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Holding Company and consolidated subsidiaries notes to condensed consolidated financial statements 1.Basis of Presentation U-Haul Holding Company, a Nevada corporation formerly known as AMERCO (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2022 and 2021 correspond to fiscal 2023 and 2022 for U-Haul Holding Company. Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.   The condensed consolidated balance sheet as of December 31, 2022, and the related condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity for the third quarter and first nine months of fiscal 2023 and 2022 and cash flows for the first nine months 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 U-Haul Holding Company 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 U-Haul Holding Company and all of its legal subsidiaries. Description of Operating Segments U-Haul Holding Company 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 U-Haul Holding Company, 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. 8 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. Earnings per Share We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share . The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $ 0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $ 0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10 % and 90 %, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock. Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock. The calculation of basic and diluted earnings per share for the quarter and nine months ended December 31, 2022 and 2021 for our Voting Common Stock and Non-Voting Common Stock were as follows:     For the Quarter Ended     December 31,     2022 2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 19,219 $ 27,166           Undistributed earnings per share of Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Voting Common Stock $ – $ 0.50 Basic and diluted earnings per share of Voting Common Stock $ 0.98 $ 1.89                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 172,967 $ 244,496           Undistributed earnings per share of Non-Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 1.02 $ 1.39         For the Nine Months Ended     December 31,     2022   2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 85,859 $ 100,713           Undistributed earnings per share of Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Voting Common Stock $ 1.00 $ 1.50 Basic and diluted earnings per share of Voting Common Stock $ 5.38 $ 6.64                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 772,735 $ 906,414           Undistributed earnings per share of Non-Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock $ 4.42 $ 5.14 Please see note 7, Stockholders’ Equity, of the Notes to Condensed Consolidated Financial Statements for more information on the Non-Voting Common Stock. 0.25 0.001 0.10 0.90     For the Quarter Ended     December 31,     2022 2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 19,219 $ 27,166           Undistributed earnings per share of Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Voting Common Stock $ – $ 0.50 Basic and diluted earnings per share of Voting Common Stock $ 0.98 $ 1.89                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 199,244 $ 281,466 Voting Common Stock dividends declared   –   (9,804) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 192,185 $ 271,662 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 172,967 $ 244,496           Undistributed earnings per share of Non-Voting Common Stock $ 0.98 $ 1.39 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock$ 1.02 $ 1.39 19607788 19607788 196077880 196077880 0.10 0.10 199244000 281466000 0 9804000 7059000 0 192185000 271662000 19219000 27166000 0.98 1.39 0 0.50 0.98 1.89 176470092 176470092 196077880 196077880 0.90 0.90 199244000 281466000 0 9804000 7059000 0 192185000 271662000 172967000 244496000 0.98 1.39 0.04 0 1.02 1.39     For the Nine Months Ended     December 31,     2022   2021     (Unaudited)     (In thousands, except share and per share amounts)           Weighted average shares outstanding of Voting Common Stock   19,607,788   19,607,788 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Voting Common Stock   10%   10%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Voting Common Stock $ 85,859 $ 100,713           Undistributed earnings per share of Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Voting Common Stock $ 1.00 $ 1.50 Basic and diluted earnings per share of Voting Common Stock $ 5.38 $ 6.64                     Weighted average shares outstanding of Non-Voting Common Stock   176,470,092   176,470,092 Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock   196,077,880   196,077,880 Percent of weighted average shares outstanding of Non-Voting Common Stock   90%   90%           Net earnings available to common stockholders $ 885,261 $ 1,036,539 Voting Common Stock dividends declared   (19,608)   (29,412) Non-Voting Common Stock dividends declared   (7,059)   – Undistributed earnings available to common stockholders $ 858,594 $ 1,007,127 Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock $ 772,735 $ 906,414           Undistributed earnings per share of Non-Voting Common Stock $ 4.38 $ 5.14 Dividends declared per share of Non-Voting Common Stock $ 0.04 $ – Basic and diluted earnings per share of Non-Voting Common Stock$ 4.42 $ 5.14 19607788 19607788 196077880 196077880 0.10 0.10 885261000 1036539000 19608000 29412000 7059000 0 858594000 1007127000 85859000 100713000 4.38 5.14 1.00 1.50 5.38 6.64 176470092 176470092 196077880 196077880 0.90 0.90 885261000 1036539000 19608000 29412000 7059000 0 858594000 1007127000 772735000 906414000 4.38 5.14 0.04 0 4.42 5.14 3. Investments Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $27.1 million as of December 31, 2022 and March 31, 2022, respectively. Available-for-Sale Investments Available-for-sale investments as of December 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     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 353,331 $   582 $   (3,844) $   (7,761) $   – $   342,308 U.S. government agency mortgage-backed securities   34,920   58   (6,263)   (602)   –   28,113 Obligations of states and political subdivisions   164,547   503   (3,458)   (10,609)   –   150,983 Corporate securities   2,060,503   790   (39,556)   (210,257)   (2,243)   1,809,237 Mortgage-backed securities   375,819   30   –   (42,962)   –   332,887   $ 2,989,120 $   1,963 $   ( 53,121 ) $   ( 272,191 ) $   ( 2,243 ) $   2,663,528 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 $ 147.6 million during the first nine months of fiscal 2023 and $ 352.3 million for the full year of fiscal 2022. The gross realized gains on these sales totaled $ 1.1 million during the first nine months of fiscal 2023 and $ 9.5 million for the full year of fiscal 2022. The gross realized losses on these sales totaled $ 0.5 million during the first nine months 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 quality 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 $ 2.2 million net impairment charge recorded in the first nine months ended December 31, 2022. The adjusted cost and estimated market value of available-for-sale investments by contractual maturity were as follows:     December 31, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)         (In thousands) Due in one year or less $ 333,984 $ 333,803 $ 97,969 $ 99,432 Due after one year through five years   602,861   575,794   541,840   570,135 Due after five years through ten years   756,691   674,055   704,295   765,073 Due after ten years   919,765   746,989   995,904   1,056,295     2,613,301   2,330,641   2,340,008   2,490,935                   Mortgage-backed securities   375,819   332,887   324,029   330,157   $ 2,989,120 $ 2,663,528 $ 2,664,037 $ 2,821,092   As of December 31, 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:     December 31, 2022   March 31, 2022     Cost Amortized   Market Value Estimated   Cost Amortized   Market Value Estimated     (Unaudited)             (In thousands)                   Common stocks $ 29,686 $ 37,619 $ 27,674 $ 46,212 Non-redeemable preferred stocks   26,054   22,054   26,054   26,095   $ 55,740 $ 59,673 $ 53,728 $ 72,307   Investments, other The carrying value of the other investments was as follows:     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands)           Mortgage loans, net $ 414,886 $ 423,163 Short-term investments   13,306   30,916 Real estate   71,707   67,824 Policy loans   10,680   10,309 Other equity investments   7,876   11,543   $ 518,455 $ 543,755 21400000 27100000     Amortized   Gross   Gross   Gross   Allowance for Expected Credit Losses   Estimated     (Unaudited)     (In thousands) U.S. treasury securities and government obligations $ 353,331 $   582 $   (3,844) $   (7,761) $   – $   342,308 U.S. government agency mortgage-backed securities   34,920   58   (6,263)   (602)   –   28,113 Obligations of states and political subdivisions   164,547   503   (3,458)   (10,609)   –   150,983 Corporate securities   2,060,503   790   (39,556)   (210,257)   (2,243)   1,809,237 Mortgage-backed securities   375,819   30   –   (42,962)   –   332,887  $ 2,989,120 $  1,963 $ ( 53,121 )$ ( 272,191 )$ ( 2,243 )$  2,663,528 353331000 582000 3844000 7761000 0 342308000 34920000 58000 6263000 602000 0 28113000 164547000 503000 3458000 10609000 0 150983000 2060503000 790000 39556000 210257000 2243000 1809237000 375819000 30000 0 42962000 0 332887000 2989120000 1963000 53121000 272191000 2243000 2663528000     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 147600000 352300000 1100000 9500000 500000 1400000 2200000     December 31, 2022   March 31, 2022     Amortized   Estimated   Amortized   Estimated     (Unaudited)         (In thousands) Due in one year or less $ 333,984 $ 333,803 $ 97,969 $ 99,432 Due after one year through five years   602,861   575,794   541,840   570,135 Due after five years through ten years   756,691   674,055   704,295   765,073 Due after ten years   919,765   746,989   995,904   1,056,295     2,613,301   2,330,641   2,340,008   2,490,935                   Mortgage-backed securities   375,819   332,887   324,029   330,157  $ 2,989,120 $ 2,663,528 $ 2,664,037 $ 2,821,092 333984000 333803000 97969000 99432000 602861000 575794000 541840000 570135000 756691000 674055000 704295000 765073000 919765000 746989000 995904000 1056295000 2613301000 2330641000 2340008000 2490935000 375819000 332887000 324029000 330157000 2989120000 2663528000 