10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2023

or

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

For the transition period from __________________ to __________________

Commission File Number 001-11255

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

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

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

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

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

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

Large Accelerated Filer ☒   Accelerated Filer ☐ 

Non-accelerated Filer ☐  Smaller Reporting Company ☐

Emerging Growth Company ☐

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

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

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of November 3, 2023.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 3, 2023.

TABLE OF CONTENTS

		Page
	PART I FINANCIAL INFORMATION
Item 1.	Financial Statements
	a) Consolidated Balance Sheets as of September 30, 2023 and March 31, 2023 (unaudited)	1
	b) Consolidated Statements of Operations for the Quarters Ended September 30, 2023 and 2022 (unaudited)	2
	c) Consolidated Statements of Operations for the Six Months Ended September 30, 2023 and 2022 (unaudited)	3
	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2023 and 2022 (unaudited)	4
	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2023 and 2022 (unaudited)	5
	f) Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2023 and 2022 (unaudited)	6
	g) Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2023 and 2022 (unaudited)	7
	h) Notes to Consolidated Financial Statements (unaudited)	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	59
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	75
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	76
Item 1A.	Risk Factors	76
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	77
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	77
Item 6.	Exhibits	77

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	2,145,131	$	2,060,524
Reinsurance recoverables and trade receivables, net		212,565		189,498
Inventories and parts		161,535		151,474
Prepaid expenses		263,541		241,711
Investments, fixed maturities and marketable equities		2,534,164		2,770,394
Investments, other		650,151		575,540
Deferred policy acquisition costs, net		121,365		128,463
Other assets		52,769		51,052
Right of use assets - financing, net		377,733		474,765
Right of use assets - operating, net		65,316		58,917
Related party assets		40,140		48,308
		6,624,410		6,750,646
Property, plant and equipment, at cost:
Land		1,613,871		1,537,206
Buildings and improvements		7,649,849		7,088,810
Furniture and equipment		966,211		928,241
Rental trailers and other rental equipment		912,046		827,696
Rental trucks		5,921,507		5,278,340
		17,063,484		15,660,293
Less: Accumulated depreciation		(4,666,444)		(4,310,205)
Total property, plant and equipment, net		12,397,040		11,350,088
Total assets	$	19,021,450	$	18,100,734
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	757,988	$	761,039
Notes, loans and finance leases payable, net		6,400,899		6,108,042
Operating lease liabilities		64,580		58,373
Policy benefits and losses, claims and loss expenses payable		865,397		880,202
Liabilities from investment contracts		2,393,590		2,398,884
Other policyholders' funds and liabilities		7,677		8,232
Deferred income		56,821		52,282
Deferred income taxes, net		1,444,120		1,329,489
Total liabilities		11,991,072		11,596,543
Commitments and contingencies (notes 4 and 9)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized:
Series A preferred stock, with no par value, 6,100,000 shares authorized;
6,100,000 shares issued and none outstanding		–		–
Series B preferred stock, with no par value, 100,000 shares authorized; none
issued and outstanding		–		–
Serial common stock, with or without par value, 250,000,000 shares authorized:
Serial common stock of $0.25 par value, 10,000,000 shares authorized;
none issued and outstanding		–		–
Common stock, with $0.25 par value, 250,000,000 shares authorized:
Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700
issued and 19,607,788 outstanding		10,497		10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized
Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized;
176,470,092 shares issued and outstanding		176		176
Additional paid-in capital		453,643		453,643
Accumulated other comprehensive loss		(275,664)		(285,623)
Retained earnings		7,519,376		7,003,148
Cost of common stock in treasury, net (22,377,912 shares)		(525,653)		(525,653)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997)		(151,997)
Total stockholders' equity		7,030,378		6,504,191
Total liabilities and stockholders' equity	$	19,021,450	$	18,100,734

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

1

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,069,405	$	1,162,025
Self-storage revenues		208,890		185,586
Self-moving and self-storage products and service sales		91,571		96,864
Property management fees		9,267		9,277
Life insurance premiums		22,498		25,456
Property and casualty insurance premiums		25,571		25,718
Net investment and interest income		64,738		30,509
Other revenue		157,920		167,429
Total revenues		1,649,860		1,702,864
Costs and expenses:
Operating expenses		835,258		811,594
Commission expenses		111,961		125,341
Cost of sales		66,620		72,625
Benefits and losses		42,553		39,512
Amortization of deferred policy acquisition costs		6,826		6,972
Lease expense		8,450		7,684
Depreciation, net of gains on disposal ($46,803 and $64,342 respectively)		154,122		117,318
Net losses on disposal of real estate		1,715		1,872
Total costs and expenses		1,227,505		1,182,918
Earnings from operations		422,355		519,946
Other components of net periodic benefit costs		(364)		(304)
Interest expense		(63,943)		(57,193)
Fees on early extinguishment of debt		–		(959)
Pretax earnings		358,048		461,490
Income tax expense		(84,540)		(111,624)
Net earnings available to common stockholders	$	273,508	$	349,866
Basic and diluted earnings per share of Common Stock	$	1.36	$	2.23
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.40	$	1.73
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

Related party revenues for the second quarter of fiscal 2024 and 2023, net of eliminations, were $9.3 million and $9.3 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2024 and 2023, net of eliminations, were $25.6 million and $27.0 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

2

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	2,068,611	$	2,252,800
Self-storage revenues		407,851		358,763
Self-moving and self-storage products and service sales		192,443		206,215
Property management fees		18,444		18,416
Life insurance premiums		45,629		51,237
Property and casualty insurance premiums		45,893		45,690
Net investment and interest income		129,330		64,082
Other revenue		281,967		303,501
Total revenues		3,190,168		3,300,704
Costs and expenses:
Operating expenses		1,598,499		1,544,761
Commission expenses		218,888		243,834
Cost of sales		137,295		152,296
Benefits and losses		87,897		79,269
Amortization of deferred policy acquisition costs		14,871		14,644
Lease expense		16,033		15,159
Depreciation, net of gains on disposal ($102,464 and $128,690 respectively)		291,936		231,114
Net losses on disposal of real estate		2,736		4,179
Total costs and expenses		2,368,155		2,285,256
Earnings from operations		822,013		1,015,448
Other components of net periodic benefit costs		(729)		(608)
Interest expense		(124,541)		(106,992)
Fees on early extinguishment of debt		–		(959)
Pretax earnings		696,743		906,889
Income tax expense		(166,397)		(218,678)
Net earnings available to common stockholders	$	530,346	$	688,211
Basic and diluted earnings per common share	$	2.63	$	4.41
Weighted average common shares outstanding: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	2.71	$	3.41
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

Related party revenues for the first six months of fiscal 2024 and 2023, net of eliminations, were $18.4 million and $18.4 million, respectively.

Related party costs and expenses for the first six months of fiscal 2024 and 2023, net of eliminations, were $49.3 million and $52.5 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

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

3

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2023		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	358,048	$	(84,540)	$	273,508
Other comprehensive income (loss):
Foreign currency translation		(2,849)		–		(2,849)
Unrealized net loss on investments and impact of LFPB discount rates		(16,867)		3,570		(13,297)
Change in fair value of cash flow hedges		4,418		(1,085)		3,333
Amounts reclassified into earnings on hedging activities		(1,345)		330		(1,015)
Total other comprehensive income (loss)		(16,643)		2,815		(13,828)
Total comprehensive income	$	341,405	$	(81,725)	$	259,680
Quarter Ended September 30, 2022		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	461,490	$	(111,624)	$	349,866
Other comprehensive income (loss):
Foreign currency translation		(739)		–		(739)
Unrealized net loss on investments and impact of LFPB discount rates		(137,836)		29,392		(108,444)
Change in fair value of cash flow hedges		8,336		(2,047)		6,289
Amounts reclassified into earnings on hedging activities		24		(5)		19
Total other comprehensive income (loss)		(130,215)		27,340		(102,875)
Total comprehensive income	$	331,275	$	(84,284)	$	246,991

Six Months Ended September 30, 2023		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	696,743	$	(166,397)	$	530,346
Other comprehensive income (loss):
Foreign currency translation		(2,380)		–		(2,380)
Unrealized net gain on investments and impact of LFPB discount rates		8,676		(1,629)		7,047
Change in fair value of cash flow hedges		9,511		(2,336)		7,175
Amounts reclassified into earnings on hedging activities		(2,495)		612		(1,883)
Total other comprehensive income (loss)		13,312		(3,353)		9,959
Total comprehensive income	$	710,055	$	(169,750)	$	540,305
Six Months Ended September 30, 2022		Pre-tax		Tax		Net
		(Unaudited)
		(In thousands)
Comprehensive income:
Net earnings	$	906,889	$	(218,678)	$	688,211
Other comprehensive income (loss):
Foreign currency translation		(542)		–		(542)
Unrealized net loss on investments and impact of LFPB discount rates		(310,882)		66,056		(244,826)
Change in fair value of cash flow hedges		8,506		(2,089)		6,417
Amounts reclassified into earnings on hedging activities		590		(144)		446
Total other comprehensive income (loss)		(302,328)		63,823		(238,505)
Total comprehensive income	$	604,561	$	(154,855)	$	449,706

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

4

U-Haul Holding Company and consolidated subsidiaries

 consolidated statements of changes in stockholders’ equity

		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of June 30, 2023	$	10,497	$	176	$	453,643	$	(261,836)	$	7,252,927	$	(525,653)	$	(151,997)	$	6,777,757
Foreign currency translation		–		–		–		(2,849)		–		–		–		(2,849)
Unrealized net loss on investments and impact of LFPB discount rates, net of tax		–		–		–		(13,297)		–		–		–		(13,297)
Change in fair value of cash flow hedges, net of tax		–		–		–		3,333		–		–		–		3,333
Amounts reclassified into earnings on hedging activities		–		–		–		(1,015)		–		–		–		(1,015)
Net earnings		–		–		–		–		273,508		–		–		273,508
Series N Non-Voting Common Stock dividends: ($0.04 per share)		–		–		–		–		(7,059)		–		–		(7,059)
Net activity		–		–		–		(13,828)		266,449		–		–		252,621
Balance as of September 30, 2023	$	10,497	$	176	$	453,643	$	(275,664)	$	7,519,376	$	(525,653)		(151,997)	$	7,030,378
Balance as of June 30, 2022	$	10,497	$	–	$	453,819	$	(140,622)	$	6,440,942	$	(525,653)	$	(151,997)	$	6,086,986
Foreign currency translation		–		–		–		(739)		–		–		–		(739)
Unrealized net loss on investments and impact of LFPB discount rates, net of tax		–		–		–		(108,444)		–		–		–		(108,444)
Change in fair value of cash flow hedges, net of tax		–		–		–		6,289		–		–		–		6,289
Amounts reclassified into earnings on hedging activities		–		–		–		19		–		–		–		19
Net earnings		–		–		–		–		349,866		–		–		349,866
Common stock dividends: ($0.50 per share)		–		–		–		–		(9,804)		–		–		(9,804)
Net activity		–		–		–		(102,875)		340,062		–		–		237,187
Balance as of September 30, 2022	$	10,497	$	–	$	453,819	$	(243,497)	$	6,781,004	$	(525,653)	$	(151,997)	$	6,324,173

