10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2022

or

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

For the transition period from __________________ to __________________

Commission File Number 001-11255

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

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

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

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

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

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

Large Accelerated Filer ☒ Accelerated Filer ☐   

Non-accelerated Filer ☐   Smaller Reporting Company ☐

Emerging Growth Company ☐

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

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

19,607,788 shares of AMERCO Common Stock, $0.25 par value, were outstanding at August 1, 2022.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and March 31, 2022	1
	b) Condensed Consolidated Statements of Operations for the Quarters Ended June 30, 2022, and 2021 (unaudited)	2
	c) Condensed Consolidated Statements of Comprehensive Income (Loss) for the Quarters Ended June 30, 2022, and 2021 (unaudited)	3
	d) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended June 30, 2022, and 2021 (unaudited)	4
	e) Condensed Consolidated Statements of Cash Flows for the Quarters Ended June 30, 2022, and 2021 (unaudited)	5
	f) Notes to Condensed Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	46
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	47

part i financial information

Item 1. Financial Statements

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED balance sheets

		June 30,		March 31,
		2022		2022
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	3,098,271	$	2,704,137
Reinsurance recoverables and trade receivables, net		219,574		229,343
Inventories and parts, net		164,579		158,888
Prepaid expenses		231,714		236,915
Investments, fixed maturities and marketable equities		2,669,986		2,893,399
Investments, other		557,124		543,755
Deferred policy acquisition costs, net		129,568		103,828
Other assets		53,477		60,409
Right of use assets - financing, net		568,223		620,824
Right of use assets - operating, net		72,538		74,382
Related party assets		45,190		47,851
		7,810,244		7,673,731
Property, plant and equipment, at cost:
Land		1,354,587		1,283,142
Buildings and improvements		6,154,373		5,974,639
Furniture and equipment		858,094		846,132
Rental trailers and other rental equipment		671,880		615,679
Rental trucks		4,873,554		4,638,814
		13,912,488		13,358,406
Less: Accumulated depreciation		(3,891,128)		(3,732,556)
Total property, plant and equipment, net		10,021,360		9,625,850
Total assets	$	17,831,604	$	17,299,581
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	722,617	$	677,785
Notes, loans and finance leases payable, net		6,232,564		6,022,497
Operating lease liabilities		72,277		74,197
Policy benefits and losses, claims and loss expenses payable		988,030		978,254
Liabilities from investment contracts		2,374,250		2,336,238
Other policyholders' funds and liabilities		11,999		10,812
Deferred income		63,647		49,157
Deferred income taxes, net		1,292,369		1,265,358
Total liabilities		11,757,753		11,414,298
Commitments and contingencies (notes 3, 7, 8 and 9)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and none outstanding as of June 30 and March 31, 2022		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding as of June 30 and March 31, 2022		–		–
Serial common stock, with or without par value, 250,000,000 shares authorized:
Serial common stock of $ 0.25 par value, 10,000,000 shares authorized;
none issued and outstanding as of June 30 and March 31, 2022		–		–
Common stock, with $ 0.25 par value, 250,000,000 shares authorized:
Common stock of $ 0.25 par value, 250,000,000 shares authorized; 41,985,700
issued and 19,607,788 outstanding as of June 30 and March 31, 2022		10,497		10,497
Additional paid-in capital		453,819		453,819
Accumulated other comprehensive income (loss)		(89,246)		46,384
Retained earnings		6,376,431		6,052,233
Cost of common stock in treasury, net ( 22,377,912 shares as of June 30 and March 31, 2022)		(525,653)		(525,653)
Cost of preferred stock in treasury, net ( 6,100,000 shares as of June 30 and March 31, 2022)		(151,997)		(151,997)
Total stockholders' equity		6,073,851		5,885,283
Total liabilities and stockholders' equity	$	17,831,604	$	17,299,581

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

1

AMERCO AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED Statements of operations

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,090,775	$	1,035,377
Self-storage revenues		173,177		137,393
Self-moving and self-storage products and service sales		109,351		104,885
Property management fees		9,139		8,449
Life insurance premiums		25,781		28,705
Property and casualty insurance premiums		19,972		16,869
Net investment and interest income		33,573		34,999
Other revenue		136,072		106,179
Total revenues		1,597,840		1,472,856
Costs and expenses:
Operating expenses		733,167		614,529
Commission expenses		118,493		113,149
Cost of sales		79,671		69,915
Benefits and losses		44,100		47,298
Amortization of deferred policy acquisition costs		7,672		8,823
Lease expense		7,475		7,647
Depreciation, net of gains on disposal ($64,348 and $50,323, respectively)		113,796		121,717
Net (gains) losses on disposal of real estate		2,307		(4,430)
Total costs and expenses		1,106,681		978,648
Earnings from operations		491,159		494,208
Other components of net periodic benefit costs		(304)		(280)
Interest expense		(49,799)		(39,178)
Pretax earnings		441,056		454,750
Income tax expense		(107,054)		(109,575)
Earnings available to common stockholders	$	334,002	$	345,175
Basic and diluted earnings per common share	$	17.03	$	17.60
Weighted average common shares outstanding: Basic and diluted		19,607,788		19,607,788

Related party revenues for the first quarter of fiscal 2023 and 2022, net of eliminations, were $9.1 million and $8.4 million, respectively.

Related party costs and expenses for the first quarter of fiscal 2023 and 2022, net of eliminations, were $25.5 million and $23.5 million, respectively.

Please see Note 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

2

AMERCO AND CONSOLIDATED SUBSIDIARIES

Condensed consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended June 30, 2022		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	441,056	$	(107,054)	$	334,002
Other comprehensive income (loss):
Foreign currency translation		197		–		197
Unrealized net loss on investments		(173,046)		36,664		(136,382)
Change in fair value of cash flow hedges		170		(42)		128
Amounts reclassified into earnings on hedging activities		566		(139)		427
Total other comprehensive income (loss)		(172,113)		36,483		(135,630)
Total comprehensive income	$	268,943	$	(70,571)	$	198,372
		+
Quarter Ended June 30, 2021		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	454,750	$	(109,575)	$	345,175
Other comprehensive income (loss):
Foreign currency translation		(3,392)		–		(3,392)
Unrealized net loss on investments		(92,451)		19,424		(73,027)
Change in fair value of cash flow hedges		(68)		17		(51)
Amounts reclassified into earnings on hedging activities		987		(242)		745
Total other comprehensive income (loss)		(94,924)		19,199		(75,725)
Total comprehensive income	$	359,826	$	(90,376)	$	269,450

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

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Amerco and consolidated subsidiaries

condensed consolidated statements of changes in stockholders’ equity

		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2022	$	10,497	$	453,819	$	46,384	$	6,052,233	$	(525,653)	$	(151,997)	$	5,885,283
Foreign currency translation		–		–		197		–		–		–		197
Unrealized net loss on investments, net of tax		–		–		(136,382)		–		–		–		(136,382)
Change in fair value of cash flow hedges, net of tax		–		–		128		–		–		–		128
Amounts reclassified into earnings on hedging activities		–		–		427		–		–		–		427
Net earnings		–		–		–		334,002		–		–		334,002
Common stock dividends: ($ 0.50 per share for fiscal 2023)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(135,630)		324,198		–	–	–		188,568
Balance as of June 30, 2022	$	10,497	$	453,819	$	(89,246)	$	6,376,431	$	(525,653)		(151,997)	$	6,073,851
Balance as of March 31, 2021	$	10,497	$	453,819	$	106,857	$	4,958,359	$	(525,653)	$	(151,997)	$	4,851,882
Foreign currency translation		–		–		(3,392)		–		–		–		(3,392)
Unrealized net loss on investments, net of tax		–		–		(73,027)		–		–		–		(73,027)
Change in fair value of cash flow hedges, net of tax		–		–		(51)		–		–		–		(51)
Amounts reclassified into earnings on hedging activities		–		–		745		–		–		–		745
Net earnings		–		–		–		345,175		–		–		345,175
Common stock dividends: ($ 0.50 per share for fiscal 2022)		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		(75,725)		335,371		–		–		259,646
Balance as of June 30, 2021	$	10,497	$	453,819	$	31,132	$	5,293,730	$	(525,653)	$	(151,997)	$	5,111,528

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

4

AMERCO AND CONSOLIDATED subsidiaries

Condensed consolidatED statements of cash flows

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	334,002	$	345,175
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		178,144		172,040
Amortization of deferred policy acquisition costs		7,672		8,823
Amortization of premiums and accretion of discounts related to investments, net		4,929		4,361
Amortization of debt issuance costs		1,473		1,332
Interest credited to policyholders		15,157		15,583
Provision for allowance for losses on trade receivables		(6,151)		(484)
Provision for allowance for inventories and parts reserves		4,646		3,403
Net gains on disposal of personal property		(64,348)		(50,323)
Net (gains) losses on disposal of real estate		2,307		(4,430)
Net (gains) losses on sales of investments		268		(2,469)
Net (gains) losses on equity investments		1,551		(2,231)
Deferred income taxes		63,493		82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		15,894		(8,082)
Inventories and parts		(10,347)		(15,765)
Prepaid expenses		4,935		162,706
Capitalization of deferred policy acquisition costs		(7,398)		(8,990)
Other assets		1,935		(853)
Related party assets		484		562
Accounts payable and accrued expenses		74,676		71,599
Policy benefits and losses, claims and loss expenses payable		10,386		9,064
Other policyholders' funds and liabilities		1,187		(1,430)
Deferred income		14,448		11,863
Related party liabilities		2,028		385
Net cash provided by operating activities		651,371		794,213
Cash flows from investing activities:
Escrow deposits		4,789		1,887
Purchases of:
Property, plant and equipment		(646,137)		(508,411)
Short term investments		(22,017)		(11,810)
Fixed maturities investments		(36,488)		(281,507)
Equity securities		(1,366)		–
Preferred stock		–		(8,000)
Real estate		–		(67)
Mortgage loans		(42,561)		(42,538)
Proceeds from sales and paydowns of:
Property, plant and equipment		159,180		182,146
Short term investments		18,073		12,558
Fixed maturities investments		55,808		126,956
Equity securities		362		–
Mortgage loans		32,345		5,628
Net cash used by investing activities		(478,012)		(523,158)
Cash flows from financing activities:
Borrowings from credit facilities		393,264		161,854
Principal repayments on credit facilities		(145,369)		(109,334)
Payment of debt issuance costs		(1,069)		(352)
Finance lease payments		(34,982)		(45,170)
Common stock dividends paid		(9,804)		–
Investment contract deposits		85,767		113,779
Investment contract withdrawals		(62,911)		(64,332)
Net cash provided by financing activities		224,896		56,445
Effects of exchange rate on cash		(4,121)		(1,531)
Increase in cash and cash equivalents		394,134		325,969
Cash and cash equivalents at the beginning of period		2,704,137		1,194,012
Cash and cash equivalents at the end of period	$	3,098,271	$	1,519,981

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

5

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements

1.Basis of Presentation

AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The condensed consolidated balance sheet as of June 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2023 and 2022 are unaudited.

In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

AMERCO is the holding company for:

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

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

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

Description of Operating Segments

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

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

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

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

2. 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.

6

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $ 23.8 million and $ 27.1 million as of March 31, 2022 and December 31, 2021, respectively.

Available-for-Sale Investments

Available-for-sale investments as of June 30, 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		Market Value Estimated
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	127,940	$	2,947	$	(1,578)	$	(2,493)	$	–	$	126,816
U.S. government agency mortgage-backed securities		37,806		149		(380)		(4,126)		–		33,449
Obligations of states and political subdivisions		166,572		5,830		(1,275)		(2,009)		–		169,118
Corporate securities		1,970,857		38,302		(11,259)		(51,863)		(77)		1,945,960
Mortgage-backed securities		337,023		2,206		(1)		(16,372)		–		322,856
	$	2,640,198	$	49,434	$	( 14,493 )	$	( 76,863 )	$	( 77 )	$	2,598,199

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		Market Value Estimated
		(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

We sold available-for-sale securities with a fair value of $ 54.1 million during the first quarter of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 0.3 million during the first quarter of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022.   The gross realized losses on these sales totaled $ 0.1 million during the first quarter of fiscal 2023 and $ 1.4 million for the full year of fiscal 2022.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade.  For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors.  If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.  The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

7

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $ 17 thousand net impairment charge recorded in the first quarter ended June 30, 2022.

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

		June 30, 2022				March 31, 2022
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)
Due in one year or less	$	104,389	$	105,325	$	97,969	$	99,432
Due after one year through five years		554,348		557,915		541,840		570,135
Due after five years through ten years		713,435		717,393		704,295		765,073
Due after ten years		931,003		894,710		995,904		1,056,295
		2,303,175		2,275,343		2,340,008		2,490,935
Mortgage-backed securities		337,023		322,856		324,029		330,157
	$	2,640,198	$	2,598,199	$	2,664,037	$	2,821,092

As of June 30, 2022 and March 31, 2022, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income.

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

		June 30, 2022				March 31, 2022
		Cost Amortized		Market Value Estimated		Cost Amortized		Market Value Estimated
		(Unaudited)
		(In thousands)
Common stocks	$	28,707	$	45,837	$	27,674	$	46,212
Non-redeemable preferred stocks		26,054		25,950		26,054		26,095
	$	54,761	$	71,787	$	53,728	$	72,307

Investments, other

The carrying value of the other investments was as follows:

		June 30,		March 31,
		2022		2022
		(Unaudited)
		(In thousands)
Mortgage loans, net	$	433,385	$	423,163
Short-term investments		34,809		30,916
Real estate		67,539		67,824
Policy loans		10,360		10,309
Other equity investments		11,031		11,543
	$	557,124	$	543,755

8

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

3. Borrowings

Long Term Debt

Long term debt was as follows:

										June 30,		March 31,
	2023 Rates					Maturities				2022		2022
										(Unaudited)
										(In thousands)
Real estate loans (amortizing term)	2.27	%	-	2.70	%	2023	-	2037	$	87,147	$	50,259
Senior mortgages	2.70	%	-	5.50	%	2023	-	2042		2,322,293		2,206,268
Real estate loans (revolving credit) (a)	2.31	%	-	2.56	%	2023	-	2025		535,000		535,000
Fleet loans (amortizing term)	1.61	%	-	4.66	%	2022	-	2029		119,576		124,651
Fleet loans (revolving credit)	1.90	%	-	2.36	%	2025	-	2027		560,000		560,000
Finance leases (rental equipment)	2.16	%	-	5.04	%	2022	-	2026		312,411		347,393
Finance liabilities (rental equipment)	1.60	%	-	4.77	%	2024	-	2030		1,051,917		949,936
Private placements	2.43	%	-	2.88	%	2029	-	2035		1,200,000		1,200,000
Other obligations	1.50	%	-	8.00	%	2022	-	2049		81,008		86,206
Notes, loans and finance leases payable										6,269,352		6,059,713
Less: Debt issuance costs										(36,788)		(37,216)
Total notes, loans and finance leases payable, net									$	6,232,564	$	6,022,497
(a) A certain loan has an interest rate swap fixing the rate at 3.14% based on current margins.

Real Estate Backed Loans

Real Estate Loans

Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2022, the applicable LIBOR was 1.20 % and the applicable margin was 1.50 %, the sum of which was 2.70 %. The default provisions of this 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.

Real Estate is a borrower under another real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate per the provisions of the loan agreement, is the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margin. As of June 30, 2022, the applicable SOFR was 1.52 % and applicable margin was 0.75 %, the sum of which was 2.27 %. This loan is hedged with a SOFR interest rate swap fixed at 2.86 %. The interest rate swap is effective July 15, 2022 and expires in July 2032. The default provisions of this real estate loan includes non-payment of principal or interest and other standard reporting and change-in-control covenants.  

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 June 30, 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.

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notes to condensed consolidated financial statements – (continued)

Real Estate Loans (Revolving Credit)

Various subsidiaries of Real Estate are borrowers under asset-backed real estate loans with an aggregate borrowing capacity of $ 385.0 million. As of June 30, 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 June 30, 2022, the applicable LIBOR was between 0.93 % and 1.06 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 2.31 % and 2.56 %. 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 June 30, 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 June 30, 2022, the applicable LIBOR was 1.06 % and the margin was 1.38 %, the sum of which was 2.44 %. 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 $ 615.0 million. The aggregate outstanding balance for these revolvers as of June 30, 2022 is $ 560.0 million. The interest rates, per the provision of the loan agreements, in aggregate of $ 415.0 million, are the applicable LIBOR plus the applicable margin. As of June 30, 2022, the applicable LIBOR was 1.06 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 2.21 % and 2.31 %. Of the $ 415.0 million outstanding, $ 100.0 million was fixed with an interest rate of 2.36 %.   The revolving fleet loan with a borrowing capacity of $ 175.0 million uses SOFR, which interest rate was 0.65 % plus a margin of 1.25 %, totaling 1.90 % as of June 30, 2022.   Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Subsequent to June 30, 2022, the remaining two LIBOR based loans have been amended to use SOFR.

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 $ 568.2 million and $ 620.8 million as of June 30, 2022 and March 31, 2022, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first quarter of fiscal 2023.

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 4.77%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,276.0 million and $1,068.3 million as of June 30, 2022 and March 31, 2022, respectively

10

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notes to condensed consolidated financial statements – (continued)

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 Trust Company, NA, as successor in interest to U.S. Bank National Association (the “Trustee”) entered into the U-Haul Investors Club ® Indenture.   AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral, including, but not limited to, rental equipment and real estate.   U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity.   U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries.

As of June 30, 2022, the aggregate outstanding principal balance of the U-Notes ® issued was $ 82.9 million, of which $ 1.9 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 March 31, 2022, 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 March 31, 2022, available-for-sale investments held with the FHLB totaled $ 97.2 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 condensed consolidated balance sheets.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, as of June 30, 2022 for the next five years and thereafter are as follows:

		Years Ending June 30,
		2023		2024		2025		2026		2027		Thereafter		Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable, secured	$	502,394	$	1,059,057	$	648,440	$	638,221	$	671,424	$	2,749,816	$	6,269,352

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Interest expense	$	50,405	$	38,935
Capitalized interest		(2,618)		(2,030)
Amortization of transaction costs		1,446		1,286
Interest expense resulting from cash flow hedges		566		987
Total interest expense	$	49,799	$	39,178

Interest paid in cash, including payments related to derivative contracts, amounted to $42.3 million and $40.9 million for the first quarter of fiscal 2023 and 2022, respectively.

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notes to condensed consolidated financial statements – (continued)

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

		Revolving Credit Activity
		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		1.99	%	1.39	%
Interest rate at the end of the quarter		2.29	%	1.38	%
Maximum amount outstanding during the quarter	$	1,095,000	$	1,088,000
Average amount outstanding during the quarter	$	1,095,000	$	1,073,055
Facility fees	$	58	$	71

4. Derivatives

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

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

		June 30, 2022		March 31, 2022
		(Unaudited)
		(In thousands)
Interest rate contracts designated as hedging instruments:
Assets	$	149	$	–
Liabilities		–		587
Notional amount		75,000		235,000

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		June 30, 2022		June 30, 2021
		(Unaudited)
		(In thousands)
Gain recognized in AOCI on interest rate contracts	$	(736)	$	(919)
Loss reclassified from AOCI into income	$	566	$	987

Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2023, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first quarter of fiscal 2023, we reclassified $0.4 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2022, we expect to reclassify $0.2 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

12

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notes to condensed consolidated financial statements – (continued)

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. As of March 31, 2022 and December 31, 2021, these derivative hedges had a fair value of $ 7.0 million and $ 7.5 million, with notional amounts of $ 434.0   million and $ 416.7   million, respectively. These derivative instruments are included in Investments, other; on the condensed 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 generally accepted accounting principles (“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.