2664037000 2821092000     December 31, 2022   March 31, 2022     Amortized   Estimated   Amortized   Estimated     (Unaudited)             (In thousands)                   Common stocks $ 29,686 $ 37,619 $ 27,674 $ 46,212 Non-redeemable preferred stocks   26,054   22,054   26,054   26,095  $ 55,740 $ 59,673 $ 53,728 $ 72,307 29686000 37619000 27674000 46212000 26054000 22054000 26054000 26095000 55740000 59673000 53728000 72307000     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands)           Mortgage loans, net $ 414,886 $ 423,163 Short-term investments   13,306   30,916 Real estate   71,707   67,824 Policy loans   10,680   10,309 Other equity investments   7,876   11,543  $ 518,455 $ 543,755 414886000 423163000 13306000 30916000 71707000 67824000 10680000 10309000 7876000 11543000 518455000 543755000 4. Borrowings Long-Term Debt Long-term debt was as follows:                       December 31,   March 31,   2023 Rates     Maturities   2022   2022                 (Unaudited)                     (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 5.60 %   2027 - 2037 $ 292,617 $   50,259 Senior mortgages 2.70 % - 5.50 %   2024 - 2042   2,389,419   2,206,268 Real estate loans (revolving credit) – % - – %       2027   –   535,000 Fleet loans (amortizing term) 1.61 % - 5.68 %   2023 - 2029   123,986   124,651 Fleet loans (revolving credit) 2.36 % - 5.44 %   2025 - 2027   615,000   560,000 Finance leases (rental equipment) 2.16 % - 5.04 %   2023 - 2026   252,102   347,393 Finance liabilities (rental equipment) 1.60 % - 5.98 %   2024 - 2030   1,286,299   949,936 Private placements 2.43 % - 2.88 %   2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 %   2023 - 2049   77,399   86,206 Notes, loans and finance leases payable                   6,236,822   6,059,713 Less: Debt issuance costs                     (36,425)   (37,216) Total notes, loans and finance leases payable, net         $ 6,200,397 $   6,022,497                             (a) Certain loans have interest rate swaps fixing the rates between 2.72% and 2.86% based on current margins.         Real Estate Backed Loans Real Estate Loans Certain subsidiaries of Real Estate and U-Haul Company of Florida are borrowers under real estate loans. These loans require monthly or quarterly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans are secured by various properties owned by the borrowers. The interest rates, per the provisions of $ 208.5 million of these loans, are the applicable Secured Overnight Funding Rate (“SOFR”) plus the applicable margins and a credit spread adjustment of 0.10 %. As of December 31, 2022, the applicable SOFR was between 3.79 % and 4.12 % and applicable margin was between 0.65 % and 1.38 %, the sum of which, including the credit spread, was between 4.54 % and 5.60 %. The remaining $ 84.2 million of these loans was fixed with an interest rate of 4.29 %. The default provisions of these real estate loans include 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 December 31, 2022 was 4.09%.  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 Loan (Revolving Credit) U-Haul Holding Company is a borrower under a real estate loan. As of December 31, 2022, the maximum credit commitment is $ 465.0 million. As of December 31, 2022, the full capacity was available to borrow. 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. 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 was amended in October 2022 and the maximum credit limit was increased from $ 150 million to $ 465 million, the maturity extended to October 2027 and LIBOR based rates were replaced with SOFR based rates. 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 5.68 %.   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%. U-Haul Holding Company, 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 December 31, 2022 was $ 615.0 million. The interest rates, per the provision of the loan agreements, are SOFR plus the applicable margin and a credit spread adjustment of 0.10 %. As of December 31, 2022,   SOFR was between 3.70 % and 4.12 % and the margin was between 1.15 % and 1.25 %, the sum of which, including the credit spread, was between 4.95 % and 5.44 %. Of the $ 615.0 million outstanding, $ 100.0 million was fixed with an interest rate of 2.36 %. Only interest is paid on the loans until the last nine months of the respective loan terms when principal becomes due monthly. Finance Leases The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms with interest rates ranging from 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 $ 504.6 million and $ 620.8 million as of December 31, 2022 and March 31, 2022, respectively. There were no new financing leases, as assessed under the new leasing guidance, entered into during the first nine months of fiscal 2023. Finance Liabilities Finance liabilities represent our rental equipment financing transactions, and we assess if these 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, these 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 5.98%. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,399.5 million and $1,068.3 million as of December 31, 2022 and March 31, 2022, respectively. Private Placements In September 2021, U-Haul Holding Company 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, U-Haul Holding Company 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 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, U-Haul Holding Company 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.   U-Haul Holding Company 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, certain rental equipment and real estate.   U-Notes ® are issued in smaller series that vary as to principal amount, interest rate and maturity.   U-Notes ® are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company’s affiliates or subsidiaries. As of December 31, 2022, the aggregate outstanding principal balance of the U-Notes ® issued was $ 79.2 million, of which $ 1.8 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 2023 and 2049 . Oxford is a member of the Federal Home Loan Bank (“FHLB”) and, as such, the FHLB has made deposits with Oxford. As of September 30, 2022, the deposits had an aggregate balance of $ 60.0 million, for which Oxford pays fixed interest rates between 0.69 % and 4.21 % with maturities between March 30, 2023 and September 30, 2027. As of September 30, 2022, available-for-sale investments held with the FHLB totaled $ 88.9 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, before debt issuance costs, as of December 31, 2022 for the next five years and thereafter are as follows:     Year Ending December 31,     2023   2024   2025   2026   2027   Thereafter   Total     (Unaudited)         (In thousands)     Notes, loans and finance leases payable, secured $ 517,406 $ 693,638 $ 596,395 $ 861,298 $ 771,004 $ 2,797,081 $ 6,236,822 Interest on Borrowings Interest Expense Components of interest expense include the following:     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 60,978 $ 43,850 Capitalized interest   (3,818)   (2,222) Amortization of transaction costs   2,336   1,407 Interest expense resulting from cash flow hedges   (455)   1,007 Total interest expense $ 59,041 $ 44,042       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 168,987 $ 122,589 Capitalized interest   (8,684)   (6,974) Amortization of transaction costs   5,596   4,153 Interest expense resulting from cash flow hedges   134   2,997 Total interest expense $ 166,033 $ 122,765   Interest paid in cash, including payments related to derivative contracts, amounted to $ 51.3 million and $ 41.1 million for the third quarter of fiscal 2023 and 2022, respectively, and $ 156.8 million and $ 122.8 million for the first nine months 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 December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   4.68 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 765,000 $ 1,085,000   Average amount outstanding during the period $ 710,109 $ 1,081,283   Facility fees $ 270 $ 66         Revolving Credit Activity       Nine Months Ended December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   3.34 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 1,105,000 $ 1,093,000   Average amount outstanding during the period $ 892,680 $ 1,081,571   Facility fees $ 439 $ 198                         December 31,   March 31,   2023 Rates     Maturities   2022   2022                 (Unaudited)                     (In thousands) Real estate loan (amortizing term) (a) 4.29 % - 5.60 %   2027 - 2037 $ 292,617 $   50,259 Senior mortgages 2.70 % - 5.50 %   2024 - 2042   2,389,419   2,206,268 Real estate loans (revolving credit) – % - – %       2027   –   535,000 Fleet loans (amortizing term) 1.61 % - 5.68 %   2023 - 2029   123,986   124,651 Fleet loans (revolving credit) 2.36 % - 5.44 %   2025 - 2027   615,000   560,000 Finance leases (rental equipment) 2.16 % - 5.04 %   2023 - 2026   252,102   347,393 Finance liabilities (rental equipment) 1.60 % - 5.98 %   2024 - 2030   1,286,299   949,936 Private placements 2.43 % - 2.88 %   2029 - 2035   1,200,000   1,200,000 Other obligations 1.50 % - 8.00 %   2023 - 2049   77,399   86,206 Notes, loans and finance leases payable                   6,236,822   6,059,713 Less: Debt issuance costs                     (36,425)   (37,216) Total notes, loans and finance leases payable, net         $ 6,200,397 $   6,022,497                             (a) Certain loans have interest rate swaps fixing the rates between 2.72% and 2.86% based on current margins.    