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

5

U-Haul Holding Company and consolidated subsidiaries

 consolidated statements of changes in stockholders’ equity

		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Less: Treasury Common Stock		Less: Treasury Preferred Stock		Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2023	$	10,497	$	176	$	453,643	$	(285,623)	$	7,003,148	$	(525,653)	$	(151,997)	$	6,504,191
Foreign currency translation		–		–		–		(2,380)		–		–		–		(2,380)
Unrealized net gain on investments and impact of LFPB discount rates, net of tax		–		–		–		7,047		–		–		–		7,047
Change in fair value of cash flow hedges, net of tax		–		–		–		7,175		–		–		–		7,175
Amounts reclassified into earnings on hedging activities		–		–		–		(1,883)		–		–		–		(1,883)
Net earnings		–		–		–		–		530,346		–		–		530,346
Series N Non-Voting Common Stock dividends: ($0.08)		–		–		–		–		(14,118)		–		–		(14,118)
Net activity		–		–		–		9,959		516,228		–		–		526,187
Balance as of September 30, 2023	$	10,497	$	176		453,643	$	(275,664)	$	7,519,376	$	(525,653)		(151,997)	$	7,030,378
Balance as of March 31, 2022	$	10,497	$	–	$	453,819	$	(4,992)	$	6,112,401	$	(525,653)	$	(151,997)	$	5,894,075
Foreign currency translation		–		–		–		(542)		–		–		–		(542)
Unrealized net loss on investments and impact of LFPB discount rates, net of tax		–		–		–		(244,826)		–		–		–		(244,826)
Change in fair value of cash flow hedges, net of tax		–		–		–		6,417		–		–		–		6,417
Amounts reclassified into earnings on hedging activities		–		–		–		446		–		–		–		446
Net earnings		–		–		–		–		688,211		–		–		688,211
Common stock dividends: ($1.00 per share)		–		–		–		–		(19,608)		–		–		(19,608)
Net activity		–		–		–		(238,505)		668,603		–		–		430,098
Balance as of September 30, 2022	$	10,497	$	–	$	453,819	$	(243,497)	$	6,781,004	$	(525,653)	$	(151,997)	$	6,324,173

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

6

U-Haul holding company AND CONSOLIDATED subsidiaries

 consolidatED statements of cash flows

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Cash flows from operating activities:
Net earnings	$	530,346	$	688,211
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		394,400		359,804
Amortization of deferred policy acquisition costs		14,871		14,644
Amortization of premiums and accretion of discounts related to investments, net		8,441		10,249
Amortization of debt issuance costs		3,427		3,356
Interest credited to policyholders		36,329		24,690
Provision for allowance (recoveries) for losses on trade receivables, net		578		(5,494)
Provision for allowance for inventories and parts reserves		3,461		7,125
Net gains on disposal of personal property		(102,464)		(128,690)
Net losses on disposal of real estate		2,736		4,179
Net (gains) losses on sales of investments		(917)		7,207
Net (gains) losses on equity securities		(2,745)		7,963
Deferred income taxes		107,751		103,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(23,402)		32,342
Inventories and parts		(13,520)		(14,416)
Prepaid expenses		(21,824)		3
Capitalization of deferred policy acquisition costs		(7,773)		(14,900)
Other assets and right-of-use assets operating, net		(8,751)		2,432
Related party assets		7,403		(1,640)
Accounts payable and accrued expenses		23,248		64,297
Policy benefits and losses, claims and loss expenses payable and operating lease liabilities		(18,553)		11,460
Other policyholders' funds and liabilities		(554)		1,314
Deferred income		4,115		9,458
Related party liabilities		828		742
Net cash provided by operating activities		937,431		1,188,164
Cash flows from investing activities:
Escrow deposits		573		9,688
Purchases of:
Property, plant and equipment		(1,664,387)		(1,335,528)
Short term investments		(44,903)		(36,173)
Fixed maturities investments		(106,777)		(202,265)
Equity securities		(309)		(4,356)
Real estate investments		(537)		(4,931)
Mortgage loans		(97,702)		(75,635)
Proceeds from sales and paydowns of:
Property, plant and equipment		408,279		329,611
Short term investments		15,959		33,373
Fixed maturities investments		389,216		106,527
Equity securities		300		717
Preferred stock		913		–
Mortgage loans		13,049		74,165
Net cash used by investing activities		(1,086,326)		(1,104,807)
Cash flows from financing activities:
Borrowings from credit facilities		704,960		792,654
Principal repayments on credit facilities		(351,893)		(441,019)
Payment of debt issuance costs		(4,018)		(3,942)
Finance lease payments		(59,752)		(65,831)
Securitization deposits		151		49
Common stock dividends paid		–		(19,608)
Series N Non-Voting Common Stock dividends paid		(14,118)		–
Investment contract deposits		132,630		169,017
Investment contract withdrawals		(174,256)		(139,917)
Net cash provided by financing activities		233,704		291,403
Effects of exchange rate on cash		(202)		(13,782)
Increase in cash and cash equivalents		84,607		360,978
Cash and cash equivalents at the beginning of period		2,060,524		2,704,137
Cash and cash equivalents at the end of period	$	2,145,131	$	3,065,115

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

7

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June 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 consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

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

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) noted below, the year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which include all disclosures required by GAAP. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements.  Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense.  Temporary differences create deferred tax assets and liabilities.  Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years which we have already recorded in our financial statements.  Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements.  We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the six months ended September 30, 2023 and 2022 was a provision of 23.9% and 24.17%, respectively.  Such rates differed from the Federal Statutory rate of 21.0% primarily due to state and local income taxes for both periods.

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.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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.

Accounting Policy Updates: 

The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of ASU 2018-12. Please refer to Note 17, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard.

Deferred Policy Acquisition Costs

Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts and are essential for the acquisition of new insurance business. Deferred acquisition costs (“DAC“) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (“VOBA“), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.

Policy Benefits and Losses, Claims and Loss Expenses Payable

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 83% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability

9

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of stockholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period expected cash flows.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in Accounting Standards Codification (“ASC“) 820, Fair Value Measurement. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC 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

10

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 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 quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarters Ended
		September 30,
		2023		2022
		(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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	26,645	$	34,006
Undistributed earnings per share of Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Voting Common Stock	$	–	$	0.50
Basic and diluted earnings per share of Voting Common Stock	$	1.36	$	2.23
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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	239,804	$	306,056
Undistributed earnings per share of Non-Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Non-Voting Common Stock	$	0.04	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.40	$	1.73

11

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For Six Months Ended
		September 30,
		2023		2022
		(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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	51,623	$	66,860
Undistributed earnings per share of Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Voting Common Stock	$	–	$	1.00
Basic and diluted earnings per share of Voting Common Stock	$	2.63	$	4.41
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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	464,605	$	601,743
Undistributed earnings per share of Non-Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Non-Voting Common Stock	$	0.08	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	2.71	$	3.41

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.2 million and $23.4 million as of September 30, 2023 and March 31, 2023, respectively.

12

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2023 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	172,987	$	335	$	(2,315)	$	(116)	$	–	$	170,891
U.S. government agency mortgage-backed securities		99,230		1		(3,703)		(5,009)		–		90,519
Obligations of states and political subdivisions		154,547		441		(4,261)		(5,064)		–		145,663
Corporate securities		1,817,003		983		(154,177)		(47,305)		(1,697)		1,614,807
Mortgage-backed securities		514,679		206		(40,394)		(24,243)		–		450,248
	$	2,758,446	$	1,966	$	(204,850)	$	(81,737)	$	(1,697)	$	2,472,128

Available-for-sale investments as of March 31, 2023 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(In thousands)
U.S. treasury securities and government obligations	$	353,189	$	3,061	$	(7,639)	$	(3,935)	$	–	$	344,676
U.S. government agency mortgage-backed securities		34,126		40		(6,707)		(228)		–		27,231
Obligations of states and political subdivisions		161,960		649		(4,014)		(8,090)		–		150,505
Corporate securities		2,086,432		1,491		(60,224)		(156,365)		(2,101)		1,869,233
Mortgage-backed securities		370,880		78		(40,359)		(13,207)		–		317,392
	$	3,006,587	$	5,319	$	(118,943)	$	(181,825)	$	(2,101)	$	2,709,037

We sold available-for-sale securities with a fair value of $165.4 million and $105.5 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized gains on these sales totaled $1.5 million and $0.8 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized losses on these sales totaled $1.1 million and $0.3 million during the first six months of fiscal 2024 and 2023, respectively. In the first six months of fiscal 2024, we received $225.0 million from the Moving and Storage Treasuries that matured.

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

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

13

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 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 ($0.4) million and $1.9 million net impairment charge recorded in the first six months ended September 30, 2023 and 2022, respectively.

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.

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

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	251,106	$	249,366	$	354,875	$	354,184
Due after one year through five years		599,626		569,012		754,175		717,552
Due after five years through ten years		659,400		590,567		736,089		665,708
Due after ten years		733,486		612,788		790,568		654,201
		2,243,618		2,021,733		2,635,707		2,391,645
Mortgage-backed securities		514,828		450,395		370,880		317,392
	$	2,758,446	$	2,472,128	$	3,006,587	$	2,709,037

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

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Common stocks	$	29,602	$	42,045	$	29,577	$	39,375
Non-redeemable preferred stocks		25,144		19,991		26,054		21,982
	$	54,746	$	62,036	$	55,631	$	61,357

Investments, other

The carrying value of the other investments was as follows:

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
Mortgage loans, net	$	550,913	$	466,531
Short-term investments		–		15,921
Real estate		72,036		72,178
Policy loans		10,986		10,921
Other equity investments		16,216		9,989
	$	650,151	$	575,540

14

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2024 Interest Rates					Maturities			Weighted Avg Interest Rates (c)			September 30, 2023		March 31, 2023
												(Unaudited)
												(In thousands)
Real estate loans (amortizing term) (a)	4.30	%	-	6.80	%	2027	-	2037	5.89	%	$	283,707	$	289,647
Senior mortgages	2.70	%	-	5.66	%	2024	-	2042	4.18	%		2,487,320		2,371,231
Real estate loans (revolving credit)	-	%	-	-	%	-	-	2027	-	%		–		–
Fleet loans (amortizing term)	1.61	%	-	5.68	%	2024	-	2029	3.76	%		90,071		111,856
Fleet loans (revolving credit) (b)	2.36	%	-	6.68	%	2026	-	2028	5.97	%		593,889		615,000
Finance leases (rental equipment)	2.39	%	-	5.01	%	2023	-	2026	4.00	%		163,453		223,205
Finance liabilities (rental equipment)	1.60	%	-	6.48	%	2024	-	2031	4.38	%		1,544,608		1,255,763
Private placements	2.43	%	-	2.88	%	2029	-	2035	2.65	%		1,200,000		1,200,000
Other obligations	1.50	%	-	8.00	%	2023	-	2049	6.10	%		73,752		76,648
Notes, loans and finance leases payable												6,436,800		6,143,350
Less: Debt issuance costs												(35,901)		(35,308)
Total notes, loans and finance leases payable, net											$	6,400,899	$	6,108,042
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.
(c) Weighted average rates as of September 30, 2023

Real Estate Backed Loans

Real Estate Loans (Amortizing Term)

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 $202.1 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 September 30, 2023, the applicable SOFR was 5.33% and applicable margin was between 0.65% and 1.38%, the sum of which, including the credit spread, was between 6.08% and 6.80%. The remaining $81.6 million of these loans was fixed with an interest rate of 4.30%. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. 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. 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. We are in compliance with the covenants as of September 30, 2023. There are limited restrictions regarding our use

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 of the funds.

Real Estate Loans (Revolving Credit)

U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of September 30, 2023, the maximum credit commitment is $465.0 million. As of September 30, 2023, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. If there was a loan outstanding as of September 30, 2023, the applicable SOFR would be 5.33% and applicable margin would be 1.55% the sum of which would be 6.88% 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. We are in compliance with the covenants as of September 30, 2023. There is a 0.30% fee charged for unused capacity.

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 are fixed rates.  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. We are in compliance with the covenants as of September 30, 2023. The net book value of the corresponding rental equipment was $202.6 million and $213.1 million as of September 30, 2023 and March 31, 2023, respectively.

Rental Truck Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $615.0 million. The interest rates are SOFR plus the applicable margin and a credit spread adjustment of 0.10%. As of September 30, 2023, SOFR was between 5.31% and 5.33% and the margin was between 1.15% and 1.25%, the sum of which, including the credit spread, was between 6.56% and 6.68%. Of the $593.9 million outstanding, $88.9 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $772.3 million and $822.0 million as of September 30, 2023 and March 31, 2023, respectively.