5. Accumulated Other Comprehensive Income (Loss)

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

		Foreign Currency Translation		Unrealized Net Gains (Losses) on Investments		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Income (Loss)
		(Unaudited)
		(In thousands)
Balance as of March 31, 2022	$	(55,757)	$	105,027	$	(444)	$	(2,442)	$	46,384
Foreign currency translation		197		–		–		–		197
Unrealized net losses on investments		–		(136,382)		–		–		(136,382)
Change in fair value of cash flow hedges		–		–		128		–		128
Amounts reclassified into earnings on hedging activities		–		–		427		–		427
Other comprehensive income (loss)		197		(136,382)		555		–		(135,630)
Balance as of June 30, 2022	$	( 55,560 )	$	( 31,355 )	$	111	$	( 2,442 )	$	(89,246)

6. Stockholders’ Equity

The following table lists the dividends that have been declared and issued for fiscal year 2023.

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
April 6, 2022	$	0.50	April 18, 2022	April 29, 2022

As of June 30, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan.

7. Leases

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

		As of June 30, 2022
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	139,799	$	139,799
Furniture and equipment		14,731		–		14,731
Rental trailers and other rental equipment		159,618		–		159,618
Rental trucks		1,044,124		–		1,044,124
Right-of-use assets, gross		1,218,473		139,799		1,358,272
Less: Accumulated depreciation		(650,250)		(67,261)		(717,511)
Right-of-use assets, net	$	568,223	$	72,538	$	640,761

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notes to condensed consolidated financial statements – (continued)

		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 June 30, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $ 312.4 million and $ 347.4 million, respectively, and operating lease liabilities of $ 72.3 million and $ 74.2 million, respectively.

	Finance leases
	June 30,		March 31,
	2022		2022
	(Unaudited)
Weighted average remaining lease term (years)	3		3
Weighted average discount rate	3.7	%	3.7	%

	Operating leases
	June 30,		March 31,
	2022		2022
	(Unaudited)
Weighted average remaining lease term (years)	16.8		16.5
Weighted average discount rate	4.6	%	4.6	%

For the quarters ended June 30, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 7.9 million and $ 7.5 million, respectively, and our financing cash flow activities were $ 35.0 million and $ 45.2 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million for the first quarter of both fiscal 2023 and 2022.

The components of lease costs were as follows:

		Three Months Ended
		June 30, 2022		June 30, 2021
		(Unaudited)
		(In thousands)
Operating lease costs	$	7,920	$	8,077
Finance lease cost:
Amortization of right-of-use assets	$	22,396	$	32,500
Interest on lease liabilities		3,218		4,571
Total finance lease cost	$	25,614	$	37,071

14

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notes to condensed consolidated financial statements – (continued)

Maturities of lease liabilities were as follows:

		Finance leases		Operating leases
		(Unaudited)
Years ending June 30,		(In thousands)
2023	$	131,322	$	24,483
2024		97,721		22,162
2025		68,034		7,188
2026		35,396		4,104
2027		–		3,273
Thereafter		–		58,654
Total lease payments		332,473		119,864
Less: imputed interest		(20,062)		(47,587)
Present value of lease liabilities	$	312,411	$	72,277

8. 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.

9. Related Party Transactions

As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with 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

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notes to condensed consolidated financial statements – (continued)

Related Party Revenue

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	7,729	$	7,180
U-Haul management fee revenue from Mercury		1,410		1,269
	$	9,139	$	8,449

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 $ 8.2 million and $ 11.3 million from the above-mentioned entities during the first quarter of fiscal 2023 and 2022, respectively. The decrease in management fees received in the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022 was due to a timing difference of the incentive fee of $4.0 million being paid in March of fiscal 2022. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024.

Related Party Costs and Expenses

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	626
U-Haul commission expenses to Blackwater		24,882		22,880
	$	25,486	$	23,506

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

As of June 30, 2022, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 7.7 million and $ 7.2 million, expenses of $ 0.6 million and $ 0.6 million and cash flows of $ 6.9 million and $ 6.4 million, respectively, during the first quarter of fiscal 2023 and 2022. Revenues were $ 117.9 million and $ 108.6 million and commission expenses were $ 24.9 million and $ 22.9 million, respectively, related to the Dealer Agreements, during the first quarter of fiscal 2023 and 2022.

Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater.

Related Party Assets

		June 30,		March 31,
		2022		2022
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	38,624	$	41,364
U-Haul receivable from Mercury		7,539		5,708
Other (a)		(973)		779
	$	45,190	$	47,851

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

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notes to condensed consolidated financial statements – (continued)

10. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

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

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

• Life Insurance, comprised of Oxford and its subsidiaries.

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

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notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of June 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	2,982,541	$	9,065	$	106,665	$	–		$	3,098,271
Reinsurance recoverables and trade receivables, net		130,412		52,491		36,671		–			219,574
Inventories and parts, net		164,579		–		–		–			164,579
Prepaid expenses		231,714		–		–		–			231,714
Investments, fixed maturities and marketable equities		–		282,715		2,387,271		–			2,669,986
Investments, other		20,653		116,696		419,775		–			557,124
Deferred policy acquisition costs, net		–		–		129,568		–			129,568
Other assets		50,043		480		2,954		–			53,477
Right of use assets - financing, net		568,223		–		–		–			568,223
Right of use assets - operating, net		71,357		1,101		80		–			72,538
Related party assets		63,718		6,964		15,364		(40,856)	(c)		45,190
		4,283,240		469,512		3,098,348		(40,856)			7,810,244
Investment in subsidiaries		606,813		–		–		(606,813)	(b)		–
Property, plant and equipment, at cost:
Land		1,354,587		–		–		–			1,354,587
Buildings and improvements		6,154,373		–		–		–			6,154,373
Furniture and equipment		858,094		–		–		–			858,094
Rental trailers and other rental equipment		671,880		–		–		–			671,880
Rental trucks		4,873,554		–		–		–			4,873,554
		13,912,488		–		–		–			13,912,488
Less:   Accumulated depreciation		(3,891,128)		–		–		–			(3,891,128)
Total property, plant and equipment, net		10,021,360		–		–		–			10,021,360
Total assets	$	14,911,413	$	469,512	$	3,098,348	$	(647,669)		$	17,831,604
(a) Balances as of March 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

18

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of June 30, 2022, continued

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	712,167	$	3,299	$	7,151	$	–		$	722,617
Notes, loans and finance leases payable, net		6,232,564		–		–		–			6,232,564
Operating lease liabilities		71,083		1,108		86		–			72,277
Policy benefits and losses, claims and loss expenses payable		427,155		159,142		401,733		–			988,030
Liabilities from investment contracts		–		–		2,374,250		–			2,374,250
Other policyholders' funds and liabilities		–		3,362		8,637		–			11,999
Deferred income		63,647		–		–		–			63,647
Deferred income taxes, net		1,306,768		9,412		(23,811)		–			1,292,369
Related party liabilities		26,918		3,701		12,977		(43,596)	(c)		–
Total liabilities		8,840,302		180,024		2,781,023		(43,596)			11,757,753
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)		(91,986)		3,394		(37,490)		36,836	(b)		(89,246)
Retained earnings		6,376,221		191,673		326,044		(517,507)	(b)		6,376,431
Cost of common stock in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred stock in treasury, net		(151,997)		–		–		–			(151,997)
Total stockholders' equity		6,071,111		289,488		317,325		(604,073)			6,073,851
Total liabilities and stockholders' equity	$	14,911,413	$	469,512	$	3,098,348	$	(647,669)		$	17,831,604
(a) Balances as of March 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

19

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of March 31, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
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

20

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating balance sheets by industry segment as of March 31, 2022, continued

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated 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 liabilities		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

21

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating statement of operations by industry segment for the quarter ended June 30, 2022 are as follows:

		Consolidated Moving & Storage		Property & Casualty Insurance (a)		Insurance (a) Life		Eliminations			Consolidated AMERCO
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,091,710	$	–	$	–	$	(935)	(c)	$	1,090,775
Self-storage revenues		173,177		–		–		–			173,177
Self-moving and self-storage products and service sales		109,351		–		–		–			109,351
Property management fees		9,139		–		–		–			9,139
Life insurance premiums		–		–		25,781		–			25,781
Property and casualty insurance premiums		–		20,830		–		(858)	(c)		19,972
Net investment and interest income		4,940		2,252		27,388		(1,007)	(b)		33,573
Other revenue		135,281		–		934		(143)	(b)		136,072
Total revenues		1,523,598		23,082		54,103		(2,943)			1,597,840
Costs and expenses:
Operating expenses		719,794		10,194		5,109		(1,930)	(b,c)		733,167
Commission expenses		118,493		–		–		–			118,493
Cost of sales		79,671		–		–		–			79,671
Benefits and losses		–		4,379		39,721		–			44,100
Amortization of deferred policy acquisition costs		–		–		7,672		–			7,672
Lease expense		7,920		158		28		(631)	(b)		7,475
Depreciation, net of gains on disposals		113,796		–		–		–			113,796
Net losses on disposal of real estate		2,307		–		–		–			2,307
Total costs and expenses		1,041,981		14,731		52,530		(2,561)			1,106,681
Earnings from operations before equity in earnings of subsidiaries		481,617		8,351		1,573		(382)			491,159
Equity in earnings of subsidiaries		7,666		–		–		(7,666)	(d)		–
Earnings from operations		489,283		8,351		1,573		(8,048)			491,159
Other components of net periodic benefit costs		(304)		–		–		–			(304)
Interest expense		(50,061)		–		(120)		382	(b)		(49,799)
Pretax earnings		438,918		8,351		1,453		(7,666)			441,056
Income tax expense		(104,916)		(1,755)		(383)		–			(107,054)
Earnings available to common stockholders	$	334,002	$	6,596	$	1,070	$	(7,666)		$	334,002
(a) Balances for the quarter ended March 31, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

22

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

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

23

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	334,002	$	6,596	$	1,070	$	(7,666)	$	334,002
Earnings from consolidated entities		(7,666)		–		–		7,666		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		178,144		–		–		–		178,144
Amortization of deferred policy acquisition costs		–		–		7,672		–		7,672
Amortization of premiums and accretion of discounts related to investments, net		–		421		4,508		–		4,929
Amortization of debt issuance costs		1,473		–		–		–		1,473
Interest credited to policyholders		–		–		15,157		–		15,157
Provision for allowance for losses on trade receivables		(6,075)		(76)		–		–		(6,151)
Provision for allowance for inventories and parts reserve		4,646		–		–		–		4,646
Net gains on disposal of personal property		(64,348)		–		–		–		(64,348)
Net losses on disposal of real estate		2,307		–		–		–		2,307
Net (gains) losses on sales of investments		–		(31)		299		–		268
Net losses on equity investments		–		1,551		–		–		1,551
Deferred income taxes		61,948		127		1,418		–		63,493
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		18,458		(2,107)		(457)		–		15,894
Inventories and parts		(10,347)		–		–		–		(10,347)
Prepaid expenses		4,935		–		–		–		4,935
Capitalization of deferred policy acquisition costs		–		–		(7,398)		–		(7,398)
Other assets		2,177		(40)		(202)		–		1,935
Related party assets		747		(263)		–		–		484
Accounts payable and accrued expenses		78,549		(549)		(3,324)		–		74,676
Policy benefits and losses, claims and loss expenses payable		8,875		(1,237)		2,748		–		10,386
Other policyholders' funds and liabilities		–		(159)		1,346		–		1,187
Deferred income		14,501		–		(53)		–		14,448
Related party liabilities		1,251		517		260		–		2,028
Net cash provided by operating activities		623,577		4,750		23,044		–		651,371
Cash flows from investing activities:
Escrow deposits		4,789		–		–		–		4,789
Purchases of:
Property, plant and equipment		(646,137)		–		–		–		(646,137)
Short term investments		–		(21,966)		(51)		–		(22,017)
Fixed maturities investments		–		(9,839)		(26,649)		–		(36,488)
Equity securities		–		(1,366)		–		–		(1,366)
Preferred stock		–		–		–		–		–
Real estate		–		–		–		–		–
Mortgage loans		–		(6,975)		(35,586)		–		(42,561)
Proceeds from sales and paydowns of:
Property, plant and equipment		159,180		–		–		–		159,180
Short term investments		–		18,073		–		–		18,073
Fixed maturities investments		–		6,852		48,956		–		55,808
Equity securities		–		362		–		–		362
Mortgage loans		–		8,374		23,971		–		32,345
Net cash (used) provided by investing activities		(482,168)		(6,485)		10,641		–		(478,012)
		(page 1 of 2)
(a) Balance for the period ended March 31, 2022

24

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022, continued

		Consolidated Moving & Storage		Casualty Insurance (a) Property &		Insurance (a) Life		Elimination		Consolidated AMERCO
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		393,264		–		–		–		393,264
Principal repayments on credit facilities		(145,369)		–		–		–		(145,369)
Payments of debt issuance costs		(1,069)		–		–		–		(1,069)
Finance lease payments		(34,982)		–		–		–		(34,982)
Common stock dividends paid		(9,804)		–		–		–		(9,804)
Investment contract deposits		–		–		85,767		–		85,767
Investment contract withdrawals		–		–		(62,911)		–		(62,911)
Net cash provided by financing activities		202,040		–		22,856		–		224,896
Effects of exchange rate on cash		(4,121)		–		–		–		(4,121)
Increase (decrease) in cash and cash equivalents		339,328		(1,735)		56,541		–		394,134
Cash and cash equivalents at beginning of period		2,643,213		10,800		50,124		–		2,704,137
Cash and cash equivalents at end of period	$	2,982,541	$	9,065	$	106,665	$	–	$	3,098,271
		(page 2 of 2)
(a) Balance for the period ended March 31, 2022

25

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

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

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

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

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

11. Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended June 30, 2022
Total revenues	$	1,510,386	$	87,454	$	1,597,840
Depreciation and amortization, net of gains on disposal		120,986		2,789		123,775
Interest expense		48,948		851		49,799
Pretax earnings		427,538		13,518		441,056
Income tax expense		103,613		3,441		107,054
Identifiable assets		17,240,646		590,958		17,831,604
Quarter Ended June 30, 2021
Total revenues	$	1,396,361	$	76,495	$	1,472,856
Depreciation and amortization, net of gains on disposal		127,650		(1,540)		126,110
Interest expense		38,128		1,050		39,178
Pretax earnings		437,949		16,801		454,750
Income tax expense		105,302		4,273		109,575
Identifiable assets		14,661,722		453,160		15,114,882

12. Employee Benefit Plans

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

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	332	$	350
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		287		227
Other components		17		53
Total other components of net periodic benefit costs		304		280
Net periodic postretirement benefit cost	$	636	$	630

13. Fair Value Measurements

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

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

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

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

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

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

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

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

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

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

		Fair Value Hierarchy
		Carrying								Total Estimated
As of June 30, 2022		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	219,574	$	–	$	–	$	219,574	$	219,574
Mortgage loans, net		433,385		–		–		433,385		437,604
Other investments		123,739		–		–		123,739		123,739
Total	$	776,698	$	–	$	–	$	776,698	$	780,917
Liabilities
Notes, loans and finance leases payable		6,269,352		–		6,269,352		–		5,973,107
Total	$	6,269,352	$	–	$	6,269,352	$	–	$	5,973,107

		Fair Value Hierarchy
		Carrying								Total Estimated
As of March 31, 2022		Value		Level 1		Level 2		Level 3		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

29

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2022 and March 31, 2022 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of June 30, 2022		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	2,845,484	$	2,845,484	$	–	$	–
Fixed maturities - available for sale		2,598,199		25,456		2,572,651		92
Preferred stock		25,950		25,950		–		–
Common stock		45,837		45,837		–		–
Derivatives		7,111		6,962		149		–
Total	$	5,522,581	$	2,949,689	$	2,572,800	$	92
Liabilities
Derivatives		–		–		–		–
Total	$	–	$	–	$	–	$	–

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	$	–

The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.1 million for both June 30, 2022 and March 31, 2022.

14. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

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

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2022 and March 31, 2022.

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the first quarter of fiscal 2023 did not have a material effect on our financial statements.

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

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 7, Leases, of the Notes to the Condensed Consolidated Financial Statements.

Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

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amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:

		Years Ending June 30,
		2023		2024		2025		2026		2027		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	7,215	$	–	$	–	$	–	$	–	$	–
Property lease revenues		17,434		11,177		8,425		6,587		4,946		38,344
Total	$	24,649	$	11,177	$	8,425	$	6,587	$	4,946	$	38,344

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 table, revenue is disaggregated by timing of revenue recognition:

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	103,194	$	79,815
Revenues recognized at a point in time:		126,355		120,718
Total revenues recognized under ASC 606		229,549		200,533
Revenues recognized under ASC 842		1,288,031		1,191,010
Revenues recognized under ASC 944		46,687		46,314
Revenues recognized under ASC 320		33,573		34,999
Total revenues	$	1,597,840	$	1,472,856

In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container 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 revenues, 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.

32

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

15. Allowance for Credit Losses

Trade Receivables

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

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

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).   To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2% and 6% as of June 30, 2022 and March 31, 2022, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2022, was $ 2.5 million.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $ 29.2 million as of March 31, 2022 and are excluded from the estimate of credit losses.

As outlined in subtopic 326-20-30-5A, we have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to wrtie off accrued interest receivables by reversing interest income (in accordance with subtopic 326-20-35-8A).

Mortgage loans, net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

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

Reinsurance recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2022 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium receivables

Premium receivables were $1.4 million as of March 31, 2022, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums.

33

amerco and consolidated subsidiaries

notes to condensed consolidated financial statements – (continued)

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

		Allowance for Credit Losses
		Trade Receivables		Investments, Fixed Maturities		Investments, other		Total
		(Unaudited)
		(in thousands)
Balance as of March 31, 2021	$	2,835	$	1,320	$	501	$	4,656
Allowance change		(291)		(279)		4		(566)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of June 30, 2021	$	2,544	$	1,041	$	505	$	4,090
Balance as of March 31, 2022	$	8,649	$	60	$	501	$	9,210
Allowance change		(6,162)		17		(1)		(6,146)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of June 30, 2022	$	2,487	$	77	$	500	$	3,064

16.   Accounting Pronouncements

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 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.

34

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

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of AMERCO, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments and a discussion of off-balance sheet arrangements. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2023.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Condensed Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

AMERCO, a Nevada corporation, has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO.

Overall Strategy

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

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

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

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

Description of Operating Segments

AMERCO’s three reportable segments are:

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

Moving and Storage

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

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

35

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

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

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

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

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Impairment of Investments

Under the current expected credit loss model, a valuation allowance is recognized in earnings for credit losses. If we intend to sell a debt security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

There was a $17 thousand net impairment charge recorded during the quarter ended June 30, 2022.

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Results of Operations

AMERCO and Consolidated Entities

Quarter Ended June 30, 2022 compared with the Quarter Ended June 30, 2021

Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2023 and the first quarter of fiscal 2022:

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,090,775	$	1,035,377
Self-storage revenues		173,177		137,393
Self-moving and self-storage products and service sales		109,351		104,885
Property management fees		9,139		8,449
Life insurance premiums		25,781		28,705
Property and casualty insurance premiums		19,972		16,869
Net investment and interest income		33,573		34,999
Other revenue		136,072		106,179
Consolidated revenue	$	1,597,840	$	1,472,856

Self-moving equipment rental revenues increased $55.4 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   Revenue per transaction for both our In-Town and one-way markets increased.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, trailers and towing devices in the rental fleet.

Self-storage revenues increased $35.8 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   The average monthly number of occupied units increased by 19%, or 81,900 units, during the first quarter of fiscal 2023 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we added approximately 5.0 million net rentable square feet, or an 11% increase, with approximately 1.5 million of that coming on during the first quarter of fiscal 2023.

Sales of self-moving and self-storage products and services increased $4.5 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   This was due to increased sales of hitches, moving supplies and propane.

Life insurance premiums decreased $2.9 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums increased $3.1 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022 due to an increase in Safetow ® and Safestor ® sales, which was a reflection of the increased equipment and storage rental transactions.