0.0429 0.0560 2027 2037 292617000 50259000 0.0270 0.0550 2024 2042 2389419000 2206268000 0 0 2027 0 535000000 0.0161 0.0568 2023 2029 123986000 124651000 0.0236 0.0544 2025 2027 615000000 560000000 0.0216 0.0504 2023 2026 252102000 347393000 0.0160 0.0598 2024 2030 1286299000 949936000 0.0243 0.0288 2029 2035 1200000000 1200000000 0.0150 0.0800 2023 2049 77399000 86206000 6236822000 6059713000 36425000 37216000 6200397000 6022497000 208500000 0.0010 0.0379 0.0412 0.0065 0.0138 0.0454 0.0560 84200000 0.0429 0.0270 0.0550 0.0409 465000000.0 0.0030 150000000 465000000 0.0161 0.0568 615000000.0 615000000.0 0.0010 0.0370 0.0412 0.0115 0.0125 0.0495 0.0544 615000000.0 100000000.0 0.0236 seven (7) year terms 0.0216 0.0504 504600000 620800000 seven (7) years 0.0160 0.0598 1399500000 1068300000 600000000.0 150000000.0 0.0243 0.0278 2029 2033 600000000.0 100000000.0 150000000.0 0.0255 0.0288 2030 2035 79200000 1800000 0.0150 0.0800 2023 2049 60000000.0 0.0069 0.0421 88900000 62800000     Year Ending December 31,     2023   2024   2025   2026   2027   Thereafter   Total     (Unaudited)         (In thousands)     Notes, loans and finance leases payable, secured$ 517,406 $ 693,638 $ 596,395 $ 861,298 $ 771,004 $ 2,797,081 $ 6,236,822 517406000 693638000 596395000 861298000 771004000 2797081000 6236822000     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 60,978 $ 43,850 Capitalized interest   (3,818)   (2,222) Amortization of transaction costs   2,336   1,407 Interest expense resulting from cash flow hedges   (455)   1,007 Total interest expense$ 59,041 $ 44,042 60978000 43850000 3818000 2222000 2336000 1407000 -455000 1007000 59041000 44042000     Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) Interest expense $ 168,987 $ 122,589 Capitalized interest   (8,684)   (6,974) Amortization of transaction costs   5,596   4,153 Interest expense resulting from cash flow hedges   134   2,997 Total interest expense$ 166,033 $ 122,765 168987000 122589000 8684000 6974000 5596000 4153000 134000 2997000 166033000 122765000 51300000 41100000 156800000 122800000     Revolving Credit Activity       Quarter Ended December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   4.68 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 765,000 $ 1,085,000   Average amount outstanding during the period $ 710,109 $ 1,081,283   Facility fees$ 270 $ 66   0.0468 0.0138 0.0528 0.0139 765000000 1085000000 710109000 1081283000 270000 66000     Revolving Credit Activity       Nine Months Ended December 31,       2022   2021       (Unaudited)       (In thousands, except interest rates)   Weighted average interest rate during the period   3.34 % 1.38 % Interest rate at the end of the period   5.28 % 1.39 % Maximum amount outstanding during the period $ 1,105,000 $ 1,093,000   Average amount outstanding during the period $ 892,680 $ 1,081,571   Facility fees$ 439 $ 198   0.0334 0.0138 0.0528 0.0139 1105000000 1093000000 892680000 1081571000 439000 198000 5. Derivatives We manage exposure to changes in market interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in SOFR swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt.   The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes.   These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy. The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the condensed consolidated balance sheet were as follows:     Derivatives Fair Values as of     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Interest rate contracts designated as cash flow hedging instruments:         Assets $ 8,206 $ – Liabilities $ – $ 587 Notional amount $ 208,467 $ 235,000       The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2022   December 31, 2021     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ 302 $ (1,242) (Gain) loss reclassified from AOCI into income $ 455 $ (1,007)   Gains or losses recognized in income on interest rate derivatives are recorded as interest expense in the condensed consolidated statements of operations. During the first nine months of fiscal 2023 and 2022, we recognized an increase in the fair value of our cash flow hedges of $6.5 million and $0.1 million, respectively, net of taxes. During the first nine months of fiscal 2023 and 2022, we reclassified $0.1 million and $2.3 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2022, we expect to reclassify $2.3 million of net gains 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. These derivative instruments are included in Investments, other, on the condensed consolidated balance sheets. Net (gains) losses recognized in net investment and interest income for the third quarters of fiscal 2023 and 2022 were $ 1.4 million and $ 0.1 million, respectively and $ 9.2 million and ($ 1.8 ) million for the first nine months of fiscal 2023 and fiscal 2022, respectively. 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.       Derivatives Fair Values as of     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Equity market contracts as hedging instruments         Assets $ 2,181 $ 7,474 Liabilities $ – $ – Notional amount $ 456,419 $ 416,739 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.     Derivatives Fair Values as of     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Interest rate contracts designated as cash flow hedging instruments:         Assets $ 8,206 $ – Liabilities $ – $ 587 Notional amount$ 208,467 $ 235,000 8206000 0 0 587000 208467000 235000000     The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended         December 31, 2022   December 31, 2021     (Unaudited)     (In thousands) (Gain) loss recognized in AOCI on interest rate contracts $ 302 $ (1,242) (Gain) loss reclassified from AOCI into income$ 455 $(1,007) 302000 -1242000 455000 -1007000 6500000 100000 100000 2300000 2300000 1400000 100000 9200000 1800000     Derivatives Fair Values as of     December 31, 2022   March 31, 2022     (Unaudited)         (In thousands) Equity market contracts as hedging instruments         Assets $ 2,181 $ 7,474 Liabilities $ – $ – Notional amount$ 456,419 $ 416,739 2181000 7474000 0 0 456419000 416739000 6. 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   (757)   –   –   –   (757) Unrealized net loss on investments   –   (336,376)   –   –   (336,376) Change in fair value of cash flow hedges   –   –   6,532   –   6,532 Amounts reclassified into earnings on hedging activities   –   –   101   –   101 Other comprehensive income (loss)   (757)   (336,376)   6,633   –   (330,500) Balance as of December 31, 2022 $ ( 56,514 ) $   ( 231,349 ) $   6,189 $   ( 2,442 ) $   (284,116)     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   (757)   –   –   –   (757) Unrealized net loss on investments   –   (336,376)   –   –   (336,376) Change in fair value of cash flow hedges   –   –   6,532   –   6,532 Amounts reclassified into earnings on hedging activities   –   –   101   –   101 Other comprehensive income (loss)   (757)   (336,376)   6,633   –   (330,500) Balance as of December 31, 2022$( 56,514 )$ ( 231,349 )$  6,189 $ ( 2,442 )$  (284,116) -55757000 105027000 -444000 -2442000 46384000 -757000 0 0 0 -757000 0 -336376000 0 0 -336376000 0 0 6532000 0 6532000 0 0 101000 0 101000 -757000 -336376000 6633000 0 -330500000 -56514000 -231349000 6189000 -2442000 -284116000 7. Stockholders’ Equity The following tables list the dividends that have been declared and issued during the first nine months of fiscal 2023 on our Voting and Non-Voting Common Stocks: Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022 $ 0.50   April 18, 2022   April 29, 2022 August 18, 2022 $ 0.50   September 6, 2022   September 20, 2022 Non-Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               December 7, 2022 $ 0.04   December 19, 2022   December 30, 2022   As of December 31, 2022, no awards had been issued under the 2016 AMERCO Stock Option Plan. Background of the Independent Special Committee The Board of Directors of the Company (the “Board”) created an Independent Special Committee (the “Committee”) to consider various matters and actions. The Committee retained outside advisors to help examine multiple options aimed at enhancing the marketability and liquidity of the Company’s stock. The Committee paid particular attention to actions intended to make stock ownership more inclusive and accessible for retail investors, including team members and customers of the Company. The Committee approved the following actions. Creation of the Series N Non-Voting Common Stock Effective October 24, 2022, the Company created a new series of common stock, designated as Non-Voting Common Stock. The Non-Voting Common Stock has a par value of $ 0.001 per share, 250,000,000 shares authorized and trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “UHAL.B”.   Shares of the Company’s Voting Common Stock also trade on the NYSE under the ticker symbol ”UHAL.” 9-for-1 Stock Dividend Involving Non-Voting Common Stock On October 24, 2022, the Company issued shares of the Non-Voting Common Stock through a stock dividend, on a 9-for-1 basis, to then-existing holders of the Company’s Voting Common Stock. The shares of Non-Voting Common Stock were distributed after the close of trading on November 9, 2022, to stockholders of record of Voting Common Stock at the close of business on November 3, 2022. Trading of the 176,470,092 shares of Non-Voting Common Stock began on November 10, 2022. Dividend Policy for Non-Voting Common Stock In response to the Committee’s recommendation to consider a dividend policy, the Board adopted a dividend policy for the new Non-Voting Common Stock. Unless the Board in its sole discretion determines otherwise, it shall be the policy of the Company to declare and pay a quarterly cash dividend on each share of the Company’s Non-Voting Common Stock, in the amount of $ 0.04 per share. This policy commenced in the third quarter of fiscal year 2023. On December 19, 2022, the Company transferred the listings of both UHAL and UHAL.B to the NYSE from the NASDAQ Global Select Market. Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               April 6, 2022 $ 0.50   April 18, 2022   April 29, 2022 August 18, 2022$ 0.50  September 6, 2022 September 20, 2022 2022-04-06 0.50 2022-04-18 2022-04-29 2022-08-18 0.50 2022-09-06 2022-09-20 Non-Voting Common Stock Dividends Declared Date   Per Share Amount   Record Date   Dividend Date               December 7, 2022$ 0.04  December 19, 2022 December 30, 2022 2022-12-07 0.04 2022-12-19 2022-12-30 0.001 250000000 On October 24, 2022, the Company issued shares of the Non-Voting Common Stock through a stock dividend, on a 9-for-1 basis, to then-existing holders of the Company’s Voting Common Stock. 176470092 0.04 8. Leases The following tables show the components of our Right-of-Use (“ROU“) assets:     As of December 31, 2022     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 142,748 $ 142,748 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   152,867   –   152,867 Rental trucks   982,119   –   982,119 Right-of-use assets, gross   1,149,717   142,748   1,292,465 Less: Accumulated depreciation   (645,077)   (78,892)   (723,969) Right-of-use assets, net $ 504,640 $ 63,856 $ 568,496       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 December 31, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $252.1 million and $347.4 million, respectively and operating lease liabilities of $63.4 million and $74.2 million, respectively.     