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113779000 62911000 64332000 224896000 56445000 -4121000 -1531000 394134000 325969000 2704137000 1194012000 3098271000 1519981000 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. 3 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 23800000 27100000     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 127940000 2947000 1578000 2493000 0 126816000 37806000 149000 380000 4126000 0 33449000 166572000 5830000 1275000 2009000 0 169118000 1970857000 38302000 11259000 51863000 77000 1945960000 337023000 2206000 1000 16372000 0 322856000 2640198000 49434000 14493000 76863000 77000 2598199000     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 128078000 7984000 0 969000 0 135093000 44678000 280000 42000 3111000 0 41805000 178040000 15450000 0 508000 0 192982000 1989212000 138909000 402000 6604000 60000 2121055000 324029000 7671000 1000 1542000 0 330157000 2664037000 170294000 445000 12734000 60000 2821092000 54100000 352300000 300000 9500000 100000 1400000 17     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 104389000 105325000 97969000 99432000 554348000 557915000 541840000 570135000 713435000 717393000 704295000 765073000 931003000 894710000 995904000 1056295000 2303175000 2275343000 2340008000 2490935000 337023000 322856000 324029000 330157000 2640198000 2598199000 2664037000 2821092000     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 28707000 45837000 27674000 46212000 26054000 25950000 26054000 26095000 54761000 71787000 53728000 72307000     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 433385000 423163000 34809000 30916000 67539000 67824000 10360000 10309000 11031000 11543000 557124000 543755000 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                         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.   0.0227 0.0270 2023 2037 87147000 50259000 0.0270 0.0550 2023 2042 2322293000 2206268000 0.0231 0.0256 2023 2025 535000000 535000000 0.0161 0.0466 2022 2029 119576000 124651000 0.0190 0.0236 2025 2027 560000000 560000000 0.0216 0.0504 2022 2026 312411000 347393000 0.0160 0.0477 2024 2030 1051917000 949936000 0.0243 0.0288 2029 2035 1200000000 1200000000 0.0150 0.0800 2022 2049 81008000 86206000 6269352000 6059713000 36788000 37216000 6232564000 6022497000 0.0120 0.0150 0.0270 0.0152 0.0075 0.0227 0.0286 0.0270 0.0550 0.040 385000000.0 385000000.0 0.0093 0.0106 0.0125 0.0150 0.0231 0.0256 200000000.0 300000000.0 150000000.0 0.0106 0.0138 0.0244 0.0030 615000000.0 560000000.0 415000000.0 0.0106 0.0115 0.0125 0.0221 0.0231 415000000.0 100000000.0 175000000.0 0.0125 0.0190 (7) year terms 0.0216 0.0504 568200000 620800000 seven (7) years 0.0160 0.0477 1276000000.0 1068300000 82900000 1900000 0.0150 0.0800 2022 2049 60000000.0 0.0049 0.0172 97200000 62800000     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 502394000 1059057000 648440000 638221000 671424000 2749816000 6269352000     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 50405000 38935000 2618000 2030000 1446000 1286000 566000 987000 49799000 39178000 42300000 40900000     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   0.0199 0.0139 0.0229 0.0138 1095000000 1088000000 1095000000 1073055000 58000 71000 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.     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 149000 0 0 587000 75000000 235000000     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 -736000 -919000 566000 987000 100000 7000000.0 7500000 434000000.0 416700000 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)     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) -55757000 105027000 -444000 -2442000 46384000 197000 0 0 0 197000 0 -136382000 0 0 -136382000 0 0 128000 0 128000 0 0 427000 0 427000 197000 -136382000 555000 0 -135630000 -55560000 -31355000 111000 -2442000 -89246000 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. Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022$ 0.50  April 18, 2022 April 29, 2022 2022-04-06 0.50 2022-04-18 2022-04-29 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     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 0 139799000 139799000 14731000 0 14731000 159618000 0 159618000 1044124000 0 1044124000 1218473000 139799000 1358272000 650250000 67261000 717511000 568223000 72538000 640761000     As of March 31, 2022     Finance   Operating   Total     (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   169,514   –   169,514 Rental trucks   1,114,248   –   1,114,248 Right-of-use assets, gross   1,298,493   136,444   1,434,937 Less: Accumulated depreciation   (677,669)   (62,062)   (739,731) Right-of-use assets, net$ 620,824 $ 74,382 $ 695,206 0 136444000 136444000 14731000 0 14731000 169514000 0 169514000 1114248000 0 1114248000 1298493000 136444000 1434937000 677669000 62062000 739731000 620824000 74382000 695206000 312400000 347400000 72300000 74200000     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 % 3 3 0.037 0.037     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 % 16.8 16.5 0.046 0.046 7900000 7500000 35000000.0 45200000     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 7920000 8077000 22396000 32500000 3218000 4571000 25614000 37071000     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 131322000 24483000 97721000 22162000 68034000 7188000 35396000 4104000 0 3273000 0 58654000 332473000 119864000 20062000 47587000 312411000 72277000 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 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.     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 7729000 7180000 1410000 1269000 9139000 8449000 0.04 0.10 8200000 11300000     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 604000 626000 24882000 22880000 25486000 23506000 7700000 7200000 600000 600000 6900000 6400000 117900000 108600000 24900000 22900000     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 38624000 41364000 7539000 5708000 -973000 779000 45190000 47851000 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. 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            2982541000 9065000 106665000 0 3098271000 130412000 52491000 36671000 0 219574000 164579000 0 0 0 164579000 231714000 0 0 0 231714000 0 282715000 2387271000 0 2669986000 20653000 116696000 419775000 0 557124000 0 0 129568000 0 129568000 50043000 480000 2954000 0 53477000 568223000 0 0 0 568223000 71357000 1101000 80000 0 72538000 63718000 6964000 15364000 -40856000 45190000 4283240000 469512000 3098348000 -40856000 7810244000 606813000 0 0 -606813000 0 1354587000 0 0 0 1354587000 6154373000 0 0 0 6154373000 858094000 0 0 0 858094000 671880000 0 0 0 671880000 4873554000 0 0 0 4873554000 13912488000 0 0 0 13912488000 3891128000 0 0 0 3891128000 10021360000 0 0 0 10021360000 14911413000 469512000 3098348000 -647669000 17831604000 712167000 3299000 7151000 0 722617000 6232564000 0 0 0 6232564000 71083000 1108000 86000 0 72277000 427155000 159142000 401733000 0 988030000 0 0 2374250000 0 2374250000 0 3362000 8637000 0 11999000 63647000 0 0 0 63647000 1306768000 9412000 -23811000 0 1292369000 26918000 3701000 12977000 -43596000 0 8840302000 180024000 2781023000 -43596000 11757753000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 -91986000 3394000 -37490000 36836000 -89246000 6376221000 191673000 326044000 -517507000 6376431000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 6071111000 289488000 317325000 -604073000 6073851000 14911413000 469512000 3098348000 -647669000 17831604000 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            2643213000 10800000 50124000 0 2704137000 142895000 50235000 36213000 0 229343000 158888000 0 0 0 158888000 236915000 0 0 0 236915000 0 297488000 2595911000 0 2893399000 20653000 114269000 408833000 0 543755000 0 0 103828000 0 103828000 57305000 371000 2733000 0 60409000 620824000 0 0 0 620824000 74190000 93000 99000 0 74382000 64611000 6713000 16911000 -40384000 47851000 4019494000 479969000 3214652000 -40384000 7673731000 737073000 0 0 -737073000 0 1283142000 0 0 0 1283142000 5974639000 0 0 0 5974639000 846132000 0 0 0 846132000 615679000 0 0 0 615679000 4638814000 0 0 0 4638814000 13358406000 0 0 0 13358406000 3732556000 0 0 0 3732556000 9625850000 0 0 0 9625850000 14382417000 479969000 3214652000 -777457000 17299581000 663482000 3849000 10454000 0 677785000 6022497000 0 0 0 6022497000 73998000 93000 106000 0 74197000 418890000 160379000 398985000 0 978254000 0 0 2336238000 0 2336238000 0 3521000 7291000 0 10812000 49157000 0 0 0 49157000 1244639000 12803000 7916000 0 1265358000 25668000 3196000 12717000 -41581000 0 8498331000 183841000 2773707000 -41581000 11414298000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 454029000 91120000 26271000 -117601000 453819000 45187000 16630000 87200000 -102633000 46384000 6052023000 185077000 324974000 -509841000 6052233000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 5884086000 296128000 440945000 -735876000 5885283000 14382417000 479969000 3214652000 -777457000 17299581000 Consolidating 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             1091710000 0 0 -935000 1090775000 173177000 0 0 0 173177000 109351000 0 0 0 109351000 9139000 0 0 0 9139000 0 0 25781000 0 25781000 0 20830000 0 -858000 19972000 4940000 2252000 27388000 -1007000 33573000 135281000 0 934000 -143000 136072000 1523598000 23082000 54103000 -2943000 1597840000 719794000 10194000 5109000 -1930000 733167000 118493000 0 0 0 118493000 79671000 0 0 0 79671000 0 4379000 39721000 0 44100000 0 0 7672000 0 7672000 7920000 158000 28000 -631000 7475000 113796000 0 0 0 113796000 2307000 0 0 0 2307000 1041981000 14731000 52530000 -2561000 1106681000 481617000 8351000 1573000 -382000 491159000 7666000 0 0 -7666000 0 489283000 8351000 1573000 -8048000 491159000 304000 0 0 0 304000 50061000 0 120000 -382000 49799000 438918000 8351000 1453000 -7666000 441056000 104916000 1755000 383000 0 107054000 334002000 6596000 1070000 -7666000 334002000 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            1036213000 0 0 -836000 1035377000 137393000 0 0 0 137393000 104885000 0 0 0 104885000 8449000 0 0 0 8449000 0 0 28705000 0 28705000 0 17443000 0 -574000 16869000 680000 6013000 29324000 -1018000 34999000 105634000 0 630000 -85000 106179000 1393254000 23456000 58659000 -2513000 1472856000 601831000 8813000 5375000 -1490000 614529000 113149000 0 0 0 113149000 69915000 0 0 0 69915000 0 5227000 42071000 0 47298000 0 0 8823000 0 8823000 8077000 184000 24000 -638000 7647000 121717000 0 0 0 121717000 -4430000 0 0 0 -4430000 910259000 14224000 56293000 -2128000 978648000 482995000 9232000 2366000 -385000 494208000 9119000 0 0 -9119000 0 492114000 9232000 2366000 -9504000 494208000 280000 0 0 0 280000 39443000 0 120000 -385000 39178000 452391000 9232000 2246000 -9119000 454750000 107216000 1930000 429000 0 109575000 345175000 7302000 1817000 -9119000 345175000 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            334002000 6596000 1070000 -7666000 334002000 7666000 0 0 -7666000 0 178144000 0 0 0 178144000 0 0 7672000 0 7672000 0 421000 4508000 0 4929000 1473000 0 0 0 1473000 0 0 15157000 0 15157000 -6075000 -76000 0 0 -6151000 4646000 0 0 0 4646000 64348000 0 0 0 64348000 2307000 0 0 0 2307000 0 31000 -299000 0 -268000 0 -1551000 0 0 -1551000 61948000 127000 1418000 0 63493000 -18458000 2107000 457000 0 -15894000 10347000 0 0 0 10347000 -4935000 0 0 0 -4935000 0 0 7398000 0 7398000 -2177000 40000 202000 0 -1935000 -747000 263000 0 0 -484000 78549000 -549000 -3324000 0 74676000 8875000 -1237000 2748000 0 10386000 0 -159000 1346000 0 1187000 14501000 0 -53000 0 14448000 1251000 517000 260000 0 2028000 623577000 4750000 23044000 0 651371000 -4789000 0 0 0 -4789000 646137000 0 0 0 646137000 0 21966000 51000 0 22017000 0 9839000 26649000 0 36488000 0 1366000 0 0 1366000 0 0 0 0 0 0 0 0 0 0 0 6975000 35586000 0 42561000 159180000 0 0 0 159180000 0 18073000 0 0 18073000 0 6852000 48956000 0 55808000 0 362000 0 0 362000 0 8374000 23971000 0 32345000 -482168000 -6485000 10641000 0 -478012000 393264000 0 0 0 393264000 145369000 0 0 0 145369000 1069000 0 0 0 1069000 34982000 0 0 0 34982000 9804000 0 0 0 9804000 0 0 85767000 0 85767000 0 0 62911000 0 62911000 202040000 0 22856000 0 224896000 -4121000 0 0 0 -4121000 339328000 -1735000 56541000 0 394134000 2643213000 10800000 50124000 0 2704137000 2982541000 9065000 106665000 0 3098271000 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            345175000 7302000 1817000 -9119000 345175000 9119000 0 0 -9119000 0 172040000 0 0 0 172040000 0 0 8823000 0 8823000 0 413000 3948000 0 4361000 1332000 0 0 0 1332000 0 0 15583000 0 15583000 -478000 -5000 -1000 0 -484000 3403000 0 0 0 3403000 50323000 0 0 0 50323000 -4430000 0 0 0 -4430000 0 37000 2432000 0 2469000 0 2231000 0 0 2231000 81341000 604000 429000 0 82374000 1658000 520000 5904000 0 8082000 15765000 0 0 0 15765000 -162706000 