Finance Leases

The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms.  All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $377.7 million and $474.8 million as of September 30, 2023 and March 31, 2023, respectively. There were no new financing leases entered into during the first six months of fiscal 2024. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

16

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,815.2 million and $1,499.1 million as of September 30, 2023 and March 31, 2023, respectively. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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 September 30, 2023, the aggregate outstanding principal balance of the U-Notes® issued was $75.4 million, of which $1.7 million is held by our insurance subsidiaries and eliminated in consolidation.

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 September 30, 2023 for the next five years and thereafter are as follows:

		Year Ending September 30,
		2024		2025		2026		2027		2028		Thereafter		Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable	$	657,998	$	487,551	$	829,219	$	1,023,289	$	513,160	$	2,925,583	$	6,436,800

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	67,524	$	57,604
Capitalized interest		(3,669)		(2,248)
Amortization of transaction costs		1,432		1,814
Interest expense resulting from cash flow hedges		(1,344)		23
Total interest expense	$	63,943	$	57,193

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	131,924	$	108,009
Capitalized interest		(7,732)		(4,866)
Amortization of transaction costs		2,843		3,260
Interest expense resulting from cash flow hedges		(2,494)		589
Total interest expense	$	124,541	$	106,992

Interest paid in cash was $74.2 million and $63.1 million for the second quarter of fiscal 2024 and 2023, respectively, and $129.7 million and $104.8 million for the first six months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.3) million and $0.0 million for the second quarter of fiscal 2024 and 2023, respectively.  Interest paid (received) in cash on derivative contracts was ($2.3) million and $0.6 million for the first six months of fiscal 2024 and 2023, respectively.

Interest Rates

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

		Revolving Credit Activity
		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.51	%	3.32	%
Interest rate at the end of the quarter		6.61	%	3.80	%
Maximum amount outstanding during the quarter	$	605,000	$	1,102,000
Average amount outstanding during the quarter	$	596,322	$	877,522
Facility fees	$	306	$	111

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Revolving Credit Activity
		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		6.38	%	2.66	%
Interest rate at the end of the period		6.61	%	3.80	%
Maximum amount outstanding during the period	$	715,000	$	1,105,000
Average amount outstanding during the period	$	628,151	$	984,464
Facility fees	$	571	$	169

5. Derivatives

We manage exposure to changes in market interest rates. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in 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 in the consolidated balance sheet were as follows:

		Derivatives Fair Values as of
		September 30, 2023		March 31, 2023
		(Unaudited)
		(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	12,328	$	5,311
Notional amount	$	302,107	$	206,347

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Gain recognized in AOCI on interest rate contracts	$	(3,073)	$	(8,360)
(Gain) loss reclassified from AOCI into income	$	1,345	$	(24)

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first six months of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $7.2 million and $6.4 million, respectively, net of taxes. During the first six months of fiscal 2024 and 2023, we reclassified $1.9 million and $0.4 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2023, we expect to reclassify $5.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder 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 consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first six months of June 30, 2023 and 2022 were ($4.7) million and $7.8 million, respectively.

		Derivatives Fair Values as of
		September 30, 2023		March 31, 2023
		(Unaudited)
		(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	10,526	$	4,295
Notional amount	$	509,519	$	465,701

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

6. Accumulated Other Comprehensive Loss

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

		Foreign Currency Translation		Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of March 31, 2023	$	(56,539)	$	(232,740)	$	4,007	$	(351)	$	(285,623)
Foreign currency translation		(2,380)		–		–		–		(2,380)
Unrealized net gain on investments		–		7,047		–		–		7,047
Change in fair value of cash flow hedges		–		–		7,175		–		7,175
Amounts reclassified into earnings on hedging activities		–		–		(1,883)		–		(1,883)
Other comprehensive income (loss)		(2,380)		7,047		5,292		–		9,959
Balance as of September 30, 2023	$	(58,919)	$	(225,693)	$	9,299	$	(351)	$	(275,664)

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. Stockholders’ Equity

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2024 and 2023:

Non-Voting Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
August 17, 2023	$	0.04	September 19, 2023	September 29, 2023
June 7, 2023		0.04	June 20, 2023	June 30, 2023

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
August 18, 2022	$	0.50	September 6, 2022	September 20, 2022
April 6, 2022		0.50	April 18, 2022	April 29, 2022

As of September 30, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan.

8. Leases

The following tables show the components of our right-of-use (“ROU“) assets, net:

		As of September 30, 2023
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	142,467	$	142,467
Furniture and equipment		7,109		–		7,109
Rental trailers and other rental equipment		115,072		–		115,072
Rental trucks		816,075		–		816,075
Right-of-use assets, gross		938,256		142,467		1,080,723
Less: Accumulated depreciation		(560,523)		(77,151)		(637,674)
Right-of-use assets, net	$	377,733	$	65,316	$	443,049

		As of March 31, 2023
		Finance		Operating		Total
				(In thousands)
Buildings and improvements	$	–	$	128,221	$	128,221
Furniture and equipment		9,687		–		9,687
Rental trailers and other rental equipment		152,294		–		152,294
Rental trucks		949,838		–		949,838
Right-of-use assets, gross		1,111,819		128,221		1,240,040
Less: Accumulated depreciation		(637,054)		(69,304)		(706,358)
Right-of-use assets, net	$	474,765	$	58,917	$	533,682

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $163.5 million and $223.2 million, respectively and operating lease liabilities of $64.6 million and $58.4 million, respectively.

	Finance leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	2		2
Weighted average discount rate	4.0	%	3.8	%

	Operating leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	18.9		19.2
Weighted average discount rate	4.6	%	4.7	%

For the six months ended September 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $17.4 million and $16.0 million, respectively, and our financing cash flow activities were $59.8 million and $65.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $14.4 million and $3.6 million for the first six months of fiscal 2024 and 2023, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:

		Six Months Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Operating lease costs	$	16,033	$	16,181
Finance lease cost:
Amortization of right-of-use assets	$	31,465	$	43,173
Interest on lease liabilities		4,002		6,142
Total finance lease cost	$	35,467	$	49,315

The short-term lease costs for the first six months of fiscal 2024 and 2023 were not material.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Maturities of lease liabilities were as follows:

		Finance leases		Operating leases
		(Unaudited)
Year ending March 31,		(In thousands)
2024 (6 months)	$	85,789	$	22,913
2025		61,189		10,059
2026		24,371		6,879
2027		–		6,265
2028		–		5,708
Thereafter		–		60,853
Total lease payments		171,349		112,677
Less: imputed interest		(7,896)		(48,097)
Present value of lease liabilities	$	163,453	$	64,580

9. Contingencies

Cybersecurity Incident

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul‘s 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, provincial and local governments may 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, results of operations or cash flows.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In management’s opinion, none of these other matters will have a material effect on our financial position and results of operations.

23

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 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 September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	7,754	$	7,827
U-Haul management fee revenue from Mercury		1,513		1,450
	$	9,267	$	9,277

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	15,450	$	15,556
U-Haul management fee revenue from Mercury		2,994		2,860
	$	18,444	$	18,416

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 $17.0 million and $16.9 million from the above-mentioned entities during the first six months of fiscal 2024 and 2023, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting 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; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties.

24

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Costs and Expenses

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	604
U-Haul printing expenses to Blackwater		968		–
U-Haul commission expenses to Blackwater		24,035		26,385
	$	25,607	$	26,989

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	1,208	$	1,208
U-Haul printing expenses to Blackwater		1,317		–
U-Haul commission expenses to Blackwater		46,738		51,267
	$	49,263	$	52,475

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.

On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of September 30, 2023, 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 $15.4 million and $15.6 million, expenses of $1.2 million and $1.2 million and cash flows of $14.3 million and $14.3 million, respectively, during the first six months of fiscal 2024 and 2023. Revenues were $214.5 million and $245.0 million and commission expenses were $46.7 million and $51.3 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2024 and 2023.

Management determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater.

Related Party Assets

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	37,791	$	42,141
U-Haul receivable from Mercury		6,654		8,402
Other (a)		(4,305)		(2,235)
	$	40,140	$	48,308

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

25

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Consolidating Financial Information by Operating 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 consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries

26

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating balance sheets by operating segment as of September 30, 2023 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	$	2,068,790	$	44,272	$	32,069	$	–		$	2,145,131
Reinsurance recoverables and trade receivables, net		130,372		50,525		31,668		–			212,565
Inventories and parts		161,535		–		–		–			161,535
Prepaid expenses		263,541		–		–		–			263,541
Investments, fixed maturities and marketable equities		97,372		268,769		2,168,023		–			2,534,164
Investments, other		23,330		115,583		511,238		–			650,151
Deferred policy acquisition costs, net		–		–		121,365		–			121,365
Other assets		46,667		800		5,302		–			52,769
Right of use assets - financing, net		377,733		–		–		–			377,733
Right of use assets - operating, net		64,378		785		153		–			65,316
Related party assets		62,931		1,223		11,808		(35,822)	(c)		40,140
		3,296,649		481,957		2,881,626		(35,822)			6,624,410
Investment in subsidiaries		462,493		–		–		(462,493)	(b)		–
Property, plant and equipment, at cost:
Land		1,613,871		–		–		–			1,613,871
Buildings and improvements		7,649,849		–		–		–			7,649,849
Furniture and equipment		966,211		–		–		–			966,211
Rental trailers and other rental equipment		912,046		–		–		–			912,046
Rental trucks		5,921,507		–		–		–			5,921,507
		17,063,484		–		–		–			17,063,484
Less:  Accumulated depreciation		(4,666,444)		–		–		–			(4,666,444)
Total property, plant and equipment, net		12,397,040		–		–		–			12,397,040
Total assets	$	16,156,182	$	481,957	$	2,881,626	$	(498,315)		$	19,021,450
(a) Balances as of June 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

27

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating balance sheets by operating segment as of September 30, 2023, continued:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	745,606	$	4,472	$	7,910	$	–		$	757,988
Notes, loans and finance leases payable, net		6,400,899		–		–		–			6,400,899
Operating lease liabilities		63,627		800		153		–			64,580
Policy benefits and losses, claims and loss expenses payable		324,642		150,148		390,607		–			865,397
Liabilities from investment contracts		–		–		2,393,590		–			2,393,590
Other policyholders' funds and liabilities		–		2,126		5,551		–			7,677
Deferred income		56,821		–		–		–			56,821
Deferred income taxes, net		1,514,732		3,973		(74,585)		–			1,444,120
Related party liabilities		25,754		2,969		13,376		(42,099)	(c)		–
Total liabilities		9,132,081		164,488		2,736,602		(42,099)			11,991,072
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)		(281,941)		(13,532)		(218,470)		238,279	(b)		(275,664)
Retained earnings		7,519,166		236,580		334,723		(571,093)	(b)		7,519,376
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		7,024,101		317,469		145,024		(456,216)			7,030,378
Total liabilities and stockholders' equity	$	16,156,182	$	481,957	$	2,881,626	$	(498,315)		$	19,021,450
(a) Balances as of June 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

28

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating balance sheets by operating segment as of March 31, 2023 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	$	2,034,242	$	11,276	$	15,006	$	–		$	2,060,524
Reinsurance recoverables and trade receivables, net		107,823		48,344		33,331		–			189,498
Inventories and parts		151,474		–		–		–			151,474
Prepaid expenses		241,711		–		–		–			241,711
Investments, fixed maturities and marketable equities		227,737		271,156		2,271,501		–			2,770,394
Investments, other		23,314		125,130		427,096		–			575,540
Deferred policy acquisition costs, net		–		–		128,463		–			128,463
Other assets		46,438		730		3,884		–			51,052
Right of use assets - financing, net		474,765		–		–		–			474,765
Right of use assets - operating, net		57,978		914		25		–			58,917
Related party assets		69,144		2,347		12,268		(35,451)	(c)		48,308
		3,434,626		459,897		2,891,574		(35,451)			6,750,646
Investment in subsidiaries		426,779		–		–		(426,779)	(b)		–
Property, plant and equipment, at cost:
Land		1,537,206		–		–		–			1,537,206
Buildings and improvements		7,088,810		–		–		–			7,088,810
Furniture and equipment		928,241		–		–		–			928,241
Rental trailers and other rental equipment		827,696		–		–		–			827,696
Rental trucks		5,278,340		–		–		–			5,278,340
		15,660,293		–		–		–			15,660,293
Less:  Accumulated depreciation		(4,310,205)		–		–		–			(4,310,205)
Total property, plant and equipment, net		11,350,088		–		–		–			11,350,088
Total assets	$	15,211,493	$	459,897	$	2,891,574	$	(462,230)		$	18,100,734
(a) Balances as of December 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