Net investment and interest income decreased $1.4 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022. Changes in the market value of unaffiliated common stocks held in our property and casualty insurance subsidiary accounted for $3.8 million of the decrease during the quarter. A decrease of $1.5 million realized loss on derivatives used as hedges for our fixed indexed annuities at our life insurance subsidiary also contributed to the decrease during the quarter. This was partially offset by a $4.3 million increase from Moving and Storage due to increase in invested cash combined with higher interest rates on these short-term deposits.

Other revenue increased $29.9 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022, caused primarily by growth in our U-Box program.

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Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2023 and the first quarter of fiscal 2022. The insurance companies’ first quarters ended March 31, 2022 and 2021.

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,523,598	$	1,393,254
Earnings from operations before equity in earnings of subsidiaries		481,617		482,995
Property and casualty insurance
Revenues		23,082		23,456
Earnings from operations		8,351		9,232
Life insurance
Revenues		54,103		58,659
Earnings from operations		1,573		2,366
Eliminations
Revenues		(2,943)		(2,513)
Earnings from operations before equity in earnings of subsidiaries		(382)		(385)
Consolidated results
Revenues		1,597,840		1,472,856
Earnings from operations		491,159		494,208

Total costs and expenses increased $128.0 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022. Operating expenses for Moving and Storage increased $118.0 million.   Repair costs associated with the rental fleet experienced a $32.1 million increase during the quarter due to preventative maintenance resulting from higher fleet activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.   The addition of new equipment has been affected by delays with our original equipment manufacturers.   Other increases included personnel, liability costs and shipping associated with U-Box transactions. Net gains from the disposal of rental equipment increased $14.0 million from an increase in resale values.   Depreciation expense associated with our rental fleet was $126.5 million and $126.6 million for the first quarters of fiscal 2023 and 2022, respectively.   Depreciation expense on all other assets, largely from buildings and improvements, increased $6.2 million to $51.6 million. Net losses on the disposal or retirement of land and buildings increased $6.7 million. The first quarter of fiscal 2022 included a condemnation gain of $4.9 million.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $491.2 million for the first quarter of fiscal 2023, compared with $494.2 million for the first quarter of fiscal 2022.

Interest expense for the first quarter of fiscal 2023 was $49.8 million, compared with $39.2 million for the first quarter of fiscal 2022, due to an increase in our outstanding debt of $1,570.2 million in the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022.

Income tax expense was $107.1 million for the first quarter of fiscal 2023, compared with $109.6 million for the first quarter of fiscal 2022.

As a result of the above-mentioned items, earnings available to common stockholders were $334.0 million for the first quarter of fiscal 2023, compared with $345.2 million for the first quarter of fiscal 2022.

Basic and diluted earnings per share for the first quarter of fiscal 2023 were $17.03, compared with $17.60 for the first quarter of fiscal 2022.

The weighted average common shares outstanding basic and diluted were 19,607,788 for both the first quarter of fiscal 2023 and 2022.

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Moving and Storage

Quarter Ended June 30, 2022 compared with the Quarter Ended June 30, 2021

Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2023 and the first quarter of fiscal 2022:

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,091,710	$	1,036,213
Self-storage revenues		173,177		137,393
Self-moving and self-storage products and service sales		109,351		104,885
Property management fees		9,139		8,449
Net investment and interest income		4,940		680
Other revenue		135,281		105,634
Moving and Storage revenue	$	1,523,598	$	1,393,254

Self-moving equipment rental revenues increased $55.5 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   Revenue per transaction for both our In-Town and one-way markets increased.   Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, trailers and towing devices in the rental fleet.        

Self-storage revenues increased $35.8 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   The average monthly number of occupied units increased by 19%, or 81,900 units, during the first quarter of fiscal 2023 compared with the same period last year.   The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and from an improvement in average revenue per occupied foot. Over the last twelve months, we added approximately 5.0 million net rentable square feet, or an 11% increase, with approximately 1.5 million of that coming on during the first quarter of fiscal 2023.

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

	Quarter Ended June 30,
	2022	2021
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of June 30	620	553
Square footage as of June 30	51,845	46,847
Average monthly number of units occupied	518	436
Average monthly occupancy rate based on unit count	84.5%	79.7%
Average monthly square footage occupied	44,847	38,671

Over the last twelve months we added approximately 5.0 million net rentable square feet of new storage to the system. This was a mix of existing storage locations we acquired and new development.

Sales of self-moving and self-storage products and services increased $4.5 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022.   This was due to increased sales of hitches, moving supplies and propane.

Net investment and interest income increased $4.3 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022, due to an increase in invested cash combined with higher interest rates on these short-term deposits.

Other revenue increased $29.6 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022, caused primarily by growth in our U-Box program.

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Total costs and expenses increased $131.7 million during the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022. Operating expenses increased $118.0 million.   Repair costs associated with the rental fleet experienced a $32.1 million increase during the quarter due to preventative maintenance from higher fleet activity combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet.   The addition of new equipment has been affected by delays with our original equipment manufacturers.   Other increases included personnel, liability costs and shipping associated with U-Box transactions. Net gains from the disposal of rental equipment increased $14.0 million from an increase in resale values.   Depreciation expense associated with our rental fleet was $126.5 million and $126.6 million for the first quarters of fiscal 2023 and 2022, respectively.   Depreciation expense on all other assets, largely from buildings and improvements, increased $6.2 million to $51.6 million. Net losses on the disposal or retirement of land and buildings increased $6.7 million. The first quarter of fiscal 2022 included a condemnation gain of $4.9 million.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries increased to $481.6 million for the first quarter of fiscal 2023, compared with $483.0 million for the first quarter of fiscal 2022.

Equity in the earnings of AMERCO’s insurance subsidiaries was $7.7 million for the first quarter of fiscal 2023, compared with $9.1 million for the first quarter of fiscal 2022.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations increased to $489.3 million for the first quarter of fiscal 2023, compared with $492.1 million for the first quarter of fiscal 2022.

Property and Casualty Insurance

Quarter Ended March 31, 2022 compared with the Quarter Ended March 31, 2021

Net premiums were $20.8 million and $17.4 million for the quarters ended March 31, 2022 and 2021, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul rental transactions. The premium increase corresponded with the increased moving and storage transactions at U-Haul during the same period.

Net investment and interest income was $2.3 million and $6.0 million for the quarters ended March 31, 2022 and 2021, respectively. The main driver of the change in net investment income was the decrease in the market value of unaffiliated common stock of $3.8 million.

Net operating expenses were $10.2 million and $8.8 million for the quarters ended March 31, 2022 and 2021, respectively. The change was due to an increase in commissions offset by an increase in loss adjusting fees and subrogation income.

Benefits and losses incurred were $4.4 million and $5.2 million for the quarters ended March 31, 2022 and 2021, respectively. The decrease was due to a favorable loss experience.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $8.4 million and $9.2 million for the quarters ended March 31, 2022 and 2021, respectively.

Life Insurance

Quarter Ended March 31, 2022 compared with the Quarter Ended March 31, 2021

Net premiums were $25.8 million and $28.7 million for the quarters ended March 31, 2022 and 2021, respectively. Medicare Supplement premiums decreased $2.0 million from the policy decrements offset by premium rate increases. Life premiums decreased $1.1 million primarily from the decrease in sales of single premium life products. Premiums on the remaining lines of business increased $0.2 million. Deferred annuity deposits were $85.8 million or $13.0 million below prior year and are accounted for on the balance sheet as deposits rather than premiums. The decrease in deferred annuity deposits is a result of the competitive industry rates.

Net investment and interest income were $27.4 million and $29.3 million for the quarters ended March 31, 2022 and 2021, respectively. Net realized gains decreased $1.3 million coupled with a $1.5 million realized loss on derivatives used as hedges to fixed indexed annuities. This was offset by a $1.1 million increase in the interest income on the invested assets, primarily mortgage loans.

Net operating expenses were $5.1 million and $5.4 million for the quarters ended March 31,2022 and 2021, respectively. The decrease was primarily due to a reduction in commission expenses on single premium whole life due to reduction in premiums.

Benefits and losses incurred were $39.7 million and $42.1 million for the quarters ended March 31, 2022 and 2021, respectively. Life benefits decreased $1.5 million primarily due to improved mortality on single premium whole life. Medicare supplement benefits decreased by $0.7 million from the declined policies in force. Interest credited to policyholders decreased $0.4 million from the reduction in the interest credited rates on fixed indexed annuities driven by market decline. This was partially offset by a $0.2 million increase in supplemental contracts payouts.

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Amortization of deferred acquisition costs (“DAC”), sales inducement asset (“SIA”) and the value of business acquired (“VOBA”) was $7.7 million and $8.8 million for the quarters ended March 31, 2022 and 2021, respectively. The decrease in DAC amortization is primarily on annuity policies from the decreased amortization related to realized gains.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $1.5 million and $2.2 million for the quarters ended March 31, 2022 and 2021, respectively.

Liquidity and Capital Resources

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

As of June 30, 2022, cash and cash equivalents totaled $3,098.3 million, compared with $2,704.1 million at March 31, 2022. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2022 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

		Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
		(Unaudited)
		(In thousands)
Cash and cash equivalents	$	2,982,541	$	9,065	$	106,665
Other financial assets		214,783		458,866		2,859,081
Debt obligations		6,232,564		–		–
(a) As of March 31, 2022

As of June 30, 2022, Moving and Storage had additional cash available under existing credit facilities of $105.0 million.   The majority of invested cash at the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities decreased $142.8 million in the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022 largely as a result of receiving $159 million of federal income tax refund claims in the first quarter of fiscal 2022.

Net cash used in investing activities decreased $45.1 million in the first quarter of fiscal 2023, compared with the first quarter of fiscal 2022. Purchases of property, plant and equipment, increased $137.7 million. Reinvestment in the fleet was less than our projection due to delays in receiving new equipment from our original equipment manufacturers during the first quarter of fiscal 2023; however, the level of reinvestment in the rental fleet has increased in comparison to the first quarter of fiscal 2022.   Cash from the sales of property, plant and equipment decreased $23.0 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $202.9 million due to a decrease in purchases of fixed maturity investments.  

Net cash provided by financing activities increased $168.5 million in the first quarter of fiscal 2023, as compared with the first quarter of fiscal 2022. This was due to a combination of increased cash from borrowings of $231.4 million, increased debt payments of $36.0 million, decreased finance lease repayments of $10.2 million, an increase of $9.8 million in dividends paid and a decrease in net annuity deposits from Life Insurance of $26.6 million.

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Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2023 the Company will reinvest in its rental equipment fleet approximately $850 million, net of equipment sales and excluding any lease buyouts. Through the first quarter of fiscal 2023, the Company invested, net of sales, approximately $195 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2023 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2023 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options. Based upon interactions with our existing lenders, the Company does not believe that COVID-19 will materially inhibit our ability to obtain financing for the purchases of rental equipment in fiscal 2023. Should the situation severely worsen this belief could change.

The Company has traditionally financed the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first quarter of fiscal 2023, the Company invested $278.2 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2023, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and any lingering effects of COVID-19.   U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) were $487.0 million and $326.3 million for the first quarter of fiscal 2023 and 2022, respectively. The components of our net capital expenditures are provided in the following table:

		Quarter Ended June 30,
		2022		2021
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	350,736	$	310,389
Purchases of real estate, construction and renovations		278,196		184,362
Other capital expenditures		17,205		13,660
Gross capital expenditures		646,137		508,411
Less: Sales of property, plant and equipment		(159,180)		(182,146)
Net capital expenditures	$	486,957	$	326,265

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

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to AMERCO will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $289.5 million and $296.1 million as of March 31, 2022 and December 31, 2021, respectively. The change resulted from net earnings of $6.6 million and a decrease in other comprehensive income of $13.2 million due to the decrease in market value of its investment portfolio.  Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

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Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net deposits for the quarter ended March 31, 2022 were $22.9 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of AMERCO or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $317.3 million and $440.9 million as of March 31, 2022 and December 31, 2021, respectively. The change resulted from net earnings of $1.1 million and a decrease in other comprehensive income of $124.7 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of March 31, 2022, Oxford had outstanding deposits of $60.0 million in the FHLB.   For a more detailed discussion of this deposit, please see Note 3, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

Cash Provided from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $623.6 million and $764.5 million for the first quarter of fiscal 2023 and 2022, respectively, largely as a result of receiving $159 million of federal income tax refund claims in the first quarter of fiscal 2022.  

Property and Casualty Insurance

Net cash provided by operating activities were $4.8 million and $3.6 million for the first quarters ended March 31, 2022 and 2021, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $43.9 million and $41.7 million as of March 31, 2022 and December 31, 2021, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $23.0 million and $26.1 million for the first quarters ended March 31, 2022 and 2021, respectively. The decrease in operating cash flows was primarily due to the timing of settlement of payables and receivables for securities offset by the reduced benefit and commission expenses.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of March 31, 2022 and December 31, 2021, cash and cash equivalents and short-term investments amounted to $106.7 million and $50.1 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

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

As a result of the federal income tax provisions of the Coronavirus Aid, Relief and Economic Security Act, we have filed applicable forms with the Internal Revenue Service to carryback net operating losses. These refund claims total approximately $366 million, of which we have received approximately $243 million and are reflected in Prepaid expense. These amounts are expected to provide us additional liquidity whenever received. It is possible future legislation could negatively impact our ability to receive these tax refunds.

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of June 30, 2022, we had available borrowing capacity under existing credit facilities of $105.0 million. It is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit. We believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long-term debt and

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  borrowing capacity, please see Note 3, Borrowings, of the Notes to Condensed Consolidated Financial Statements.

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Fiscal 2023 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals.   Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2023. Revenue in the U-Move ® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2023, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2023. We will continue to invest capital and resources in the U-Box ® program throughout fiscal 2023.

Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.

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

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform on their obligations. Following is a summary of our interest rate swap agreements as of June 30, 2022:

	Notional Amount		Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
	(Unaudited)
	(In thousands)
$	75,000	$	149	6/28/2019	10/31/2022	1.76%	1 Month LIBOR

As of June 30, 2022, we had $1,182.1 million of variable rate debt obligations. If LIBOR were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $8.9 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date, the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

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

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of March 31, 2022 and December 31, 2021, these derivative hedges had a net market value of $7.0 million and $7.5 million, with notional amounts of $434.0 million and $416.7 million, respectively. These derivative instruments are included in Investments, other, on the   condensed consolidated balance sheets.

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.5% and 5.2% of our revenue was generated in Canada during the first quarter of fiscal 2023 and 2022, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Cautionary Statements Regarding Forward-Looking Statements

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

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Condensed Consolidated Financial

45

  Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

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

Evaluation of Disclosure Controls and Procedures

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

Inherent Limitations on the Effectiveness of Controls

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

Changes in Internal Control Over Financial Reporting

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

PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 8, Contingencies, of the Notes to Condensed Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

We are not aware of any material updates to the risk factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

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

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

46

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The following documents are filed as part of this report:

Exhibit Number	Description	Page or Method of Filing
3.1	Amended and Restated Articles of Incorporation of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255
3.2	Restated Bylaws of AMERCO	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on September 5, 2013, file no. 1-11255
4.1	Forty-Fourth Supplemental Indenture and Pledge and Security Agreement dated May 10, 2022, by and between AMERCO and U.S. Bank Trust Company, National Association as successor in interest to U.S. Bank National Association, as trustee	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 10, 2022, file no. 1-11255.
4. 2	Amended and Restated Forty-Second Supplemental Indenture and Pledge and Security Agreement dated May 10, 2022, by and between AMERCO and U.S. Bank Trust Company, National Association as successor in interest to U.S. Bank National Association, as trustee	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 10, 2022, file no. 1-11255.
4.3	Amended and Restated Forty-Third Supplemental Indenture and Pledge and Security Agreement dated May 10, 2022, by and between AMERCO and U.S. Bank Trust Company, National Association as successor in interest to U.S. Bank National Association, as trustee	Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 10, 2022, file no. 1-11255.
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of AMERCO	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Chief Financial Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	Inline XBRL Instance Document	Filed herewith

47

101.SCH	Inline XBRL Taxonomy Extension Schema	Filed herewith
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase	Filed herewith
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	Filed herewith
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase	Filed herewith
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)	Filed herewith

48

SIGNATURES

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

AMERCO

Date:   August 3, 2022	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
	(Principal Executive Officer)
Date:   August 3, 2022	/s/ Jason A. Berg
	Jason A. Berg
	Chief Financial Officer
	(Principal Financial Officer)
Date: August 3, 2022	/s/ Maria L. Bell
	Maria L. Bell
	Chief Accounting Officer
	(Principal Accounting Officer)

49

EX-31.2

EXHIBIT 31.2

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

I, Jason A. Berg, certify that:

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

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

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

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

	/s/Jason A. Berg
	Jason A. Berg
Date: August 3, 2022	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

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

In connection with the Form 10-Q for the quarter ended June 30, 2022 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 3, 2022 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, to the best of my knowledge and belief, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	AMERCO
	a Nevada corporation
	/s/Edward J. Shoen
	Edward J. Shoen
Date: August 3, 2022	President and Chairman of the Board

EX-32.2

EXHIBIT 32.2

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

In connection with the Form 10-Q for the quarter ended June 30, 2022 of AMERCO (the “Company”), as filed with the Securities and Exchange Commission on August 3, 2022 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	AMERCO
	a Nevada corporation
	/s/Jason A. Berg
	Jason A. Berg
Date: August 3, 2022	Chief Financial Officer

XML

Document and Entity Information	3 Months Ended
	Jun. 30, 2022 shares
Document and Entity Information [Abstract]
Entity Registrant Name	AMERCO
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Small Business	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2023
Trading Symbol	UHAL
Document Type	10-Q
Document Fiscal Period Focus	Q1
Document Period End Date	Jun. 30, 2022
Amendment Flag	false
Entity Common Stock, Shares Outstanding	19,607,788
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-11255
Entity Tax Identification Number	88-0106815
Entity address, address line one	5555 Kietzke Lane
Entity address, address line two	Suite 100
Entity address, City or Town	Reno
Entity address, State or Province	NV
Entity address, postal zip code	89511
City Area Code	775
Local Phone Number	688-6300
Entity Incorporation, State or Country Code	NV
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
ASSETS:
Cash and cash equivalents	$ 3,098,271	$ 2,704,137
Reinsurance recoverables and trade receivables, net	219,574	229,343
Inventories, net	164,579	158,888
Prepaid expenses	231,714	236,915
Investments, fixed maturities and marketable equities	2,669,986	2,893,399
Investments, other	557,124	543,755
Deferred policy acquisition costs, net	129,568	103,828
Other assets	53,477	60,409
Right of use Assets - Financing	568,223	620,824
Right of use Assets - Operating	72,538	74,382
Related party assets	45,190	47,851
Subtotal assets	7,810,244	7,673,731
Property, plant and equipment, at cost:
Land	1,354,587	1,283,142
Buildings and improvements	6,154,373	5,974,639
Furniture and equipment	858,094	846,132
Property, plant and equipment (gross)	13,912,488	13,358,406
Less: Accumulated depreciation	(3,891,128)	(3,732,556)
Total property, plant and equipment	10,021,360	9,625,850
Total assets	17,831,604	17,299,581
Liabilities:
Accounts payable and accrued expenses	722,617	677,785
Notes, loans and leases payable	6,232,564	6,022,497
Financing lease liability	312,411
Operating lease liability	72,277	74,197
Policy benefits and losses, claims and loss expenses payable	988,030	978,254
Liabilities from investment contracts	2,374,250	2,336,238
Other policyholders' funds and liabilities	11,999	10,812
Deferred income	63,647	49,157
Deferred income taxes, net	1,292,369	1,265,358
Total liabilities	11,757,753	11,414,298
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:
Additional paid-in capital	453,819	453,819
Accumulated other comprehensive loss	(89,246)	46,384
Retained earnings	6,376,431	6,052,233
Total stockholders' equity	6,073,851	5,885,283
Total liabilities and stockholders' equity	17,831,604	17,299,581
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	671,880	615,679
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 4,873,554	$ 4,638,814