0 0 0 -162706000 0 0 8990000 0 8990000 436000 323000 94000 0 853000 -302000 -260000 0 0 -562000 60902000 225000 10472000 0 71599000 5942000 352000 2770000 0 9064000 0 -461000 -969000 0 -1430000 12125000 0 -262000 0 11863000 1422000 -1972000 935000 0 385000 764481000 3607000 26125000 0 794213000 -1887000 0 0 0 -1887000 508411000 0 0 0 508411000 0 11680000 130000 0 11810000 0 7466000 274041000 0 281507000 0 0 8000000 0 8000000 0 0 67000 0 67000 0 4850000 37688000 0 42538000 182146000 0 0 0 182146000 0 12558000 0 0 12558000 0 5136000 121820000 0 126956000 0 283000 5345000 0 5628000 -324378000 -6019000 -192761000 0 -523158000 161854000 0 0 0 161854000 109206000 0 128000 0 109334000 352000 0 0 0 352000 45170000 0 0 0 45170000 0 0 113779000 0 113779000 0 0 64332000 0 64332000 7126000 0 49319000 0 56445000 -1531000 0 0 0 -1531000 445698000 -2412000 -117317000 0 325969000 1010275000 5658000 178079000 0 1194012000 1455973000 3246000 60762000 0 1519981000 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     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 1510386000 87454000 1597840000 120986000 2789000 123775000 48948000 851000 49799000 427538000 13518000 441056000 103613000 3441000 107054000 17240646000 590958000 17831604000 1396361000 76495000 1472856000 127650000 -1540000 126110000 38128000 1050000 39178000 437949000 16801000 454750000 105302000 4273000 109575000 14661722000 453160000 15114882000 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     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 332000 350000 287000 227000 17000 53000 304000 280000 636000 630000 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.     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 219574000 0 0 219574000 219574000 433385000 0 0 433385000 437604000 123739000 0 0 123739000 123739000 776698000 0 0 776698000 780917000 6269352000 0 6269352000 0 5973107000 6269352000 0 6269352000 0 5973107000     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 229343000 0 0 229343000 229343000 423163000 0 0 423163000 450347000 120592000 0 0 120592000 120592000 773098000 0 0 773098000 800282000 6059713000 0 6059713000 0 5875781000 6059713000 0 6059713000 0 5875781000 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$ – $ – $ – $ – 2845484000 2845484000 0 0 2598199000 25456000 2572651000 92000 25950000 25950000 0 0 45837000 45837000 0 0 7111000 6962000 149000 0 5522581000 2949689000 2572800000 92000 0 0 0 0 0 0 0 0 As of March 31, 2022   Total   Level 1   Level 2   Level 3     (In thousands) Assets                 Short-term investments $ 2,482,154 $ 2,482,154 $ – $ – Fixed maturities - available for sale   2,821,092   26,914   2,794,086   92 Preferred stock   26,095   26,095   –   – Common stock   46,212   46,212   –   – Derivatives   7,474   7,474   –   – Total $ 5,383,027 $ 2,588,849 $ 2,794,086 $ 92                                     Liabilities                 Derivatives   587   –   587   – Total$ 587 $ – $ 587 $ – 2482154000 2482154000 0 0 2821092000 26914000 2794086000 92000 26095000 26095000 0 0 46212000 46212000 0 0 7474000 7474000 0 0 5383027000 2588849000 2794086000 92000 587000 0 587000 0 587000 0 587000 0 100000 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.     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 7215000 0 0 0 0 0 17434000 11177000 8425000 6587000 4946000 38344000 24649000 11177000 8425000 6587000 4946000 38344000     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 103194000 79815000 126355000 120718000 229549000 200533000 1288031000 1191010000 46687000 46314000 33573000 34999000 1597840000 1472856000 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 2 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. 2500000 29200000 Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost.   Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history.   Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default.   Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. 0.01 1400000     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 2835000 1320000 501000 4656000 -291000 -279000 4000 -566000 0 0 0 0 0 0 0 0 2544000 1041000 505000 4090000 8649000 60000 501000 9210000 -6162000 17000 -1000 -6146000 0 0 0 0 0 0 0 0 2487000 77000 500000 3064000 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.