                                     Not-Reported                                     Liabilities Plus                                     Expected   Cumulative                                 Development   Number of Accident                               on Reported   Reported Year   2015   2016   2017   2018   2019   2020   2021   Claims   Claims         (In thousands, except claim counts)     2015 $ 12,214 $ 12,459 $ 12,460 $ 12,464 $ 11,087 $ 11,092 $ 11,093 $ –   11,104 2016       13,297   13,011   13,056   11,790   11,764   11,764   –   11,469 2017           15,748   16,109   17,078   15,538   15,273   –   12,102 2018               19,580   18,386   18,027   17,157   251   11,983 2019                   22,138   26,316   27,316   2,283   11,746 2020                       20,671   17,485   3,455   11,274 2021                           28,982   12,709   13,729               Total  18,698    12214000 12459000 12460000 12464000 11087000 11092000 11093000 0 11104 13297000 13011000 13056000 11790000 11764000 11764000 0 11469 15748000 16109000 17078000 15538000 15273000 0 12102 19580000 18386000 18027000 17157000 251000 11983 22138000 26316000 27316000 2283000 11746 20671000 17485000 3455000 11274 28982000 13729 18698000 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance     (In thousands) Accident                             Year   2015   2016   2017   2018   2019   2020   2021 2015 $ 7,509 $ 9,601 $ 9,730 $ 10,343 $ 11,087 $ 11,092 $ 11,093 2016       7,777   10,665   11,643   11,746   11,764   11,764 2017           8,970   11,638   14,825   15,012   15,263 2018               8,838   12,689   15,150   16,766 2019                   7,366   14,737   19,215 2020                       7,665   11,114 2021                           11,040                     Total   Total   96,255 All outstanding liabilities before 2015, net of reinsurance       78,955 Liabilities for claims and claim adjustment expenses, net of reinsurance    111,768 7509000 9601000 9730000 10343000 11087000 11092000 11093000 7777000 10665000 11643000 11746000 11764000 11764000 8970000 11638000 14825000 15012000 15263000 8838000 12689000 15150000 16766000 7366000 14737000 19215000 7665000 11114000 11040000 96255000 78955000 111768000     December 31, 2021     (In thousands) Liabilities for unpaid Property and Casualty claims     and claim adjustment expenses, net of reinsurance $ 111,768       Total reinsurance recoverable on unpaid     Property and Casualty claims $ 47,394       Total gross liability for unpaid Property and Casualty     claims and claim adjustment expense$ 159,162 111768000 47394000 159162000 Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance     (In percentages)   Years   1   2   3   4   5   6   7   Property and Casualty Insurance  50.4 % 21.7 % 12.2 % 4.3 % 2.8 % – % – % 0.504 0.217 0.122 0.043 0.028 0 0 Note 17. 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 22, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating, net and operating lease liabilities in our 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 consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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 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 8, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our ROU assets, net:       As of March 31, 2022     Finance   Operating   Total     (In thousands)               Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   169,514   –   169,514 Rental trucks   1,114,248   –   1,114,248 Right-of-use assets, gross   1,298,493   136,444   1,434,937 Less: Accumulated depreciation   (677,669)   (62,062)   (739,731) Right-of-use assets, net $ 620,824 $ 74,382 $ 695,206       As of March 31, 2021     Finance   Operating   Total     (In thousands)               Buildings and improvements $ – $ 132,901 $ 132,901 Furniture and equipment   22,316   –   22,316 Rental trailers and other rental equipment   203,594   –   203,594 Rental trucks   1,494,098   –   1,494,098 Right-of-use assets, gross   1,720,008   132,901   1,852,909 Less: Accumulated depreciation   (842,970)   (40,396)   (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543   As of March 31, 2022 and 2021, we had finance leases for the ROU assets, net of $ 347.4 million and $ 513.6 million, respectively and operating leases of $ 74.2 million and $ 92.5 million, respectively.       Financing leases       March 31,       2022   2021   Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.7 % 3.6 %       Operating leases       March 31,       2022   2021   Weighted average remaining lease term (years)   16.5   14.7   Weighted average discount rate   4.6 % 4.6 % For fiscal years 2022, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 30.2 million, $ 29.3 million and $ 25.9 million, respectively and our financing cash flow activities were $ 166.3 million, $ 221.2 million and $ 307.8 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $ 3.7 million, $ 6.8 million and $ 15.4 million for fiscal years 2022, 2021 and 2020, respectively. The components of lease costs, including leases of less than 12 months, were as follows:     Twelve Months Ended March 31,     2022   2021     (In thousands)           Operating lease costs $ 30,239 $ 30,551           Finance lease cost:         Amortization of right-of-use assets $ 115,199 $ 150,994 Interest on lease liabilities   15,289   22,405 Total finance lease cost $ 130,488 $ 173,399 The short-term lease costs for fiscal years 2022 and 2021 were not material. Maturities of lease liabilities were as follows:     Finance leases   Operating leases Year ending March 31,   (In thousands)           2023 $ 133,577 $ 23,311 2024   111,781   21,903 2025   78,280   10,630 2026   47,064   4,162 2027   –   3,061 Thereafter   –   59,348 Total lease payments   370,702   122,415 Less: imputed interest   (23,309)   (48,218) Present value of lease liabilities $ 347,393 $ 74,197     As of March 31, 2022     Finance   Operating   Total     (In thousands)               Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   169,514   –   169,514 Rental trucks   1,114,248   –   1,114,248 Right-of-use assets, gross   1,298,493   136,444   1,434,937 Less: Accumulated depreciation   (677,669)   (62,062)   (739,731) Right-of-use assets, net$ 620,824 $ 74,382 $ 695,206 0 136444000 136444000 14731000 0 14731000 169514000 0 169514000 1114248000 0 1114248000 1298493000 136444000 1434937000 677669000 62062000 739731000 620824000 74382000 695206000     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 347400000 513600000 74200000 92500000     Financing leases       March 31,       2022   2021   Weighted average remaining lease term (years)   3   3   Weighted average discount rate  3.7 % 3.6 % 3 3 0.037 0.036     Operating leases       March 31,       2022   2021   Weighted average remaining lease term (years)   16.5   14.7   Weighted average discount rate  4.6 % 4.6 % 16.5 14.7 0.046 0.046 30200000 29300000 25900000 166300000 221200000 307800000 3700000 6800000 15400000     Twelve Months Ended March 31,     2022   2021     (In thousands)           Operating lease costs $ 30,239 $ 30,551           Finance lease cost:         Amortization of right-of-use assets $ 115,199 $ 150,994 Interest on lease liabilities   15,289   22,405 Total finance lease cost$ 130,488 $ 173,399 30239000 30551000 115199000 150994000 15289000 22405000 130488000 173399000     Finance leases   Operating leases Year ending March 31,   (In thousands)           2023 $ 133,577 $ 23,311 2024   111,781   21,903 2025   78,280   10,630 2026   47,064   4,162 2027   –   3,061 Thereafter   –   59,348 Total lease payments   370,702   122,415 Less: imputed interest   (23,309)   (48,218) Present value of lease liabilities$ 347,393 $ 74,197 133577000 23311000 111781000 21903000 78280000 10630000 47064000 4162000 0 3061000 0 59348000 370702000 122415000 23309000 48218000 347393000 74197000 Note 18.   Contingencies 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. Note 19.   Related Party Transactions As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the SEC rules and regulations and in accordance with GAAP. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements.   SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen. Related Party Revenues     Years Ended March 31,     2022   2021   2020     (In thousands) U-Haul management fee revenue from Blackwater $ 28,546 $ 25,512 $ 24,014 U-Haul management fee revenue from Mercury   6,648   6,091   6,392   $ 35,194 $ 31,603 $ 30,406 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 $ 38.5 million, $ 31.2 million and $ 29.0 million from the above-mentioned entities during fiscal 2022, 2021 and 2020, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Years Ended March 31,     2022   2021   2020     (In thousands) U-Haul lease expenses to Blackwater $ 2,445 $ 2,612 $ 2,631 U-Haul commission expenses to Blackwater   88,288   69,212   62,066   $ 90,733 $ 71,824 $ 64,697 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of March 31, 2022, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements and notes with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 28.5 million, expenses of $ 2.4 million and cash flows of $ 25.9 million during fiscal 2022. Revenues and commission expenses related to the Dealer Agreements were $ 417.9 million and $ 88.3 million, respectively for fiscal 2022. Management determined that we do not have a variable interest pursuant to the VIE model under ASC 810 in the holding entities of Blackwater. Related Party Assets     March 31,     2022   2021     (In thousands) U-Haul receivable from Blackwater $ 41,364 $ 27,116 U-Haul receivable from Mercury   5,708   9,632 Other (a)   779   (1,353)   $ 47,851 $ 35,395 (a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.     Years Ended March 31,     2022   2021   2020     (In thousands) U-Haul management fee revenue from Blackwater $ 28,546 $ 25,512 $ 24,014 U-Haul management fee revenue from Mercury   6,648   6,091   6,392  $ 35,194 $ 31,603 $ 30,406 28546000 25512000 24014000 6648000 6091000 6392000 35194000 31603000 30406000 0.04 0.10 38500000 31200000 29000000.0     Years Ended March 31,     2022   2021   2020     (In thousands) U-Haul lease expenses to Blackwater $ 2,445 $ 2,612 $ 2,631 U-Haul commission expenses to Blackwater   88,288   69,212   62,066  $ 90,733 $ 71,824 $ 64,697 2445000 2612000 2631000 88288000 69212000 62066000 90733000 71824000 64697000 28500000 2400000 25900000 417900000 88300000     March 31,     2022   2021     (In thousands) U-Haul receivable from Blackwater $ 41,364 $ 27,116 U-Haul receivable from Mercury   5,708   9,632 Other (a)   779   (1,353)  $ 47,851 $ 35,395 41364000 27116000 5708000 9632000 779000 -1353000 47851000 35395000 Note 20.   Statutory Financial Information of Insurance Subsidiaries Applicable laws and regulations of the States of Arizona and Nevada require Property and Casualty Insurance and Life Insurance to maintain minimum capital and surplus determined in accordance with statutory accounting principles. Audited statutory net income and statutory capital and surplus for the years ended are listed below:     Years Ended December 31,     2021   2020   2019     (In thousands) Repwest:             Audited statutory net income $ 33,314 $ 22,898 $ 28,614 Audited statutory capital and surplus   266,875   227,380   226,999 ARCOA:             Audited statutory net income (loss)   (752)   2,438   2,906 Audited statutory capital and surplus   14,697   15,928   12,851 Oxford:             Audited statutory net income   23,217   6,296   18,599 Audited statutory capital and surplus   230,202   218,301   223,264 CFLIC:             Audited statutory net income   6,019   8,082   8,043 Audited statutory capital and surplus   17,098   25,980   26,305 NAI:             Audited statutory net income   1,874   2,127   1,942 Audited statutory capital and surplus   7,961   13,980   13,371 The amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. There are restrictions on the ability of our insurance subsidiaries to transfer funds to us in the form of cash dividends, loans or advances. Their ordinary dividends are limited to the lower of 10% of prior year statutory surplus or prior year net income. Any extraordinary dividend, loans or advances to us from the insurance subsidiaries must be approved by the domiciliary insurance commissioner. Any dividend in excess of the limit requires prior regulatory approval. The statutory surplus for Repwest at December 31, 2021 that could be distributed as ordinary dividends was $26.7 million. The statutory surplus for Oxford at December 31, 2021 that could be distributed as ordinary dividends was $23.0 million. Repwest paid a dividend of $ $22.6 million and $21.6 million to AMERCO during fiscal 2021 and 2020, respectively. Repwest did not pay a dividend to AMERCO in fiscal 2022. Oxford paid a dividend of $18.6 million to AMERCO during fiscal 2021.  Oxford did not pay a dividend to AMERCO in   fiscal 2022 or 2020. Restricted net assets for our insurance subsidiaries were $ 91.7 million and $ 105.4 million as of December 31, 2021 and 2020, respectively. For our insurance subsidiaries, statutory accounting principles (“SAP”) differ from GAAP primarily in that: (i) premiums from deferred annuities are recognized as revenue under SAP, while they are accounted for as liabilities from investment contracts under GAAP; (ii) policy acquisition costs are expensed as incurred under SAP, while they are deferred and amortized over the effective period of the related life insurance policies or the present value of actual and expected gross profits from annuity deposits; (iii) policy benefits and losses are established using different actuarial assumptions; and (iv) investments are valued on a different basis and valuation allowances attributable to investments are different. In addition, certain assets are not admitted under SAP and are charged directly to surplus.     Years Ended December 31,     2021   2020   2019     (In thousands) Repwest:             Audited statutory net income $ 33,314 $ 22,898 $ 28,614 Audited statutory capital and surplus   266,875   227,380   226,999 ARCOA:             Audited statutory net income (loss)   (752)   2,438   2,906 Audited statutory capital and surplus   14,697   15,928   12,851 Oxford:             Audited statutory net income   23,217   6,296   18,599 Audited statutory capital and surplus   230,202   218,301   223,264 CFLIC:             Audited statutory net income   6,019   8,082   8,043 Audited statutory capital and surplus   17,098   25,980   26,305 NAI:             Audited statutory net income   1,874   2,127   1,942 Audited statutory capital and surplus  7,961   13,980   13,371 33314000 22898000 28614000 266875000 227380000 226999000 -752000 2438000 2906000 14697000 15928000 12851000 23217000 6296000 18599000 230202000 218301000 223264000 6019000 8082000 8043000 17098000 25980000 26305000 1874000 2127000 1942000 7961000 13980000 13371000 26700000 23000000.0 22600000 21600000 18600000 91700000 105400000 Note 21.   Financial Information by Geographic Area       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2022             Total revenues $ 5,452,027 $ 287,720 $ 5,739,747 Depreciation and amortization, net of gains on disposal   509,517   2,969   512,486 Interest expense   163,586   3,838   167,424 Pretax earnings   1,431,155   44,342   1,475,497 Income tax expense   342,213   9,998   352,211 Identifiable assets   16,776,070   523,511   17,299,581       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021             Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal   631,344   10,160   641,504 Interest expense   160,429   3,073   163,502 Pretax earnings   773,030   23,628   796,658 Income tax expense   180,845   4,957   185,802 Identifiable assets   14,212,978   438,628   14,651,606       United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020             Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal   652,110   15,414   667,524 Interest expense   157,595   3,355   160,950 Pretax earnings   372,687   5,437   378,124 Income tax expense (benefit)   (65,842)   1,918   (63,924) Identifiable assets   13,016,942   421,082   13,438,024     United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2022             Total revenues $ 5,452,027 $ 287,720 $ 5,739,747 Depreciation and amortization, net of gains on disposal   509,517   2,969   512,486 Interest expense   163,586   3,838   167,424 Pretax earnings   1,431,155   44,342   1,475,497 Income tax expense   342,213   9,998   352,211 Identifiable assets  16,776,070   523,511   17,299,581 5452027000 287720000 5739747000 509517000 2969000 512486000 163586000 3838000 167424000 1431155000 44342000 1475497000 342213000 9998000 352211000 16776070000 523511000 17299581000     United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2021             Total revenues $ 4,334,083 $ 207,902 $ 4,541,985 Depreciation and amortization, net of gains on disposal   631,344   10,160   641,504 Interest expense   160,429   3,073   163,502 Pretax earnings   773,030   23,628   796,658 Income tax expense   180,845   4,957   185,802 Identifiable assets  14,212,978   438,628   14,651,606 4334083000 207902000 4541985000 631344000 10160000 641504000 160429000 3073000 163502000 773030000 23628000 796658000 180845000 4957000 185802000 14212978000 438628000 14651606000     United States   Canada   Consolidated     (All amounts are in thousands U.S. $'s) Fiscal Year Ended March 31, 2020             Total revenues $ 3,797,849 $ 181,019 $ 3,978,868 Depreciation and amortization, net of gains on disposal   652,110   15,414   667,524 Interest expense   157,595   3,355   160,950 Pretax earnings   372,687   5,437   378,124 Income tax expense (benefit)   (65,842)   1,918   (63,924) Identifiable assets  13,016,942   421,082   13,438,024 3797849000 181019000 3978868000 652110000 15414000 667524000 157595000 3355000 160950000 372687000 5437000 378124000 -65842000 1918000 -63924000 13016942000 421082000 13438024000 Note 21A.   