29

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating balance sheets by operating segment as of March 31, 2023, continued:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	729,679	$	4,470	$	26,890	$	–		$	761,039
Notes, loans and finance leases payable, net		6,108,042		–		–		–			6,108,042
Operating lease liabilities		57,418		928		27		–			58,373
Policy benefits and losses, claims and loss expenses payable		335,227		153,007		391,968		–			880,202
Liabilities from investment contracts		–		–		2,398,884		–			2,398,884
Other policyholders' funds and liabilities		–		2,702		5,530		–			8,232
Deferred income		52,282		–		–		–			52,282
Deferred income taxes, net		1,405,391		1,713		(77,615)		–			1,329,489
Related party liabilities		25,082		2,544		13,644		(41,270)	(c)		–
Total liabilities		8,713,121		165,364		2,759,328		(41,270)			11,596,543
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)		(291,442)		(14,720)		(225,904)		246,443	(b)		(285,623)
Retained earnings		7,002,938		214,832		329,379		(544,001)	(b)		7,003,148
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Total stockholders' equity		6,498,372		294,533		132,246		(420,960)			6,504,191
Total liabilities and stockholders' equity	$	15,211,493	$	459,897	$	2,891,574	$	(462,230)		$	18,100,734
(a) Balances as of December 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

30

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating statement of operations by operating segment for the quarter ended September 30, 2023 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,070,688	$	–	$	–	$	(1,283)	(c)	$	1,069,405
Self-storage revenues		208,890		–		–		–			208,890
Self-moving and self-storage products and service sales		91,571		–		–		–			91,571
Property management fees		9,267		–		–		–			9,267
Life insurance premiums		–		–		22,498		–			22,498
Property and casualty insurance premiums		–		26,371		–		(800)	(c)		25,571
Net investment and interest income		28,520		5,481		31,621		(884)	(b)		64,738
Other revenue		156,642		–		1,403		(125)	(b)		157,920
Total revenues		1,565,578		31,852		55,522		(3,092)			1,649,860
Costs and expenses:
Operating expenses		820,617		12,113		4,731		(2,203)	(b,c)		835,258
Commission expenses		111,961		–		–		–			111,961
Cost of sales		66,620		–		–		–			66,620
Benefits and losses		–		4,229		38,324		–			42,553
Amortization of deferred policy acquisition costs		–		–		6,826		–			6,826
Lease expense		8,839		91		33		(513)	(b)		8,450
Depreciation, net of gains on disposals		154,122		–		–		–			154,122
Net losses on disposal of real estate		1,715		–		–		–			1,715
Total costs and expenses		1,163,874		16,433		49,914		(2,716)			1,227,505
Earnings from operations before equity in earnings of subsidiaries		401,704		15,419		5,608		(376)			422,355
Equity in earnings of subsidiaries		16,862		–		–		(16,862)	(d)		–
Earnings from operations		418,566		15,419		5,608		(17,238)			422,355
Other components of net periodic benefit costs		(364)		–		–		–			(364)
Interest expense		(64,199)		–		(120)		376	(b)		(63,943)
Pretax earnings		354,003		15,419		5,488		(16,862)			358,048
Income tax expense		(80,495)		(3,181)		(864)		–			(84,540)
Net earnings available to common stockholders	$	273,508	$	12,238	$	4,624	$	(16,862)		$	273,508
(a) Balances for the quarter ended June 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

31

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating statements of operations by operating segment for the quarter ended September 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,163,376	$	–	$	–	$	(1,351)	(c)	$	1,162,025
Self-storage revenues		185,586		–		–		–			185,586
Self-moving and self-storage products and service sales		96,864		–		–		–			96,864
Property management fees		9,277		–		–		–			9,277
Life insurance premiums		–		–		25,456		–			25,456
Property and casualty insurance premiums		–		25,960		–		(242)	(c)		25,718
Net investment and interest income (loss)		15,077		(2,597)		19,041		(1,012)	(b)		30,509
Other revenue		166,678		–		1,199		(448)	(b)		167,429
Total revenues		1,636,858		23,363		45,696		(3,053)			1,702,864
Costs and expenses:
Operating expenses		796,498		11,576		5,558		(2,038)	(b,c)		811,594
Commission expenses		125,341		–		–		–			125,341
Cost of sales		72,625		–		–		–			72,625
Benefits and losses		–		6,075		33,437		–			39,512
Amortization of deferred policy acquisition costs		–		–		6,972		–			6,972
Lease expense		8,261		26		26		(629)	(b)		7,684
Depreciation, net of gains on disposals		117,318		–		–		–			117,318
Net losses on disposal of real estate		1,872		–		–		–			1,872
Total costs and expenses		1,121,915		17,677		45,993		(2,667)			1,182,918
Earnings from operations before equity in earnings of subsidiaries		514,943		5,686		(297)		(386)			519,946
Equity in earnings of subsidiaries		3,906		–		–		(3,906)	(d)		–
Earnings (losses) from operations		518,849		5,686		(297)		(4,292)			519,946
Other components of net periodic benefit costs		(304)		–		–		–			(304)
Interest expense		(57,459)		–		(120)		386	(b)		(57,193)
Fees on early extinguishment of debt		(959)		–		–		–			(959)
Pretax earnings (losses)		460,127		5,686		(417)		(3,906)			461,490
Income tax expense		(110,261)		(1,167)		(196)		–			(111,624)
Net earnings (losses) available to common stockholders	$	349,866	$	4,519	$	(613)	$	(3,906)		$	349,866
(a) Balances for the quarter ended June 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

32

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating statements of operations by operating segment for the six months ended September 30, 2023 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,070,767	$	–	$	–	$	(2,156)	(c)	$	2,068,611
Self-storage revenues		407,851		–		–		–			407,851
Self-moving and self-storage products and service sales		192,443		–		–		–			192,443
Property management fees		18,444		–		–		–			18,444
Life insurance premiums		–		–		45,629		–			45,629
Property and casualty insurance premiums		–		47,418		–		(1,525)	(c)		45,893
Net investment and interest income		55,815		12,273		63,132		(1,890)	(b)		129,330
Other revenue		279,771		–		2,442		(246)	(b)		281,967
Total revenues		3,025,091		59,691		111,203		(5,817)			3,190,168
Costs and expenses:
Operating expenses		1,568,900		23,420		10,097		(3,918)	(b,c)		1,598,499
Commission expenses		218,888		–		–		–			218,888
Cost of sales		137,295		–		–		–			137,295
Benefits and losses		–		8,687		79,210		–			87,897
Amortization of deferred policy acquisition costs		–		–		14,871		–			14,871
Lease expense		16,941		183		61		(1,152)	(b)		16,033
Depreciation, net of gains on disposals		291,936		–		–		–			291,936
Net losses on disposal of real estate		2,736		–		–		–			2,736
Total costs and expenses		2,236,696		32,290		104,239		(5,070)			2,368,155
Earnings from operations before equity in earnings of subsidiaries		788,395		27,401		6,964		(747)			822,013
Equity in earnings of subsidiaries		27,092		–		–		(27,092)	(d)		–
Earnings from operations		815,487		27,401		6,964		(27,839)			822,013
Other components of net periodic benefit costs		(729)		–		–		–			(729)
Interest expense		(125,048)		–		(240)		747	(b)		(124,541)
Pretax earnings		689,710		27,401		6,724		(27,092)			696,743
Income tax expense		(159,364)		(5,653)		(1,380)		–			(166,397)
Net earnings available to common stockholders	$	530,346	$	21,748	$	5,344	$	(27,092)		$	530,346
(a) Balances for the six months ended June 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

33

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating statements of operations by operating segment for the six months ended September 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,255,086	$	–	$	–	$	(2,286)	(c)	$	2,252,800
Self-storage revenues		358,763		–		–		–			358,763
Self-moving and self-storage products and service sales		206,215		–		–		–			206,215
Property management fees		18,416		–		–		–			18,416
Life insurance premiums		–		–		51,237		–			51,237
Property and casualty insurance premiums		–		46,790		–		(1,100)	(c)		45,690
Net investment and interest income (loss)		20,017		(345)		46,429		(2,019)	(b)		64,082
Other revenue		301,959		–		2,133		(591)	(b)		303,501
Total revenues		3,160,456		46,445		99,799		(5,996)			3,300,704
Costs and expenses:
Operating expenses		1,516,292		21,770		10,667		(3,968)	(b,c)		1,544,761
Commission expenses		243,834		–		–		–			243,834
Cost of sales		152,296		–		–		–			152,296
Benefits and losses		–		10,454		68,815		–			79,269
Amortization of deferred policy acquisition costs		–		–		14,644		–			14,644
Lease expense		16,181		184		54		(1,260)	(b)		15,159
Depreciation, net of gains on disposals		231,114		–		–		–			231,114
Net gains on disposal of real estate		4,179		–		–		–			4,179
Total costs and expenses		2,163,896		32,408		94,180		(5,228)			2,285,256
Earnings from operations before equity in earnings of subsidiaries		996,560		14,037		5,619		(768)			1,015,448
Equity in earnings of subsidiaries		15,915		–		–		(15,915)	(d)		–
Earnings from operations		1,012,475		14,037		5,619		(16,683)			1,015,448
Other components of net periodic benefit costs		(608)		–		–		–			(608)
Interest expense		(107,520)		–		(240)		768	(b)		(106,992)
Fees on early extinguishment of debt		(959)		–		–		–			(959)
Pretax earnings		903,388		14,037		5,379		(15,915)			906,889
Income tax expense		(215,177)		(2,922)		(579)		–			(218,678)
Net earnings available to common stockholders	$	688,211	$	11,115	$	4,800	$	(15,915)		$	688,211
(a) Balances for the six months ended June 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

34

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:

		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	$	530,346	$	21,748	$	5,344	$	(27,092)	$	530,346
Earnings from consolidated entities		(27,092)		–		–		27,092		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		394,400		–		–		–		394,400
Amortization of deferred policy acquisition costs		–		–		14,871		–		14,871
Amortization of premiums and accretion of discounts related to investments, net		–		794		7,647		–		8,441
Amortization of debt issuance costs		3,427		–		–		–		3,427
Interest credited to policyholders		–		–		36,329		–		36,329
Provision for allowance (recoveries) for losses on trade receivables, net		646		(68)		–		–		578
Provision for allowance for inventories and parts reserve		3,461		–		–		–		3,461
Net gains on disposal of personal property		(102,464)		–		–		–		(102,464)
Net losses on disposal of real estate		2,736		–		–		–		2,736
Net gains on sales of investments		–		(9)		(908)		–		(917)
Net gains on equity securities		–		(2,745)		–		–		(2,745)
Deferred income taxes		108,291		501		(1,041)		–		107,751
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(23,200)		(1,865)		1,663		–		(23,402)
Inventories and parts		(13,520)		–		–		–		(13,520)
Prepaid expenses		(21,824)		–		–		–		(21,824)
Capitalization of deferred policy acquisition costs		–		–		(7,773)		–		(7,773)
Other assets and right of use assets - operating, net		(7,339)		134		(1,546)		–		(8,751)
Related party assets		6,279		1,124		–		–		7,403
Accounts payable and accrued expenses and operating lease liabilities		38,562		1,446		(16,760)		–		23,248
Policy benefits and losses, claims and loss expenses payable		(10,609)		(2,859)		(5,085)		–		(18,553)
Other policyholders' funds and liabilities		–		(576)		22		–		(554)
Deferred income		4,532		–		(417)		–		4,115
Related party liabilities		671		425		(268)		–		828
Net cash provided by operating activities		887,303		18,050		32,078		–		937,431
Cash flows from investing activities:
Escrow deposits		573		–		–		–		573
Purchases of:
Property, plant and equipment		(1,664,387)		–		–		–		(1,664,387)
Short term investments		–		–		(44,903)		–		(44,903)
Fixed maturities investments		(97,331)		(2,216)		(7,230)		–		(106,777)
Equity securities		–		(308)		(1)		–		(309)
Real estate investments		(16)		–		(521)		–		(537)
Mortgage loans		–		(7,300)		(90,402)		–		(97,702)
Proceeds from sales and paydowns of:
Property, plant and equipment		408,279		–		–		–		408,279
Short term investments		–		15,959		–		–		15,959
Fixed maturities investments		224,999		7,180		157,037		–		389,216
Equity securities		–		296		4		–		300
Preferred stock		–		913		–		–		913
Mortgage loans		–		422		12,627		–		13,049
Net cash used by investing activities		(1,127,883)		14,946		26,611		–		(1,086,326)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2023