Finance leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   2   3   Weighted average discount rate   3.8 % 3.7 %       Operating leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   18.0   16.5   Weighted average discount rate   4.6 % 4.6 % For the first nine months ended December 31, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 24.0 million and $ 22.6 million, respectively, and our financing cash flow activities were $ 95.3 million and $ 129.2 million, respectively.   Non-cash activities of ROU assets in exchange for lease liabilities were $ 5.1 million and $ 3.5 million for the first nine months of fiscal 2023 and 2022, respectively.   The components of lease costs, including leases of less than 12 months, were as follows:     Nine Months Ended     December 31, 2022   December 31, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 24,483 $ 24,018           Finance lease cost:         Amortization of right of use assets $ 62,782 $ 90,056 Interest on lease liabilities   8,799   14,290 Total finance lease cost $ 71,581 $ 104,346 The short-term lease costs for the first nine months of fiscal 2023 and 2022 were not material. Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2023 $ 121,093 $ 24,511 2024   85,188   15,398 2025   48,126   5,710 2026   12,114   3,579 2027   –   3,018 Thereafter   –   57,288 Total lease payments   266,521   109,504 Less: imputed interest   (14,419)   (46,102) Present value of lease liabilities $ 252,102 $ 63,402     As of December 31, 2022     Finance   Operating   Total     (Unaudited)     (In thousands)               Buildings and improvements $ – $ 142,748 $ 142,748 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   152,867   –   152,867 Rental trucks   982,119   –   982,119 Right-of-use assets, gross   1,149,717   142,748   1,292,465 Less: Accumulated depreciation   (645,077)   (78,892)   (723,969) Right-of-use assets, net$ 504,640 $ 63,856 $ 568,496 0 142748000 142748000 14731000 0 14731000 152867000 0 152867000 982119000 0 982119000 1149717000 142748000 1292465000 645077000 78892000 723969000 504640000 63856000 568496000     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     Finance leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   2   3   Weighted average discount rate  3.8 % 3.7 % 2 3 0.038 0.037     Operating leases       December 31,   March 31,       2022   2022       (Unaudited)   Weighted average remaining lease term (years)   18.0   16.5   Weighted average discount rate  4.6 % 4.6 % 18.0 16.5 0.046 0.046 24000000.0 22600000 95300000 129200000 5100000 3500000     Nine Months Ended     December 31, 2022   December 31, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 24,483 $ 24,018           Finance lease cost:         Amortization of right of use assets $ 62,782 $ 90,056 Interest on lease liabilities   8,799   14,290 Total finance lease cost$ 71,581 $ 104,346 24483000 24018000 62782000 90056000 8799000 14290000 71581000 104346000     Finance leases   Operating leases     (Unaudited) Year ending December 31,   (In thousands)           2023 $ 121,093 $ 24,511 2024   85,188   15,398 2025   48,126   5,710 2026   12,114   3,579 2027   –   3,018 Thereafter   –   57,288 Total lease payments   266,521   109,504 Less: imputed interest   (14,419)   (46,102) Present value of lease liabilities$ 252,102 $ 63,402 121093000 24511000 85188000 15398000 48126000 5710000 12114000 3579000 0 3018000 0 57288000 266521000 109504000 14419000 46102000 252102000 63402000 9. Contingencies Cybersecurity Incident On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Hauls information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers‘ information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities. Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona and will be vigorously defended by the Company, however the outcome of such lawsuits cannot be predicted or guaranteed with any certainty. 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 the Company’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, including various class actions related to the Company’s cybersecurity incident described above. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations. 10. Related Party Transactions As set forth in the Company’s Audit Committee Charter and consistent with the NYSE Listed Company Manual, 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, accounting and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. U-Haul Holding Company 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 December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,170 $ 6,972 U-Haul management fee revenue from Mercury   2,910   2,679   $ 10,080 $ 9,651       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 22,726 $ 21,580 U-Haul management fee revenue from Mercury   5,770   5,267   $ 28,496 $ 26,847   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 $24.9 million and $27.1 million from the above-mentioned entities during the first nine months of fiscal 2023 and 2022, respectively.  The decrease in management fees received in the first nine months of fiscal 2023 compared with the first nine months 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 (is the brother of Edward J. Shoen and Mark V. Shoen) and various trusts benefitting Edward J. Shoen and James P. Shoen or their descendants.  Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary, which option is exercisable in 2024. Related Party Costs and Expenses     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul commission expenses to Blackwater   20,016   21,086   $ 20,620 $ 21,690       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,812 $ 1,841 U-Haul commission expenses to Blackwater   71,283   70,502   $ 73,095 $ 72,343   We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. As of December 31, 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 $ 22.7 million and $ 21.6 million, expenses of $ 1.8 million and $ 1.8 million and cash flows of $ 21.0 million and $ 19.8 million, respectively during the first nine months of fiscal 2023 and 2022. Revenues were $ 339.5 million and $ 335.3 million and commission expenses were $ 71.3 million and $ 70.5 million, respectively, related to the Dealer Agreements during the first nine months 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 based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. Related Party Assets     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 64,055 $ 41,364 U-Haul receivable from Mercury   11,961   5,708 Other (a)   (467)   779   $ 75,549 $ 47,851 (a)       Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods .     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 7,170 $ 6,972 U-Haul management fee revenue from Mercury   2,910   2,679  $ 10,080 $ 9,651 7170000 6972000 2910000 2679000 10080000 9651000     Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul management fee revenue from Blackwater $ 22,726 $ 21,580 U-Haul management fee revenue from Mercury   5,770   5,267  $ 28,496 $ 26,847 22726000 21580000 5770000 5267000 28496000 26847000 0.04 0.10 24900000 27100000 4000000.0     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 604 $ 604 U-Haul commission expenses to Blackwater   20,016   21,086  $ 20,620 $ 21,690 604000 604000 20016000 21086000 20620000 21690000     Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands) U-Haul lease expenses to Blackwater $ 1,812 $ 1,841 U-Haul commission expenses to Blackwater   71,283   70,502  $ 73,095 $ 72,343 1812000 1841000 71283000 70502000 73095000 72343000 22700000 21600000 1800000 1800000 21000000.0 19800000 339500000 335300000 71300000 70500000     December 31,   March 31,     2022   2022     (Unaudited)         (In thousands) U-Haul receivable from Blackwater $ 64,055 $ 41,364 U-Haul receivable from Mercury   11,961   5,708 Other (a)   (467)   779  $ 75,549 $ 47,851 64055000 41364000 11961000 5708000 -467000 779000 75549000 47851000 11. Consolidating Financial Information by Industry Segment: U-Haul Holding Company’s three reportable segments are:   Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,   Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and   Life Insurance, comprised of Oxford and its subsidiaries.   Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, 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 December 31, 2022 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     U-Haul Holding Company Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 2,429,943 $ 20,505 $ 60,171 $ –   $ 2,510,619 Reinsurance recoverables and trade receivables, net   124,001   51,481   32,700   –     208,182 Inventories and parts, net   150,140   –   –   –     150,140 Prepaid expenses   228,260   –   –   –     228,260 Investments, fixed maturities and marketable equities   225,218   267,338   2,230,645   –     2,723,201 Investments, other   23,330   108,440   386,685   –     518,455 Deferred policy acquisition costs, net   –   –   159,924   –     159,924 Other assets   53,247   507   3,518   –     57,272 Right of use assets - financing, net   504,640   –   –   –     504,640 Right of use assets - operating, net   62,835   977   44   –     63,856 Related party assets   93,719   3,998   12,499   (34,667) (c)   75,549     3,895,333   453,246   2,886,186   (34,667)     7,200,098                         Investment in subsidiaries   422,549   –   –   (422,549) (b)   –                         Property, plant and equipment, at cost:                       Land   1,504,507   –   –   –     1,504,507 Buildings and improvements   6,728,424   –   –   –     6,728,424 Furniture and equipment   898,468   –   –   –     898,468 Rental trailers and other rental equipment   784,394   –   –   –     784,394 Rental trucks   5,167,168   –   –   –     5,167,168     15,082,961   –   –   –     15,082,961 Less:   Accumulated depreciation   (4,166,731)   –   –   –     (4,166,731) Total property, plant and equipment, net   10,916,230   –   –   –     10,916,230 Total assets $ 15,234,112 $ 453,246 $ 2,886,186 $ (457,216)   $ 18,116,328                         (a) Balances as of September 30, 2022                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         Consolidating balance sheets by industry segment as of December 31, 2022, continued:     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     U-Haul Holding Company Consolidated     (Unaudited)     (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 690,320 $ 5,943 $ 7,149 $ –   $ 703,412 Notes, loans and finance leases payable, net   6,200,397   –   –   –     6,200,397 Operating lease liabilities   62,367   988   47   –     63,402 Policy benefits and losses, claims and loss expenses payable   430,645   156,259   393,296   –     980,200 Liabilities from investment contracts   –   –   2,396,702   –     2,396,702 Other policyholders' funds and liabilities   –   4,154   8,425   –     12,579 Deferred income   45,222   –   –   –     45,222 Deferred income taxes, net   1,372,516   2,012   (73,491)   –     1,301,037 Related party liabilities   24,866   2,567   12,832   (40,265) (c)   – Total liabilities   8,826,333   171,923   2,744,960   (40,265)     11,702,951                         Stockholders' equity:                       Series preferred stock:                       Series A preferred stock   –   –   –   –     – Series B preferred stock   –   –   –   –     – Series A common stock   –   –   –   –     – Voting Common Stock   10,497   3,301   2,500   (5,801) (b)   10,497 Non-Voting Common Stock   176   –   –   –     176 Additional paid-in capital   453,853   91,120   26,271   (117,601) (b)   453,643 Accumulated other comprehensive income (loss)   (289,714)   (17,969)   (219,145)   242,712 (b)   (284,116) Retained earnings   6,910,617   204,871   331,600   (536,261) (b)   6,910,827 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   6,407,779   281,323   141,226   (416,951)     6,413,377 Total liabilities and stockholders' equity $ 15,234,112 $ 453,246 $ 2,886,186 $ (457,216)   $ 18,116,328                         (a) Balances as of September 30, 2022                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables            2429943000 20505000 60171000 0 2510619000 124001000 51481000 32700000 0 208182000 150140000 0 0 0 150140000 228260000 0 0 0 228260000 225218000 267338000 2230645000 0 2723201000 23330000 108440000 386685000 0 518455000 0 0 159924000 0 159924000 53247000 507000 3518000 0 57272000 504640000 0 0 0 504640000 62835000 977000 44000 0 63856000 93719000 3998000 12499000 -34667000 75549000 3895333000 453246000 2886186000 -34667000 7200098000 422549000 0 0 -422549000 0 1504507000 0 0 0 1504507000 6728424000 0 0 0 6728424000 898468000 0 0 0 898468000 784394000 0 0 0 784394000 5167168000 0 0 0 5167168000 15082961000 0 0 0 15082961000 4166731000 0 0 0 4166731000 10916230000 0 0 0 10916230000 15234112000 453246000 2886186000 -457216000 18116328000 690320000 5943000 7149000 0 703412000 6200397000 0 0 0 6200397000 62367000 988000 47000 0 63402000 430645000 156259000 393296000 0 980200000 0 0 2396702000 0 2396702000 0 4154000 8425000 0 12579000 45222000 0 0 0 45222000 1372516000 2012000 -73491000 0 1301037000 24866000 2567000 12832000 -40265000 0 8826333000 171923000 2744960000 -40265000 11702951000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10497000 3301000 2500000 -5801000 10497000 176000 0 0 0 176000 453853000 91120000 26271000 -117601000 453643000 -289714000 -17969000 -219145000 242712000 -284116000 6910617000 204871000 331600000 -536261000 6910827000 525653000 0 0 0 525653000 151997000 0 0 0 151997000 6407779000 281323000 141226000 -416951000 6413377000 15234112000 453246000 2886186000 -457216000 18116328000 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     U-Haul Holding Company 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     U-Haul Holding Company Consolidated                             (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   –   –   –   –     – Voting 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 stock in treasury, net   (525,653)   –   –   –     (525,653) Cost of preferred stock 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     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     U-Haul Holding Company     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 900,209 $ – $ – $ (1,390) (c) $ 898,819 Self-storage revenues   190,483   –   –   –     190,483 Self-moving and self-storage products and service sales   74,851   –   –   –     74,851 Property management fees   10,080   –   –   –     10,080 Life insurance premiums   –   –   24,399   –     24,399 Property and casualty insurance premiums   –   26,852   –   – (c)   26,852 Net investment and interest income   24,450   1,614   27,230   (1,000) (b)   52,294 Other revenue   96,334   –   1,333   (109) (b)   97,558 Total revenues   1,296,407   28,466   52,962   (2,499)     1,375,336                         Costs and expenses:                       Operating expenses   718,067   11,790   5,109   (1,497) (b,c)   733,469 Commission expenses   95,980   –   –   –     95,980 Cost of sales   54,616   –   –   –     54,616 Benefits and losses   –   5,737   35,635   –     41,372 Amortization of deferred policy acquisition costs   –   –   6,979   –     6,979 Lease expense   8,302   93   26   (629) (b)   7,792 Depreciation, net of gains on disposal   113,866   –   –   –     113,866 Net losses on disposal of real estate   859   –   –   –     859 Total costs and expenses   991,690   17,620   47,749   (2,126)     1,054,933                         Earnings from operations before equity in earnings of subsidiaries   304,717   10,846   5,213   (373)     320,403                         Equity in earnings of subsidiaries   12,699   –   –   (12,699) (d)   –                         Earnings from operations   317,416   10,846   5,213   (13,072)     320,403 Other components of net periodic benefit costs   (304)   –   –   –     (304) Interest expense   (59,294)   –   (120)   373 (b)   (59,041) Fees on early extinguishment of debt   (50)   –   –   –     (50) Pretax earnings   257,768   10,846   5,093   (12,699)     261,008 Income tax expense   (58,524)   (2,167)   (1,073)   –     (61,764) Earnings available to common stockholders $ 199,244 $ 8,679 $ 4,020 $ (12,699)   $ 199,244                         (a) Balances for the quarter ended September 30, 2022                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries             900209000 0 0 -1390000 898819000 190483000 0 0 0 190483000 74851000 0 0 0 74851000 10080000 0 0 0 10080000 0 0 24399000 0 24399000 0 26852000 0 0 26852000 24450000 1614000 27230000 -1000000 52294000 96334000 0 1333000 -109000 97558000 1296407000 28466000 52962000 -2499000 1375336000 718067000 11790000 5109000 -1497000 733469000 95980000 0 0 0 95980000 54616000 0 0 0 54616000 0 5737000 35635000 0 41372000 0 0 6979000 0 6979000 8302000 93000 26000 -629000 7792000 113866000 0 0 0 113866000 859000 0 0 0 859000 991690000 17620000 47749000 -2126000 1054933000 304717000 10846000 5213000 -373000 320403000 12699000 0 0 -12699000 0 317416000 10846000 5213000 -13072000 320403000 304000 0 0 0 304000 59294000 0 120000 -373000 59041000 50000 0 0 0 50000 257768000 10846000 5093000 -12699000 261008000 58524000 2167000 1073000 0 61764000 199244000 8679000 4020000 -12699000 199244000     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     U-Haul Holding Company     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 977,052 $ – $ – $ (1,500) (c) $ 975,552 Self-storage revenues   159,424   –   –   –     159,424 Self-moving and self-storage products and service sales   75,402   –   –   –     75,402 Property management fees   9,651   –   –   –     9,651 Life insurance premiums   –   –   27,010   –     27,010 Property and casualty insurance premiums   –   26,477   –   (859) (c)   25,618 Net investment and interest income   666   3,343   28,182   (1,007) (b)   31,184 Other revenue   99,385   –   1,225   (115) (b)   100,495 Total revenues   1,321,580   29,820   56,417   (3,481)     1,404,336                         Costs and expenses:                       Operating expenses   642,900   12,198   5,465   (2,468) (b,c)   658,095 Commission expenses   105,155   –   –   –     105,155 Cost of sales   57,042   –   –   –     57,042 Benefits and losses   –   7,892   39,374   –     47,266 Amortization of deferred policy acquisition costs   –   –   7,947   –     7,947 Lease expense   7,917   73   28   (624) (b)   7,394 Depreciation, net of gains on disposal   103,736   –   –   –     103,736 Net losses on disposal of real estate   977   –   –   –     977 Total costs and expenses   917,727   20,163   52,814   (3,092)     987,612                         Earnings from operations before equity in earnings of subsidiaries   403,853   9,657   3,603   (389)     416,724                         Equity in earnings of subsidiaries   10,403   –   –   (10,403) (d)   –                         Earnings from operations   414,256   9,657   3,603   (10,792)     416,724 Other components of net periodic benefit costs   (280)   –   –   –     (280) Interest expense   (44,311)   –   (120)   389 (b)   (44,042) Fees on early extinguishment of debt   (956)   –   –   –     (956) Pretax earnings   368,709   9,657   3,483   (10,403)     371,446 Income tax expense   (87,243)   (2,027)   (710)   –     (89,980) Earnings available to common stockholders $ 281,466 $ 7,630 $ 2,773 $ (10,403)   $ 281,466                         (a) Balances for the quarter ended September 30, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries            977052000 0 0 -1500000 975552000 159424000 0 0 0 159424000 75402000 0 0 0 75402000 9651000 0 0 0 9651000 0 0 27010000 0 27010000 0 26477000 0 -859000 25618000 666000 3343000 28182000 -1007000 31184000 99385000 0 1225000 -115000 100495000 1321580000 29820000 56417000 -3481000 1404336000 642900000 12198000 5465000 -2468000 658095000 105155000 0 0 0 105155000 57042000 0 0 0 57042000 0 7892000 39374000 0 47266000 0 0 7947000 0 7947000 7917000 73000 28000 -624000 7394000 103736000 0 0 0 103736000 977000 0 0 0 977000 917727000 20163000 52814000 -3092000 987612000 403853000 9657000 3603000 -389000 416724000 10403000 0 0 -10403000 0 414256000 9657000 3603000 -10792000 416724000 280000 0 0 0 280000 44311000 0 120000 -389000 44042000 956000 0 0 0 956000 368709000 9657000 3483000 -10403000 371446000 87243000 2027000 710000 0 89980000 281466000 7630000 2773000 -10403000 281466000     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     U-Haul Holding Company     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,155,295 $ – $ – $ (3,676) (c) $ 3,151,619 Self-storage revenues   549,246   –   –   –     549,246 Self-moving and self-storage products and service sales   281,066   –   –   –     281,066 Property management fees   28,496   –   –   –     28,496 Life insurance premiums   –   –   75,636   –     75,636 Property and casualty insurance premiums   –   73,642   –   (1,100) (c)   72,542 Net investment and interest income   44,467   1,269   73,659   (3,019) (b)   116,376 Other revenue   398,293   –   3,466   (700) (b)   401,059 Total revenues   4,456,863   74,911   152,761   (8,495)     4,676,040                         Costs and expenses:                       Operating expenses   2,234,359   33,560   15,776   (5,465) (b,c)   2,278,230 Commission expenses   339,814   –   –   –     339,814 Cost of sales   206,912   –   –   –     206,912 Benefits and losses   –   16,191   106,644   –     122,835 