Consolidating Financial Information by Industry Segment AMERCO’s three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of    U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes, net are shown as liabilities on the consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. Consolidating balance sheets by industry segment as of March   31, 2022 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Assets:                       Cash and cash equivalents $ 2,643,213 $ 10,800 $ 50,124 $ –   $ 2,704,137 Reinsurance recoverables and trade receivables, net   142,895   50,235   36,213   –     229,343 Inventories and parts, net   158,888   –   –   –     158,888 Prepaid expenses   236,915   –   –   –     236,915 Investments, fixed maturities and marketable equities   –   297,488   2,595,911   –     2,893,399 Investments, other   20,653   114,269   408,833   –     543,755 Deferred policy acquisition costs, net   –   –   103,828   –     103,828 Other assets   57,305   371   2,733   –     60,409 Right of use assets - financing, net   620,824   –   –   –     620,824 Right of use assets - operating, net   74,190   93   99   –     74,382 Related party assets   64,611   6,713   16,911   (40,384) (c)   47,851     4,019,494   479,969   3,214,652   (40,384)     7,673,731                         Investment in subsidiaries   737,073   –   –   (737,073) (b)   –                         Property, plant and equipment, at cost:                       Land   1,283,142   –   –   –     1,283,142 Buildings and improvements   5,974,639   –   –   –     5,974,639 Furniture and equipment   846,132   –   –   –     846,132 Rental trailers and other rental equipment   615,679   –   –   –     615,679 Rental trucks   4,638,814   –   –   –     4,638,814     13,358,406   –   –   –     13,358,406 Less:   Accumulated depreciation   (3,732,556)   –   –   –     (3,732,556) Total property, plant and equipment, net   9,625,850   –   –   –     9,625,850 Total assets $ 14,382,417 $ 479,969 $ 3,214,652 $ (777,457)   $ 17,299,581                         (a)   Balances as of December 31, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         Consolidating balance sheets by industry segment as of March   31, 2022 are as follows:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 663,482 $ 3,849 $ 10,454 $ –   $ 677,785 Notes, loans and finance leases payable, net   6,022,497   –   –   –     6,022,497 Operating lease liability   73,998   93   106   –     74,197 Policy benefits and losses, claims and loss expenses payable   418,890   160,379   398,985   –     978,254 Liabilities from investment contracts   –   –   2,336,238   –     2,336,238 Other policyholders' funds and liabilities   –   3,521   7,291   –     10,812 Deferred income   49,157   –   –   –     49,157 Deferred income taxes, net   1,244,639   12,803   7,916   –     1,265,358 Related party liabilities   25,668   3,196   12,717   (41,581) (c)   – Total liabilities   8,498,331   183,841   2,773,707   (41,581)     11,414,298                         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)   45,187   16,630   87,200   (102,633) (b)   46,384 Retained earnings   6,052,023   185,077   324,974   (509,841) (b)   6,052,233 Cost of common shares in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred shares in treasury, net   (151,997)   –   –   –     (151,997) Total stockholders' equity   5,884,086   296,128   440,945   (735,876)     5,885,283 Total liabilities and stockholders' equity $ 14,382,417 $ 479,969 $ 3,214,652 $ (777,457)   $ 17,299,581                         (a)   Balances as of December 31, 2021                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables            2643213000 10800000 50124000 0 2704137000 142895000 50235000 36213000 0 229343000 158888000 0 0 0 158888000 236915000 0 0 0 236915000 0 297488000 2595911000 0 2893399000 20653000 114269000 408833000 0 543755000 0 0 103828000 0 103828000 57305000 371000 2733000 0 60409000 620824000 0 0 0 620824000 74190000 93000 99000 0 74382000 64611000 6713000 16911000 -40384000 47851000 4019494000 479969000 3214652000 -40384000 7673731000 737073000 0 0 -737073000 0 1283142000 0 0 0 1283142000 5974639000 0 0 0 5974639000 846132000 0 0 0 846132000 615679000 0 0 0 615679000 4638814000 0 0 0 4638814000 13358406000 0 0 0 13358406000 3732556000 0 0 0 3732556000 9625850000 0 0 0 9625850000 14382417000 479969000 3214652000 -777457000 17299581000 663482000 3849000 10454000 0 677785000 6022497000 0 0 0 6022497000 73998000 93000 106000 0 74197000 418890000 160379000 398985000 0 978254000 0 0 2336238000 0 2336238000 0 3521000 7291000 0 10812000 49157000 0 0 0 49157000 1244639000 12803000 7916000 0 1265358000 25668000 3196000 12717000 -41581000 0 8498331000 183841000 2773707000 -41581000 11414298000 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 45187000 16630000 87200000 -102633000 46384000 6052023000 185077000 324974000 -509841000 6052233000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 5884086000 296128000 440945000 -735876000 5885283000 14382417000 479969000 3214652000 -777457000 17299581000 Consolidating balance sheets by industry segment as of March 31, 2021 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (In thousands) Assets:                       Cash and cash equivalents $ 1,010,275 $ 5,658 $ 178,079 $ –   $ 1,194,012 Reinsurance recoverables and trade receivables, net   118,741   67,069   38,616   –     224,426 Inventories and parts, net   105,577   –   –   –     105,577 Prepaid expenses   469,144   –   –   –     469,144 Investments, fixed maturities and marketable equities   –   295,753   2,399,903   –     2,695,656 Investments, other   20,733   90,412   378,614   –     489,759 Deferred policy acquisition costs, net   –   –   89,749   –     89,749 Other assets   44,763   436   2,531   –     47,730 Right of use assets - financing, net   877,038   –   –   –     877,038 Right of use assets - operating, 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 are as follows:     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 leases payable, net   4,657,720   –   11,187   –     4,668,907 Operating lease liability   92,236   96   178   –     92,510 Policy benefits and losses, claims and loss expenses payable   427,073   178,942   391,686   –     997,701 Liabilities from investment contracts   –   –   2,161,530   –     2,161,530 Other policyholders' funds and liabilities   –   3,698   8,722   –     12,420 Deferred income   42,592   –   –   –     42,592 Deferred income taxes, net   1,136,149   13,046   29,294   –     1,178,489 Related party liabilities   25,413   5,821   12,406   (43,640) (c)   – Total liabilities   7,017,440   203,632   2,622,292   (43,640)     9,799,724                         Stockholders' equity :                       Series preferred stock:                       Series A preferred stock   –   –   –   –     – Series B preferred stock   –   –   –   –     – Series A common stock   –   –   –   –     – Common stock   10,497   3,301   2,500   (5,801) (b)   10,497 Additional paid-in capital   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   102,568   22,546   140,817   (159,074) (b)   106,857 Retained earnings   4,958,149   145,675   309,630   (455,095) (b)   4,958,359 Cost of common shares in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred shares in treasury, net   (151,997)   –   –   –     (151,997) Total stockholders' equity $ 4,847,593   262,642   479,218   (737,571)     4,851,882 Total liabilities and stockholders' equity   11,865,033 $ 466,274 $ 3,101,510 $ (781,211)   $ 14,651,606                         (a)   Balances as of December 31, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables            1010275000 5658000 178079000 0 1194012000 118741000 67069000 38616000 0 224426000 105577000 0 0 0 105577000 469144000 0 0 0 469144000 0 295753000 2399903000 0 2695656000 20733000 90412000 378614000 0 489759000 0 0 89749000 0 89749000 44763000 436000 2531000 0 47730000 877038000 0 0 0 877038000 92245000 92000 168000 0 92505000 54042000 6854000 13850000 -39351000 35395000 2792558000 466274000 3101510000 -39351000 6320991000 741860000 0 0 -741860000 0 1075813000 0 0 0 1075813000 5163705000 0 0 0 5163705000 786505000 0 0 0 786505000 477921000 0 0 0 477921000 3909724000 0 0 0 3909724000 11413668000 0 0 0 11413668000 3083053000 0 0 0 3083053000 8330615000 0 0 0 8330615000 11865033000 466274000 3101510000 -781211000 14651606000 636257000 2029000 7289000 0 645575000 4657720000 0 11187000 0 4668907000 92236000 96000 178000 0 92510000 427073000 178942000 391686000 