35

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		U-Haul Holding Company Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		704,960		–		–		–		704,960
Principal repayments on credit facilities		(351,893)		–		–		–		(351,893)
Payments of debt issuance costs		(4,018)		–		–		–		(4,018)
Finance lease payments		(59,752)		–		–		–		(59,752)
Securitization deposits		151		–		–		–		151
Series N Non-Voting Common Stock dividends paid		(14,118)		–		–		–		(14,118)
Investment contract deposits		–		–		132,630		–		132,630
Investment contract withdrawals		–		–		(174,256)		–		(174,256)
Net cash provided by financing activities		275,330		–		(41,626)		–		233,704
Effects of exchange rate on cash		(202)		–		–		–		(202)
Increase (decrease) in cash and cash equivalents		34,548		32,996		17,063		–		84,607
Cash and cash equivalents at beginning of period		2,034,242		11,276		15,006		–		2,060,524
Cash and cash equivalents at end of period	$	2,068,790	$	44,272	$	32,069	$	–	$	2,145,131
		(page 2 of 2)
(a) Balance for the period ended June 30, 2023

36

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:

		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	$	688,211	$	11,115	$	4,800	$	(15,915)	$	688,211
Earnings from consolidated entities		(15,915)		–		–		15,915		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		359,804		–		–		–		359,804
Amortization of deferred policy acquisition costs		–		–		14,644		–		14,644
Amortization of premiums and accretion of discounts related to investments, net		–		857		9,392		–		10,249
Amortization of debt issuance costs		3,356		–		–		–		3,356
Interest credited to policyholders		–		–		24,690		–		24,690
Provision for allowance (recoveries) for losses on trade receivables, net		(5,404)		(90)		–		–		(5,494)
Provision for allowance for inventories and parts reserve		7,125		–		–		–		7,125
Net gains on disposal of personal property		(128,690)		–		–		–		(128,690)
Net losses on disposal of real estate		4,179		–		–		–		4,179
Net (gains) losses on sales of investments		–		(58)		7,265		–		7,207
Net gains on equity securities		–		7,963		–		–		7,963
Deferred income taxes		107,281		(1,119)		(2,334)		–		103,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		30,678		(1,088)		2,752		–		32,342
Inventories and parts		(14,416)		–		–		–		(14,416)
Prepaid expenses		3		–		–		–		3
Capitalization of deferred policy acquisition costs		–		–		(14,900)		–		(14,900)
Other assets		2,877		(169)		(276)		–		2,432
Related party assets		(2,479)		839		–		–		(1,640)
Accounts payable and accrued expenses		65,366		1,396		(2,465)		–		64,297
Policy benefits and losses, claims and loss expenses payable		19,640		(3,381)		(4,799)		–		11,460
Other policyholders' funds and liabilities		–		112		1,202		–		1,314
Deferred income		7,809		–		1,649		–		9,458
Related party liabilities		460		(183)		465		–		742
Net cash provided by operating activities		1,129,885		16,194		42,085		–		1,188,164
Cash flows from investing activities:
Escrow deposits		9,688		–		–		–		9,688
Purchases of:
Property, plant and equipment		(1,335,528)		–		–		–		(1,335,528)
Short term investments		–		(35,975)		(198)		–		(36,173)
Fixed maturities investments		–		(18,573)		(183,692)		–		(202,265)
Equity securities		–		(2,705)		(1,651)		–		(4,356)
Real estate investments		–		(4,920)		(11)		–		(4,931)
Mortgage loans		–		(12,715)		(62,920)		–		(75,635)
Proceeds from sales and paydowns of:
Property, plant and equipment		329,611		–		–		–		329,611
Short term investments		–		33,373		–		–		33,373
Fixed maturities investments		–		10,587		95,940		–		106,527
Equity securities		–		711		6		–		717
Mortgage loans		–		14,419		59,746		–		74,165
Net cash used by investing activities		(996,229)		(15,798)		(92,780)		–		(1,104,807)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2022

37

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		U-Haul Holding Company Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		792,654		–		–		–		792,654
Principal repayments on credit facilities		(441,019)		–		–		–		(441,019)
Payment of debt issuance costs		(3,942)		–		–		–		(3,942)
Finance lease payments		(65,831)		–		–		–		(65,831)
Securitization deposits		49		–		–		–		49
Common stock dividends paid		(19,608)		–		–		–		(19,608)
Investment contract deposits		–		–		169,017		–		169,017
Investment contract withdrawals		–		–		(139,917)		–		(139,917)
Net cash provided by financing activities		262,303		–		29,100		–		291,403
Effects of exchange rate on cash		(13,782)		–		–		–		(13,782)
Increase (decrease) in cash and cash equivalents		382,177		396		(21,595)		–		360,978
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	$	3,025,390	$	11,196	$	28,529	$	–	$	3,065,115
		(page 2 of 2)
(a) Balance for the period ended June 30, 2022

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended September 30, 2023
Total revenues	$	1,559,205	$	90,655	$	1,649,860
Depreciation and amortization, net of (gains) on disposals		161,085		1,578		162,663
Interest expense		63,182		761		63,943
Pretax earnings		348,442		9,606		358,048
Income tax expense		82,035		2,505		84,540
Identifiable assets		18,279,234		742,216		19,021,450
Quarter Ended September 30, 2022
Total revenues	$	1,610,067	$	92,797	$	1,702,864
Depreciation and amortization, net of (gains) on disposals		124,735		1,427		126,162
Interest expense		56,477		716		57,193
Pretax earnings		444,220		17,270		461,490
Income tax expense		107,254		4,370		111,624
Identifiable assets		17,515,009		628,334		18,143,343

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six Months Ended September 30, 2023
Total revenues	$	3,020,489	$	169,679	$	3,190,168
Depreciation and amortization, net of (gains) on disposals		309,398		145		309,543
Interest expense		123,128		1,413		124,541
Pretax earnings		675,514		21,229		696,743
Income tax expense		160,630		5,767		166,397
Identifiable assets		18,279,234		742,216		19,021,450
Six Months Ended September 30, 2022
Total revenues	$	3,120,453	$	180,251	$	3,300,704
Depreciation and amortization, net of (gains) on disposals		245,721		4,216		249,937
Interest expense		105,425		1,567		106,992
Pretax earnings		876,101		30,788		906,889
Income tax expense		210,867		7,811		218,678
Identifiable assets		17,515,009		628,334		18,143,343

39

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Employee Benefit Plans

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

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	297	$	331
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		368		287
Other components		(4)		17
Total other components of net periodic benefit costs		364		304
Net periodic postretirement benefit cost	$	661	$	635

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	594	$	663
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		735		574
Other components		(6)		34
Total other components of net periodic benefit costs		729		608
Net periodic postretirement benefit cost	$	1,323	$	1,271

14. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities 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 are based on quoted market prices.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values on interest rate swap contracts are based on using pricing valuation models which include broker quotes.

Fair values of long-term investment and mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows.  Fair values of reinsurance recoverables and 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 loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans 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 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 September 30, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	212,565	$	–	$	–	$	212,565	$	212,565
Mortgage loans, net		550,913		–		–		521,831		521,831
Other investments		88,712		–		–		88,712		88,712
Total	$	852,190	$	–	$	–	$	823,108	$	823,108
Liabilities
Notes, loans and finance leases payable	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511
Total	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511

41

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Fair Value Hierarchy
		Carrying								Total Estimated
As of March 31, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(In thousands)
Assets
Reinsurance recoverables and trade receivables, net	$	189,498	$	–	$	–	$	189,498	$	189,498
Mortgage loans, net		466,531		–		–		444,957		444,957
Other investments		109,009		–		–		109,009		109,009
Total	$	765,038	$	–	$	–	$	743,464	$	743,464
Liabilities
Notes, loans and finance leases payable		6,143,350		–		5,710,735		–		5,710,735
Total	$	6,143,350	$	–	$	5,710,735	$	–	$	5,710,735

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of September 30, 2023 and March 31, 2023 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of September 30, 2023		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	1,808,130	$	1,807,142	$	988	$	–
Fixed maturities - available for sale		2,472,128		168,287		2,303,782		59
Preferred stock		19,991		19,991		–		–
Common stock		42,045		42,045		–		–
Derivatives		22,854		10,526		12,328		–
Total	$	4,365,148	$	2,047,991	$	2,317,098	$	59
Liabilities
Embedded derivatives	$	9,630	$	–	$	–	$	9,630
Total	$	9,630	$	–	$	–	$	9,630

As of March 31, 2023		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short-term investments	$	1,809,441	$	1,808,797	$	644	$	–
Fixed maturities - available for sale		2,709,037		251,832		2,457,146		59
Preferred stock		21,982		21,982		–		–
Common stock		39,375		39,375		–		–
Derivatives		9,606		4,295		5,311		–
Total	$	4,589,441	$	2,126,281	$	2,463,101	$	59

42

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 September 30, 2023 and March 31, 2023.

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 second quarter of fiscal 2024 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

43

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 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

ASC Topic 842, Leases (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 Consolidated Financial Statements.

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

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

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

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

		Years Ending September 30,
		2024		2025		2026		2027		2028		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	7,139	$	–	$	–	$	–	$	–	$	–
Property lease revenues		20,722		14,491		11,509		8,275		5,678		37,972
Total	$	27,861	$	14,491	$	11,509	$	8,275	$	5,678	$	37,972

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

44

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	118,368	$	127,091
Revenues recognized at a point in time:		111,759		118,966
Total revenues recognized under ASC 606		230,127		246,057
Revenues recognized under ASC 842		1,305,523		1,373,925
Revenues recognized under ASC 944		49,472		52,373
Revenues recognized under ASC 320		64,738		30,509
Total revenues	$	1,649,860	$	1,702,864

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	209,683	$	230,285
Revenues recognized at a point in time:		229,352		245,321
Total revenues recognized under ASC 606		439,035		475,606
Revenues recognized under ASC 842		2,527,839		2,661,956
Revenues recognized under ASC 944		93,964		99,060
Revenues recognized under ASC 320		129,330		64,082
Total revenues	$	3,190,168	$	3,300,704

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.

45

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.

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

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).  To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of September 30, 2023 and March 31, 2023, 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 September 30, 2023 and March 31, 2023 was $4.4 million and $3.8 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.7 million, and $29.6 million as of June 30, 2023 and December 31, 2022, respectively and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

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.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 June 30, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $7.0 million and $4.1 million as of June 30, 2023 and December 31, 2022, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not 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, 2022	$	8,649	$	60	$	501	$	9,210
Provision for (reversal of) credit losses		(4,860)		2,041		16		(2,803)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of March 31, 2023	$	3,789	$	2,101	$	517	$	6,407
Provision for (reversal of) credit losses		578		(429)		300		449
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of September 30, 2023	$	4,367	$	1,672	$	817	$	6,856

17.  Accounting Pronouncements

Adoption of new Accounting Pronouncements

On April 1, 2023, the Company adopted ASU 2018-12 which is applicable to Oxford. The Company adopted ASU 2018-12 effective April 1, 2023 and used the modified retrospective method with a transition date of April 1, 2021.