Amortization of deferred policy acquisition costs   –   –   21,623   –     21,623 Lease expense   24,483   277   80   (1,889) (b)   22,951 Depreciation, net of gains on disposal   344,980   –   –   –     344,980 Net losses on disposal of real estate   5,038   –   –   –     5,038 Total costs and expenses   3,155,586   50,028   144,123   (7,354)     3,342,383                         Earnings from operations before equity in earnings of subsidiaries   1,301,277   24,883   8,638   (1,141)     1,333,657                         Equity in earnings of subsidiaries   26,420   –   –   (26,420) (d)   –                         Earnings from operations   1,327,697   24,883   8,638   (27,561)     1,333,657 Other components of net periodic benefit costs   (912)   –   –   –     (912) Interest expense   (166,814)   –   (360)   1,141 (b)   (166,033) Fees on early extinguishment of debt   (1,009)   –   –   –     (1,009) Pretax earnings   1,158,962   24,883   8,278   (26,420)     1,165,703 Income tax expense   (273,701)   (5,089)   (1,652)   –     (280,442) Earnings available to common stockholders $ 885,261 $ 19,794 $ 6,626 $ (26,420)   $ 885,261                         (a) Balances for the nine months ended September 30, 2022                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries             3155295000 0 0 -3676000 3151619000 549246000 0 0 0 549246000 281066000 0 0 0 281066000 28496000 0 0 0 28496000 0 0 75636000 0 75636000 0 73642000 0 -1100000 72542000 44467000 1269000 73659000 -3019000 116376000 398293000 0 3466000 -700000 401059000 4456863000 74911000 152761000 -8495000 4676040000 2234359000 33560000 15776000 -5465000 2278230000 339814000 0 0 0 339814000 206912000 0 0 0 206912000 0 16191000 106644000 0 122835000 0 0 21623000 0 21623000 24483000 277000 80000 -1889000 22951000 344980000 0 0 0 344980000 5038000 0 0 0 5038000 3155586000 50028000 144123000 -7354000 3342383000 1301277000 24883000 8638000 -1141000 1333657000 26420000 0 0 -26420000 0 1327697000 24883000 8638000 -27561000 1333657000 912000 0 0 0 912000 166814000 0 360000 -1141000 166033000 1009000 0 0 0 1009000 1158962000 24883000 8278000 -26420000 1165703000 273701000 5089000 1652000 0 280442000 885261000 19794000 6626000 -26420000 885261000     Moving & Storage   Property & Casualty Insurance (a)   Life   Eliminations     U-Haul Holding Company     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 3,193,594 $ – $ – $ (3,604) (c) $ 3,189,990 Self-storage revenues   450,302   –   –   –     450,302 Self-moving and self-storage products and service sales   272,478   –   –   –     272,478 Property management fees   26,847   –   –   –     26,847 Life insurance premiums   –   –   84,628   –     84,628 Property and casualty insurance premiums   –   67,277   –   (2,291) (c)   64,986 Net investment and interest income   2,021   15,538   88,448   (3,044) (b)   102,963 Other revenue   346,591   –   2,985   (324) (b)   349,252 Total revenues   4,291,833   82,815   176,061   (9,263)     4,541,446                         Costs and expenses:                       Operating expenses   1,927,060   31,779   16,063   (6,204) (b,c)   1,968,698 Commission expenses   346,200   –   –   –     346,200 Cost of sales   193,448   –   –   –     193,448 Benefits and losses   –   16,679   122,515   –     139,194 Amortization of deferred policy acquisition costs   –   –   23,520   –     23,520 Lease expense   24,018   279   81   (1,896) (b)   22,482 Depreciation, net of gains on disposal   361,201   –   –   –     361,201 Net gains on disposal of real estate   (2,930)   –   –   –     (2,930) Total costs and expenses   2,848,997   48,737   162,179   (8,100)     3,051,813                         Earnings from operations before equity in earnings of subsidiaries   1,442,836   34,078   13,882   (1,163)     1,489,633                         Equity in earnings of subsidiaries   37,811   –   –   (37,811) (d)   –                         Earnings from operations   1,480,647   34,078   13,882   (38,974)     1,489,633 Other components of net periodic benefit costs   (840)   –   –   –     (840) Interest expense   (123,568)   –   (360)   1,163 (b)   (122,765) Fees on early extinguishment of debt   (956)   –   –   –     (956) Pretax earnings   1,355,283   34,078   13,522   (37,811)     1,365,072 Income tax expense   (318,744)   (7,133)   (2,656)   –     (328,533) Earnings available to common stockholders $ 1,036,539 $ 26,945 $ 10,866 $ (37,811)   $ 1,036,539                         (a) Balances for the nine months ended September 30, 2021                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries            3193594000 0 0 -3604000 3189990000 450302000 0 0 0 450302000 272478000 0 0 0 272478000 26847000 0 0 0 26847000 0 0 84628000 0 84628000 0 67277000 0 -2291000 64986000 2021000 15538000 88448000 -3044000 102963000 346591000 0 2985000 -324000 349252000 4291833000 82815000 176061000 -9263000 4541446000 1927060000 31779000 16063000 -6204000 1968698000 346200000 0 0 0 346200000 193448000 0 0 0 193448000 0 16679000 122515000 0 139194000 0 0 23520000 0 23520000 24018000 279000 81000 -1896000 22482000 361201000 0 0 0 361201000 -2930000 0 0 0 -2930000 2848997000 48737000 162179000 -8100000 3051813000 1442836000 34078000 13882000 -1163000 1489633000 37811000 0 0 -37811000 0 1480647000 34078000 13882000 -38974000 1489633000 840000 0 0 0 840000 123568000 0 360000 -1163000 122765000 956000 0 0 0 956000 1355283000 34078000 13522000 -37811000 1365072000 318744000 7133000 2656000 0 328533000 1036539000 26945000 10866000 -37811000 1036539000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     U-Haul Holding Company Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   885,261 $   19,794 $   6,626 $   (26,420)   $   885,261 Earnings from consolidated entities   (26,420)   –   –   26,420     – Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   544,176   –   –   –     544,176 Amortization of deferred policy acquisition costs   –   –   21,623   –     21,623 Amortization of premiums and accretion of discounts related to investments, net   –   1,285   13,947   –     15,232 Amortization of debt issuance costs   5,694   –   –   –     5,694 Interest credited to policyholders   –   –   39,048   –     39,048 Provision for recoveries for losses on trade receivables, net   (4,470)   (147)   –   –     (4,617) Provision for allowance for inventories and parts reserve   6,991   –   –   –     6,991 Net gains on disposal of personal property   (199,196)   –   –   –     (199,196) Net losses on disposal of real estate   5,038   –   –   –     5,038 Net (gains) losses on sales of investments   –   (75)   8,770   –     8,695 Net losses on equity investments   –   10,906   –   –     10,906 Deferred income taxes, net   125,717   (1,594)   (2,416)   –     121,707 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   23,092   (752)   3,513   –     25,853 Inventories and parts   1,682   –   –   –     1,682 Prepaid expenses   7,867   –   –   –     7,867 Capitalization of deferred policy acquisition costs   –   –   (20,406)   –     (20,406) Other assets   3,291   122   (730)   –     2,683 Related party assets   (29,478)   2,703   –   –     (26,775) Accounts payable and accrued expenses   61,253   2,096   (919)   –     62,430 Policy benefits and losses, claims and loss expenses payable   13,299   (4,120)   (5,689)   –     3,490 Other policyholders' funds and liabilities   –   633   1,134   –     1,767 Deferred income   (4,013)   –   1,845   –     (2,168) Related party liabilities   (799)   (617)   115   –     (1,301) Net cash provided by operating activities   1,418,985   30,234   66,461   –     1,515,680                         Cash flows from investing activities:                       Escrow deposits   159   –   –   –     159 Purchases of:                       Property, plant and equipment   (2,079,490)   –   –   3,066     (2,076,424) Short term investments   –   (49,429)   (372)   –     (49,801) Fixed maturities investments   (224,999)   (42,039)   (224,393)   –     (491,431) Equity securities   –   (3,177)   (1,651)   –     (4,828) Preferred stock   –   –   –   –     – Real estate   (2,677)   (4,920)   (257)   –     (7,854) Mortgage loans   –   (23,337)   (124,680)   –     (148,017) Proceeds from sales and paydowns of:                       Property, plant and equipment   533,595   –   –   –     533,595 Short term investments   –   67,062   –   –     67,062 Fixed maturities investments   –   17,938   130,352   –     148,290 Equity securities   –   1,181   6   –     1,187 Real estate   –   –   3,066   (3,066)     – Mortgage loans   –   16,192   140,100   –     156,292 Net cash used by investing activities $   (1,773,412) $   (20,529) $   (77,829) $   –   $   (1,871,770)     (page 1 of 2) (a) Balance for the period ended September 30, 2022                       Consolidating cash flow statements by industry segment for the nine months ended December 31, 2022 are as follows:     Moving & Storage   Property & Casualty   Life   Elimination     U-Haul Holding Company     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities $   975,966 $   – $   – $   –   $   975,966 Principal repayments on credit facilities   (695,321)   –   –   –     (695,321) Payments of debt issuance costs   (4,962)   –   –   –     (4,962) Finance lease payments   (95,290)   –   –   –     (95,290) Securitization deposits   137   –   –   –     137 Voting Common Stock dividends paid   (19,608)   –   –   –     (19,608) Non-Voting Common Stock dividends paid   (7,059)   –   –   –     (7,059) Investment contract deposits   –   –   258,157   –     258,157 Investment contract withdrawals   –   –   (236,742)   –     (236,742) Net cash provided by financing activities   153,863   –   21,415   –     175,278                         Effects of exchange rate on cash   (12,706)   –   –   –     (12,706)                         Increase (decrease) in cash and cash equivalents   (213,270)   9,705   10,047   –     (193,518) 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 $   2,429,943 $   20,505 $   60,171 $   –   $   2,510,619     (page 2 of 2) (a) Balance for the period ended September 30, 2022            885261000 19794000 6626000 -26420000 885261000 26420000 0 0 -26420000 0 544176000 0 0 0 544176000 0 0 21623000 0 21623000 0 1285000 13947000 0 15232000 5694000 0 0 0 5694000 0 0 39048000 0 39048000 -4470000 -147000 0 0 -4617000 6991000 0 0 0 6991000 199196000 0 0 0 199196000 5038000 0 0 0 5038000 0 75000 -8770000 0 -8695000 0 10906000 0 0 10906000 125717000 -1594000 -2416000 0 121707000 -23092000 752000 -3513000 0 -25853000 -1682000 0 0 0 -1682000 -7867000 0 0 0 -7867000 0 0 20406000 0 20406000 -3291000 -122000 730000 0 -2683000 29478000 -2703000 0 0 26775000 61253000 2096000 -919000 0 62430000 13299000 -4120000 -5689000 0 3490000 0 633000 1134000 0 1767000 -4013000 0 1845000 0 -2168000 -799000 -617000 115000 0 -1301000 1418985000 30234000 66461000 0 1515680000 -159000 0 0 0 -159000 2079490000 0 0 -3066000 2076424000 0 49429000 372000 0 49801000 224999000 42039000 224393000 0 491431000 0 3177000 1651000 0 4828000 0 0 0 0 0 2677000 4920000 257000 0 7854000 0 23337000 124680000 0 148017000 533595000 0 0 0 533595000 0 67062000 0 0 67062000 0 17938000 130352000 0 148290000 0 1181000 6000 0 1187000 0 0 3066000 -3066000 0 0 16192000 140100000 0 156292000 -1773412000 -20529000 -77829000 0 -1871770000 975966000 0 0 0 975966000 695321000 0 0 0 695321000 4962000 0 0 0 4962000 95290000 0 0 0 95290000 -137000 0 0 0 -137000 19608000 0 0 0 19608000 7059000 0 0 0 7059000 0 0 258157000 0 258157000 0 0 236742000 0 236742000 153863000 0 21415000 0 175278000 -12706000 0 0 0 -12706000 -213270000 9705000 10047000 0 -193518000 2643213000 10800000 50124000 0 2704137000 2429943000 20505000 60171000 0 2510619000     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Elimination     U-Haul Holding Company Consolidated     (Unaudited) Cash flows from operating activities:   (In thousands) Net earnings $   1,036,539 $   26,945 $   10,866 $   (37,811)   $   1,036,539 Earnings from consolidated entities   (37,811)   –   –   37,811     – Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   519,181   –   –   –     519,181 Amortization of deferred policy acquisition costs   –   –   23,520   –     23,520 Amortization of premiums and accretion of discounts related to investments, net   –   1,326   13,160   –     14,486 Amortization of debt issuance costs   4,200   –   –   –     4,200 Interest credited to policyholders   –   –   47,181   –     47,181 Provision for allowance (recoveries) for losses on trade receivables, net   1,413   (174)   4   –     1,243 Provision for allowance for inventories and parts reserve   9,799   –   –   –     9,799 Net gains on disposal of personal property   (157,980)   –   –   –     (157,980) Net gains on disposal of real estate   (2,930)   –   –   –     (2,930) Net gains on sales of investments   –   (223)   (3,272)   –     (3,495) Net gains on equity investments   –   (3,695)   –   –     (3,695) Deferred income taxes, net   134,541   763   (4,544)   –     130,760 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (10,403)   1,567   1,465   –     (7,371) Inventories and parts   (70,796)   –   –   –     (70,796) Prepaid expenses   257,591   –   –   –     257,591 Capitalization of deferred policy acquisition costs   –   –   (25,703)   –     (25,703) Other assets   1,213   72   (107)   –     1,178 Related party assets   (17,870)   (813)   –   –     (18,683) Accounts payable and accrued expenses   30,634   1,659   965   –     33,258 Policy benefits and losses, claims and loss expenses payable   1,172   (1,987)   7,226   –     6,411 Other policyholders' funds and liabilities   –   61   (2,871)   –     (2,810) Deferred income   687   –   (1,213)   –     (526) Related party liabilities   (267)   (2,414)   474   –     (2,207) Net cash provided by operating activities   1,698,913   23,087   67,151   –     1,789,151                         Cash flows from investing activities:                       Escrow deposits   5,695   –   –   –     5,695 Purchases of:                       Property, plant and equipment   (1,652,984)   –   –   –     (1,652,984) Short term investments   –   (31,074)   –   –     (31,074) Fixed maturities investments   –   (7,749)   (440,534)   –     (448,283) Equity securities   –   –   (1,380)   –     (1,380) Preferred stock   –   –   (8,000)   –     (8,000) Real estate   (33)   –   (157)   –     (190) Mortgage loans   –   (19,132)   (112,501)   –     (131,633) Proceeds from sales and paydowns of:                       Property, plant and equipment   483,783   –   –   –     483,783 Short term investments   –   20,608   61   –     20,669 Fixed maturities investments   –   13,816   270,531   –     284,347 Equity securities   –   –   2,026   –     2,026 Preferred stock   –   2,000   –   –     2,000 Mortgage loans   –   851   27,213   –     28,064 Net cash used by investing activities $   (1,163,539) $   (20,680) $   (262,741) $   –   $   (1,446,960)     (page 1 of 2) (a) Balance for the period ended September 30, 2021                       Consolidating cash flow statements by industry segment for the nine months ended December 31, 2021 are as follows:       Moving & Storage   Property &   Life   Elimination     U-Haul Holding Company     (Unaudited) Cash flows from financing activities:   (In thousands) Borrowings from credit facilities $   1,202,412 $   – $   – $   –   $   1,202,412 Principal repayments on credit facilities   (322,232)   –   (11,187)   –     (333,419) Payment of debt issuance costs   (8,006)   –   –   –     (8,006) Finance lease payments   (129,150)   –   –   –     (129,150) Voting Common Stock dividends paid   (29,412)   –   –   –     (29,412) Investment contract deposits   –   –   271,657   –     271,657 Investment contract withdrawals   –   –   (177,777)   –     (177,777) Net cash provided by financing activities   713,612   –   82,693   –     796,305                         Effects of exchange rate on cash   (5,046)   –   –   –     (5,046)                         Increase (decrease) in cash and cash equivalents   1,243,940   2,407   (112,897)   –     1,133,450 Cash and cash equivalents at beginning of period   1,010,275   5,658   178,079   –     1,194,012 Cash and cash equivalents at end of period $   2,254,215 $   8,065 $   65,182 $   –   $   2,327,462     (page 2 of 2) (a) Balance for the period ended September 30, 2021            1036539000 26945000 10866000 -37811000 1036539000 37811000 0 0 -37811000 0 519181000 0 0 0 519181000 0 0 23520000 0 23520000 0 1326000 13160000 0 14486000 4200000 0 0 0 4200000 0 0 47181000 0 47181000 1413000 -174000 4000 0 1243000 9799000 0 0 0 9799000 157980000 0 0 0 157980000 -2930000 0 0 0 -2930000 0 223000 3272000 0 3495000 0 -3695000 0 0 -3695000 134541000 763000 -4544000 0 130760000 10403000 -1567000 -1465000 0 7371000 70796000 0 0 0 70796000 -257591000 0 0 0 -257591000 0 0 25703000 0 25703000 -1213000 -72000 107000 0 -1178000 17870000 813000 0 0 18683000 30634000 1659000 965000 0 33258000 1172000 -1987000 7226000 0 6411000 0 61000 -2871000 0 -2810000 687000 0 -1213000 0 -526000 -267000 -2414000 474000 0 -2207000 1698913000 23087000 67151000 0 1789151000 -5695000 0 0 0 -5695000 1652984000 0 0 0 1652984000 0 31074000 0 0 31074000 0 7749000 440534000 0 448283000 0 0 1380000 0 1380000 0 0 8000000 0 8000000 33000 0 157000 0 190000 0 19132000 112501000 0 131633000 483783000 0 0 0 483783000 0 20608000 61000 0 20669000 0 13816000 270531000 0 284347000 0 0 2026000 0 2026000 0 2000000 0 0 2000000 0 851000 27213000 0 28064000 -1163539000 -20680000 -262741000 0 -1446960000 1202412000 0 0 0 1202412000 322232000 0 11187000 0 333419000 8006000 0 0 0 8006000 129150000 0 0 0 129150000 29412000 0 0 0 29412000 0 0 271657000 0 271657000 0 0 177777000 0 177777000 713612000 0 82693000 0 796305000 -5046000 0 0 0 -5046000 1243940000 2407000 -112897000 0 1133450000 1010275000 5658000 178079000 0 1194012000 2254215000 8065000 65182000 0 2327462000 12. Industry Segment and Geographic Area Data     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended December 31, 2022             Total revenues $ 1,311,117 $ 64,219 $ 1,375,336 Depreciation and amortization, net of (gains) on disposal   119,864   1,840   121,704 Interest expense   58,367   674   59,041 Pretax earnings   253,778   7,230   261,008 Income tax expense   59,774   1,990   61,764 Identifiable assets   17,473,785   642,543   18,116,328               Quarter Ended December 31, 2021             Total revenues $ 1,334,131 $ 70,205 $ 1,404,336 Depreciation and amortization, net of (gains) on disposal   110,383   2,277   112,660 Interest expense   43,140   902   44,042 Pretax earnings   360,449   10,997   371,446 Income tax expense   87,135   2,845   89,980 Identifiable assets   16,077,571   510,507   16,588,078       United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2022             Total revenues $ 4,431,570 $ 244,470 $ 4,676,040 Depreciation and amortization, net of (gains) on disposal   365,585   6,056   371,641 Interest expense   163,792   2,241   166,033 Pretax earnings   1,127,685   38,018   1,165,703 Income tax expense   270,641   9,801   280,442 Identifiable assets   17,473,785   642,543   18,116,328               Nine Months Ended December 31, 2021             Total revenues $ 4,307,322 $ 234,124 $ 4,541,446 Depreciation and amortization, net of (gains) on disposal   379,989   1,802   381,791 Interest expense   119,856   2,909   122,765 Pretax earnings   1,320,056   45,016   1,365,072 Income tax expense   317,057   11,476   328,533 Identifiable assets   16,077,571   510,507   16,588,078     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Quarter Ended December 31, 2022             Total revenues $ 1,311,117 $ 64,219 $ 1,375,336 Depreciation and amortization, net of (gains) on disposal   119,864   1,840   121,704 Interest expense   58,367   674   59,041 Pretax earnings   253,778   7,230   261,008 Income tax expense   59,774   1,990   61,764 Identifiable assets   17,473,785   642,543   18,116,328               Quarter Ended December 31, 2021             Total revenues $ 1,334,131 $ 70,205 $ 1,404,336 Depreciation and amortization, net of (gains) on disposal   110,383   2,277   112,660 Interest expense   43,140   902   44,042 Pretax earnings   360,449   10,997   371,446 Income tax expense   87,135   2,845   89,980 Identifiable assets  16,077,571   510,507   16,588,078 1311117000 64219000 1375336000 119864000 1840000 121704000 58367000 674000 59041000 253778000 7230000 261008000 59774000 1990000 61764000 17473785000 642543000 18116328000 1334131000 70205000 1404336000 110383000 2277000 112660000 43140000 902000 44042000 360449000 10997000 371446000 87135000 2845000 89980000 16077571000 510507000 16588078000     United States   Canada   Consolidated     (Unaudited)     (All amounts are in thousands of U.S. $'s) Nine Months Ended December 31, 2022             Total revenues $ 4,431,570 $ 244,470 $ 4,676,040 Depreciation and amortization, net of (gains) on disposal   365,585   6,056   371,641 Interest expense   163,792   2,241   166,033 Pretax earnings   1,127,685   38,018   1,165,703 Income tax expense   270,641   9,801   280,442 Identifiable assets   17,473,785   642,543   18,116,328               Nine Months Ended December 31, 2021             