0 997701000 0 0 2161530000 0 2161530000 0 3698000 8722000 0 12420000 42592000 0 0 0 42592000 1136149000 13046000 29294000 0 1178489000 25413000 5821000 12406000 -43640000 0 7017440000 203632000 2622292000 -43640000 9799724000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 102568000 22546000 140817000 -159074000 106857000 4958149000 145675000 309630000 -455095000 4958359000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 4847593000 262642000 479218000 -737571000 4851882000 11865033000 466274000 3101510000 -781211000 14651606000 Consolidating statements of operations by industry segment for period ending March 31, 2022 are as follows:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,963,535 $ – $ – $ (4,728) (c) $ 3,958,807 Self-storage revenues   617,120   –   –   –     617,120 Self-moving & self-storage products & service sales   351,447   –   –   –     351,447 Property management fees   35,194   –   –   –     35,194 Life insurance premiums   –   –   111,027   –     111,027 Property and casualty insurance premiums   –   89,667   –   (3,149) (c)   86,518 Net investment and interest income   3,135   25,376   123,809   (4,059) (b)   148,261 Other revenue   427,836   –   3,976   (439) (b)   431,373 Total revenues   5,398,267   115,043   238,812   (12,375)     5,739,747                         Costs and expenses:                       Operating expenses   2,621,270   42,456   21,112   (8,297) (b,c)   2,676,541 Commission expenses   429,581   –   –   –     429,581 Cost of sales   259,585   –   –   –     259,585 Benefits and losses   –   22,448   164,199   –     186,647 Amortization of deferred policy acquisition costs   –   –   33,854   –     33,854 Lease expense   31,973   359   109   (2,531) (b)   29,910 Depreciation, net gains on disposals   482,752   –   –   –     482,752 Net gains on disposal of real estate   (4,120)   –   –   –     (4,120) Total costs and expenses   3,821,041   65,263   219,274   (10,828)     4,094,750                         Earnings from operations before equity in earnings of subsidiaries   1,577,226   49,780   19,538   (1,547)     1,644,997                         Equity in earnings of subsidiaries   54,746   –   –   (54,746) (d)   –                         Earnings from operations   1,631,972   49,780   19,538   (56,293)     1,644,997 Other components of net periodic benefit costs   (1,120)   –   –   –     (1,120) Interest expense   (168,491)   –   (480)   1,547 (b)   (167,424) Fees on early extinguishment of debt   (956)   –   –   –     (956) Pretax earnings   1,461,405   49,780   19,058   (54,746)     1,475,497 Income tax expense   (338,119)   (10,378)   (3,714)   –     (352,211) Earnings available to common shareholders $ 1,123,286 $ 39,402 $ 15,344 $ (54,746)   $ 1,123,286                         (a)   Balances for the year ended December 31, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries            3963535000 0 0 -4728000 3958807000 617120000 0 0 0 617120000 351447000 0 0 0 351447000 35194000 0 0 0 35194000 0 0 111027000 0 111027000 0 89667000 0 -3149000 86518000 3135000 25376000 123809000 -4059000 148261000 427836000 0 3976000 -439000 431373000 5398267000 115043000 238812000 -12375000 5739747000 2621270000 42456000 21112000 -8297000 2676541000 429581000 0 0 0 429581000 259585000 0 0 0 259585000 0 22448000 164199000 0 186647000 0 0 33854000 0 33854000 31973000 359000 109000 -2531000 29910000 482752000 0 0 0 482752000 4120000 0 0 0 4120000 3821041000 65263000 219274000 -10828000 4094750000 1577226000 49780000 19538000 -1547000 1644997000 54746000 0 0 -54746000 0 1631972000 49780000 19538000 -56293000 1644997000 1120000 0 0 0 1120000 168491000 0 480000 -1547000 167424000 956000 0 0 0 956000 1461405000 49780000 19058000 -54746000 1475497000 338119000 10378000 3714000 0 352211000 1123286000 39402000 15344000 -54746000 1123286000 Consolidating statements of operations by industry segment for period ending March 31, 2021 are as follows:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,086,824 $ – $ – $ (3,507) (c) $ 3,083,317 Self-storage revenues   477,262   –   –   –     477,262 Self-moving & self-storage products & service sales   344,929   –   –   –     344,929 Property management fees   31,603   –   –   –     31,603 Life insurance premiums   –   –   121,609   –     121,609 Property and casualty insurance premiums   –   70,285   –   (1,506) (c)   68,779 Net investment and interest income   2,259   16,452   107,745   (3,518) (b)   122,938 Other revenue   288,797   –   3,280   (529) (b)   291,548 Total revenues   4,231,674   86,737   232,634   (9,060)     4,541,985                         Costs and expenses:                       Operating expenses   2,137,381   35,450   20,376   (5,523) (b,c)   2,187,684 Commission expenses   329,609   –   –   –     329,609 Cost of sales   214,059   –   –   –     214,059 Benefits and losses   –   18,558   160,954   –     179,512 Amortization of deferred policy acquisition costs   –   –   28,293   –     28,293 Lease expense   30,551   231   135   (2,447) (b)   28,470 Depreciation, net gains on disposals   609,930   –   –   –     609,930 Net losses on disposal of real estate   3,281   –   –   –     3,281 Total costs and expenses   3,324,811   54,239   209,758   (7,970)     3,580,838                         Earnings from operations before equity in earnings of subsidiaries   906,863   32,498   22,876   (1,090)     961,147                         Equity in earnings of subsidiaries   44,441   –   –   (44,441) (d)   –                         Earnings from operations   951,304   32,498   22,876   (45,531)     961,147 Other components of net periodic benefit costs   (987)   –   –   –     (987) Interest expense   (164,592)   –   –   1,090 (b)   (163,502) Pretax earnings   785,725   32,498   22,876   (44,441)     796,658 Income tax expense   (174,869)   (6,778)   (4,155)   –     (185,802) Earnings available to common shareholders $ 610,856 $ 25,720 $ 18,721 $ (44,441)   $ 610,856                         (a)   Balances for the year ended December 31, 2020                       (b) Eliminate intercompany lease/interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries            3086824000 0 0 -3507000 3083317000 477262000 0 0 0 477262000 344929000 0 0 0 344929000 31603000 0 0 0 31603000 0 0 121609000 0 121609000 0 70285000 0 -1506000 68779000 2259000 16452000 107745000 -3518000 122938000 288797000 0 3280000 -529000 291548000 4231674000 86737000 232634000 -9060000 4541985000 2137381000 35450000 20376000 -5523000 2187684000 329609000 0 0 0 329609000 214059000 0 0 0 214059000 0 18558000 160954000 0 179512000 0 0 28293000 0 28293000 30551000 231000 135000 -2447000 28470000 609930000 0 0 0 609930000 -3281000 0 0 0 -3281000 3324811000 54239000 209758000 -7970000 3580838000 906863000 32498000 22876000 -1090000 961147000 44441000 0 0 -44441000 0 951304000 32498000 22876000 -45531000 961147000 987000 0 0 0 987000 164592000 0 0 -1090000 163502000 785725000 32498000 22876000 -44441000 796658000 174869000 6778000 4155000 0 185802000 610856000 25720000 18721000 -44441000 610856000 Consolidating statements of operations by industry segment for period ending March 31, 2020 are as follows:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (In thousands) Revenues:                       Self-moving equipment rentals $ 2,696,516 $ – $ – $ (4,103) (c) $ 2,692,413 Self-storage revenues   418,741   –   –   –     418,741 Self-moving & self-storage products & service sales   265,091   –   –   –     265,091 Property management fees   30,406   –   –   –     30,406 Life insurance premiums   –   –   127,976   –     127,976 Property and casualty insurance premiums   –   69,141   –   (3,088) (c)   66,053 Net investment and interest income   10,593   19,923   109,018   (1,705) (b)   137,829 Other revenue   236,419   –   4,470   (530) (b)   240,359 Total revenues   3,657,766   89,064   241,464   (9,426)     3,978,868                         Costs and expenses:                       Operating expenses   2,069,655   33,770   21,425   (7,702) (b,c)   2,117,148 Commission expenses   288,332   –   –   –     288,332 Cost of sales   164,018   –   –   –     164,018 Benefits and losses   –   12,410   162,426   –     174,836 Amortization of deferred policy acquisition costs   –   –   31,219   –     31,219 Lease expense   27,494   –   –   (612) (b)   26,882 Depreciation, net gains on disposals   637,063   –   –   –     637,063 Net gains on disposal of real estate   (758)   –   –   –     (758) Total costs and expenses   3,185,804   46,180   215,070   (8,314)     3,438,740                         Earnings from operations before equity in earnings of subsidiaries   471,962   42,884   26,394   (1,112)     540,128                         Equity in earnings of subsidiaries   55,789   –   –   (55,789) (d)   –                         Earnings from operations   527,751   42,884   26,394   (56,901)     