XML

Condensed Consolidated Balance Sheets Parenthetical	Jun. 30, 2022 $ / shares shares
Series Preferred Stock With or Without Par Value [Member]
Preferred stock:
Preferred stock, shares authorized	50,000,000
Series A Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	6,100,000
Preferred stock, shares issued	6,100,000
Series B Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	100,000
Serial Common Stock With or Without Par Value [Member]
Common stock:
Common stock, par or stated value per share | $ / shares	$ 0.25
Serial Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000
Common stock, par or stated value per share | $ / shares	$ 0.25
Amerco Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000
Common stock, shares, issued	41,985,700
Common stock, shares, outstanding	19,607,788
Common stock, par or stated value per share | $ / shares	$ 0.25
Common Stock in Treasury [Member]
Treasury stock:
Treasury stock, shares	22,377,912
Preferred Stock in Treasury [Member]
Treasury stock:
Treasury stock, shares	6,100,000

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Self-moving equipment rentals	$ 1,090,775	$ 1,035,377
Self-storage revenues	173,177	137,393
Self moving and self-storage products and service sales	109,351	104,885
Property management fees	9,139	8,449
Life insurance premiums	25,781	28,705
Property and casualty insurance premiums	19,972	16,869
Investment income interest and dividend	33,573	34,999
Other revenue	136,072	106,179
Total revenues	1,597,840	1,472,856
Costs and expenses:
Operating expenses	733,167	614,529
Commission expenses	118,493	113,149
Cost of sales	79,671	69,915
Benefits and losses	44,100	47,298
Amortization of deferred policy acquisition costs	7,672	8,823
Lease expense	7,475	7,647
Depreciation, net of (gains) losses on disposals	113,796	121,717
Net (gains) losses on disposal of real estate	2,307	(4,430)
Total costs and expenses	1,106,681	978,648
Earnings from operations	491,159	494,208
Other components of net periodic benefit costs	(304)	(280)
Interest expense	(49,799)	(39,178)
Pretax earnings	441,056	454,750
Income tax expense	(107,054)	(109,575)
Earnings available to common stockholders	$ 334,002	$ 345,175
Basic and diluted earnings per common share	$ 17.03	$ 17.60
Weighted average common shares outstanding: basic and diluted	19,607,788	19,607,788

XML

Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Depreciation:
Net gain on sale of real and personal property	$ (64,348)	$ (50,323)
Related party:
Related party revenues, net of eliminations	9,139	8,449
Related party, costs and expenses, net of eliminations	$ 25,486	$ 23,506

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Comprehensive income (loss) (pretax):
Pretax earnings (loss)	$ 441,056	$ 454,750
Comprehensive income (loss) (tax effect):
Income tax expense	(107,054)	(109,575)
Comprehensive income (loss) (net of tax):
Net earnings	334,002	345,175
Other comprehensive income (loss):
Foreign currency translation (pretax)	197	(3,392)
Foreign currency translation (tax effect)	0	0
Foreign currency translation (net of tax)	197	(3,392)
Unrealized gain (loss) on investments (pretax)	(173,046)	(92,451)
Unrealized gain (loss) on investments (tax effect)	36,664	19,424
Unrealized gain (loss) on investments (net of tax)	(136,382)	(73,027)
Change in fair value of cash flow hedges (pretax)	170	(68)
Change in fair value of cash flow hedges (tax effect)	(42)	17
Change in fair value of cash flow hedges (net of tax)	128	(51)
Amounts reclassifed into earnings on hedging activities (pretax)	566	987
Amounts reclassified into earnings on hedging activities (tax effect)	(139)	(242)
Amounts reclassified into earnings on hedging activities (net of tax)	427	745
Total other comprehensive income (loss) (pretax)	(172,113)	(94,924)
Total other comprehensive income (loss) (tax effect)	36,483	19,199
Total other comprehensive income (loss) (net of tax)	(135,630)	(75,725)
Total comprehensive income (pretax)	268,943	359,826
Total comprehensive income (tax effect)	(70,571)	(90,376)
Total comprehensive income (net of tax)	$ 198,372	$ 269,450

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Less: Treasury Common Stock [Member]	Less: Treasury Preferred Stock [Member]
Balance, beginning of period at Mar. 31, 2021	$ 4,851,882	$ 10,497	$ 453,819	$ 106,857	$ 4,958,359	$ (525,653)	$ (151,997)
Cosolidated statement of change in equity
Foreign currency translation	(3,392)	0	0	(3,392)	0	0	0
Unrealized net gain (loss) on investments, net of tax	(73,027)	0	0	(73,027)	0	0	0
Change in fair value of cash flow hedges, net of tax	(51)	0	0	(51)	0	0	0
Amounts reclassified into earnings on hedging activities	745	0	0	745	0	0	0
Net earnings	345,175	0	0	0	345,175	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0
Net activity	259,646	0	0	(75,725)	335,371	0	0
Balance, end of period at Jun. 30, 2021	5,111,528	10,497	453,819	31,132	5,293,730	(525,653)	(151,997)
Balance, beginning of period at Mar. 31, 2022	5,885,283	10,497	453,819	46,384	6,052,233	(525,653)	(151,997)
Cosolidated statement of change in equity
Foreign currency translation	197	0	0	197	0	0	0
Unrealized net gain (loss) on investments, net of tax	(136,382)	0	0	(136,382)	0	0	0
Change in fair value of cash flow hedges, net of tax	128	0	0	128	0	0	0
Amounts reclassified into earnings on hedging activities	427	0	0	427	0	0	0
Net earnings	334,002	0	0	0	334,002	0	0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0
Net activity	188,568	0	0	(135,630)	324,198	0	0
Balance, end of period at Jun. 30, 2022	$ 6,073,851	$ 10,497	$ 453,819	$ (89,246)	$ 6,376,431	$ (525,653)	$ (151,997)

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.50	$ 0.50

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net earnings	$ 334,002	$ 345,175
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	178,144	172,040
Amortization of deferred policy acquisition costs	7,672	8,823
Amortization of premiums and accretion of discounts related to investments, inc	4,929	4,361
Amortization of debt issuance costs	1,473	1,332
Interest credited to policyholders	15,157	15,583
Change in allowance for losses on trade receivables	(6,151)	(484)
Change in allowance for inventory reserves	4,646	3,403
Net gain on sale of real and personal property	(64,348)	(50,323)
Net losses on disposal of real estate	2,307	(4,430)
Net (gain) loss on sale of investments	268	(2,469)
Net (gain) losses equity investments	1,551	(2,231)
Deferred income tax	63,493	82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	15,894	(8,082)
Inventories	(10,347)	(15,765)
Prepaid expenses	4,935	162,706
Capitalization of deferred policy acquisition costs	(7,398)	(8,990)
Other assets	1,935	(853)
Related party assets	484	562
Accounts payable and accrued expenses	74,676	71,599
Policy benefits and losses, claims and loss expenses payable	10,386	9,064
Other policyholders' funds and liabilities	1,187	(1,430)
Deferred income	14,448	11,863
Related party liabilities	2,028	385
Net cash provided by operating activities	651,371	794,213
Cash flow from investing activities:
Escrow deposits	4,789	1,887
Purchase of:
Property, plant and equipment	(646,137)	(508,411)
Short term investments	(22,017)	(11,810)
Fixed maturity investments	(36,488)	(281,507)
Equity securities	(1,366)	0
Preferred stock	0	(8,000)
Real estate	0	(67)
Mortgage loans	(42,561)	(42,538)
Proceeds from sale of:
Property, plant and equipment	159,180	182,146
Short term investments	18,073	12,558
Fixed maturity investments	55,808	126,956
Preferred stock	362	0
Mortgage loans	32,345	5,628
Net cash used by investing activities	(478,012)	(523,158)
Cash flow from financing activities:
Borrowings from credit facilities	393,264	161,854
Principal repayments on credit facilities	(145,369)	(109,334)
Payment of debt issuance costs	(1,069)	(352)
Capital lease payments	(34,982)	(45,170)
Common stock dividends paid	(9,804)	0
Investment contract deposits	85,767	113,779
Investment contract withdrawals	(62,911)	(64,332)
Net cash provided by (used in) financing activities	224,896	56,445
Effects on exchange rate on cash	(4,121)	(1,531)
Increase (decrease) cash and cash equivalents	394,134	325,969
Cash and cash equivalents at the beginning of period	2,704,137	1,194,012
Cash and cash equivalents at the end of the period	$ 3,098,271	$ 1,519,981

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Basis of Presentation	3 Months Ended
	Jun. 30, 2022
Disclosure Text Block [Abstract]
1. Basis of Presentation	1.Basis of Presentation AMERCO, a Nevada corporation (“AMERCO”), has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for AMERCO. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. The condensed consolidated balance sheet as of June 30, 2022 and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the first quarter of fiscal 2023 and 2022 are unaudited. In our opinion, all adjustments necessary for the fair presentation of such condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year. The information in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Intercompany accounts and transactions have been eliminated. Description of Legal Entities AMERCO is the holding company for: U-Haul International, Inc. (“U-Haul”); Amerco Real Estate Company (“Real Estate”); Repwest Insurance Company (“Repwest”); and Oxford Life Insurance Company (“Oxford”). Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to AMERCO and all of its legal subsidiaries. Description of Operating Segments AMERCO has three ( 3 ) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance. The Moving and Storage operating segment (“Moving and Storage”) includes AMERCO, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. Operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul ® throughout the United States and Canada. The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul ® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove ® , Safetow ® , Safemove Plus ® , Safestor ® and Safestor Mobile ® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business. The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

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Investments	3 Months Ended
	Jun. 30, 2022
Investments Debt Equity Securities [Abstract]
3. Investments	2. 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 $ 23.8 million and $ 27.1 million as of March 31, 2022 and December 31, 2021, respectively. Available-for-Sale Investments Available-for-sale investments as of June 30, 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   Market Value Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 127,940 $   2,947 $   (1,578) $   (2,493) $   – $   126,816 U.S. government agency mortgage-backed securities   37,806   149   (380)   (4,126)   –   33,449 Obligations of states and political subdivisions   166,572   5,830   (1,275)   (2,009)   –   169,118 Corporate securities   1,970,857   38,302   (11,259)   (51,863)   (77)   1,945,960 Mortgage-backed securities   337,023   2,206   (1)   (16,372)   –   322,856   $ 2,640,198 $   49,434 $   ( 14,493 ) $   ( 76,863 ) $   ( 77 ) $   2,598,199   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   Market Value Estimated           (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   We sold available-for-sale securities with a fair value of $ 54.1 million during the first quarter of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 0.3 million during the first quarter of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022.   The gross realized losses on these sales totaled $ 0.1 million during the first quarter of fiscal 2023 and $ 1.4 million for the full year of fiscal 2022. 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 was a $ 17 thousand net impairment charge recorded in the first quarter ended June 30, 2022. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     June 30, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 104,389 $ 105,325 $ 97,969 $ 99,432 Due after one year through five years   554,348   557,915   541,840   570,135 Due after five years through ten years   713,435   717,393   704,295   765,073 Due after ten years   931,003   894,710   995,904   1,056,295     2,303,175   2,275,343   2,340,008   2,490,935                   Mortgage-backed securities   337,023   322,856   324,029   330,157   $ 2,640,198 $ 2,598,199 $ 2,664,037 $ 2,821,092 As of June 30, 2022 and March 31, 2022, our common stock and non-redeemable preferred stock that are included in Investments, fixed maturities and marketable equities on our balance sheet are stated in the table below. The changes in the fair value of these equity investments are recognized through Net investment and interest income. Equity investments of common stock and non-redeemable preferred stock were as follows:     June 30, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)             (In thousands)                   Common stocks $ 28,707 $ 45,837 $ 27,674 $ 46,212 Non-redeemable preferred stocks   26,054   25,950   26,054   26,095   $ 54,761 $ 71,787 $ 53,728 $ 72,307   Investments, other The carrying value of the other investments was as follows:     June 30,   March 31,     2022   2022     (Unaudited)         (In thousands)           Mortgage loans, net $ 433,385 $ 423,163 Short-term investments   34,809   30,916 Real estate   67,539   67,824 Policy loans   10,360   10,309 Other equity investments   11,031   11,543   $ 557,124 $ 543,755

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Borrowings	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
4. Borrowings	3. Borrowings Long Term Debt Long term debt was as follows:                       June 30,   March 31,   2023 Rates     Maturities   2022   2022                 (Unaudited)                     (In thousands) Real estate loans (amortizing term) 2.27 % - 2.70 %   2023 - 2037 $ 87,147 $   50,259 Senior mortgages 2.70 % - 5.50 %   2023 - 2042   2,322,293   2,206,268 Real estate loans (revolving credit) (a) 2.31 % - 2.56 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2029   119,576   124,651 Fleet loans (revolving credit) 1.90 % - 2.36 %   2025 - 2027   560,000   560,000 Finance leases (rental equipment) 2.16 % - 5.04 %   2022 - 2026   312,411   347,393 Finance liabilities (rental equipment) 1.60 % - 4.77 %   2024 - 2030   1,051,917   949,936 Private placements 2.43 % - 2.88 %   2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 %   2022 - 2049   81,008   86,206 Notes, loans and finance leases payable                   6,269,352   6,059,713 Less: Debt issuance costs                     (36,788)   (37,216) Total notes, loans and finance leases payable, net         $ 6,232,564 $   6,022,497       (a) A certain loan has an interest rate swap fixing the rate at 3.14% based on current margins.       Real Estate Backed Loans Real Estate Loans Real Estate and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. As of June 30, 2022, the applicable LIBOR was 1.20 % and the applicable margin was 1.50 %, the sum of which was 2.70 %. The default provisions of this 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. Real Estate is a borrower under another real estate loan. This loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. This loan is secured by various properties owned by the borrowers. The interest rate per the provisions of the loan agreement, is the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margin. As of June 30, 2022, the applicable SOFR was 1.52 % and applicable margin was 0.75 %, the sum of which was 2.27 %. This loan is hedged with a SOFR interest rate swap fixed at 2.86 %. The interest rate swap is effective July 15, 2022 and expires in July 2032. The default provisions of this real estate loan includes non-payment of principal or interest and other standard reporting and change-in-control covenants.   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 June 30, 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 June 30, 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 June 30, 2022, the applicable LIBOR was between 0.93 % and 1.06 % and the margin was between 1.25 % and 1.50 %, the sum of which was between 2.31 % and 2.56 %. 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 June 30, 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 June 30, 2022, the applicable LIBOR was 1.06 % and the margin was 1.38 %, the sum of which was 2.44 %. 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 $ 615.0 million. The aggregate outstanding balance for these revolvers as of June 30, 2022 is $ 560.0 million. The interest rates, per the provision of the loan agreements, in aggregate of $ 415.0 million, are the applicable LIBOR plus the applicable margin. As of June 30, 2022, the applicable LIBOR was 1.06 % and the margin was between 1.15 % and 1.25 %, the sum of which was between 2.21 % and 2.31 %. Of the $ 415.0 million outstanding, $ 100.0 million was fixed with an interest rate of 2.36 %.   The revolving fleet loan with a borrowing capacity of $ 175.0 million uses SOFR, which interest rate was 0.65 % plus a margin of 1.25 %, totaling 1.90 % as of June 30, 2022.   Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Subsequent to June 30, 2022, the remaining two LIBOR based loans have been amended to use SOFR. 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 $ 568.2 million and $ 620.8 million as of June 30, 2022 and March 31, 2022, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first quarter of fiscal 2023. 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 4.77%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,276.0 million and $1,068.3 million as of June 30, 2022 and March 31, 2022, 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 Trust Company, NA, as successor in interest to U.S. Bank National Association (the “Trustee”) entered into the U-Haul Investors Club ® Indenture.   AMERCO and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes ® ”). The U-Notes ® are secured by various types of collateral, including, but not limited to, rental equipment and real estate.   U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity.   U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of June 30, 2022, the aggregate outstanding principal balance of the U-Notes ® issued was $ 82.9 million, of which $ 1.9 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 March 31, 2022, 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 March 31, 2022, available-for-sale investments held with the FHLB totaled $ 97.2 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 condensed consolidated balance sheets. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable, as of June 30, 2022 for the next five years and thereafter are as follows:     Years Ending June 30,         2023   2024   2025   2026   2027   Thereafter   Total     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured $ 502,394 $ 1,059,057 $ 648,440 $ 638,221 $ 671,424 $ 2,749,816 $ 6,269,352 Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 50,405 $ 38,935 Capitalized interest   (2,618)   (2,030) Amortization of transaction costs   1,446   1,286 Interest expense resulting from cash flow hedges   566   987 Total interest expense $ 49,799 $ 39,178   Interest paid in cash, including payments related to derivative contracts, amounted to $42.3 million and $40.9 million for the first quarter of fiscal 2023 and 2022, respectively. Interest Rates Interest rates and Company borrowings related to our revolving credit facilities were as follows:       Revolving Credit Activity       Quarter Ended June 30,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.99 % 1.39 % Interest rate at the end of the quarter   2.29 % 1.38 % Maximum amount outstanding during the quarter $ 1,095,000 $ 1,088,000   Average amount outstanding during the quarter $ 1,095,000 $ 1,073,055   Facility fees $ 58 $ 71

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Derivatives	3 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
5. Derivatives	4. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in LIBOR swap rates with the designated benchmark interest rate being hedged on certain of our LIBOR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain LIBOR indexed variable rate debt. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows:       June 30, 2022   March 31, 2022     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ 149 $ – Liabilities   –   587 Notional amount   75,000   235,000         The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         June 30, 2022   June 30, 2021     (Unaudited)     (In thousands) Gain recognized in AOCI on interest rate contracts $ (736) $ (919) Loss reclassified from AOCI into income $ 566 $ 987   Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first quarter of fiscal 2023, we recognized an increase in the fair value of our cash flow hedges of $0.1 million, net of taxes. During the first quarter of fiscal 2023, we reclassified $0.4 million from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of June 30, 2022, we expect to reclassify $0.2 million of net losses on interest rate contracts from AOCI to earnings as interest expense over the next twelve months. We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contractholder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. As of March 31, 2022 and December 31, 2021, these derivative hedges had a fair value of $ 7.0 million and $ 7.5 million, with notional amounts of $ 434.0   million and $ 416.7   million, respectively. These derivative instruments are included in Investments, other; on the condensed 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 generally accepted accounting principles (“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.

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Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jun. 30, 2022
Disclosure Text Block [Abstract]
6. Comprehensive Income (Loss)	5. Accumulated Other Comprehensive Income (Loss) A summary of AOCI components, net of tax, were as follows:     Foreign Currency Translation   Unrealized Net Gains (Losses) on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance as of March 31, 2022 $ (55,757) $   105,027 $   (444) $   (2,442) $   46,384 Foreign currency translation   197   –   –   –   197 Unrealized net losses on investments   –   (136,382)   –   –   (136,382) Change in fair value of cash flow hedges   –   –   128   –   128 Amounts reclassified into earnings on hedging activities   –   –   427   –   427 Other comprehensive income (loss)   197   (136,382)   555   –   (135,630) Balance as of June 30, 2022 $ ( 55,560 ) $   ( 31,355 ) $   111 $   ( 2,442 ) $   (89,246)

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Stockholders' Equity	3 Months Ended
	Jun. 30, 2022
Stockholders' Equity [Abstract]
7. Stockholders' Equity	6. Stockholders’ Equity The following table lists the dividends that have been declared and issued for fiscal year 2023. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022 $ 0.50   April 18, 2022   April 29, 2022 As of June 30, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan.