Total revenues $ 4,307,322 $ 234,124 $ 4,541,446 Depreciation and amortization, net of (gains) on disposal   379,989   1,802   381,791 Interest expense   119,856   2,909   122,765 Pretax earnings   1,320,056   45,016   1,365,072 Income tax expense   317,057   11,476   328,533 Identifiable assets  16,077,571   510,507   16,588,078 4431570000 244470000 4676040000 365585000 6056000 371641000 163792000 2241000 166033000 1127685000 38018000 1165703000 270641000 9801000 280442000 17473785000 642543000 18116328000 4307322000 234124000 4541446000 379989000 1802000 381791000 119856000 2909000 122765000 1320056000 45016000 1365072000 317057000 11476000 328533000 16077571000 510507000 16588078000 13. Employee Benefit Plans The components of the net periodic benefit costs with respect to postretirement benefits were as follows:     Quarter Ended December 31,     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       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 995 $   1,051 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   861   681 Other components   51   159 Total other components of net periodic benefit costs   912   840 Net periodic postretirement benefit cost $ 1,907 $   1,891 The components of the net periodic benefit costs with respect to postretirement benefits were as follows:     Quarter Ended December 31,     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     Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Service cost for benefits earned during the period $ 995 $   1,051 Other components of net periodic benefit costs:         Interest cost on accumulated postretirement benefit   861   681 Other components   51   159 Total other components of net periodic benefit costs   912   840 Net periodic postretirement benefit cost$ 1,907 $  1,891 995000 1051000 861000 681000 51000 159000 912000 840000 1907000 1891000 14. 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 December 31, 2022   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,182 $ – $ – $ 208,182 $ 208,182 Mortgage loans, net   414,886   –   –   414,886   393,980 Other investments   103,569   –   –   103,569   103,569 Total $ 726,637 $ – $ – $ 726,637 $ 705,731                                             Liabilities                     Notes, loans and finance leases payable $ 6,236,822 $ – $ 6,236,822 $ – $ 5,813,962 Total $ 6,236,822 $ – $ 6,236,822 $ – $ 5,813,962           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 December 31, 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 December 31, 2022   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,193,606 $ 2,193,606 $ – $ – Fixed maturities - available for sale   2,663,528   249,161   2,414,275   92 Preferred stock   22,054   22,054   –   – Common stock   37,619   37,619   –   – Derivatives   10,388   2,182   8,206   – Total $ 4,927,195 $ 2,504,622 $ 2,422,481 $ 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 December 31, 2022 and March 31, 2022.     Fair Value Hierarchy     Carrying               Total Estimated As of December 31, 2022   Value   Level 1   Level 2   Level 3   Fair Value     (Unaudited) Assets   (In thousands) Reinsurance recoverables and trade receivables, net $ 208,182 $ – $ – $ 208,182 $ 208,182 Mortgage loans, net   414,886   –   –   414,886   393,980 Other investments   103,569   –   –   103,569   103,569 Total $ 726,637 $ – $ – $ 726,637 $ 705,731                                             Liabilities                     Notes, loans and finance leases payable $ 6,236,822 $ – $ 6,236,822 $ – $ 5,813,962 Total$ 6,236,822 $ – $ 6,236,822 $ – $ 5,813,962 208182000 0 0 208182000 208182000 414886000 0 0 414886000 393980000 103569000 0 0 103569000 103569000 726637000 0 0 726637000 705731000 6236822000 0 6236822000 0 5813962000 6236822000 0 6236822000 0 5813962000     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 December 31, 2022   Total   Level 1   Level 2   Level 3     (Unaudited) Assets   (In thousands) Short-term investments $ 2,193,606 $ 2,193,606 $ – $ – Fixed maturities - available for sale   2,663,528   249,161   2,414,275   92 Preferred stock   22,054   22,054   –   – Common stock   37,619   37,619   –   – Derivatives   10,388   2,182   8,206   – Total $ 4,927,195 $ 2,504,622 $ 2,422,481 $ 92                                     Liabilities                 Derivatives $ – $ – $ – $ – Total$ – $ – $ – $ – 2193606000 2193606000 0 0 2663528000 249161000 2414275000 92000 22054000 22054000 0 0 37619000 37619000 0 0 10388000 2182000 8206000 0 4927195000 2504622000 2422481000 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 15. Revenue Recognition Revenue Recognized in Accordance with Topic 606 ASC Topic 606, Revenue from Contracts with Customers (Topic 606), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets or liabilities as of December 31, 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 third 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 8, Leases, of the Notes to the Condensed Consolidated Financial Statements. Self-moving rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven. Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year. Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days. We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:     Year Ending December 31,     2023   2024   2025   2026   2027   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 5,724 $ – $ – $ – $ – $ – Property lease revenues   20,136   12,290   9,403   7,634   5,095   39,749 Total $ 25,860 $ 12,290 $ 9,403 $ 7,634 $ 5,095 $ 39,749   The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases. Revenue Recognized in Accordance with Other Topics Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in force. Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned. Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date. In the following tables, revenue is disaggregated by timing of revenue recognition:     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   69,797 $   73,785 Revenues recognized at a point in time:   92,698   90,763 Total revenues recognized under ASC 606   162,495   164,548           Revenues recognized under ASC 842   1,110,247   1,154,751 Revenues recognized under ASC 944   50,300   53,853 Revenues recognized under ASC 320   52,294   31,184 Total revenues $   1,375,336 $   1,404,336       Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   300,082 $   261,638 Revenues recognized at a point in time:   338,019   322,405 Total revenues recognized under ASC 606   638,101   584,043           Revenues recognized under ASC 842   3,772,203   3,701,695 Revenues recognized under ASC 944   149,360   152,745 Revenues recognized under ASC 320   116,376   102,963 Total revenues $   4,676,040 $   4,541,446 In the above tables, 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.     Year Ending December 31,     2023   2024   2025   2026   2027   Thereafter     (Unaudited)     (In thousands)                           Self-moving equipment rentals $ 5,724 $ – $ – $ – $ – $ – Property lease revenues   20,136   12,290   9,403   7,634   5,095   39,749 Total$ 25,860 $ 12,290 $ 9,403 $ 7,634 $ 5,095 $ 39,749 5724000 0 0 0 0 0 20136000 12290000 9403000 7634000 5095000 39749000 25860000 12290000 9403000 7634000 5095000 39749000     Quarter Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   69,797 $   73,785 Revenues recognized at a point in time:   92,698   90,763 Total revenues recognized under ASC 606   162,495   164,548           Revenues recognized under ASC 842   1,110,247   1,154,751 Revenues recognized under ASC 944   50,300   53,853 Revenues recognized under ASC 320   52,294   31,184 Total revenues$  1,375,336 $  1,404,336 69797000 73785000 92698000 90763000 162495000 164548000 1110247000 1154751000 50300000 53853000 52294000 31184000 1375336000 1404336000     Nine Months Ended December 31,     2022   2021     (Unaudited)     (In thousands)           Revenues recognized over time: $   300,082 $   261,638 Revenues recognized at a point in time:   338,019   322,405 Total revenues recognized under ASC 606   638,101   584,043           Revenues recognized under ASC 842   3,772,203   3,701,695 Revenues recognized under ASC 944   149,360   152,745 Revenues recognized under ASC 320   116,376   102,963 Total revenues$  4,676,040 $  4,541,446 300082000 261638000 338019000 322405000 638101000 584043000 3772203000 3701695000 149360000 152745000 116376000 102963000 4676040000 4541446000 16. Allowance for Credit Losses Trade Receivables Moving and Storage has two ( 2 ) primary components of trade receivables, receivables from corporate customers and credit card receivables from 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 corporate customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4 % and 6 % as of December 31, 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 December 31, 2022, was $ 4.0 million. Accrued Interest Receivable Accrued interest receivables on available for sale securities totaled $ 29.6 million as of September 30, 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 write 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 September 30, 2022 which is immaterial based on historical loss experience and high credit rating of the reinsurers. Premium receivables Premium receivables   were $ 4.0 million as of September 30, 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 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses   4,228   (1,260)   –   2,968 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses   (4,630)   2,183   5   (2,442) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of December 31, 2022 $ 4,019   2,243 $ 506 $ 6,768 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. 0.04 0.06 4000000.0 29600000 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. 0.01 4000000.0     Allowance for Credit Losses     Trade Receivables   Investments, Fixed Maturities   Investments, other   Total     (Unaudited)     (In thousands) Balance as of March 31, 2021 $ 4,421 $ 1,320 $ 501 $ 6,242 Provision for (reversal of) credit losses   4,228   (1,260)   –   2,968 Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of March 31, 2022 $ 8,649 $ 60 $ 501 $ 9,210 Provision for (reversal of) credit losses   (4,630)   2,183   5   (2,442) Write-offs against allowance   –   –   –   – Recoveries   –   –   –   – Balance as of December 31, 2022$ 4,019   2,243 $ 506 $ 6,768 4421000 1320000 501000 6242000 4228000 -1260000 0 2968000 0 0 0 0 0 0 0 0 8649000 60000 501000 9210000 -4630000 2183000 5000 -2442000 0 0 0 0 0 0 0 0 4019000 2243000 506000 6768000 17.   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.