540,128 Other components of net periodic benefit costs   (1,054)   –   –   –     (1,054) Interest expense   (162,062)   –   –   1,112 (b)   (160,950) Pretax earnings   364,635   42,884   26,394   (55,789)     378,124 Income tax benefit (expense)   77,413   (8,956)   (4,533)   –     63,924 Earnings available to common shareholders $ 442,048 $ 33,928 $ 21,861 $ (55,789)   $ 442,048                         (a)   Balances for the year ended December 31, 2019                       (b) Eliminate intercompany lease/interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries            2696516000 0 0 -4103000 2692413000 418741000 0 0 0 418741000 265091000 0 0 0 265091000 30406000 0 0 0 30406000 0 0 127976000 0 127976000 0 69141000 0 -3088000 66053000 10593000 19923000 109018000 -1705000 137829000 236419000 0 4470000 -530000 240359000 3657766000 89064000 241464000 -9426000 3978868000 2069655000 33770000 21425000 -7702000 2117148000 288332000 0 0 0 288332000 164018000 0 0 0 164018000 0 12410000 162426000 0 174836000 0 0 31219000 0 31219000 27494000 0 0 -612000 26882000 637063000 0 0 0 637063000 758000 0 0 0 758000 3185804000 46180000 215070000 -8314000 3438740000 471962000 42884000 26394000 -1112000 540128000 55789000 0 0 -55789000 0 527751000 42884000 26394000 -56901000 540128000 1054000 0 0 0 1054000 162062000 0 0 -1112000 160950000 364635000 42884000 26394000 -55789000 378124000 -77413000 8956000 4533000 0 -63924000 442048000 33928000 21861000 -55789000 442048000 Consolidating cash flow statements by industry segment for the year ended March 31, 2022, are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 1,123,286 $ 39,402 $ 15,344 $ (54,746)   $ 1,123,286 Earnings from consolidated subsidiaries   (54,746)   –   –   54,746     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   696,955   –   –   –     696,955 Amortization of deferred policy acquisition costs   –   –   33,854   –     33,854 Amortization of premiums and accretion of discounts related to investments, net   –   1,638   18,111   –     19,749 Amortization of debt issuance costs   5,659   –   –   –     5,659 Interest credited to policyholders   –   –   64,692   –     64,692 Change in allowance for losses on trade receivables   4,689   (456)   (6)   –     4,227 Change in allowance for inventories and parts reserve   15,235   –   –   –     15,235 Net gains on disposal of personal property   (214,203)   –   –   –     (214,203) Net gains on disposal of real estate   (4,120)   –   –   –     (4,120) Net gains on sales of investments   –   (991)   (10,881)   –     (11,872) Net gains on equity securities   –   (7,837)   –   –     (7,837) Deferred income taxes   106,869   1,347   (7,125)   –     101,091 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (28,776)   17,180   2,409   –     (9,187) Inventories and parts   (68,536)   –   –   –     (68,536) Prepaid expenses   232,342   –   –   –     232,342 Capitalization of deferred policy acquisition costs   –   –   (32,626)   –     (32,626) Other assets   (2,919)   346   (133)   –     (2,706) Related party assets   (10,517)   160   –   –     (10,357) Accounts payable and accrued expenses   23,839   1,821   3,092   –     28,752 Policy benefits and losses, claims and loss expenses payable   (8,428)   (18,563)   7,299   –     (19,692) Other policyholders' funds and liabilities   –   (177)   (1,431)   –     (1,608) Deferred income   6,368   –   (1,152)   –     5,216 Related party liabilities   255   (2,644)   310   –     (2,079) Net cash provided by operating activities   1,823,252   31,226   91,757   –     1,946,235                         Cash flows from investing activities:                       Escrow deposits   (9,328)   –   –   –     (9,328) Purchases of:                       Property, plant and equipment   (2,136,537)   –   –   –     (2,136,537) Short term investments   –   (74,418)   –   –     (74,418) Fixed maturities investments   –   (10,248)   (617,078)   –     (627,326) Equity securities   –   (17,919)   (1,380)   –     (19,299) Preferred stock   –   –   (8,000)   –     (8,000) Real estate   (33)   (59)   (169)   –     (261) Mortgage loans   –   (24,032)   (134,115)   –     (158,147) Proceeds from sales and paydowns of:                       Property, plant and equipment   623,235   –   –   –     623,235 Short term investments   –   50,737   854   –     51,591 Fixed maturities investments   –   24,201   336,736   –     360,937 Equity securities   –   20   2,026   –     2,046 Preferred stock   –   2,000   –   –     2,000 Real estate   113   –   –   –     113 Mortgage loans   –   23,634   102,584   –     126,218 Net cash used by investing activities   (1,522,550)   (26,084)   (318,542)   –     (1,867,176)     (page 1 of 2) (a) Balance for the period ended December 31, 2021                                               Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2022, are as follows:     Moving & Storage Consolidated   Property & Casualty   Life   Elimination     AMERCO     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   1,969,474   –   –   –     1,969,474 Principal repayments on credit facilities   (426,319)   –   (11,187)   –     (437,506) Payment of debt issuance costs   (13,156)   –   –   –     (13,156) Finance lease payments   (166,262)   –   –   –     (166,262) Common stock dividends paid   (29,412)   –   –   –     (29,412) Investment contract deposits   –   –   347,520   –     347,520 Investment contract withdrawals   –   –   (237,503)   –     (237,503) Net cash provided by financing activities   1,334,325   –   98,830   –     1,433,155                         Effects of exchange rate on cash   (2,089)   –   –   –     (2,089)                         Increase (decrease) in cash and cash equivalents   1,632,938   5,142   (127,955)   –     1,510,125 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 $ 2,643,213 $ 10,800 $ 50,124 $ –   $ 2,704,137     (page 2 of 2) (a) Balance for the period ended December 31, 2021            1123286000 39402000 15344000 -54746000 1123286000 54746000 0 0 -54746000 0 696955000 0 0 0 696955000 0 0 33854000 0 33854000 0 1638000 18111000 0 19749000 5659000 0 0 0 5659000 0 0 64692000 0 64692000 4689000 -456000 -6000 0 4227000 15235000 0 0 0 15235000 214203000 0 0 0 214203000 4120000 0 0 0 4120000 0 991000 10881000 0 11872000 0 7837000 0 0 7837000 106869000 1347000 -7125000 0 101091000 28776000 -17180000 -2409000 0 9187000 68536000 0 0 0 68536000 -232342000 0 0 0 -232342000 0 0 32626000 0 32626000 2919000 -346000 133000 0 2706000 10517000 -160000 0 0 10357000 23839000 1821000 3092000 0 28752000 -8428000 -18563000 7299000 0 -19692000 0 -177000 -1431000 0 -1608000 6368000 0 -1152000 0 5216000 255000 -2644000 310000 0 -2079000 1823252000 31226000 91757000 0 1946235000 9328000 0 0 0 9328000 2136537000 0 0 0 2136537000 0 74418000 0 0 74418000 0 10248000 617078000 0 627326000 0 17919000 1380000 0 19299000 0 0 8000000 0 8000000 33000 59000 169000 0 261000 0 24032000 134115000 0 158147000 623235000 0 0 0 623235000 0 50737000 854000 0 51591000 0 24201000 336736000 0 360937000 0 20000 2026000 0 2046000 0 2000000 0 0 2000000 113000 0 0 0 113000 0 23634000 102584000 0 126218000 -1522550000 -26084000 -318542000 0 -1867176000 1969474000 0 0 0 1969474000 426319000 0 11187000 0 437506000 13156000 0 0 0 13156000 166262000 0 0 0 166262000 29412000 0 0 0 29412000 0 0 347520000 0 347520000 0 0 237503000 0 237503000 1334325000 0 98830000 0 1433155000 -2089000 0 0 0 -2089000 1632938000 5142000 -127955000 0 1510125000 1010275000 5658000 178079000 0 1194012000 2643213000 10800000 50124000 0 2704137000 Consolidating cash flow statements by industry segment for the year ended March 31, 2021, are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 610,856 $ 25,720 $ 18,721 $ (44,441)   $ 610,856 Earnings from consolidated subsidiaries   (44,441)   –   –   44,441     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   664,001   –   –   –     664,001 Amortization of deferred policy acquisition costs   –   –   28,293   –     28,293 Amortization of premiums and accretion of discounts related to investments, net   –   1,578   12,651   –     14,229 Amortization of debt issuance costs   5,948   –   –   –     5,948 Interest credited to policyholders   –   –   55,321   –     55,321 Change in allowance for losses on trade receivables   1,424   (217)   (1)   –     1,206 Change in allowance for inventories and parts reserve   1,298   –   –   –     1,298 Net gains on disposal of personal property   (54,071)   –   –   –     (54,071) Net losses on disposal of real estate   3,281   –   –   –     3,281 Net gains on sales of investments   –   (158)   (9,900)   –     (10,058) Net gains on equity securities   –   (394)   –   –     (394) Deferred income taxes   72,407   459   (4,455)   –     68,411 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (60,806)   27,302   (6,012)   –     (39,516) Inventories