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Leases	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
8. Leases	7. Leases The following tables show the components of our ROU assets, net:     As of June 30, 2022     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   159,618   –   159,618 Rental trucks   1,044,124   –   1,044,124 Right-of-use assets, gross   1,218,473   139,799   1,358,272 Less: Accumulated depreciation   (650,250)   (67,261)   (717,511) Right-of-use assets, net $ 568,223 $ 72,538 $ 640,761       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 June 30, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $ 312.4 million and $ 347.4 million, respectively, and operating lease liabilities of $ 72.3 million and $ 74.2 million, respectively.       Finance leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.7 % 3.7 %       Operating leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   16.8   16.5   Weighted average discount rate   4.6 % 4.6 %   For the quarters ended June 30, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 7.9 million and $ 7.5 million, respectively, and our financing cash flow activities were $ 35.0 million and $ 45.2 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million for the first quarter of both fiscal 2023 and 2022. The components of lease costs were as follows:     Three Months Ended     June 30, 2022   June 30, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 7,920 $ 8,077           Finance lease cost:         Amortization of right-of-use assets $ 22,396 $ 32,500 Interest on lease liabilities   3,218   4,571 Total finance lease cost $ 25,614 $ 37,071 Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Years ending June 30,   (In thousands)           2023 $ 131,322 $ 24,483 2024   97,721   22,162 2025   68,034   7,188 2026   35,396   4,104 2027   –   3,273 Thereafter   –   58,654 Total lease payments   332,473   119,864 Less: imputed interest   (20,062)   (47,587) Present value of lease liabilities $ 312,411 $ 72,277

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Contingencies	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
9. Contingencies	8. 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.

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Related Party Transactions	3 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
10. Related Party Transactions	9. Related Party Transactions As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions, which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with 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 Revenue     Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,729 $ 7,180 U-Haul management fee revenue from Mercury   1,410   1,269   $ 9,139 $ 8,449 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 $ 8.2 million and $ 11.3 million from the above-mentioned entities during the first quarter of fiscal 2023 and 2022, respectively. The decrease in management fees received in the first quarter of fiscal 2023 compared with the first quarter of fiscal 2022 was due to a timing difference of the incentive fee of $4.0 million being paid in March of fiscal 2022. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.   Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses       Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 626 U-Haul commission expenses to Blackwater   24,882   22,880   $ 25,486 $ 23,506 We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of June 30, 2022, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $ 7.7 million and $ 7.2 million, expenses of $ 0.6 million and $ 0.6 million and cash flows of $ 6.9 million and $ 6.4 million, respectively, during the first quarter of fiscal 2023 and 2022. Revenues were $ 117.9 million and $ 108.6 million and commission expenses were $ 24.9 million and $ 22.9 million, respectively, related to the Dealer Agreements, during the first quarter of fiscal 2023 and 2022. Management determined that we do not have a variable interest pursuant to the variable interest entity model under Accounting Standards Codification (“ASC”) 810 – Consolidation in the holding entities of Blackwater. Related Party Assets     June 30,   March 31,     2022   2022     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 38,624 $ 41,364 U-Haul receivable from Mercury   7,539   5,708 Other (a)   (973)   779   $ 45,190 $ 47,851 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.

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Consolidating Financial Information by Industry Segment	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
11. Consolidating Financial Information by Industry Segment	10. Consolidating Financial Information by Industry Segment   AMERCO’s three reportable segments are:   Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of UHaul and Real Estate,   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and   Life Insurance, comprised of Oxford and its subsidiaries.   Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

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Industry Segment and Geographic Area Data	3 Months Ended
	Jun. 30, 2022
Segments, Geographical Areas [Abstract]
12. Industry Segment and Geographic Area Data	11. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2022             Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal   120,986   2,789   123,775 Interest expense   48,948   851   49,799 Pretax earnings   427,538   13,518   441,056 Income tax expense   103,613   3,441   107,054 Identifiable assets   17,240,646   590,958   17,831,604               Quarter Ended June 30, 2021             Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal   127,650   (1,540)   126,110 Interest expense   38,128   1,050   39,178 Pretax earnings   437,949   16,801   454,750 Income tax expense   105,302   4,273   109,575 Identifiable assets   14,661,722   453,160   15,114,882

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Employee Benefit Plans	3 Months Ended
	Jun. 30, 2022
Compensation and Retirement Disclosure [Abstract]
13. Employee Benefit Plans	12. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:       Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 332 $   350 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   287   227 Other components   17   53 Total other components of net periodic benefit costs   304   280 Net periodic postretirement benefit cost $ 636 $   630

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Fair Value Measurements	3 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
14. Fair Value Measurements	13. Fair Value Measurements Certain assets and liabilities are recorded at fair value on the condensed consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;   Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity. Fair values of short-term investments, investments available-for-sale, long-term investments, mortgage loans and notes on real estate, and interest rate swap contracts are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value. Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, reinsurance recoverables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution. We have mortgage receivables, which potentially expose us to credit risk. The portfolio of notes is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the notes from individual or groups of notes in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings. Other investments, including short-term investments, are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value. The carrying values and estimated fair values for the financial instruments stated above and their placement in the fair value hierarchy are as follows:       Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2022   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 219,574 $ – $ – $ 219,574 $ 219,574 Mortgage loans, net   433,385   –   –   433,385   437,604 Other investments   123,739   –   –   123,739   123,739 Total $ 776,698 $ – $ – $ 776,698 $ 780,917                                             Liabilities                     Notes, loans and finance leases payable   6,269,352   –   6,269,352   –   5,973,107 Total $ 6,269,352 $ – $ 6,269,352 $ – $ 5,973,107       Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2022   Value   Level 1   Level 2   Level 3   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 The following tables represent the financial assets and liabilities on the condensed consolidated balance sheets as of June 30, 2022 and March 31, 2022 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.   As of June 30, 2022   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,845,484 $ 2,845,484 $ – $ – Fixed maturities - available for sale   2,598,199   25,456   2,572,651   92 Preferred stock   25,950   25,950   –   – Common stock   45,837   45,837   –   – Derivatives   7,111   6,962   149   – Total $ 5,522,581 $ 2,949,689 $ 2,572,800 $ 92                                     Liabilities                 Derivatives   –   –   –   – Total $ – $ – $ – $ –   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 $ – The fair value measurements for our assets using significant unobservable inputs (Level 3) were $ 0.1 million for both June 30, 2022 and March 31, 2022.

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Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	14. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606) , outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of June 30, 2022 and March 31, 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. The amount accrued in the first quarter of fiscal 2023 did not have a material effect on our financial statements. Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help services fees are recognized in accordance with Topic 606. Moving Help services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer. Revenue Recognized in Accordance with Topic 842 The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 7, Leases, of the Notes to the Condensed Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:       Years Ending June 30,     2023   2024   2025   2026   2027   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 7,215 $ – $ – $ – $ – $ – Property lease revenues   17,434   11,177   8,425   6,587   4,946   38,344 Total $ 24,649 $ 11,177 $ 8,425 $ 6,587 $ 4,946 $ 38,344 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 table, revenue is disaggregated by timing of revenue recognition:       Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   103,194 $   79,815 Revenues recognized at a point in time:   126,355   120,718 Total revenues recognized under ASC 606   229,549   200,533           Revenues recognized under ASC 842   1,288,031   1,191,010 Revenues recognized under ASC 944   46,687   46,314 Revenues recognized under ASC 320   33,573   34,999 Total revenues $   1,597,840 $   1,472,856 In the above table, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container 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 revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

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Allowance for Credit Losses	3 Months Ended
	Jun. 30, 2022
Allowance For Credit Loss [Abstract]
Allowance For Credit Losses [Text Block]	15. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment.   For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days. The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).   To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 2% and 6% as of June 30, 2022 and March 31, 2022, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of June 30, 2022, was $ 2.5 million. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 29.2 million as of March 31, 2022 and are excluded from the estimate of credit losses. As outlined in subtopic 326-20-30-5A, we have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to wrtie off accrued interest receivables by reversing interest income (in accordance with subtopic 326-20-35-8A). Mortgage loans, net Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded. Reinsurance recoverables Reinsurance recoverables on paid and unpaid benefits was less than 1 % of the total assets as of March 31, 2022 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premium receivables were $1.4 million as of March 31, 2022, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder doesn‘t pay premiums. The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:       Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change   (291)   (279)   4   (566) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2021 $ 2,544 $ 1,041 $ 505 $ 4,090                   Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Allowance change   (6,162)   17   (1)   (6,146) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2022 $ 2,487 $ 77 $ 500 $ 3,064

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Accounting Pronouncements	3 Months Ended
	Jun. 30, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements And Changes In Accounting Principles [Text Block]	16.   Accounting Pronouncements 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 SEC that are adopted by us as of the specified effective date. Unless otherwise discussed, these ASUs entail technical corrections to existing guidance or affect guidance related to specialized industries or entities and therefore will have minimal, if any, impact on our financial position or results of operations upon adoption.

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Investments (Table Text Block)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Investments Debt Equity Securities [Abstract]
Available-for-Sale Investments	Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 127,940 $   2,947 $   (1,578) $   (2,493) $   – $   126,816 U.S. government agency mortgage-backed securities   37,806   149   (380)   (4,126)   –   33,449 Obligations of states and political subdivisions   166,572   5,830   (1,275)   (2,009)   –   169,118 Corporate securities   1,970,857   38,302   (11,259)   (51,863)   (77)   1,945,960 Mortgage-backed securities   337,023   2,206   (1)   (16,372)   –   322,856  $ 2,640,198 $  49,434 $ ( 14,493 )$ ( 76,863 )$ ( 77 )$  2,598,199	Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated           (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
Adjusted Cost and Estimated Market Value of Available-for-sale Investments	June 30, 2022   March 31, 2022     Amortized   Estimated   Amortized   Estimated     (Unaudited)         (In thousands) Due in one year or less $ 104,389 $ 105,325 $ 97,969 $ 99,432 Due after one year through five years   554,348   557,915   541,840   570,135 Due after five years through ten years   713,435   717,393   704,295   765,073 Due after ten years   931,003   894,710   995,904   1,056,295     2,303,175   2,275,343   2,340,008   2,490,935                   Mortgage-backed securities   337,023   322,856   324,029   330,157  $ 2,640,198 $ 2,598,199 $ 2,664,037 $ 2,821,092
Available for sale equity investments	June 30, 2022   March 31, 2022     Amortized   Estimated   Amortized   Estimated     (Unaudited)             (In thousands)                   Common stocks $ 28,707 $ 45,837 $ 27,674 $ 46,212 Non-redeemable preferred stocks   26,054   25,950   26,054   26,095  $ 54,761 $ 71,787 $ 53,728 $ 72,307
Other investments, carrying value	June 30,   March 31,     2022   2022     (Unaudited)         (In thousands)           Mortgage loans, net $ 433,385 $ 423,163 Short-term investments   34,809   30,916 Real estate   67,539   67,824 Policy loans   10,360   10,309 Other equity investments   11,031   11,543  $ 557,124 $ 543,755

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Borrowings (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Debt Instruments [Abstract]
Long-Term Debt	June 30,   March 31,   2023 Rates     Maturities   2022   2022                 (Unaudited)                     (In thousands) Real estate loans (amortizing term) 2.27 % - 2.70 %   2023 - 2037 $ 87,147 $   50,259 Senior mortgages 2.70 % - 5.50 %   2023 - 2042   2,322,293   2,206,268 Real estate loans (revolving credit) (a) 2.31 % - 2.56 %   2023 - 2025   535,000   535,000 Fleet loans (amortizing term) 1.61 % - 4.66 %   2022 - 2029   119,576   124,651 Fleet loans (revolving credit) 1.90 % - 2.36 %   2025 - 2027   560,000   560,000 Finance leases (rental equipment) 2.16 % - 5.04 %   2022 - 2026   312,411   347,393 Finance liabilities (rental equipment) 1.60 % - 4.77 %   2024 - 2030   1,051,917   949,936 Private placements 2.43 % - 2.88 %   2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 %   2022 - 2049   81,008   86,206 Notes, loans and finance leases payable                   6,269,352   6,059,713 Less: Debt issuance costs                     (36,788)   (37,216) Total notes, loans and finance leases payable, net         $ 6,232,564 $   6,022,497       (a) A certain loan has an interest rate swap fixing the rate at 3.14% based on current margins.
Annual Maturities of Notes, Loans and Leases Payable	Years Ending June 30,         2023   2024   2025   2026   2027   Thereafter   Total     (Unaudited)     (In thousands) Notes, loans and finance leases payable, secured$ 502,394 $ 1,059,057 $ 648,440 $ 638,221 $ 671,424 $ 2,749,816 $ 6,269,352
Components of interest expense	Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 50,405 $ 38,935 Capitalized interest   (2,618)   (2,030) Amortization of transaction costs   1,446   1,286 Interest expense resulting from cash flow hedges   566   987 Total interest expense$ 49,799 $ 39,178
Interest rates and company borrowings	Revolving Credit Activity       Quarter Ended June 30,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the quarter   1.99 % 1.39 % Interest rate at the end of the quarter   2.29 % 1.38 % Maximum amount outstanding during the quarter $ 1,095,000 $ 1,088,000   Average amount outstanding during the quarter $ 1,095,000 $ 1,073,055   Facility fees$ 58 $ 71

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Derivatives (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Derivative Instrument Detail [Abstract]
Derivatives	June 30, 2022   March 31, 2022     (Unaudited)         (In thousands) Interest rate contracts designated as hedging instruments:         Assets $ 149 $ – Liabilities   –   587 Notional amount  75,000   235,000
Derivative Fair Values Located in Accounts Payable and Accrued Expenses in the Balance Sheet	The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         June 30, 2022   June 30, 2021     (Unaudited)     (In thousands) Gain recognized in AOCI on interest rate contracts $ (736) $ (919) Loss reclassified from AOCI into income$ 566 $ 987

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Accumulated Other Comprehensive Income (loss) (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Table Text Block Supplement [Abstract]
Summary of accumulated other comprehensive income (loss) components, net of tax	Foreign Currency Translation   Unrealized Net Gains (Losses) on Investments   Fair Market Value of Cash Flow Hedges   Postretirement Benefit Obligation Net Loss   Accumulated Other Comprehensive Income (Loss)     (Unaudited)     (In thousands) Balance as of March 31, 2022 $ (55,757) $   105,027 $   (444) $   (2,442) $   46,384 Foreign currency translation   197   –   –   –   197 Unrealized net losses on investments   –   (136,382)   –   –   (136,382) Change in fair value of cash flow hedges   –   –   128   –   128 Amounts reclassified into earnings on hedging activities   –   –   427   –   427 Other comprehensive income (loss)   197   (136,382)   555   –   (135,630) Balance as of June 30, 2022$( 55,560 )$ ( 31,355 )$  111 $ ( 2,442 )$  (89,246)

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Stockholders' Equity (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Stockholders' Equity [Abstract]
Common Stock Dividends	Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022$ 0.50  April 18, 2022 April 29, 2022

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Leases (Table Text Block)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	As of June 30, 2022     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   159,618   –   159,618 Rental trucks   1,044,124   –   1,044,124 Right-of-use assets, gross   1,218,473   139,799   1,358,272 Less: Accumulated depreciation   (650,250)   (67,261)   (717,511) Right-of-use assets, net$ 568,223 $ 72,538 $ 640,761	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
Summary of Weighted-average remaining lease terms and Discount rates	Finance leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   3   3   Weighted average discount rate  3.7 % 3.7 %	Operating leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   16.8   16.5   Weighted average discount rate  4.6 % 4.6 %
Components of Lease Expense	Three Months Ended     June 30, 2022   June 30, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 7,920 $ 8,077           Finance lease cost:         Amortization of right-of-use assets $ 22,396 $ 32,500 Interest on lease liabilities   3,218   4,571 Total finance lease cost$ 25,614 $ 37,071
Maturities of Lease Liabilities	Finance leases   Operating leases     (Unaudited) Years ending June 30,   (In thousands)           2023 $ 131,322 $ 24,483 2024   97,721   22,162 2025   68,034   7,188 2026   35,396   4,104 2027   –   3,273 Thereafter   –   58,654 Total lease payments   332,473   119,864 Less: imputed interest   (20,062)   (47,587) Present value of lease liabilities$ 312,411 $ 72,277

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Related Party Transations (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Related Party Revenue [Abstract]
Related Party Revenue	Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,729 $ 7,180 U-Haul management fee revenue from Mercury   1,410   1,269  $ 9,139 $ 8,449
Related Party costs and expenses	Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 626 U-Haul commission expenses to Blackwater   24,882   22,880  $ 25,486 $ 23,506
Related party assets	June 30,   March 31,     2022   2022     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 38,624 $ 41,364 U-Haul receivable from Mercury   7,539   5,708 Other (a)   (973)   779  $ 45,190 $ 47,851