The updated accounting guidance required changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare supplement products and our long-term care business. Entities will be required to review, and update if there is a change to cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in other comprehensive income.

The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. The Company uses a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company groups its long-duration contracts into calendar year cohorts based on the contract issue date.

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: (1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, (2) the requirement to no longer accrue and amortize interest on our DAC balances, and (3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business.

Upon adoption, the Company made adjustments to AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during fiscal 2024, but could become material with a large increase in sales.

Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value.  Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed life withdrawal benefits, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12.

Also in consideration of market risk benefits, upon adoption, there were impacts to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption significantly expanded the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption had no economic impact on the cash flows of our business nor influence on our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, or capital management philosophies.

The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022.

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Assets
Prior to adoption	$	18,124,648	$	17,299,581
Effect of adoption:
Derecognition of shadow DAC		(25,141)		26,131
Re-measurement due to discount rate		–		–
Other adjustments		1,227		1,471
Subtotal	$	(23,914)	$	27,602
After adoption	$	18,100,734	$	17,327,183

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Liabilities
Prior to adoption	$	11,596,313	$	11,347,089
Effect of adoption:
Deferred income tax adjustment on Shadow removal		(5,280)		5,488
Re-measurement due to discount rate		(1,626)		87,258
Deferred income tax adjustment on discount rate		342		(18,324)
Other adjustments		6,794		8,511
Subtotal	$	230	$	82,933
After adoption	$	11,596,543	$	11,430,022

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Accumulated other comprehensive income (loss)
Prior to adoption	$	(267,046)	$	46,384
Effect of adoption:
Derecognition on shadow DAC (tax effect)		(19,861)		20,644
Re-measurement due to discount rate		1,626		(87,258)
Re-measurement due to discount rate (tax effect)		(342)		18,324
Other adjustments		–		–
Subtotal	$	(18,577)	$	(48,290)
After adoption	$	(285,623)	$	(1,906)

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Stockholders' equity
Prior to adoption	$	6,528,335	$	5,952,492
Effect of adoption:
Derecognition on shadow DAC (tax effect)		(19,861)		20,644
Re-measurement due to discount rate (tax effect)		1,284		(68,934)
Other adjustments		(5,567)		(7,042)
Subtotal	$	(24,144)	$	(55,332)
After adoption	$	6,504,191	$	5,897,160

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

		Year Ended March 31, 2023
		As previously reported	Adoption impact		As adjusted
		(Unaudited)
		(In thousands)
Deferred policy acquisition costs, net	$	152,377	(23,914)	$	128,463
Total assets		18,124,648	(23,914)		18,100,734
Policy benefits and losses, claims and loss expenses payable		875,034	5,168		880,202
Deferred income taxes, net		1,334,427	(4,938)		1,329,489
Total liabilities		11,596,313	230		11,596,543
Accumulated other comprehensive loss		(267,046)	(18,577)		(285,623)
Retained earnings		7,008,715	(5,567)		7,003,148
Total stockholders' equity		6,528,335	(24,144)		6,504,191
Total liabilities and stockholders' equity		18,124,648	(23,914)		18,100,734

		April 1, 2021		March 31, 2021
		(Unaudited)
		(In thousands)
Deferred policy acquisition costs, net	$	131,187	$	89,749
Total assets		14,693,044		14,651,606
Policy benefits and losses, claims and loss expenses payable		1,040,951		909,701
Deferred income taxes, net		1,182,123		1,199,280
Total liabilities		9,846,608		9,732,515
Accumulated other comprehensive income		42,319		106,857
Retained earnings		5,017,451		5,025,568
Total stockholders' equity		4,846,436		4,919,091
Total liabilities and stockholders' equity		14,693,044		14,651,606

The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford.

Deferred Policy Acquisition Costs		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	15,654	$	64,552	$	9,543	$	89,749
Adjustments for removal of related balances in accumulated other comprehensive income		41,438		–		–		41,438
Adjusted balance, beginning of year April 1, 2021	$	57,092	$	64,552	$	9,543	$	131,187

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Future Policy Benefit		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	8,370	$	310,311	$	18,341	$	337,022
Change in discount rate assumptions		2,307		115,978		4,847		123,132
Change in cash flow assumptions, effect of net premiums exceeding gross premiums		–		1,747		–		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		–		2,580		–		2,580
Adjusted balance, beginning of year April 1, 2021	$	10,677	$	430,616	$	23,188	$	464,481

Market Risk Benefits		Deferred Annuities
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	7,339
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk		3,791
Adjusted balance, beginning of year April 1, 2021	$	11,130

		Retained Earnings		Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Liability for future policy benefits	$	(4,327)	$	(123,132)
Market risk benefits		(3,791)		–
Deferred acquisition costs and related asset balances		–		41,438
Tax effect		–		17,156
Total	$	(8,118)	$	(64,538)

Recent Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842 – Common Control Arrangements (“ASU 2023-01”). ASU 2023-01, accounting for leasehold improvements, requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease.  The amendment is effective for fiscal years beginning after December 15, 2023. We are currently in the process of evaluating the impact if any of the adoption of ASU 2023-01

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 on our financial statements.

18. Deferred Policy Acquisition Costs, Net

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the six-month periods ended September 30, 2023 and 2022.

		Six Months Ended September 30, 2023
		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, beginning of year	$	55,396	$	66,954	$	6,113	$	128,463
Capitalization		5,441		2,212		120		7,773
Amortization expense		(9,631)		(4,515)		(725)		(14,871)
Balance, end of period	$	51,206	$	64,651	$	5,508	$	121,365

		Six Months Ended September 30, 2022
		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, beginning of year	$	56,175	$	68,676	$	8,718	$	133,569
Capitalization		10,468		4,212		220		14,900
Amortization expense		(9,457)		(3,872)		(1,315)		(14,644)
Balance, end of period	$	57,186	$	69,016	$	7,623	$	133,825

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Policy Benefits and Losses, Claims and Loss Expenses Payable

The following tables present the balances and changes in the policy benefits  and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	223,118	$	196,569	$	419,687
Beginning balance at original discount rate	$	225,071	$	212,454	$	437,525
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		(187)		(5,644)		(5,831)
Adjusted beginning of year balance	$	224,884	$	206,810	$	431,694
Issuances		5,072		77		5,149
Interest accrual		5,554		4,096		9,650
Net premium collected		(19,833)		(13,357)		(33,190)
Other		–		–		–
Ending balance at original discount rate	$	215,677	$	197,626	$	413,303
Effect of changes in discount rate assumptions (AOCI)		(1,650)		(14,337)		(15,987)
Balance, end of period	$	214,027	$	183,289	$	397,316
Present value of expected future policy benefits
Balance, beginning of year	$	530,938	$	210,054	$	740,992
Beginning balance at original discount rate	$	533,688	$	226,510	$	760,198
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		(565)		(4,215)		(4,780)
Adjusted beginning of year balance	$	533,123	$	222,295	$	755,418
Issuances		5,211		77		5,288
Interest accrual		13,166		4,402		17,568
Benefit payments		(27,720)		(16,162)		(43,882)
Other		–		–		–
Ending balance at original discount rate	$	523,780	$	210,612	$	734,392
Effect of changes in discount rate assumptions (AOCI)		949		(14,760)		(13,811)
Balance, end of period	$	524,729	$	195,852	$	720,581
End of period, LFPB net						323,265
Payout annuities and market risk benefits						30,685
Life and annuity ICOS and IBNR / Reinsurance losses payable						10,101
Life DPL / Other life and health						26,556
Oxford end of period balance						390,607
Moving and Storage balance						324,642
Property and Casualty balance						150,148
Policy benefit and losses, claims and loss expense balance, end of period					$	865,397

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	280,371	$	280,732	$	561,103
Beginning balance at original discount rate	$	242,741	$	253,307	$	496,048
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		748		1,026		1,774
Adjusted beginning of year balance	$	243,489	$	254,333	$	497,822
Issuances		14,083		2,453		16,536
Interest accrual		6,037		5,062		11,099
Net premium collected		(21,946)		(15,041)		(36,987)
Other		–		–		–
Ending balance at original discount rate	$	241,663	$	246,807	$	488,470
Effect of changes in discount rate assumptions (AOCI)		7,814		(7,959)		(145)
Balance, end of period	$	249,477	$	238,848	$	488,325
Present value of expected future policy benefits
Balance, beginning of year	$	672,254	$	299,628	$	971,882
Beginning balance at original discount rate	$	552,109	$	269,177	$	821,286
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		1,031		1,713		2,744
Adjusted beginning of year balance	$	553,140	$	270,890	$	824,030
Issuances		14,083		2,453		16,536
Interest accrual		13,714		5,391		19,105
Benefit payments		(29,783)		(17,653)		(47,436)
Other		–		–		–
Ending balance at original discount rate	$	551,154	$	261,081	$	812,235
Effect of changes in discount rate assumptions (AOCI)		25,907		(7,779)		18,128
Balance, end of period	$	577,061	$	253,302	$	830,363
End of period, LFPB net						342,038
Payout annuities and market risk benefits						33,157
Life and annuity ICOS and IBNR / Reinsurance losses payable						11,226
Life DPL / Other life and health						37,130
Oxford end of period balance						423,551
Moving and Storage balance						348,854
Property and Casualty balance						156,998
Policy benefit and losses, claims and loss expense balance, end of period					$	929,403

54

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	387,141	$	331,852	$	718,993
Discounted balance at original discount rate	$	299,161	$	256,658	$	555,819
Discounted balance at current discount rate	$	296,505	$	239,939	$	536,444
Expected policy benefits
Undiscounted balance	$	761,261	$	273,079	$	1,034,340
Discounted balance at original discount rate	$	523,777	$	210,612	$	734,389
Discounted balance at current discount rate	$	524,726	$	195,852	$	720,578
Mortality, lapses and morbidity
Mortality actual experience		5.02	%	–	%
Mortality expected experience		5.06	%	–	%
Lapses actual experience		1.87	%	–	%
Lapses expected experience		2.65	%	–	%
Morbidity actual experience		–	%	85.53	%
Morbidity expected experience		–	%	73.50	%
Premiums and interest expense
Gross premiums	$	26,667	$	18,432	$	45,099
Other premiums						–
Total premiums					$	45,099
Interest expense	$	7,612	$	306	$	7,918
Expected duration (persistency) of policies in-force (years)		6.9		6.5
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		5.00	%	5.00	%

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	427,457	$	434,063	$	861,520
Discounted balance at original discount rate	$	329,233	$	333,001	$	662,234
Discounted balance at current discount rate	$	339,434	$	325,323	$	664,757
Expected policy benefits
Undiscounted balance	$	807,725	$	342,371	$	1,150,096
Discounted balance at original discount rate	$	551,153	$	261,081	$	812,234
Discounted balance at current discount rate	$	577,060	$	253,302	$	830,362
Mortality, lapses and morbidity
Mortality actual experience		5.07	%	–	%
Mortality expected experience		4.78	%	–	%
Lapses actual experience		2.04	%	–	%
Lapses expected experience		2.53	%	–	%
Morbidity actual experience		–	%	79.25	%
Morbidity expected experience		–	%	71.30	%
Premiums and interest expense
Gross premiums	$	29,158	$	21,703	$	50,861
Other premiums						–
Total premiums					$	50,861
Interest expense	$	7,677	$	329	$	8,006
Expected duration (persistency) of policies in-force (years)		7.1		6.8
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		1.00	%	1.00	%

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U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the balances and changes in Liabilities from investment contracts account balances:

		Six Months Ended September 30, 2023
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,398,884
Deposits received		125,122
Surrenders and withdrawals		(146,647)
Benefit payments		(20,761)
Interest credited		36,992
Other		–
End of period	$	2,393,590
Weighted average credited rate		3.09
Cash surrender value	$	2,062,233

		Six Months Ended September 30, 2022
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,336,238
Deposits received		169,008
Surrenders and withdrawals		(122,450)
Benefit payments		(18,334)
Interest credited		25,566
Other		–
End of period	$	2,390,028
Weighted average credited rate		2.16
Cash surrender value	$	2,082,936

57

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

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the second quarter and first six months of fiscal 2024, compared with the second quarter and first six months of fiscal 2023, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2024.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

U-Haul Holding Company, a Nevada corporation, has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June 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 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

Overall Strategy

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

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

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

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

Description of Operating Segments

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

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Moving and Storage

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

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

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

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

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

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

Property and Casualty Insurance

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

Life Insurance

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

Cybersecurity Incident

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul‘s 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.