and parts   (5,775)   –   –   –     (5,775) Prepaid expenses   94,359   –   –   –     94,359 Capitalization of deferred policy acquisition costs   –   –   (36,162)   –     (36,162) Other assets   29,879   537   (551)   –     29,865 Related party assets   (12,790)   303   –   12,000 (b)   (487) Accounts payable and accrued expenses   96,309   (3,497)   113   –     92,925 Policy benefits and losses, claims and loss expenses payable   14,919   (31,398)   14,487   –     (1,992) Other policyholders' funds and liabilities   –   (2,053)   4,283   –     2,230 Deferred income   10,959   –   608   –     11,567 Related party liabilities   1,136   1,187   9,737   (12,000) (b)   60 Net cash provided by operating activities   1,428,893   19,369   87,133   –     1,535,395                         Cash flows from investing activities:                       Escrow deposits   (5,221)   –   –   –     (5,221) Purchases of:                       Property, plant and equipment   (1,441,475)   –   –   –     (1,441,475) Short term investments   –   (69,929)   –   –     (69,929) Fixed maturities investments   –   (18,823)   (587,410)   –     (606,233) Equity securities   –   –   (962)   –     (962) Preferred stock   –   –   (16,144)   –     (16,144) Real estate   –   –   (622)   –     (622) Mortgage loans   –   (18,035)   (140,036)   –     (158,071) Proceeds from sales and paydowns of:                       Property, plant and equipment   537,484   –   –   –     537,484 Short term investments   –   69,669   49   –     69,718 Fixed maturities investments   –   20,854   508,385   –     529,239 Equity securities   –   –   207   –     207 Preferred stock   –   2,700   –   –     2,700 Real estate   255   –   –   –     255 Mortgage loans   –   17,659   11,866   –     29,525 Net cash (used) provided by investing activities   (908,957)   4,095   (224,667)   –     (1,129,529)     (page 1 of 2) (a) Balance for the period ended December 31, 2020                       Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2021, are as follows:     Moving & Storage Consolidated   Property & Casualty   Life   Elimination     AMERCO     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   912,408   –   9,600   –     922,008 Principal repayments on credit facilities   (652,728)   –   (9,860)   –     (662,588) Payment of debt issuance costs   (5,793)   –   –   –     (5,793) Finance lease payments   (221,247)   –   –   –     (221,247) Common stock dividends paid   (49,019)   –   –   –     (49,019) Net contribution from (to) related party   41,199   (22,600)   (18,599)   –     – Investment contract deposits   –   –   517,856   –     517,856 Investment contract withdrawals   –   –   (213,864)   –     (213,864) Net cash provided (used) by financing activities   24,820   (22,600)   285,133   –     287,353                         Effects of exchange rate on cash   6,441   –   –   –     6,441                         Increase in cash and cash equivalents   551,197   864   147,599   –     699,660 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   –     494,352 Cash and cash equivalents at end of period $ 1,010,275 $ 5,658 $ 178,079 $ –   $ 1,194,012     (page 2 of 2) (a) Balance for the period ended December 31, 2020            610856000 25720000 18721000 -44441000 610856000 44441000 0 0 -44441000 0 664001000 0 0 0 664001000 0 0 28293000 0 28293000 0 1578000 12651000 0 14229000 5948000 0 0 0 5948000 0 0 55321000 0 55321000 1424000 -217000 -1000 0 1206000 1298000 0 0 0 1298000 54071000 0 0 0 54071000 -3281000 0 0 0 -3281000 0 158000 9900000 0 10058000 0 394000 0 0 394000 72407000 459000 -4455000 0 68411000 60806000 -27302000 6012000 0 39516000 5775000 0 0 0 5775000 -94359000 0 0 0 -94359000 0 0 36162000 0 36162000 -29879000 -537000 551000 0 -29865000 12790000 -303000 0 -12000000 487000 96309000 -3497000 113000 0 92925000 14919000 -31398000 14487000 0 -1992000 0 -2053000 4283000 0 2230000 10959000 0 608000 0 11567000 1136000 1187000 9737000 -12000000 60000 1428893000 19369000 87133000 0 1535395000 5221000 0 0 0 5221000 1441475000 0 0 0 1441475000 0 69929000 0 0 69929000 0 18823000 587410000 0 606233000 0 0 962000 0 962000 0 0 16144000 0 16144000 0 0 622000 0 622000 0 18035000 140036000 0 158071000 537484000 0 0 0 537484000 0 69669000 49000 0 69718000 0 20854000 508385000 0 529239000 0 0 207000 0 207000 0 2700000 0 0 2700000 255000 0 0 0 255000 0 17659000 11866000 0 29525000 -908957000 4095000 -224667000 0 -1129529000 912408000 0 9600000 0 922008000 652728000 0 9860000 0 662588000 5793000 0 0 0 5793000 221247000 0 0 0 221247000 49019000 0 0 0 49019000 41199000 -22600000 -18599000 0 0 0 0 517856000 0 517856000 0 0 213864000 0 213864000 24820000 -22600000 285133000 0 287353000 6441000 0 0 0 6441000 551197000 864000 147599000 0 699660000 459078000 4794000 30480000 0 494352000 1010275000 5658000 178079000 0 1194012000 Consolidating cash flow statements by industry segment for the year ended March 31, 2020 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (In thousands) Cash flows from operating activities:                       Net earnings $ 442,048 $ 33,928 $ 21,861 $ (55,789)   $ 442,048 Earnings from consolidated subsidiaries   (55,789)   –   –   55,789     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   664,120   –   –   –     664,120 Amortization of deferred policy acquisition costs   –   –   31,219   –     31,219 Amortization of premiums and accretion of discounts related to investments, net   –   1,469   11,848   –     13,317 Amortization of debt issuance costs   4,426   –   –   –     4,426 Interest credited to policyholders   –   –   51,857   –     51,857 Change in allowance for losses on trade receivables   (14)   –   –   –     (14) Change in allowance for inventories and parts reserve   640   –   –   –     640 Net gains on disposal of personal property   (27,057)   –   –   –     (27,057) Net gains on disposal of real estate   (758)   –   –   –     (758) Net gains on sales of investments   –   (355)   (13,241)   –     (13,596) Net gains on equity securities   –   (3,783)   –   –     (3,783) Deferred income taxes   323,980   (2,847)   (3,240)   –     317,893 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   30,771   8,127   (769)   –     38,129 Inventories and parts   1,776   –   –   –     1,776 Prepaid expenses   (391,120)   –   –   –     (391,120) Capitalization of deferred policy acquisition costs   –   –   (24,447)   –     (24,447) Other assets   (3,099)   2,098   (294)   –     (1,295) Related party assets   (5,106)   (539)   –   –     (5,645) Accounts payable and accrued expenses   (4,428)   2,688   (2,790)   –     (4,530) Policy benefits and losses, claims and loss expenses payable   3,092   (19,618)   3,908   –     (12,618) Other policyholders' funds and liabilities   –   491   (5,348)   –     (4,857) Deferred income   (1,818)   –   –   –     (1,818) Related party liabilities   (1,170)   819   1,977   –     1,626 Net cash provided by operating activities   980,494   22,478   72,541   –     1,075,513                         Cash flows from investing activities:                       Escrow deposits   6,617   –   –   –     6,617 Purchases of:                       Property, plant and equipment   (2,309,406)   –   –   –     (2,309,406) Short term investments   –   (60,590)   (636)   –     (61,226) Fixed maturities investments   –   (13,001)   (366,348)   –     (379,349) Equity securities   –   –   (83)   –     (83) Real estate   –   (328)   (3,958)   –     (4,286) Mortgage loans   –   (18,050)   (43,966)   –     (62,016) Proceeds from sales and paydowns of:                       Property, plant and equipment   687,375   –   –   –     687,375 Short term investments   –   59,056   –   –     59,056 Fixed maturities investments   –   25,386   243,250   –     268,636 Equity securities   –   185   –   –     185 Preferred stock   –   1,375   1,000   –     2,375 Real estate   311   –   –   –     311 Mortgage loans   –   4,126   21,036   –     25,162 Net cash used by investing activities   (1,615,103)   (1,841)   (149,705)   –     (1,766,649)     (page 1 of 2) (a) Balance for the period ended December 31, 2019                       Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2020 are as follows:     Moving & Storage   Property & Casualty   Life   Elimination     AMERCO     (In thousands) Cash flows from financing activities:                       Borrowings from credit facilities   1,118,912   –   2,500   –     1,121,412 Principal repayments on credit facilities   (347,486)   –   (2,500)   –     (349,986) Payment of debt issuance costs   (5,332)   –   –   –     (5,332) Finance lease payments   (307,782)   –   –   –     (307,782) Employee stock ownership plan shares   (206)   –   –   –     (206) Common stock dividends paid   (29,404)   –   –   –     (29,404) Net contribution from (to) related party   21,600   (21,600)   –   –     – Investment contract