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Consolidating Financial Information By Industry Segment (Table Text Block)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Table Text Block Supplement [Abstract]
Consolidated Balance Sheet by Industry Segment	Consolidating balance sheets by industry segment as of June 30, 2022 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 2,982,541 $ 9,065 $ 106,665 $ –   $ 3,098,271 Reinsurance recoverables and trade receivables, net   130,412   52,491   36,671   –     219,574 Inventories and parts, net   164,579   –   –   –     164,579 Prepaid expenses   231,714   –   –   –     231,714 Investments, fixed maturities and marketable equities   –   282,715   2,387,271   –     2,669,986 Investments, other   20,653   116,696   419,775   –     557,124 Deferred policy acquisition costs, net   –   –   129,568   –     129,568 Other assets   50,043   480   2,954   –     53,477 Right of use assets - financing, net   568,223   –   –   –     568,223 Right of use assets - operating, net   71,357   1,101   80   –     72,538 Related party assets   63,718   6,964   15,364   (40,856) (c)   45,190     4,283,240   469,512   3,098,348   (40,856)     7,810,244                         Investment in subsidiaries   606,813   –   –   (606,813) (b)   –                         Property, plant and equipment, at cost:                       Land   1,354,587   –   –   –     1,354,587 Buildings and improvements   6,154,373   –   –   –     6,154,373 Furniture and equipment   858,094   –   –   –     858,094 Rental trailers and other rental equipment   671,880   –   –   –     671,880 Rental trucks   4,873,554   –   –   –     4,873,554     13,912,488   –   –   –     13,912,488 Less:   Accumulated depreciation   (3,891,128)   –   –   –     (3,891,128) Total property, plant and equipment, net   10,021,360   –   –   –     10,021,360 Total assets $ 14,911,413 $ 469,512 $ 3,098,348 $ (647,669)   $ 17,831,604                         (a) Balances as of March 31, 2022                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       Consolidating balance sheets by industry segment as of June 30, 2022, continued       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 712,167 $ 3,299 $ 7,151 $ –   $ 722,617 Notes, loans and finance leases payable, net   6,232,564   –   –   –     6,232,564 Operating lease liabilities   71,083   1,108   86   –     72,277 Policy benefits and losses, claims and loss expenses payable   427,155   159,142   401,733   –     988,030 Liabilities from investment contracts   –   –   2,374,250   –     2,374,250 Other policyholders' funds and liabilities   –   3,362   8,637   –     11,999 Deferred income   63,647   –   –   –     63,647 Deferred income taxes, net   1,306,768   9,412   (23,811)   –     1,292,369 Related party liabilities   26,918   3,701   12,977   (43,596) (c)   – Total liabilities   8,840,302   180,024   2,781,023   (43,596)     11,757,753                         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)   (91,986)   3,394   (37,490)   36,836 (b)   (89,246) Retained earnings   6,376,221   191,673   326,044   (517,507) (b)   6,376,431 Cost of common stock in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred stock in treasury, net   (151,997)   –   –   –     (151,997) Total stockholders' equity   6,071,111   289,488   317,325   (604,073)     6,073,851 Total liabilities and stockholders' equity $ 14,911,413 $ 469,512 $ 3,098,348 $ (647,669)   $ 17,831,604                         (a) Balances as of March 31, 2022                       (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 Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) 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, continued       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 liabilities   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
Consolidated Statement of Operations by Industry Segment	Consolidating statement of operations by industry segment for the quarter ended June 30, 2022 are as follows:       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,091,710 $ – $ – $ (935) (c) $ 1,090,775 Self-storage revenues   173,177   –   –   –     173,177 Self-moving and self-storage products and service sales   109,351   –   –   –     109,351 Property management fees   9,139   –   –   –     9,139 Life insurance premiums   –   –   25,781   –     25,781 Property and casualty insurance premiums   –   20,830   –   (858) (c)   19,972 Net investment and interest income   4,940   2,252   27,388   (1,007) (b)   33,573 Other revenue   135,281   –   934   (143) (b)   136,072 Total revenues   1,523,598   23,082   54,103   (2,943)     1,597,840                         Costs and expenses:                       Operating expenses   719,794   10,194   5,109   (1,930) (b,c)   733,167 Commission expenses   118,493   –   –   –     118,493 Cost of sales   79,671   –   –   –     79,671 Benefits and losses   –   4,379   39,721   –     44,100 Amortization of deferred policy acquisition costs   –   –   7,672   –     7,672 Lease expense   7,920   158   28   (631) (b)   7,475 Depreciation, net of gains on disposals   113,796   –   –   –     113,796 Net losses on disposal of real estate   2,307   –   –   –     2,307 Total costs and expenses   1,041,981   14,731   52,530   (2,561)     1,106,681                         Earnings from operations before equity in earnings of subsidiaries   481,617   8,351   1,573   (382)     491,159                         Equity in earnings of subsidiaries   7,666   –   –   (7,666) (d)   –                         Earnings from operations   489,283   8,351   1,573   (8,048)     491,159 Other components of net periodic benefit costs   (304)   –   –   –     (304) Interest expense   (50,061)   –   (120)   382 (b)   (49,799) Pretax earnings   438,918   8,351   1,453   (7,666)     441,056 Income tax expense   (104,916)   (1,755)   (383)   –     (107,054) Earnings available to common stockholders $ 334,002 $ 6,596 $ 1,070 $ (7,666)   $ 334,002                         (a) Balances for the quarter ended March 31, 2022                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries	Consolidating statements of operations by industry for the quarter ended June 30, 2021 are as follows:       Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     AMERCO     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,036,213 $ – $ – $ (836) (c) $ 1,035,377 Self-storage revenues   137,393   –   –   –     137,393 Self-moving and self-storage products and service sales   104,885   –   –   –     104,885 Property management fees   8,449   –   –   –     8,449 Life insurance premiums   –   –   28,705   –     28,705 Property and casualty insurance premiums   –   17,443   –   (574) (c)   16,869 Net investment and interest income   680   6,013   29,324   (1,018) (b)   34,999 Other revenue   105,634   –   630   (85) (b)   106,179 Total revenues   1,393,254   23,456   58,659   (2,513)     1,472,856                         Costs and expenses:                       Operating expenses   601,831   8,813   5,375   (1,490) (b,c)   614,529 Commission expenses   113,149   –   –   –     113,149 Cost of sales   69,915   –   –   –     69,915 Benefits and losses   –   5,227   42,071   –     47,298 Amortization of deferred policy acquisition costs   –   –   8,823   –     8,823 Lease expense   8,077   184   24   (638) (b)   7,647 Depreciation, net of gains on disposals   121,717   –   –   –     121,717 Net gains on disposal of real estate   (4,430)   –   –   –     (4,430) Total costs and expenses   910,259   14,224   56,293   (2,128)     978,648                         Earnings from operations before equity in earnings of subsidiaries   482,995   9,232   2,366   (385)     494,208                         Equity in earnings of subsidiaries   9,119   –   –   (9,119) (d)   –                         Earnings from operations   492,114   9,232   2,366   (9,504)     494,208 Other components of net periodic benefit costs   (280)   –   –   –     (280) Interest expense   (39,443)   –   (120)   385 (b)   (39,178) Pretax earnings   452,391   9,232   2,246   (9,119)     454,750 Income tax expense   (107,216)   (1,930)   (429)   –     (109,575) Earnings available to common stockholders $ 345,175 $ 7,302 $ 1,817 $ (9,119)   $ 345,175                         (a) Balances for the quarter ended March 31, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries
Consolidated Cash Flow Statement by Industry Segment	Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   334,002 $   6,596 $   1,070 $   (7,666)   $   334,002 Earnings from consolidated entities   (7,666)   –   –   7,666     – Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   178,144   –   –   –     178,144 Amortization of deferred policy acquisition costs   –   –   7,672   –     7,672 Amortization of premiums and accretion of discounts related to investments, net   –   421   4,508   –     4,929 Amortization of debt issuance costs   1,473   –   –   –     1,473 Interest credited to policyholders   –   –   15,157   –     15,157 Provision for allowance for losses on trade receivables   (6,075)   (76)   –   –     (6,151) Provision for allowance for inventories and parts reserve   4,646   –   –   –     4,646 Net gains on disposal of personal property   (64,348)   –   –   –     (64,348) Net losses on disposal of real estate   2,307   –   –   –     2,307 Net (gains) losses on sales of investments   –   (31)   299   –     268 Net losses on equity investments   –   1,551   –   –     1,551 Deferred income taxes   61,948   127   1,418   –     63,493 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   18,458   (2,107)   (457)   –     15,894 Inventories and parts   (10,347)   –   –   –     (10,347) Prepaid expenses   4,935   –   –   –     4,935 Capitalization of deferred policy acquisition costs   –   –   (7,398)   –     (7,398) Other assets   2,177   (40)   (202)   –     1,935 Related party assets   747   (263)   –   –     484 Accounts payable and accrued expenses   78,549   (549)   (3,324)   –     74,676 Policy benefits and losses, claims and loss expenses payable   8,875   (1,237)   2,748   –     10,386 Other policyholders' funds and liabilities   –   (159)   1,346   –     1,187 Deferred income   14,501   –   (53)   –     14,448 Related party liabilities   1,251   517   260   –     2,028 Net cash provided by operating activities   623,577   4,750   23,044   –     651,371                         Cash flows from investing activities:                       Escrow deposits   4,789   –   –   –     4,789 Purchases of:                       Property, plant and equipment   (646,137)   –   –   –     (646,137) Short term investments   –   (21,966)   (51)   –     (22,017) Fixed maturities investments   –   (9,839)   (26,649)   –     (36,488) Equity securities   –   (1,366)   –   –     (1,366) Preferred stock   –   –   –   –     – Real estate   –   –   –   –     – Mortgage loans   –   (6,975)   (35,586)   –     (42,561) Proceeds from sales and paydowns of:                       Property, plant and equipment   159,180   –   –   –     159,180 Short term investments   –   18,073   –   –     18,073 Fixed maturities investments   –   6,852   48,956   –     55,808 Equity securities   –   362   –   –     362 Mortgage loans   –   8,374   23,971   –     32,345 Net cash (used) provided by investing activities   (482,168)   (6,485)   10,641   –     (478,012)     (page 1 of 2) (a) Balance for the period ended March 31, 2022                       Consolidating cash flow statements by industry segment for the quarter ended June 30, 2022, continued       Moving & Storage   Property &   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   393,264   –   –   –     393,264 Principal repayments on credit facilities   (145,369)   –   –   –     (145,369) Payments of debt issuance costs   (1,069)   –   –   –     (1,069) Finance lease payments   (34,982)   –   –   –     (34,982) Common stock dividends paid   (9,804)   –   –   –     (9,804) Investment contract deposits   –   –   85,767   –     85,767 Investment contract withdrawals   –   –   (62,911)   –     (62,911) Net cash provided by financing activities   202,040   –   22,856   –     224,896                         Effects of exchange rate on cash   (4,121)   –   –   –     (4,121)                         Increase (decrease) in cash and cash equivalents   339,328   (1,735)   56,541   –     394,134 Cash and cash equivalents at beginning of period   2,643,213   10,800   50,124   –     2,704,137 Cash and cash equivalents at end of period $   2,982,541 $   9,065 $   106,665 $   –   $   3,098,271     (page 2 of 2) (a) Balance for the period ended March 31, 2022	Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021 are as follows:       Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     AMERCO Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   345,175 $   7,302 $   1,817 $   (9,119)   $   345,175 Earnings from consolidated entities   (9,119)   –   –   9,119     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   172,040   –   –   –     172,040 Amortization of deferred policy acquisition costs   –   –   8,823   –     8,823 Amortization of premiums and accretion of discounts related to investments, net   –   413   3,948   –     4,361 Amortization of debt issuance costs   1,332   –   –   –     1,332 Interest credited to policyholders   –   –   15,583   –     15,583 Provision for allowance for losses on trade receivables   (478)   (5)   (1)   –     (484) Provision for allowance for inventories and parts reserve   3,403   –   –   –     3,403 Net gains on disposal of personal property   (50,323)   –   –   –     (50,323) Net gains on disposal of real estate   (4,430)   –   –   –     (4,430) Net gains on sales of investments   –   (37)   (2,432)   –     (2,469) Net gains on equity investments   –   (2,231)   –   –     (2,231) Deferred income taxes   81,341   604   429   –     82,374 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (1,658)   (520)   (5,904)   –     (8,082) Inventories and parts   (15,765)   –   –   –     (15,765) Prepaid expenses   162,706   –   –   –     162,706 Capitalization of deferred policy acquisition costs   –   –   (8,990)   –     (8,990) Other assets   (436)   (323)   (94)   –     (853) Related party assets   302   260   –   –     562 Accounts payable and accrued expenses   60,902   225   10,472   –     71,599 Policy benefits and losses, claims and loss expenses payable   5,942   352   2,770   –     9,064 Other policyholders' funds and liabilities   –   (461)   (969)   –     (1,430) Deferred income   12,125   –   (262)   –     11,863 Related party liabilities   1,422   (1,972)   935   –     385 Net cash provided by operating activities   764,481   3,607   26,125   –     794,213                         Cash flows from investing activities:                       Escrow deposits   1,887   –   –   –     1,887 Purchases of:                       Property, plant and equipment   (508,411)   –   –   –     (508,411) Short term investments   –   (11,680)   (130)   –     (11,810) Fixed maturities investments   –   (7,466)   (274,041)   –     (281,507) Preferred stock   –   –   (8,000)   –     (8,000) Real estate   –   –   (67)   –     (67) Mortgage loans   –   (4,850)   (37,688)   –     (42,538) Proceeds from sales and paydowns of:                       Property, plant and equipment   182,146   –   –   –     182,146 Short term investments   –   12,558   –   –     12,558 Fixed maturities investments   –   5,136   121,820   –     126,956 Mortgage loans   –   283   5,345   –     5,628 Net cash used by investing activities   (324,378)   (6,019)   (192,761)   –     (523,158)     (page 1 of 2) (a) Balance for the period ended March 31, 2021                       Consolidating cash flow statements by industry segment for the quarter ended June 30, 2021, continued       Moving & Storage   Property &   Life   Elimination     AMERCO     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities   161,854   –   –   –     161,854 Principal repayments on credit facilities   (109,206)   –   (128)   –     (109,334) Payment of debt issuance costs   (352)   –   –   –     (352) Finance lease payments   (45,170)   –   –   –     (45,170) Investment contract deposits   –   –   113,779   –     113,779 Investment contract withdrawals   –   –   (64,332)   –     (64,332) Net cash provided by financing activities   7,126   –   49,319   –     56,445                         Effects of exchange rate on cash   (1,531)   –   –   –     (1,531)                         Increase (decrease) in cash and cash equivalents   445,698   (2,412)   (117,317)   –     325,969 Cash and cash equivalents at beginning of period   1,010,275   5,658   178,079   –     1,194,012 Cash and cash equivalents at end of period $   1,455,973 $   3,246 $   60,762 $   –   $   1,519,981     (page 2 of 2) (a) Balance for the period ended March 31, 2021

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Industry Segment and Geographic Area Data (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Geographic Areas, Long-Lived Assets [Abstract]
Industry Segment and Geographic Area Data	United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended June 30, 2022             Total revenues $ 1,510,386 $ 87,454 $ 1,597,840 Depreciation and amortization, net of gains on disposal   120,986   2,789   123,775 Interest expense   48,948   851   49,799 Pretax earnings   427,538   13,518   441,056 Income tax expense   103,613   3,441   107,054 Identifiable assets   17,240,646   590,958   17,831,604               Quarter Ended June 30, 2021             Total revenues $ 1,396,361 $ 76,495 $ 1,472,856 Depreciation and amortization, net of gains on disposal   127,650   (1,540)   126,110 Interest expense   38,128   1,050   39,178 Pretax earnings   437,949   16,801   454,750 Income tax expense   105,302   4,273   109,575 Identifiable assets  14,661,722   453,160   15,114,882

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Employee Benefit Plans (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Post Retirement Benefit Cost	Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 332 $   350 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   287   227 Other components   17   53 Total other components of net periodic benefit costs   304   280 Net periodic postretirement benefit cost$ 636 $  630

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Fair Value Measurements (Table Text Block)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Financial Instruments, Carrying and Estimated fair values	Fair Value Hierarchy     Carrying               Total Estimated As of June 30, 2022   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 219,574 $ – $ – $ 219,574 $ 219,574 Mortgage loans, net   433,385   –   –   433,385   437,604 Other investments   123,739   –   –   123,739   123,739 Total $ 776,698 $ – $ – $ 776,698 $ 780,917                                             Liabilities                     Notes, loans and finance leases payable   6,269,352   –   6,269,352   –   5,973,107 Total$ 6,269,352 $ – $ 6,269,352 $ – $ 5,973,107	Fair Value Hierarchy     Carrying               Total Estimated As of March 31, 2022   Value   Level 1   Level 2   Level 3   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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis	As of June 30, 2022   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,845,484 $ 2,845,484 $ – $ – Fixed maturities - available for sale   2,598,199   25,456   2,572,651   92 Preferred stock   25,950   25,950   –   – Common stock   45,837   45,837   –   – Derivatives   7,111   6,962   149   – Total $ 5,522,581 $ 2,949,689 $ 2,572,800 $ 92                                     Liabilities                 Derivatives   –   –   –   – Total$ – $ – $ – $ –	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 $ –

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Revenue Recognition (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Revenue From Contract With Customer [Abstract]
Next five years and thereafter revenue	Years Ending June 30,     2023   2024   2025   2026   2027   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 7,215 $ – $ – $ – $ – $ – Property lease revenues   17,434   11,177   8,425   6,587   4,946   38,344 Total$ 24,649 $ 11,177 $ 8,425 $ 6,587 $ 4,946 $ 38,344
Disaggregation Of Revenue	Quarter Ended June 30,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   103,194 $   79,815 Revenues recognized at a point in time:   126,355   120,718 Total revenues recognized under ASC 606   229,549   200,533           Revenues recognized under ASC 842   1,288,031   1,191,010 Revenues recognized under ASC 944   46,687   46,314 Revenues recognized under ASC 320   33,573   34,999 Total revenues$  1,597,840 $  1,472,856

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Allowance For Credit Losses (Table Text Block)	3 Months Ended
	Jun. 30, 2022
Allowance For Credit Loss [Abstract]
Accounts Receivable Allowance For Credit Loss [Table Text Block]	Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (in thousands) Balance as of March 31, 2021 $ 2,835 $ 1,320 $ 501 $ 4,656 Allowance change   (291)   (279)   4   (566) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2021 $ 2,544 $ 1,041 $ 505 $ 4,090                   Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Allowance change   (6,162)   17   (1)   (6,146) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of June 30, 2022$ 2,487 $ 77 $ 500 $ 3,064

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Basis of Presentation (Narratives) (Details)	3 Months Ended
	Jun. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3

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Investments (Narratives) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Insurance Regulatory Authorites:
Assets held by insurance regulators	$ 23,800,000	$ 27,100,000
Available for sale securities:
Fair value of sold available for sale securites	54,100,000	352,300,000
Available-for-sale securities, gross realized gains	300,000	9,500,000
Available-for-sale securities, gross realized losses	100,000	$ 1,400,000
Other-than-temporary impairments	$ 17

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Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Available-for-sale Securities [Abstract]
Amortized cost	$ 2,640,198	$ 2,664,037
Gross Unrealized Gains	49,434	170,294
Gross unrealized losses more than 12 months	(14,493)	(445)
Gross unrealized losses less than 12 months	(76,863)	(12,734)
Allowance for Expected Credit Losses	(77)	(60)
Estimated market value	2,598,199	2,821,092
U.S. treasury securities and government obligations [Member]
Available-for-sale Securities [Abstract]
Amortized cost	127,940	128,078
Gross Unrealized Gains	2,947	7,984
Gross unrealized losses more than 12 months	(1,578)	0
Gross unrealized losses less than 12 months	(2,493)	(969)
Allowance for Expected Credit Losses	0	0
Estimated market value	126,816	135,093
U.S. government agency mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	37,806	44,678
Gross Unrealized Gains	149	280
Gross unrealized losses more than 12 months	(380)	(42)
Gross unrealized losses less than 12 months	(4,126)	(3,111)
Allowance for Expected Credit Losses	0	0
Estimated market value	33,449	41,805
Obligations of states and political subdivisions [Member]
Available-for-sale Securities [Abstract]
Amortized cost	166,572	178,040
Gross Unrealized Gains	5,830	15,450
Gross unrealized losses more than 12 months	(1,275)	0
Gross unrealized losses less than 12 months	(2,009)	(508)
Allowance for Expected Credit Losses	0	0
Estimated market value	169,118	192,982
Corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	1,970,857	1,989,212
Gross Unrealized Gains	38,302	138,909
Gross unrealized losses more than 12 months	(11,259)	(402)
Gross unrealized losses less than 12 months	(51,863)	(6,604)
Allowance for Expected Credit Losses	(77)	(60)
Estimated market value	1,945,960	2,121,055
Mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	337,023	324,029
Gross Unrealized Gains	2,206	7,671
Gross unrealized losses more than 12 months	(1)	(1)
Gross unrealized losses less than 12 months	(16,372)	(1,542)
Allowance for Expected Credit Losses	0	0
Estimated market value	$ 322,856	$ 330,157

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Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Available-for-sale securities, amortized cost:
Amortized cost	$ 2,640,198	$ 2,664,037
Available-for-sale securities, fair value:
Estimated market value	2,598,199	2,821,092
US Treasury Securities [Member]
Available-for-sale securities, amortized cost:
Due in one year or less	104,389	97,969
Due after one year through five years	554,348	541,840
Due after five years through ten years	713,435	704,295
Due after ten years	931,003	995,904
Amortized cost	2,303,175	2,340,008
Available-for-sale securities, fair value:
Due in one year or less	105,325	99,432
Due after one year through five years	557,915	570,135
Due after five years through ten years	717,393	765,073
Due after ten years	894,710	1,056,295
Estimated market value	2,275,343	2,490,935
Mortgage-backed securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost	337,023	324,029
Available-for-sale securities, fair value:
Estimated market value	$ 322,856	$ 330,157

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Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Marketable Securities [Abstract]
Amortized cost, equity investments	$ 54,761	$ 53,728
Estimated market value, equity investments	71,787	72,307
Common stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	28,707	27,674
Estimated market value, equity investments	45,837	46,212
Non-redeemable preferred stocks [Member]
Marketable Securities [Abstract]
Amortized cost, equity investments	26,054	26,054
Estimated market value, equity investments	$ 25,950	$ 26,095

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Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]
Mortgage loans, net	$ 437,604	$ 450,347
Other equity investments	7,000	7,500
Investments other, amount	557,124	543,755
Other Investments [Member]
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]
Mortgage loans, net	433,385	423,163
Short-term investments	34,809	30,916
Real estate, other	67,539	67,824
Policy loans	10,360	10,309
Other equity investments	11,031	11,543
Investments other, amount	$ 557,124	$ 543,755