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Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations

U-Haul Holding Company and Consolidated Entities

Quarter Ended September 30, 2023 compared with the Quarter Ended September 30, 2022

Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2024 and the second quarter of fiscal 2023:

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,069,405	$	1,162,025
Self-storage revenues		208,890		185,586
Self-moving and self-storage products and service sales		91,571		96,864
Property management fees		9,267		9,277
Life insurance premiums		22,498		25,456
Property and casualty insurance premiums		25,571		25,718
Net investment and interest income		64,738		30,509
Other revenue		157,920		167,429
Consolidated revenue	$	1,649,860	$	1,702,864

Self-moving equipment rental revenues decreased $92.6 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023.  Transactions, revenue and average miles driven per transaction decreased.  The declines were more pronounced for our one-way business.  Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

Self-storage revenues increased $23.3 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023.  The average monthly number of occupied units increased by 7%, or 38,046 units, during the second quarter of fiscal 2024 compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million of new net rentable square feet.

Sales of self-moving and self-storage products and services decreased $5.3 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Life insurance premiums decreased $3.0 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums decreased $0.1 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023.

Net investment and interest income increased $34.2 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023. Moving and Storage accounted for $13.6 million of the improvement due to an increase in interest rates on short-term deposits. Changes in the market value of unaffiliated common stocks held at our Property and Casualty Insurance subsidiary accounted for $6.7 million of the increase. Our Life Insurance subsidiaries investment income increased $12.6 million primarily from gains on derivatives used as hedges to fixed indexed annuities.

Other revenue decreased $9.5 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023, caused primarily by decreases in our U-Box® program.

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Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2024 and the second quarter of fiscal 2023. The insurance companies’ second quarters ended June 30, 2023 and 2022.

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,565,578	$	1,636,858
Earnings from operations before equity in earnings of subsidiaries		401,704		514,943
Property and casualty insurance
Revenues		31,852		23,363
Earnings from operations		15,419		5,686
Life insurance
Revenues		55,522		45,696
Earnings (losses) from operations		5,608		(297)
Eliminations
Revenues		(3,092)		(3,053)
Earnings from operations before equity in earnings of subsidiaries		(376)		(386)
Consolidated results
Revenues		1,649,860		1,702,864
Earnings from operations		422,355		519,946

Total costs and expenses increased $44.6 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023. Operating expenses for Moving and Storage increased $24.1 million.  Repair expenses associated with the rental fleet experienced a $17.2 million increase during the quarter due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks.  Other increases included property taxes, building maintenance and utilities.  Other operating costs including freight and payment processing decreased $20.5 million during the quarter. 

Depreciation expense associated with our rental fleet increased $11.1 million for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $17.5 million as resale values have decreased while the average cost of units being sold has increased.  We increased the number of retired trucks sold compared to the same quarter last year.  Depreciation expense on all other assets, largely from buildings and improvements, increased $8.1 million. Net losses on the disposal or retirement of land and buildings decreased $0.2 million. Additional details are available in the following Moving and Storage section.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $97.6 million to $422.4 million for the second quarter of fiscal 2024, compared with $519.9 million for the second quarter of fiscal 2023.

Interest expense for the second quarter of fiscal 2024 was $63.9 million, compared with $57.2 million for the second quarter of fiscal 2023, due to an increase in our average cost of debt.

Income tax expense was $85.2 million for the second quarter of fiscal 2024, compared with $111.6 million for the second quarter of fiscal 2023.

As a result of the above-mentioned items, earnings available to common stockholders were $273.5 million for the second quarter of fiscal 2024, compared with $349.9 million for the second quarter of fiscal 2023.

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Moving and Storage

Quarter Ended September 30, 2023 compared with the Quarter Ended September 30, 2022

Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2024 and the second quarter of fiscal 2023:

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,070,688	$	1,163,376
Self-storage revenues		208,890		185,586
Self-moving and self-storage products and service sales		91,571		96,864
Property management fees		9,267		9,277
Net investment and interest income		28,520		15,077
Other revenue		156,642		166,678
Moving and Storage revenue	$	1,565,578	$	1,636,858

Self-moving equipment rental revenues decreased $92.7 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023.   Transactions, revenue and average miles driven per transaction decreased.  The declines were more pronounced for our one-way business.  Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

Self-storage revenues increased $23.3 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023.  The average monthly number of occupied units increased by 7%, or 38,046 units, during the second quarter of fiscal 2024 compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the quarter, we added approximately 0.9 million of new net rentable square feet.

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

	Quarter Ended September 30,
	2023	2022
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of September 30	691	638
Square footage as of September 30	58,402	53,303
Average monthly number of units occupied	578	540
Average monthly occupancy rate based on unit count	84.2%	85.4%
End of September occupancy rate based on unit count	83.5%	84.8%
Average monthly square footage occupied	49,931	46,538

Over the last twelve months we added approximately 5.1 million net rentable square feet of new storage to the system. This was a mix of approximately 1.4 million square feet of existing storage locations we acquired and 3.7 million square feet of new development.

Sales of self-moving and self-storage products and services decreased $5.3 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Net investment and interest income increased $13.4 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023, due to higher interest rates on short-term deposits.

Other revenue decreased $10.0 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023, caused primarily by decreases in our U-Box® program.

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Total costs and expenses increased $42.0 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023. Operating expenses increased $24.1 million.  Repair costs associated with the rental fleet experienced a $17.2 million increase during the quarter due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks.  Other increases included property taxes, building maintenance and utilities.  Other operating costs including freight and payment processing decreased $20.5 million during the quarter.

Depreciation expense associated with our rental fleet increased $11.1 million for the second quarter of fiscal 2024 compared with the second quarter of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $17.5 million as resale values have decreased while the average cost of units being sold has increased.  We increased the number of retired trucks sold compared to the same quarter last year.  Depreciation expense on all other assets, largely from buildings and improvements, increased $8.1 million. Net losses on the disposal or retirement of land and buildings decreased $0.2 million. Additional details are available in the following Moving and Storage section.

The components of depreciation, net of gains on disposals are as follows:

		Quarter Ended September 30
		2023		2022
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	140,341	$	129,220
Depreciation expense - non rental equipment		23,392		21,546
Depreciation expense - real estate		37,192		30,895
Total depreciation expense	$	200,925	$	181,661
Gains on disposals of rental equipment		(46,928)	$	(64,312)
(Gain) loss on disposals of non-rental equipment		125		(31)
Total gains on disposals equipment	$	(46,803)	$	(64,343)
Depreciation, net of gains on disposals	$	154,122	$	117,318
Losses on disposals of real estate	$	1,715	$	1,872

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased $113.2 million to $401.7 million for the second quarter of fiscal 2024, compared with $514.9 million for the second quarter of fiscal 2023.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $16.9 million for the second quarter of fiscal 2024, compared with $3.9 million for the second quarter of fiscal 2023.

As a result of the above-mentioned changes in revenues and expenses, consolidated earnings from operations for Moving and Storage decreased to $418.6 million for the second quarter of fiscal 2024, compared with $518.8 million for the second quarter of fiscal 2023.

Property and Casualty Insurance

Quarter Ended June 30, 2023 compared with the Quarter Ended June 30, 2022

Net premiums were $26.4 million and $26.0 million for the quarters ended June 30, 2023 and 2022, respectively. A significant portion of Repwest’s premiums were from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.

Net investment and interest income (loss) was $5.5 million and $(2.6) million for the quarters ended June 30, 2023 and 2022, respectively. The main driver of the change in net investment income was the increase in the market value of unaffiliated common stocks.

Operating expenses were $12.1 million and $11.6 million for the quarters ended June 30, 2023 and 2022, respectively. The change was due to an increase in commissions.

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Benefits and losses incurred were $4.2 million and $6.1 million for the quarters ended June 30, 2023 and 2022, respectively. Benefits and losses incurred corresponded with the change in moving and storage transactions at U-Haul during the same period.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $15.4 million and $5.7 million for the quarters ended June 30, 2023 and 2022, respectively.

Life Insurance

Quarter Ended June 30, 2023 compared with the Quarter Ended June 30, 2022

Net premiums were $22.5 million and $25.5 million for the quarters ended June 30, 2023 and 2022, respectively.  Medicare supplement premiums decreased $1.6 million from the policy decrements offset by premium rate increases. Life premiums decreased $1.2 million primarily from the decrease in sales of single premium life and final expense. Both decreases are due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $81.4 million or $1.9 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.  

Net investment income was $31.6 million and $19.0 million for the quarters ended June 30, 2023 and 2022, respectively. Realized gain on derivatives used as hedges to fixed indexed annuities was $9.9 million. The change in the provision for expected credit losses resulted in a $1.7 million additional increase to investment income.

Operating expenses were $4.7 million and $5.6 million for the quarters ended June 30, 2023 and 2022, respectively. The decrease is primarily due to the reduction in administrative expenses on final expense products due to decreased premiums.

Benefits and losses incurred were $38.3 million and $33.4 million for the quarters ended June 30, 2023 and 2022, respectively. Interest credited to policyholders increased $10.1 million due to an increase in the interest credited rates on equity - indexed annuities. Life benefits decreased $0.5 due to lower death claims related to COVID-19 and lower sales. Medicare supplement benefits decreased by $2.0 million from the declined policies in-force. Benefits on the annuities decreased $0.7 million.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings (losses) from operations were $5.5 million and ($0.4) million for the quarters ended June 30, 2023 and 2022, respectively.

U-Haul Holding Company and Consolidated Entities

Six Months Ended September 30, 2023 compared with the Six Months Ended September 30, 2022

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2024 and the first six months of fiscal 2023:

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,068,611	$	2,252,800
Self-storage revenues		407,851		358,763
Self-moving and self-storage products and service sales		192,443		206,215
Property management fees		18,444		18,416
Life insurance premiums		45,629		51,237
Property and casualty insurance premiums		45,893		45,690
Net investment and interest income		129,330		64,082
Other revenue		281,967		303,501
Consolidated revenue	$	3,190,168	$	3,300,704

Self-moving equipment rental revenues decreased $184.2 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023.  Transactions, revenue and average miles driven per transaction decreased.  The declines were more pronounced for our one-way business.  Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

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Self-storage revenues increased $49.1 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023.  The average monthly number of occupied units increased by 8%, or 41,501 units, during the first six months of fiscal 2024 compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.

Sales of self-moving and self-storage products and services decreased $13.8 million for the first six months of fiscal 2024, compared with the first six months of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Life insurance premiums decreased $5.6 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023 due primarily to decreased Medicare supplement premiums.

Property and casualty insurance premiums increased $0.2 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023.

Net investment and interest income increased $65.2 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023. Moving and Storage accounted for $36.0 million of the improvement due to an increase in interest rates on short-term deposits. Changes in the market value of unaffiliated common stocks held at our Property and Casualty Insurance subsidiary accounted for $10.7 million of the increase.  Our Life Insurance subsidiaries investment income increased $16.7 million primarily from gains on derivatives used as hedges to fixed indexed annuities.

Other revenue decreased $21.5 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023, caused primarily by decreases in our U-Box® program.

Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2024 and the first six months of fiscal 2023. The insurance companies’ first six months ended June 30, 2023 and 2022.