deposits   –   –   234,640   –     234,640 Investment contract withdrawals   –   –   (151,022)   –     (151,022) Net cash provided (used) by financing activities   450,302   (21,600)   83,618   –     512,320                         Effects of exchange rate on cash   (533)   –   –   –     (533)                         Increase (decrease) in cash and cash equivalents   (184,840)   (963)   6,454   –     (179,349) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   –     673,701 Cash and cash equivalents at end of period $ 459,078 $ 4,794 $ 30,480 $ –   $ 494,352     (page 2 of 2) (a) Balance for the period ended December 31, 2019            442048000 33928000 21861000 -55789000 442048000 55789000 0 0 -55789000 0 664120000 0 0 0 664120000 0 0 31219000 0 31219000 0 1469000 11848000 0 13317000 4426000 0 0 0 4426000 0 0 51857000 0 51857000 -14000 0 0 0 -14000 640000 0 0 0 640000 27057000 0 0 0 27057000 758000 0 0 0 758000 0 355000 13241000 0 13596000 0 3783000 0 0 3783000 323980000 -2847000 -3240000 0 317893000 -30771000 -8127000 769000 0 -38129000 -1776000 0 0 0 -1776000 391120000 0 0 0 391120000 0 0 24447000 0 24447000 3099000 -2098000 294000 0 1295000 5106000 539000 0 0 5645000 -4428000 2688000 -2790000 0 -4530000 3092000 -19618000 3908000 0 -12618000 0 491000 -5348000 0 -4857000 -1818000 0 0 0 -1818000 -1170000 819000 1977000 0 1626000 980494000 22478000 72541000 0 1075513000 -6617000 0 0 0 -6617000 2309406000 0 0 0 2309406000 0 60590000 636000 0 61226000 0 13001000 366348000 0 379349000 0 0 83000 0 83000 0 328000 3958000 0 4286000 0 18050000 43966000 0 62016000 687375000 0 0 0 687375000 0 59056000 0 0 59056000 0 25386000 243250000 0 268636000 0 185000 0 0 185000 0 1375000 1000000 0 2375000 311000 0 0 0 311000 0 4126000 21036000 0 25162000 -1615103000 -1841000 -149705000 0 -1766649000 1118912000 0 2500000 0 1121412000 347486000 0 2500000 0 349986000 5332000 0 0 0 5332000 307782000 0 0 0 307782000 -206000 0 0 0 -206000 29404000 0 0 0 29404000 21600000 -21600000 0 0 0 0 0 234640000 0 234640000 0 0 151022000 0 151022000 450302000 -21600000 83618000 0 512320000 -533000 0 0 0 -533000 -184840000 -963000 6454000 0 -179349000 643918000 5757000 24026000 0 673701000 459078000 4794000 30480000 0 494352000 Note 22.   Revenue Recognition Revenue Recognized in Accordance with ASC Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities for fiscal 2022. 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. 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 17, Leases, of the Notes to 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 Ended March 31,     2023   2024   2025   2026   2027   Thereafter           (In thousands)                           Self-moving equipment rentals $ 5,537 $ – $ – $ – $ – $ – Property lease revenues   16,544   11,063   8,180   6,381   5,254   43,931 Total $ 22,081 $ 11,063 $ 8,180 $ 6,381 $ 5,254 $ 43,931   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, the revenue is disaggregated by timing of revenue recognition:     Years Ended March 31,     2022   2021   2020           (In thousands)               Revenues recognized over time $   284,401 $   182,278 $   147,565 Revenues recognized at a point in time   414,985   396,600   309,804 Total revenues recognized under ASC 606   699,386   578,878   457,369               Revenues recognized under ASC 842   4,690,434   3,644,798   3,182,902 Revenues recognized under ASC 944   201,666   195,371   200,768 Revenues recognized under ASC 320   148,261   122,938   137,829 Total revenues $   5,739,747 $   4,541,985 $   3,978,868 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 Ended March 31,     2023   2024   2025   2026   2027   Thereafter           (In thousands)                           Self-moving equipment rentals $ 5,537 $ – $ – $ – $ – $ – Property lease revenues   16,544   11,063   8,180   6,381   5,254   43,931 Total$ 22,081 $ 11,063 $ 8,180 $ 6,381 $ 5,254 $ 43,931 5537000 0 0 0 0 0 16544000 11063000 8180000 6381000 5254000 43931000 22081000 11063000 8180000 6381000 5254000 43931000     Years Ended March 31,     2022   2021   2020           (In thousands)               Revenues recognized over time $   284,401 $   182,278 $   147,565 Revenues recognized at a point in time   414,985   396,600   309,804 Total revenues recognized under ASC 606   699,386   578,878   457,369               Revenues recognized under ASC 842   4,690,434   3,644,798   3,182,902 Revenues recognized under ASC 944   201,666   195,371   200,768 Revenues recognized under ASC 320   148,261   122,938   137,829 Total revenues$  5,739,747 $  4,541,985 $  3,978,868 284401000 182278000 147565000 414985000 396600000 309804000 699386000 578878000 457369000 4690434000 3644798000 3182902000 201666000 195371000 200768000 148261000 122938000 137829000 5739747000 4541985000 3978868000 Note 23 . Allowance for Credit Losses 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 loan are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. 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 recoverables 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 $ 1.7 million as of December 31, 2021, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:       Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total                       (In thousands)     Balance as of March 31, 2020 $ 3,215 $ 503 $ 501 $ 4,219 Transition adjustment current expected credit losses   1,206   817   –   2,023 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2021 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses   4,228   (1,260)   –   2,968 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 0.01 1700000     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total                       (In thousands)     Balance as of March 31, 2020 $ 3,215 $ 503 $ 501 $ 4,219 Transition adjustment current expected credit losses   1,206   817   –   2,023 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2021 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses   4,228   (1,260)   –   2,968 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2022$ 8,649 $ 60 $ 501 $ 9,210 3215000 503000 501000 4219000 1206000 817000 0 2023000 0 0 0 0 0 0 0 0 4421000 1320000 501000 6242000 4228000 -1260000 0 2968000 0 0 0 0 0 0 0 0 8649000 60000 501000 9210000 Note 24.   Subsequent Events Our management has evaluated subsequent events occurring after March 31, 2022. We do not believe any subsequent events have occurred that would require further disclosure or adjustment to our financial statements. SCHEDULE   I CONDENSED FINANCIAL INFORMATION OF AMERCO BALANCE SHEETS     March 31,     2022   2021     (In thousands) ASSETS Cash and cash equivalents $ 2,085,447 $ 751,053 Investment in subsidiaries   4,240,811   3,284,760 Related party assets   1,821,654   1,535,355 Other assets   178,691   413,167 Total assets $ 8,326,603 $ 5,984,335           LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities:         Other liabilities $ 2,442,517 $ 1,136,742     2,442,517   1,136,742 Stockholders' equity:         Preferred stock   –   – Common stock   10,497   10,497 Additional paid-in capital   454,029   454,029 Accumulated other comprehensive income (loss)   45,187   102,568 Retained earnings:         Beginning of period   4,958,149   4,399,192 Adjustment for adoption of Topic 326   –   (2,880) Net earnings   1,123,286   610,856 Dividends   (29,412)   (49,019) End of period   6,052,023   4,958,149           Cost of common shares in treasury   (525,653)   (525,653) Cost of preferred shares in treasury   (151,997)   (151,997) Total stockholders' equity   5,884,086   4,847,593 Total liabilities and stockholders' equity $ 8,326,603 $ 5,984,335 The accompanying notes are an integral part of these condensed financial statements. CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF OPERATIONS     Years Ended March 31,     2022   2021   2020     (In thousands, except share and per share data) Revenues:             Net interest income and other revenues $ 1,516 $ 720 $ 6,586 Expenses:             Operating expenses   5,517   6,753   10,622 Other expenses   115   115   96 Total expenses   5,632   6,868   10,718 Equity in earnings of subsidiaries   1,011,841   508,632   205,940 Interest income   131,400   135,673   130,670 Pretax earnings   1,139,125   638,157   332,478 Income tax benfefit (expense)   (15,839)   (27,301)   109,570 Earnings available to common shareholders $ 1,123,286 $ 610,856 $ 442,048 Basic and diluted earnings per common share $ 57.29 $ 31.15 $ 22.55 Weighted average common shares outstanding: Basic and diluted   19,607,788   19,607,788   19,603,708 The accompanying notes are an integral part of these condensed financial statements.   CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF comprehensive income     Years Ended March 31,     2022   2021   2020     (In thousands)               Net earnings $ 1,123,286 $ 610,856 $ 442,048 Other comprehensive income (loss)   (60,473)   72,205   101,350 Total comprehensive income $ 1,062,813 $ 683,061 $ 543,398 The accompanying notes are an integral part of these condensed financial statements.   CONDENSED FINANCIAL INFORMATION OF AMERCO STATEMENTS OF CASH FLOW     Years Ended March 31,     2022   2021   2020     (In thousands) Cash flows from operating activities:             Net earnings $ 1,123,286 $ 610,856 $ 442,048 Change in investments in subsidiaries   (1,011,841)   (508,632)   (205,940) Adjustments to reconcile net earnings to cash provided by operations:             Depreciation   1   1   1 Amortization of debt issuance costs   292   924   – Deferred income taxes   106,869   72,407   323,980 Net change in other operating assets and liabilities:             Prepaid expenses   234,490   88,898   (381,190) Other assets   (4)   –   22 Related party assets   (240)   (12,000)   – Accounts payable and accrued expenses   5,461   (4,019)   1,935 Net cash provided by operating activities   458,314   248,435   180,856               Cash flows from investing activities:             Purchases of property, plant and equipment   (11)   (3)   – Proceeds of property, plant and equipment   –   –   – Net cash used by investing activities   (11)   (3)   –               Cash flows from financing activities:             Borrowings from credit facilities   1,200,000   200,000   – Principal repayments on credit facilities   –   (200,000)   – Debt issuance costs   (8,468)   (924)   – Proceeds from (repayments) of intercompany loans   (284,438)   211,064   (311,534) Common stock dividends paid   (29,412)   (49,019)   (29,404) Net contribution from related party   –   41,199   21,600 Net cash provided (used) by financing activities   877,682   202,320   (319,338)               Effects of exchange rate on cash   (1,591)   5,773   4,060 Increase (decrease) in cash and cash equivalents   1,334,394   456,525   (134,422) Cash and cash equivalents at beginning of period   751,053   294,528   428,950 Cash and cash equivalents at end of period $ 2,085,447 $ 751,053 $ 294,528 Income taxes paid (received), net of income taxes refunds received, amounted to ($4.5) million, $29.0 million and $6.9 million for fiscal 2022, 2021 and 2020, respectively. The accompanying notes are an integral part of these condensed financial statements. 2085447000 751053000 4240811000 3284760000 1821654000 1535355000 178691000 413167000 8326603000 5984335000 2442517000 1136742000 0 0 10497000 10497000 454029000 454029000 45187000 102568000 4958149000 4399192000 0 2880000 1123286000 610856000 29412000 49019000 6052023000 4958149000 525653000 525653000 151997000 151997000 5884086000 4847593000 8326603000 5984335000 1516000 720000 6586000 5517000 6753000 10622000 115000 115000 96000 5632000 6868000 10718000 1011841000 508632000 205940000 131400000 135673000 130670000 1139125000 638157000 332478000 15839000 27301000 -109570000 1123286000 610856000 442048000 57.29 31.15 22.55 19607788 19607788 19603708 1123286000 610856000 442048000 -60473000 72205000 101350000 1062813000 683061000 543398000 1123286000 610856000 442048000 1011841000 508632000 205940000 1000 1000 1000 -292000 -924000 0 106869000 72407000 323980000 -234490000 -88898000 381190000 4000 0 -22000 240000 12000000 0 5461000 -4019000 1935000 458314000 248435000 180856000 11000 3000 0 0 0 0 -11000 -3000 0 1200000000 200000000 0 0 200000000 0 8468000 924000 0 -284438000 211064000 -311534000 29412000 49019000 29404000 0 41199000 21600000 877682000 202320000 -319338000 -1591000 5773000 4060000 1334394000 456525000 -134422000 751053000 294528000 428950000 2085447000 751053000 294528000 1.   Summary of Significant Accounting Policies AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the holding Company for U-Haul International, Inc., Amerco Real Estate Company, Repwest Insurance Company and Oxford Life Insurance Company. The financial statements of the Registrant should be read in conjunction with the Consolidated Financial Statements and notes thereto included in this Annual Report. AMERCO is included in a consolidated Federal income tax return with all of its U.S. subsidiaries. Accordingly, the provision for income taxes has been calculated for Federal income taxes of AMERCO and subsidiaries included in the consolidated return of AMERCO. State taxes for all subsidiaries are allocated to the respective subsidiaries. The financial statements include only the accounts of AMERCO, which include certain of the corporate operations of AMERCO. The interest in AMERCO’s majority owned subsidiaries is accounted for on the equity method. The intercompany interest income and expenses are eliminated in the Consolidated Financial Statements. 2.   Guarantees AMERCO has guaranteed performance of certain long-term leases and other obligations. See Note 17, Leases, and Note 19, Related Party Transactions, of the Notes to Consolidated Financial Statements. SCHEDULE II AMERCO AND CONSOLIDATED SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS       Balance at Beginning of Year   Additions Charged to Costs and Expenses   Additions Charged to Other Accounts   Deductions   Balance at Year End                       Year ended March 31, 2022   (In thousands) Allowance for credit losses                     (deducted from trade receivable) $ 4,421 $ 5,283 $ 1,679 $ (2,734) $ 8,649 Allowance for obsolescence                     (deducted from inventory) $ 1,416 $ – $ – $ (336) $ 1,080 Allowance for LIFO                     (deducted from inventory) $ 21,832 $ 15,568 $ – $ – $ 37,400 Allowance for probable losses                     (deducted from mortgage loans) $ 448 $ – $ – $ – $ 448                       Year ended March 31, 2021     Allowance for credit losses                     (deducted from trade receivable) $ 535 $ 2,179 $ 2,680 $ (973) $ 4,421 Allowance for obsolescence                     (deducted from inventory) $ 3,063 $ – $ – $ (1,647) $ 1,416 Allowance for LIFO                     (deducted from inventory) $ 18,886 $ 2,946 $ – $ – $ 21,832 Allowance for probable losses                     (deducted from mortgage loans) $ 493 $ – $ – $ (45) $ 448                       Year ended March 31, 2020                     Allowance for doubtful accounts                     (deducted from trade receivable) $ 549 $ 731 $ – $ (745) $ 535 Allowance for obsolescence                     (deducted from inventory) $ 2,322 $ 741 $ – $ – $ 3,063 Allowance for LIFO                     (deducted from inventory) $ 18,987 $ – $ – $ (101) $ 18,886 Allowance for probable losses                     (deducted from mortgage loans)$ 493 $ – $ – $ – $ 493 4421000 5283000 1679000 2734000 8649000 1416000 0 0 336000 1080000 21832000 15568000 0 0 37400000 448000 0 0 0 448000 535000 2179000 2680000 973000 4421000 3063000 0 0 1647000 1416000 18886000 2946000 0 0 21832000 493000 0 0 45000 448000 549000 731000 0 745000 535000 2322000 741000 0 0 3063000 18987000 0 0 101000 18886000 493000 0 0 0 493000 SCHEDULE V AMERCO AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL INFORMATION (FOR PROPERTY-CASUALTY INSURANCE Operations) Years Ended December 31, 2021, 2020, AND 2019   Fiscal Year   Affiliation with Registrant   Deferred Policy Acquisition Cost   Reserves for Unpaid Claims and Adjustment Expenses   Discount if any, Deducted   Unearned Premiums   Net Earned Premiums (1)   Net Investment Income (2)   Claim and Claim Adjustment Expenses Incurred Related to Current Year   Claim and Claim Adjustment Expenses Incurred Related to Prior Year   Amortization of Deferred Policy Acquisition Costs   Paid Claims and Claim Adjustment Expense   Net Premiums Written (1) (In thousands) 2022   Consolidated property casualty entity $ – $ 159,162 $ –   334 $ 89,667 $ 24,385 $ 28,980 $ (6,290) $ – $ 24,012 $ 90,002 2021   Consolidated property casualty entity   –   177,963   –   (294)   70,285   16,335   20,670   (3,865)   –   25,759   69,989 2020   Consolidated property casualty entity   –   209,127   –   233   69,141   19,926   22,137   (9,535)   –   24,608   66,277   (1)The earned and written premiums are reported net of intersegment transactions. There were $ 3.1 million, $ 1.5 million and $ 3.1 million in written premiums and $ 2.8 million, $ 1.8 million and $ 2.8 million in earned premiums eliminated for the years ended December 31, 2021, 2020 and 2019, respectively. (2) Net Investment Income excludes net realized (gains) losses on investments of ($1.0) million, ($0.1) million and ($0.4) million for the years ended December 31, 2021, 2020 and 2019, respectively. 0 159162000 0 334000 89667000 24385000 28980000 6290000 0 24012000 90002000 0 177963000 0 -294000 70285000 16335000 20670000 3865000 0 25759000 69989000 0 209127000 0 233000 69141000 19926000 22137000 9535000 0 24608000 66277000 3100000 1500000 3100000 2800000 1800000 2800000 1000000.0 100000 400000