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Borrowings (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 6,232,564		$ 6,022,497
Debt instruments, issuance and maturity dates:
Remaining Lease Term Finance Lease Weighted Average	16.8		16.5
Interest paid related to derivative contracts [Abstract]
Interest paid in cash	$ 42,300	$ 40,900
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 568,200		$ 620,800
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	(7) year terms
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.16%
Rental Truck (amortizing loans) First Loan [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 1,276,000		$ 1,068,300
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	seven (7) years
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%
Rental Truck (amortizing loans) second loan [Member] | Uhaul International, Inc [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.77%
Other Obligations [Member] | AMERCO [Member]
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 82,900
Subsidiary holdings of parent company debt	$ 1,900
Other Obligations [Member] | AMERCO [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.50%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2022
Other Obligations [Member] | AMERCO [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2049
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.86%
Debt instruments, interest rate, effective percentage:
LIBOR	1.20%
Applicable margin interest rate	1.50%
Debt instrument, interest rate at period end	1.52%
Applicable margin, per loan agreement, minimum rate	0.75%
Applicable margin, per loan agreement, maximum rate	2.27%
Sum of LIBOR and margin, maximum rate	2.70%
Amerco Real Estate Company [Member] | AMERCO [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	1.06%
Debt instrument, interest rate at period end	1.38%
Sum of LIBOR and margin, maximum rate	2.44%
Unused capacity fee	0.30%
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 200,000
Line of credit, current borrowing capacity	300,000
Line of credit facility, remaining borrowing capacity	150,000
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member]
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, original face amount	385,000
Line of credit facility, maximum borrowing capacity	$ 385,000
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	0.93%
Debt instrument, interest rate at period end	1.25%
Sum of LIBOR and margin, maximum rate	2.31%
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	1.06%
Debt instrument, interest rate at period end	1.50%
Sum of LIBOR and margin, maximum rate	2.56%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	4.00%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.70%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.50%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member]
Debt instruments, interest rate, effective percentage:
LIBOR	1.06%
Applicable margin, per loan agreement, minimum rate	1.25%
Applicable margin, per loan agreement, maximum rate	1.90%
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 560,000
Line of credit, current borrowing capacity	415,000
Amounts held at LIBOR plus margin	415,000
Amount held at fixed interest rates	100,000
New capital lease obligiations, amount	$ 175,000
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
Debt instrument, interest rate at period end	1.15%
Sum of LIBOR and margin, maximum rate	2.21%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Working capital loans two [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
Debt instrument, interest rate at period end	1.25%
Sum of LIBOR and margin, maximum rate	2.31%
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck (amortizing loans) First Loan [Member]
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount	$ 615,000
Life Insurance [Member] | Federal Home Loan Bank [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Aggregate deposit amount	60,000
Available for sale equity securities, noncurrent	97,200
Available for sale equity securities pledged as collateral	$ 62,800
Life Insurance [Member] | Federal Home Loan Bank [Member] | Minimum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate	0.49%
Life Insurance [Member] | Other Obligations [Member] | Maximum [Member]
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Deposit interest rate	1.72%

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Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Debt instrument, maturities:
Notes, loans and leases payable, gross	$ 5,973,107	$ 5,875,781
Notes, loans and finance/capital leases payable	6,269,352	6,059,713
Less: Debt issuance costs	(36,788)	(37,216)
Total notes, loans and finance/capital leases payable, net	$ 6,232,564	6,022,497
Real estate loan (amortizing term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2037
Notes, loans and leases payable, gross	$ 87,147	50,259
Real estate loan (amortizing term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.27%
Real estate loan (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.70%
Senior Mortgages [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2042
Notes, loans and leases payable, gross	$ 2,322,293	2,206,268
Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.70%
Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.50%
Real estate loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2025
Notes, loans and leases payable, gross	$ 535,000	535,000
Real estate loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.31%
Real estate loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.56%
Fleet loans (amortizing term) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2029
Notes, loans and leases payable, gross	$ 119,576	124,651
Fleet loans (amortizing term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%
Fleet loans (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.66%
Fleet loans (revolving credit) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2025
Debt instrument, maturity year range, end	2027
Notes, loans and leases payable, gross	$ 560,000	560,000
Fleet loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.90%
Fleet loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.36%
Capital Leases (rental equipment) [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2026
Notes, loans and leases payable, gross	$ 312,411	347,393
Capital Leases (rental equipment) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.16%
Capital Leases (rental equipment) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.04%
Finance capital lease [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2024
Debt instrument, maturity year range, end	2030
Notes, loans and leases payable, gross	$ 1,051,917	949,936
Finance capital lease [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%
Finance capital lease [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.77%
Private placements [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2029
Debt instrument, maturity year range, end	2035
Notes, loans and leases payable, gross	$ 1,200,000	1,200,000
Private placements [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.43%
Private placements [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.88%
Other Obligations [Member]
Debt instrument, maturities:
Debt instrument, maturity year range, start	2022
Debt instrument, maturity year range, end	2049
Notes, loans and leases payable, gross	$ 81,008	$ 86,206
Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.50%
Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%

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Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Long-term debt, by Maturity:
2022	$ 502,394
2023	1,059,057
2024	648,440
2025	638,221
2026	671,424
Thereafter	2,749,816
Long term debt, amount	$ 6,269,352

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Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Interest expense, borrowings:
Interest expense	$ 50,405	$ 38,935
Capitalized interest	(2,618)	(2,030)
Amortization of transaction costs	1,446	1,286
Interest expense resulting from derivatives	566	987
Total interest expense	$ 49,799	$ 39,178

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Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Interest and debt expense:
Weighted average interest rate during the quarter	1.99%	1.39%
Interest rate at quarter end	2.29%	1.38%
Maximum amount outstanding during the quarter	$ 1,095,000	$ 1,088,000
Average amount outstanding during the quarter	1,095,000	1,073,055
Facility fees	$ 58	$ 71

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Derivatives (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Interest Rate Derivatives [Abstract]
Reclassify net losses on interest rate contracts from AOCI to earnings over the next twelve months	$ 0.1
Other Investments	7.0	$ 7.5
Derivative Asset Notional Amount	$ 434.0	$ 416.7

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Derivatives (Interest rate contracts designated as hedging instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Interest Rate Fair Value Hedges [Abstract]
Assets	$ 149	$ 0
Liabilities	0	587
Notional amount (debt)	$ 75,000	$ 235,000

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Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
The effect of interest rate contracts on the statement of operations:
(Gain) loss recognized in AOCI on interest rate contracts (effective portion)	$ (736)	$ (919)
Loss recognized in income on interest rate contracts	$ 566	$ 987

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Accumulated other comprehensive income (loss) components of net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	$ 46,384
Foreign currency translation	197	$ (3,392)
Unrealized net gain on investments	(136,382)	(73,027)
Change in fair value of cash flow hedges	128	(51)
Amounts reclassified into earnings on hedging activities	427	745
Other comprehensive income (loss)	(135,630)	(75,725)
Balance as of June 30, 2021	(89,246)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(55,757)
Foreign currency translation	197
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	197
Balance as of June 30, 2021	(55,560)
Unrealized Net Gain on Investments [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	105,027
Foreign currency translation	0
Unrealized net gain on investments	(136,382)
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	(136,382)
Balance as of June 30, 2021	(31,355)
Fair Market Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(444)
Foreign currency translation	0
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	128
Amounts reclassified into earnings on hedging activities	427
Other comprehensive income (loss)	555
Balance as of June 30, 2021	111
Postretirement Benefit Obligation Gain [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	(2,442)
Foreign currency translation	0
Unrealized net gain on investments	0
Change in fair value of cash flow hedges	0
Amounts reclassified into earnings on hedging activities	0
Other comprehensive income (loss)	0
Balance as of June 30, 2021	(2,442)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2021	46,384
Foreign currency translation	197	(3,392)
Unrealized net gain on investments	(136,382)	(73,027)
Change in fair value of cash flow hedges	128	(51)
Amounts reclassified into earnings on hedging activities	427	$ 745
Other comprehensive income (loss)	(135,630)
Balance as of June 30, 2021	$ (89,246)

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Stockholders' Equity (Narratives) (Details)	3 Months Ended
	Jun. 30, 2022 $ / shares
Dividends [Abstract]
Dividends payable, date declared	Apr. 06, 2022
Dividend paid, amount per share	$ 0.50
Dividends payable, date of record	Apr. 18, 2022
Dividends payable, date to be paid	Apr. 29, 2022

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Leases (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Leases [Abstract]
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	$ 312.4	$ 347.4
Operating Cash Flows For Financing Leases	72.3	74.2
Cash paid for finance leases	7.9	7.5
Cash paid for operating leases	$ 35.0	$ 45.2

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Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Finance Lease [Abstract]
Buildings and Improvements	$ 139,799	$ 136,444
Furniture and equipment	14,731	14,731
Rental trailers and other rental equipment	159,618	169,514
Rental trucks	1,044,124	1,114,248
Right-of-use assets, gross	1,358,272	1,434,937
Less: Accumulated depreciation	(717,511)	(739,731)
Right of use assets, net	640,761	695,206
Finance Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	0	0
Furniture and equipment	14,731	14,731
Rental trailers and other rental equipment	159,618	169,514
Rental trucks	1,044,124	1,114,248
Right-of-use assets, gross	1,218,473	1,298,493
Less: Accumulated depreciation	(650,250)	(677,669)
Right of use assets, net	568,223	620,824
Operating Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	139,799	136,444
Furniture and equipment	0	0
Rental trailers and other rental equipment	0	0
Rental trucks	0	0
Right-of-use assets, gross	139,799	136,444
Less: Accumulated depreciation	(67,261)	(62,062)
Right of use assets, net	$ 72,538	$ 74,382

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Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Finance Leases Weighted Average Remaining Lease Term And Discount Rate[Abstract]
Remaining Lease Term Operating Lease Weighted Average	3	3
Finance Lease Weighted Average Discount Rate Percent	3.70%	3.70%

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Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]
Remaining Lease Term Finance Lease Weighted Average	16.8	16.5
Operating Lease Weighted Average Discount Rate Percent	4.60%	4.60%

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Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lease cost:
Operating lease costs	$ 7,920	$ 8,077
Finance lease cost:
Amortization of right of use assets	22,396	32,500
Interest on lease liabilities	3,218	4,571
Total finance lease cost	$ 25,614	$ 37,071

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Leases (Maturities of lease liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Finance Lease Liabilities Payments Due [Abstract]
2023	$ 131,322
2024	97,721
2025	68,034
2026	35,396
2027	0
Thereafter	0
Total lease payments	332,473
Less: imputed interest	(20,062)
Present value of finance lease liabilities	312,411
Operating Lease Liabilities Payments Due [Abstract]
2023	24,483
2024	22,162
2025	7,188
2026	4,104
2027	3,273
Thereafter	58,654
Total lease payments	119,864
Less: inputed interest	(47,587)
Present value of operating lease liabilities	$ 72,277	$ 74,197

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Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Sac Holdings [Member]
Property Management Fee [Abstract]
Property Management Fee Revenue	$ 8.2	$ 11.3
Sac Holdings [Member] | Minimum [Member]
Property Management Fee [Abstract]
Management fee rate	4.00%
Sac Holdings [Member] | Maximum [Member]
Property Management Fee [Abstract]
Management fee rate	10.00%
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]
Related party costs and expenses:
Revenue, excluding dealer agreement commissions and expenses	$ 7.7	7.2
Expenses, related parties	0.6	0.6
Cash flow, related party	6.9	6.4
Revenue generated by the dealer agreement from related parties	117.9	108.6
Commission expenses, generated from dealer agreement with related parties	$ 24.9	$ 22.9

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Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related party transactions:
Management fee revenue	$ 9,139	$ 8,449
Revenue from related parties	9,139	8,449
Blackwater [Member]
Related party transactions:
Management fee revenue	7,729	7,180
Mercury [Member]
Related party transactions:
Management fee revenue	$ 1,410	$ 1,269

XML

Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related party cost and expense:
Related party expenses, total	$ 25,486	$ 23,506
Blackwater [Member]
Related party cost and expense:
U-Haul lease expenses	604	626
U-Haul commission expenses	$ 24,882	$ 22,880

XML

Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Related party assets:
Amounts due to related parties	$ (973)	$ 779
Related party assets	45,190	47,851
Blackwater [Member]
Related party assets:
Notes receivable	38,624	41,364
Mercury [Member]
Related party assets:
Notes receivable	$ 7,539	$ 5,708

XML

Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
ASSETS:
Cash and cash equivalents	$ 3,098,271	$ 2,704,137	$ 1,519,981	$ 1,194,012
Reinsurance recoverables and trade receivables, net	219,574	229,343
Inventories, net	164,579	158,888
Prepaid expenses	231,714	236,915
Investments, fixed maturities and marketable equities	2,669,986	2,893,399
Investments, other	557,124	543,755
Deferred policy acquisition costs, net	129,568	103,828
Other assets	53,477	60,409
Right of use Assets - Financing	568,223	620,824
Right of use Assets - Operating	72,538	74,382
Related party assets	45,190	47,851
Subtotal assets	7,810,244	7,673,731
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	1,354,587	1,283,142
Buildings and improvements	6,154,373	5,974,639
Furniture and equipment	858,094	846,132
Property, plant and equipment (gross)	13,912,488	13,358,406
Less: Accumulated depreciation	(3,891,128)	(3,732,556)
Total property, plant and equipment	10,021,360	9,625,850
Total assets	17,831,604	17,299,581	15,114,882
Liabilities:
Accounts payable and accrued expenses	722,617	677,785
Notes, loans and leases payable	6,232,564	6,022,497
Financing lease liability	312,411
Operating lease liability	72,277	74,197
Policy benefits and losses, claims and loss expenses payable	988,030	978,254
Liabilities from investment contracts	2,374,250	2,336,238
Other policyholders' funds and liabilities	11,999	10,812
Deferred income	63,647	49,157
Deferred income taxes, net	1,292,369	1,265,358
Related party liabilities	0	0
Total liabilities	11,757,753	11,414,298
Stockholders' equity:
Additional paid-in capital	453,819	453,819
Accumulated other comprehensive loss	(89,246)	46,384
Retained earnings	6,376,431	6,052,233
Total stockholders' equity	6,073,851	5,885,283
Total liabilities and stockholders' equity	17,831,604	17,299,581
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	671,880	615,679
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	4,873,554	4,638,814
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Moving and Storage Consolidations [Member]
ASSETS:
Cash and cash equivalents	2,982,541	2,643,213	1,455,973	1,010,275
Reinsurance recoverables and trade receivables, net	130,412	142,895
Inventories, net	164,579	158,888
Prepaid expenses	231,714	236,915
Investments, fixed maturities and marketable equities	0	0
Investments, other	20,653	20,653
Deferred policy acquisition costs, net	0	0
Other assets	50,043	57,305
Right of use Assets - Financing	568,223	620,824
Right of use Assets - Operating	71,357	74,190
Related party assets	63,718	64,611
Subtotal assets	4,283,240	4,019,494
Investments in subsidiaries	606,813	737,073
Property, plant and equipment, at cost:
Land	1,354,587	1,283,142
Buildings and improvements	6,154,373	5,974,639
Furniture and equipment	858,094	846,132
Property, plant and equipment (gross)	13,912,488	13,358,406
Less: Accumulated depreciation	(3,891,128)	(3,732,556)
Total property, plant and equipment	10,021,360	9,625,850
Total assets	14,911,413	14,382,417
Liabilities:
Accounts payable and accrued expenses	712,167	663,482
Notes, loans and leases payable	6,232,564	6,022,497
Operating lease liability	71,083	73,998
Policy benefits and losses, claims and loss expenses payable	427,155	418,890
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	63,647	49,157
Deferred income taxes, net	1,306,768	1,244,639
Related party liabilities	26,918	25,668
Total liabilities	8,840,302	8,498,331
Stockholders' equity:
Additional paid-in capital	454,029	454,029
Accumulated other comprehensive loss	(91,986)	45,187
Retained earnings	6,376,221	6,052,023
Total stockholders' equity	6,071,111	5,884,086
Total liabilities and stockholders' equity	14,911,413	14,382,417
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	671,880	615,679
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	4,873,554	4,638,814
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Property and Casualty Insurance [Member]
ASSETS:
Cash and cash equivalents	9,065	10,800	3,246	5,658
Reinsurance recoverables and trade receivables, net	52,491	50,235
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	282,715	297,488
Investments, other	116,696	114,269
Deferred policy acquisition costs, net	0	0
Other assets	480	371
Right of use Assets - Financing	0	0
Right of use Assets - Operating	1,101	93
Related party assets	6,964	6,713
Subtotal assets	469,512	479,969
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	469,512	479,969
Liabilities:
Accounts payable and accrued expenses	3,299	3,849
Notes, loans and leases payable	0	0
Operating lease liability	1,108	93
Policy benefits and losses, claims and loss expenses payable	159,142	160,379
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	3,362	3,521
Deferred income	0	0
Deferred income taxes, net	9,412	12,803
Related party liabilities	3,701	3,196
Total liabilities	180,024	183,841
Stockholders' equity:
Additional paid-in capital	91,120	91,120
Accumulated other comprehensive loss	3,394	16,630
Retained earnings	191,673	185,077
Total stockholders' equity	289,488	296,128
Total liabilities and stockholders' equity	469,512	479,969
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	3,301	3,301
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member]
ASSETS:
Cash and cash equivalents	106,665	50,124	60,762	178,079
Reinsurance recoverables and trade receivables, net	36,671	36,213
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	2,387,271	2,595,911
Investments, other	419,775	408,833
Deferred policy acquisition costs, net	129,568	103,828
Other assets	2,954	2,733
Right of use Assets - Financing	0	0
Right of use Assets - Operating	80	99
Related party assets	15,364	16,911
Subtotal assets	3,098,348	3,214,652
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	3,098,348	3,214,652
Liabilities:
Accounts payable and accrued expenses	7,151	10,454
Notes, loans and leases payable	0	0
Operating lease liability	86	106
Policy benefits and losses, claims and loss expenses payable	401,733	398,985
Liabilities from investment contracts	2,374,250	2,336,238
Other policyholders' funds and liabilities	8,637	7,291
Deferred income	0	0
Deferred income taxes, net	(23,811)	7,916
Related party liabilities	12,977	12,717
Total liabilities	2,781,023	2,773,707
Stockholders' equity:
Additional paid-in capital	26,271	26,271
Accumulated other comprehensive loss	(37,490)	87,200
Retained earnings	326,044	324,974
Total stockholders' equity	317,325	440,945
Total liabilities and stockholders' equity	3,098,348	3,214,652
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	2,500	2,500
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member]
ASSETS:
Cash and cash equivalents	0	0	$ 0	$ 0
Reinsurance recoverables and trade receivables, net	0	0
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	0	0
Investments, other	0	0
Deferred policy acquisition costs, net	0	0
Other assets	0	0
Right of use Assets - Financing	0	0
Right of use Assets - Operating	0	0
Related party assets	(40,856)	(40,384)
Subtotal assets	(40,856)	(40,384)
Investments in subsidiaries	(606,813)	(737,073)
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	(647,669)	(777,457)
Liabilities:
Accounts payable and accrued expenses	0	0
Notes, loans and leases payable	0	0
Operating lease liability	0	0
Policy benefits and losses, claims and loss expenses payable	0	0
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	0	0
Deferred income taxes, net	0	0
Related party liabilities	(43,596)	(41,581)
Total liabilities	(43,596)	(41,581)
Stockholders' equity:
Additional paid-in capital	(117,601)	(117,601)
Accumulated other comprehensive loss	36,836	(102,633)
Retained earnings	(517,507)	(509,841)
Total stockholders' equity	(604,073)	(735,876)
Total liabilities and stockholders' equity	(647,669)	(777,457)
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	(5,801)	(5,801)
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	$ 0	$ 0

XML

Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Self-moving equipment rentals	$ 1,090,775	$ 1,035,377
Self-storage revenues	173,177	137,393
Self moving and self-storage products and service sales	109,351	104,885
Property management fees	9,139	8,449
Life insurance premiums	25,781	28,705
Property and casualty insurance premiums	19,972	16,869
Investment income interest and dividend	33,573	34,999
Other revenue	136,072	106,179
Total revenues	1,597,840	1,472,856
Costs and expenses:
Operating expenses	733,167	614,529
Commission expenses	118,493	113,149
Cost of sales	79,671	69,915
Benefits and losses	44,100	47,298
Amortization of deferred policy acquisition costs	7,672	8,823
Lease expense	7,475	7,647
Depreciation, net of (gains) losses on disposals	113,796	121,717
Net (gains) losses on disposal of real estate	2,307	(4,430)
Total costs and expenses	1,106,681	978,648
Earnings (loss) from operations before equity in earnings of subsidiaries	491,159	494,208
Equity in earnings of subsidiaries	0	0
Earnings from operations	491,159	494,208
Other components of net periodic benefit costs	(304)	(280)
Interest expense	(49,799)	(39,178)
Pretax earnings	441,056	454,750
Income tax expense	(107,054)	(109,575)
Earnings available to common stockholders	334,002	345,175
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Revenues:
Self-moving equipment rentals	1,091,710	1,036,213
Self-storage revenues	173,177	137,393
Self moving and self-storage products and service sales	109,351	104,885
Property management fees	9,139	8,449
Life insurance premiums	0	0
Property and casualty insurance premiums	0	0
Investment income interest and dividend	4,940	680
Other revenue	135,281	105,634
Total revenues	1,523,598	1,393,254
Costs and expenses:
Operating expenses	719,794	601,831
Commission expenses	118,493	113,149
Cost of sales	79,671	69,915
Benefits and losses	0	0
Amortization of deferred policy acquisition costs	0	0
Lease expense	7,920	8,077
Depreciation, net of (gains) losses on disposals	113,796	121,717
Net (gains) losses on disposal of real estate	2,307	(4,430)
Total costs and expenses	1,041,981	910,259
Earnings (loss) from operations before equity in earnings of subsidiaries	481,617	482,995
Equity in earnings of subsidiaries	7,666	9,119
Earnings from operations	489,283	492,114
Other components of net periodic benefit costs	(304)	(280)
Interest expense	(50,061)	(39,443)
Pretax earnings	438,918	452,391
Income tax expense	(104,916)	(107,216)
Earnings available to common stockholders	334,002	345,175
Operating Segments [Member] | Property and Casualty Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	0	0
Property and casualty insurance premiums	20,830	17,443
Investment income interest and dividend	2,252	6,013
Other revenue	0	0
Total revenues	23,082	23,456
Costs and expenses:
Operating expenses	10,194	8,813
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	4,379	5,227
Amortization of deferred policy acquisition costs	0	0
Lease expense	158	184
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	14,731	14,224
Earnings (loss) from operations before equity in earnings of subsidiaries	8,351	9,232
Equity in earnings of subsidiaries	0	0
Earnings from operations	8,351	9,232
Other components of net periodic benefit costs	0	0
Interest expense	0	0
Pretax earnings	8,351	9,232
Income tax expense	(1,755)	(1,930)
Earnings available to common stockholders	6,596	7,302
Operating Segments [Member] | Life Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	25,781	28,705
Property and casualty insurance premiums	0	0
Investment income interest and dividend	27,388	29,324
Other revenue	934	630
Total revenues	54,103	58,659
Costs and expenses:
Operating expenses	5,109	5,375
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	39,721	42,071
Amortization of deferred policy acquisition costs	7,672	8,823
Lease expense	28	24
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	52,530	56,293
Earnings (loss) from operations before equity in earnings of subsidiaries	1,573	2,366
Equity in earnings of subsidiaries	0	0
Earnings from operations	1,573	2,366
Other components of net periodic benefit costs	0	0
Interest expense	(120)	(120)
Pretax earnings	1,453	2,246
Income tax expense	(383)	(429)
Earnings available to common stockholders	1,070	1,817
Consolidation, Eliminations [Member]
Revenues:
Self-moving equipment rentals	(935)	(836)
Self-storage revenues	0	0
Self moving and self-storage products and service sales	0	0
Property management fees	0	0
Life insurance premiums	0	0
Property and casualty insurance premiums	(858)	(574)
Investment income interest and dividend	(1,007)	(1,018)
Other revenue	(143)	(85)
Total revenues	(2,943)	(2,513)
Costs and expenses:
Operating expenses	(1,930)	(1,490)
Commission expenses	0	0
Cost of sales	0	0
Benefits and losses	0	0
Amortization of deferred policy acquisition costs	0	0
Lease expense	(631)	(638)
Depreciation, net of (gains) losses on disposals	0	0
Net (gains) losses on disposal of real estate	0	0
Total costs and expenses	(2,561)	(2,128)
Earnings (loss) from operations before equity in earnings of subsidiaries	(382)	(385)
Equity in earnings of subsidiaries	(7,666)	(9,119)
Earnings from operations	(8,048)	(9,504)
Other components of net periodic benefit costs	0	0
Interest expense	382	385
Pretax earnings	(7,666)	(9,119)
Income tax expense	0	0
Earnings available to common stockholders	$ (7,666)	$ (9,119)

XML

Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net earnings	$ 334,002	$ 345,175
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	178,144	172,040
Amortization of deferred policy acquisition costs	7,672	8,823
Amortization of premiums and accretion of discounts related to investments, inc	4,929	4,361
Amortization of debt issuance costs	1,473	1,332
Interest credited to policyholders	15,157	15,583
Change in allowance for losses on trade receivables	(6,151)	(484)
Change in allowance for inventory reserves	4,646	3,403
Net gain on sale of real and personal property	(64,348)	(50,323)
Net losses on disposal of real estate	2,307	(4,430)
Net (gain) loss on sale of investments	268	(2,469)
Net (gain) losses equity investments	1,551	(2,231)
Deferred income tax	63,493	82,374
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	15,894	(8,082)
Inventories	(10,347)	(15,765)
Prepaid expenses	4,935	162,706
Capitalization of deferred policy acquisition costs	(7,398)	(8,990)
Other assets	1,935	(853)
Related party assets	484	562
Accounts payable and accrued expenses	74,676	71,599
Policy benefits and losses, claims and loss expenses payable	10,386	9,064
Other policyholders' funds and liabilities	1,187	(1,430)
Deferred income	14,448	11,863
Related party liabilities	2,028	385
Net cash provided by operating activities	651,371	794,213
Cash flow from investing activities:
Escrow deposits	4,789	1,887
Purchase of:
Property, plant and equipment	(646,137)	(508,411)
Short term investments	(22,017)	(11,810)
Fixed maturity investments	(36,488)	(281,507)
Equity securities	(1,366)	0
Preferred stock	0	(8,000)
Real estate	0	(67)
Mortgage loans	(42,561)	(42,538)
Proceeds from sale of:
Property, plant and equipment	159,180	182,146
Short term investments	18,073	12,558
Fixed maturity investments	55,808	126,956
Preferred stock	362	0
Mortgage loans	32,345	5,628
Net cash used by investing activities	(478,012)	(523,158)
Cash flow from financing activities:
Borrowings from credit facilities	393,264	161,854
Principal repayments on credit facilities	(145,369)	(109,334)
Payment of debt issuance costs	(1,069)	(352)
Capital lease payments	(34,982)	(45,170)
Common stock dividends paid	(9,804)	0
Investment contract deposits	85,767	113,779
Investment contract withdrawals	(62,911)	(64,332)
Net cash provided by (used in) financing activities	224,896	56,445
Effects on exchange rate on cash	(4,121)	(1,531)
Increase (decrease) cash and cash equivalents	394,134	325,969
Cash and cash equivalents at the beginning of period	2,704,137	1,194,012
Cash and cash equivalents at the end of the period	3,098,271	1,519,981
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Cash flow from operating activities:
Net earnings	334,002	345,175
Earnings from consolidated entities	(7,666)	(9,119)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	178,144	172,040
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, inc	0	0
Amortization of debt issuance costs	1,473	1,332
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	(6,075)	(478)
Change in allowance for inventory reserves	4,646	3,403
Net gain on sale of real and personal property	(64,348)	(50,323)
Net losses on disposal of real estate	2,307	(4,430)
Net (gain) loss on sale of investments	0	0
Net (gain) losses equity investments	0	0
Deferred income tax	61,948	81,341
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	18,458	(1,658)
Inventories	(10,347)	(15,765)
Prepaid expenses	4,935	162,706
Capitalization of deferred policy acquisition costs	0	0
Other assets	2,177	(436)
Related party assets	747	302
Accounts payable and accrued expenses	78,549	60,902
Policy benefits and losses, claims and loss expenses payable	8,875	5,942
Other policyholders' funds and liabilities	0	0
Deferred income	14,501	12,125
Related party liabilities	1,251	1,422
Net cash provided by operating activities	623,577	764,481
Cash flow from investing activities:
Escrow deposits	4,789	1,887
Purchase of:
Property, plant and equipment	(646,137)	(508,411)
Short term investments	0	0
Fixed maturity investments	0	0
Equity securities	0
Preferred stock	0	0
Real estate	0	0
Mortgage loans	0	0
Proceeds from sale of:
Property, plant and equipment	159,180	182,146
Short term investments	0	0
Fixed maturity investments	0	0
Preferred stock	0
Mortgage loans	0	0
Net cash used by investing activities	(482,168)	(324,378)
Cash flow from financing activities:
Borrowings from credit facilities	393,264	161,854
Principal repayments on credit facilities	(145,369)	(109,206)
Payment of debt issuance costs	(1,069)	(352)
Capital lease payments	(34,982)	(45,170)
Common stock dividends paid	(9,804)
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	202,040	7,126
Effects on exchange rate on cash	(4,121)	(1,531)
Increase (decrease) cash and cash equivalents	339,328	445,698
Cash and cash equivalents at the beginning of period	2,643,213	1,010,275
Cash and cash equivalents at the end of the period	2,982,541	1,455,973
Operating Segments [Member] | Property and Casualty Insurance [Member]
Cash flow from operating activities:
Net earnings	6,596	7,302
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, inc	421	413
Amortization of debt issuance costs	0	0
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	(76)	(5)
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	(31)	(37)
Net (gain) losses equity investments	1,551	(2,231)
Deferred income tax	127	604
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(2,107)	(520)
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	0	0
Other assets	(40)	(323)
Related party assets	(263)	260
Accounts payable and accrued expenses	(549)	225
Policy benefits and losses, claims and loss expenses payable	(1,237)	352
Other policyholders' funds and liabilities	(159)	(461)
Deferred income	0	0
Related party liabilities	517	(1,972)
Net cash provided by operating activities	4,750	3,607
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	(21,966)	(11,680)
Fixed maturity investments	(9,839)	(7,466)
Equity securities	(1,366)
Preferred stock	0	0
Real estate	0	0
Mortgage loans	(6,975)	(4,850)
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	18,073	12,558
Fixed maturity investments	6,852	5,136
Preferred stock	362
Mortgage loans	8,374	283
Net cash used by investing activities	(6,485)	(6,019)
Cash flow from financing activities:
Borrowings from credit facilities	0	0
Principal repayments on credit facilities	0	0
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Common stock dividends paid	0
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	0	0
Effects on exchange rate on cash	0	0
Increase (decrease) cash and cash equivalents	(1,735)	(2,412)
Cash and cash equivalents at the beginning of period	10,800	5,658
Cash and cash equivalents at the end of the period	9,065	3,246
Operating Segments [Member] | Life Insurance [Member]
Cash flow from operating activities:
Net earnings	1,070	1,817
Earnings from consolidated entities	0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	7,672	8,823
Amortization of premiums and accretion of discounts related to investments, inc	4,508	3,948
Amortization of debt issuance costs	0	0
Interest credited to policyholders	15,157	15,583
Change in allowance for losses on trade receivables	0	(1)
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	299	(2,432)
Net (gain) losses equity investments	0	0
Deferred income tax	1,418	429
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(457)	(5,904)
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	(7,398)	(8,990)
Other assets	(202)	(94)
Related party assets	0	0
Accounts payable and accrued expenses	(3,324)	10,472
Policy benefits and losses, claims and loss expenses payable	2,748	2,770
Other policyholders' funds and liabilities	1,346	(969)
Deferred income	(53)	(262)
Related party liabilities	260	935
Net cash provided by operating activities	23,044	26,125
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	(51)	(130)
Fixed maturity investments	(26,649)	(274,041)
Equity securities	0
Preferred stock	0	(8,000)
Real estate	0	(67)
Mortgage loans	(35,586)	(37,688)
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	0	0
Fixed maturity investments	48,956	121,820
Preferred stock	0
Mortgage loans	23,971	5,345
Net cash used by investing activities	10,641	(192,761)
Cash flow from financing activities:
Borrowings from credit facilities	0	0
Principal repayments on credit facilities	0	(128)
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Common stock dividends paid	0
Investment contract deposits	85,767	113,779
Investment contract withdrawals	(62,911)	(64,332)
Net cash provided by (used in) financing activities	22,856	49,319
Effects on exchange rate on cash	0	0
Increase (decrease) cash and cash equivalents	56,541	(117,317)
Cash and cash equivalents at the beginning of period	50,124	178,079
Cash and cash equivalents at the end of the period	106,665	60,762
Consolidation, Eliminations [Member]
Cash flow from operating activities:
Net earnings	(7,666)	(9,119)
Earnings from consolidated entities	7,666	9,119
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	0	0
Amortization of deferred policy acquisition costs	0	0
Amortization of premiums and accretion of discounts related to investments, inc	0	0
Amortization of debt issuance costs	0	0
Interest credited to policyholders	0	0
Change in allowance for losses on trade receivables	0	0
Change in allowance for inventory reserves	0	0
Net gain on sale of real and personal property	0	0
Net losses on disposal of real estate	0	0
Net (gain) loss on sale of investments	0	0
Net (gain) losses equity investments	0	0
Deferred income tax	0	0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	0	0
Inventories	0	0
Prepaid expenses	0	0
Capitalization of deferred policy acquisition costs	0	0
Other assets	0	0
Related party assets	0	0
Accounts payable and accrued expenses	0	0
Policy benefits and losses, claims and loss expenses payable	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	0	0
Related party liabilities	0	0
Net cash provided by operating activities	0	0
Cash flow from investing activities:
Escrow deposits	0	0
Purchase of:
Property, plant and equipment	0	0
Short term investments	0	0
Fixed maturity investments	0	0
Equity securities	0
Preferred stock	0	0
Real estate	0	0
Mortgage loans	0	0
Proceeds from sale of:
Property, plant and equipment	0	0
Short term investments	0	0
Fixed maturity investments	0	0
Preferred stock	0
Mortgage loans	0	0
Net cash used by investing activities	0	0
Cash flow from financing activities:
Borrowings from credit facilities	0	0
Principal repayments on credit facilities	0	0
Payment of debt issuance costs	0	0
Capital lease payments	0	0
Common stock dividends paid	0
Investment contract deposits	0	0
Investment contract withdrawals	0	0
Net cash provided by (used in) financing activities	0	0
Effects on exchange rate on cash	0	0
Increase (decrease) cash and cash equivalents	0	0
Cash and cash equivalents at the beginning of period	0	0
Cash and cash equivalents at the end of the period	$ 0	$ 0

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Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Quarter ended:
Total revenues	$ 1,597,840	$ 1,472,856
Depreciation and amortization, net of (gains) losses on disposals	123,775	126,110
Interest expense	49,799	39,178
Pretax earnings (loss)	441,056	454,750
Income tax expense	107,054	109,575
Identifiable assets	17,831,604	15,114,882	$ 17,299,581
United States [Member]
Quarter ended:
Total revenues	1,510,386	1,396,361
Depreciation and amortization, net of (gains) losses on disposals	120,986	127,650
Interest expense	48,948	38,128
Pretax earnings (loss)	427,538	437,949
Income tax expense	103,613	105,302
Identifiable assets	17,240,646	14,661,722
Canada [Member]
Quarter ended:
Total revenues	87,454	76,495
Depreciation and amortization, net of (gains) losses on disposals	2,789	(1,540)
Interest expense	851	1,050
Pretax earnings (loss)	13,518	16,801
Income tax expense	3,441	4,273
Identifiable assets	$ 590,958	$ 453,160

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Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 332	$ 350
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit	287	227
Other components	17	53
Total other components of net periodic benefit costs	304	280
Net periodic postretirement benefit cost	$ 636	$ 630

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Fair Value Measurements (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales	$ 0.1

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Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Assets
Reinsurance recoverables and trade receivables, net	$ 219,574	$ 229,343
Mortgage loans, net	437,604	450,347
Other investments	123,739	120,592
Total	780,917	800,282
Liabilities
Notes, loans and leases payable, gross	5,973,107	5,875,781
Total	5,973,107	5,875,781
Level 1 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Level 2 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	6,269,352	6,059,713
Total	6,269,352	6,059,713
Level 3 [Member]
Assets
Reinsurance recoverables and trade receivables, net	219,574	229,343
Mortgage loans, net	433,385	423,163
Other investments	123,739	120,592
Total	776,698	773,098
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Carrying Value [Member]
Assets
Reinsurance recoverables and trade receivables, net	219,574	229,343
Mortgage loans, net	433,385	423,163
Other investments	123,739	120,592
Total	776,698	773,098
Liabilities
Notes, loans and leases payable, gross	6,269,352	6,059,713
Total	$ 6,269,352	$ 6,059,713

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Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Assets:
Short-term investments	$ 2,845,484	$ 2,482,154
Fixed maturities - available for sale	2,598,199	2,821,092
Preferred stock	25,950	26,095
Common stock	45,837	46,212
Derivatives	7,111	7,474
Total	5,522,581	5,383,027
Liabilities:
Derivatives	0	587
Total	0	587
Level 1 [Member]
Assets:
Short-term investments	2,845,484	2,482,154
Fixed maturities - available for sale	25,456	26,914
Preferred stock	25,950	26,095
Common stock	45,837	46,212
Derivatives	6,962	7,474
Total	2,949,689	2,588,849
Liabilities:
Derivatives	0	0
Total	0	0
Level 2 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	2,572,651	2,794,086
Preferred stock	0	0
Common stock	0	0
Derivatives	149	0
Total	2,572,800	2,794,086
Liabilities:
Derivatives	0	587
Total	0	587
Level 3 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	92	92
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	92	92
Liabilities:
Derivatives	0	0
Total	$ 0	$ 0

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Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenues Recognized Over Time	$ 103,194	$ 79,815
Revenues recognized at a point in time	126,355	120,718
Total revenues recognized under ASC 606	229,549	200,533
Revenues recognized under ASC 840	1,288,031	1,191,010
Revenues recognized under ASC 944	46,687	46,314
Revenues recognized under ASC 320	33,573	34,999
Total revenues	$ 1,597,840	$ 1,472,856

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Revenue Recognition (Revenue over time) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Contract With Customer Liability [Abstract]
2020	$ 24,649
2021	11,177
2022	8,425
2023	6,587
2024	4,946
Thereafter	38,344
Self Moving Equipment [Member]
Contract With Customer Liability [Abstract]
2020	7,215
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Property Lease Revenue [Member]
Contract With Customer Liability [Abstract]
2020	17,434
2021	11,177
2022	8,425
2023	6,587
2024	4,946
Thereafter	$ 38,344

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Allowance For Credit Losses (Narratives) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Receivables [Abstract]
Trade receivable components	2
Allowance for expected credit losses	$ 2.5
Available for sale securities, accrued interest receivable	$ 29.2
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Reinsurance paid percentage of total assets	1.00%
Premiums Receivable Gross	$ 1.4
Credit card receivables
Receivables [Abstract]
Average Historical Chargeback Term	For credit card receivables, the Company uses a trailing 13 months average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Modeling of mortgage loans	Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

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Allowance For Credit Losses (Reserve Allowance For Various Credit Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	$ 9,210	$ 4,656
Transition adjustment current expected credit losses	(6,146)	(566)
Write-offs against allowance	0	0
Recoveries	0	0
June 30, 2021	3,064	4,090
Trade Receivables
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	8,649	2,835
Transition adjustment current expected credit losses	(6,162)	(291)
Write-offs against allowance	0	0
Recoveries	0	0
June 30, 2021	2,487	2,544
Investments, Fixed Maturities
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	60	1,320
Transition adjustment current expected credit losses	17	(279)
Write-offs against allowance	0	0
Recoveries	0	0
June 30, 2021	77	1,041
Investments, Other
Valuation And Qualifying Accounts [Abstract]
March 31, 2021	501	501
Transition adjustment current expected credit losses	(1)	4
Write-offs against allowance	0	0
Recoveries	0	0
June 30, 2021	$ 500	$ 505