		Six Months Ended September 30
		2023		2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	3,025,091	$	3,160,456
Earnings from operations before equity in earnings of subsidiaries		788,395		996,560
Property and casualty insurance
Revenues		59,691		46,445
Earnings from operations		27,401		14,037
Life insurance
Revenues		111,203		99,799
Earnings from operations		6,964		5,619
Eliminations
Revenues		(5,817)		(5,996)
Earnings from operations before equity in earnings of subsidiaries		(747)		(768)
Consolidated results
Revenues		3,190,168		3,300,704
Earnings from operations		822,013		1,015,448

Total costs and expenses increased $82.9 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023. Operating expenses for Moving and Storage increased $52.6 million.  Repair costs associated with the rental fleet experienced a $46.8 million increase during the first six months of fiscal 2024 due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks.  Other increases included personnel, property taxes, utilities and building maintenance.  Other operating costs including freight and payment processing decreased $42.3 million during the quarter.  

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Depreciation expense associated with our rental fleet increased $19.8 million for the first six months of fiscal 2024 compared with the first six months of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $26.2 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same quarter last year.  Depreciation expense on all other assets, largely from buildings and improvements, increased $14.8 million. Net losses on the disposal or retirement of land and buildings decreased $1.4 million. Additional details are available in the following Moving and Storage section.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $193.4 million to $822.0 million for the first six months of fiscal 2024, as compared with $1,015.4 million for the first six months of fiscal 2023.

Interest expense for the first six months of fiscal 2024 was $124.5 million, compared with $107.0 million for the first six months of fiscal 2023, due to an increase in our average cost of debt. 

Income tax expense was $167.0 million for the first six months of fiscal 2024, compared with $218.7 million for the first six months of fiscal 2023.

As a result of the above-mentioned items, earnings available to common stockholders were $530.3 million for the first six months of fiscal 2024, compared with $688.3 million for the first six months of fiscal 2023.

Moving and Storage

Six Months Ended September 30, 2023 compared with the Six Months Ended September 30, 2022

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2024 and the first six months of fiscal 2023:

		Six Months Ended September 30
		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,070,767	$	2,255,086
Self-storage revenues		407,851		358,763
Self-moving and self-storage products and service sales		192,443		206,215
Property management fees		18,444		18,416
Net investment and interest income		55,815		20,017
Other revenue		279,771		301,959
Moving and Storage revenue	$	3,025,091	$	3,160,456

Self-moving equipment rental revenues decreased $184.3 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased.  The declines were more pronounced for our one-way business.  Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

Self-storage revenues increased $49.1 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023.  The average monthly number of occupied units increased by 8%, or 41,501 units, during the first six months of fiscal 2024 compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.

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

	Six Months Ended September 30
	2023	2022
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of September 30	691	638
Square footage as of September 30	58,402	53,303
Average monthly number of units occupied	529	529
Average monthly occupancy rate based on unit count	83.5%	85.0%
End of September occupancy rate based on unit count	83.5%	84.8%
Average monthly square footage occupied	49,279	45,692

Over the last twelve months we added approximately 5.1 million net rentable square feet of new storage to the system. This was a mix of approximately 1.4 million square feet of existing storage locations we acquired and 3.7 million square feet of new development.

Sales of self-moving and self-storage products and services decreased $13.8 million for the first six months of fiscal 2024, compared with the first six months of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Net investment and interest income increased $35.8 million during the second quarter of fiscal 2024, compared with the second quarter of fiscal 2023, due to higher interest rates on short-term deposits.

Other revenue decreased $22.2 million during the first six months of fiscal 2024, compared with the first six months of fiscal 2023, caused primarily by decreases in our U-Box® program.

Total costs and expenses increased $72.8 million during the first six months of fiscal 2024, compared with the six months of fiscal 2023. Operating expenses increased $52.6 million.  Repair costs associated with the rental fleet experienced a $46.8 million increase during the first six months of fiscal 2024 due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks.  Other increases included personnel, property taxes, utilities and building maintenance.  Other operating costs including freight and payment processing decreased $42.3 million during the quarter.

Depreciation expense associated with our rental fleet increased $19.8 million for the first six months of fiscal 2024 compared with the first six months of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $26.2 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same quarter last year.  Depreciation expense on all other assets, largely from buildings and improvements, increased $14.8 million. Net losses on the disposal or retirement of land and buildings decreased $1.4 million. Additional details are available in the following Moving and Storage section.

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The components of depreciation, net of gains on disposals for the first six months of fiscal 2024 were as follows:

		Six Months Ended September 30
		2023		2022
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	275,533	$	255,741
Depreciation expense - non rental equipment		45,694		43,167
Depreciation expense - real estate		73,173		60,897
Total depreciation expense	$	394,400	$	359,805
Gains on disposals of rental equipment	$	(102,735)	$	(128,313)
(Gain) loss on disposals of non-rental equipment		271		(378)
Total gains on disposals equipment	$	(102,464)	$	(128,691)
Depreciation, net of gains on disposals	$	291,936	$	231,114
Losses on disposals of real estate	$	2,736	$	4,179

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries decreased to $788.4 million for the first six months of fiscal 2024, compared with $996.6 million for the first six months of fiscal 2023.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $27.1 million for the first six months of fiscal 2024, compared with $15.9 million for the first six months of fiscal 2023.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $815.5 million for the first six months of fiscal 2024, compared with $1,012.5 million for the first six months of fiscal 2023.

Property and Casualty Insurance

Six Months Ended June 30, 2023 compared with the Six Months Ended June 30, 2022

Net premiums were $47.4 million and $46.8 million for the six months ended June 30, 2023 and 2022, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.

Net investment and interest income (loss) was $12.3 million and $(0.3) million for the six months ended June 30, 2023 and 2022, respectively. The main driver of the change in net investment income was the increase in the market value of unaffiliated common stock.

Operating expenses were $23.4 million and $21.8 million for the six months ended June 30, 2023 and 2022, respectively. The change was due to an increase in commissions and loss adjusting fees.

Benefits and losses incurred were $8.7 million and $10.5 million for the six months ended June 30, 2023 and 2022, respectively. Benefits and losses incurred corresponded with the change in moving and storage transactions at U-Haul during the same period.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $27.4 million and $14.0 million for the six months ended June 30, 2023 and 2022, respectively.

Life Insurance

Six Months Ended June 30, 2023 compared with the Six Months Ended June 30, 2022

Net premiums were $45.6 million and $51.2 million for the six months ended June 30, 2023 and 2022, respectively. Medicare supplement premiums decreased $3.3 million from policy decrements. Life premiums decreased $2.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $125.1 million or $43.9 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.

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Net investment income was $63.1 million and $46.4 million for the six months ended June 30, 2023 and 2022, respectively. Realized gain on derivatives used as hedges to fixed indexed annuities was $12.0 million current year-to-date. The change in the provision for expected credit losses resulted in a current year-to-date $2.0 million additional increase to the investment income. Net interest income and realized gain on the invested assets increased $2.6 million, primarily on bonds, and $1.2 million on mortgage loans.

Operating expenses were $10.1 million and $10.7 million for the six months ended June 30, 2023 and 2022, respectively.

Benefits and losses incurred were $79.2 million and $68.8 million for the six months ended June 30, 2023 and 2022, respectively. Interest credited to policyholders increased $13.4 million due to an increase in the interest credited rates on equity - indexed annuities. Life benefits decreased $2.5 million due to lower death claims related to COVID-19 and lower sales of new policies. Medicare supplement benefits decreased by $2.1 million from the declining policies in-force.

Amortization of DAC, SIA and VOBA were $14.9 million and $14.6 million for the six months ended June 30, 2023 and 2022, respectively.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $6.7 million and $5.5 million for the six months ended June 30, 2023 and 2022, respectively.

Liquidity and Capital Resources

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

As of September 30, 2023, cash and cash equivalents totaled $2,145.6 million, compared with $2,060.5 million as of March 31, 2023. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of September 30, 2023 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:

		Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
		(Unaudited)
		(In thousands)
Cash and cash equivalents	$	2,068,790	$	44,272	$	32,069
Other financial assets		314,005		436,100		2,722,737
Debt obligations (b)		6,436,800		–		–
(a) As of June 30, 2023
(b) Excludes ($35,901) of debt issuance costs

As of September 30, 2023, Moving and Storage had additional cash available under existing credit facilities of $486.1 million.  The majority of invested cash at the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities decreased $250.7 million in the first six months of fiscal 2024 compared with the first six months of fiscal 2023 due to a decrease in operating profits combined with an increase in claim payments at Moving and Storage.

Net cash used in investing activities decreased $18.5 million in the first six months of fiscal 2024, compared with the first six months of fiscal 2023. Purchases of property, plant and equipment increased $328.9 million, with fleet spending accounting for $256.2 million and real estate $49.0 million.  Cash from the sales of property, plant and equipment increased $78.7 million largely due to fleet sales. For our insurance subsidiaries, net cash provided in investing activities increased $150.1 million due to a decrease in purchases in fixed maturity investments and net cash provided by investing activities for Moving and Storage increased $127.7 million on short-term Treasury notes.  

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Net cash provided by financing activities decreased $57.7 million in the first six months of fiscal 2024, as compared with the first six months of fiscal 2023. This was due to a combination of decreased debt payments of $89.1 million, decreased finance lease repayments of $6.1 million, a decrease in cash from borrowings of $87.7 million, a decrease in dividend payments of $5.5 million and an increase in net annuity withdrawals from Life Insurance of $70.7 million.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2024, the Company will reinvest in its rental equipment fleet approximately $870 million, net of equipment sales and excluding any lease buyouts. Through the first six months of fiscal 2024, the Company invested, net of sales, approximately $569 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2024 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2024 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage.  For the first six months of fiscal 2024, the Company invested $633 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2024, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials.  We are likely to maintain a high level of real estate capital expenditures in fiscal 2024. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $1,256.1 million and $1,005.9 million for the first six months of fiscal 2024 and 2023, respectively. The components of our net capital expenditures are provided in the following table:

		Six Months Ended September 30
		2023		2022
		(Unaudited)
		(In thousands)
Purchases of rental equipment	$	974,436	$	718,231
Purchases of real estate, construction and renovations		632,902		583,889
Other capital expenditures		57,049		33,408
Gross capital expenditures		1,664,387		1,335,528
Less: Sales of property, plant and equipment		(408,279)		(329,611)
Net capital expenditures	$	1,256,108	$	1,005,917

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

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Property and Casualty Insurance

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

Property and Casualty Insurance’s stockholder’s equity was $317.5 million and $294.5 million as of June 30, 2023 and December 31, 2022, respectively. The increase resulted from net earnings of $21.7 million and an increase in other comprehensive income of $1.2 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of June 30, 2023 were $41.6 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $145.0 million and $132.2 million as of June 30, 2023 and December 31, 2022, respectively. The increase resulted from net earnings of $5.3 million and an increase in other comprehensive income of $7.5 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of June 30, 2023, Oxford had outstanding deposits of $60.0 million in the FHLB with an availability of $76.7 million, for which Oxford pays fixed interest rates between 0.49% and 4.30% with maturities between March 30, 2024 and September 30, 2027. As of June 30, 2023, available-for-sale-investments held with the FHLB totaled $93.9 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 consolidated balance sheets.

Cash Provided from Operating Activities by Operating Segments

Moving and Storage

Net cash provided from operating activities were $887.3 million and $1,129.9 million for the first six months of fiscal 2024 and 2023, respectively, due to a decrease in operating profits combined with an increase in claim payments.

Property and Casualty Insurance

Net cash provided by operating activities were $18.1 million and $16.2 million for the first six months ended June 30, 2023 and 2022, respectively. The increase was due to the timing of payables activity within the normal course of business.

Property and Casualty Insurance’s cash and cash equivalents and short-term investment portfolios amounted to $44.3 million and $27.2 million as of June 30, 2023 and December 31, 2022, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $32.1 million and $42.1 million for the first six months ended June 30, 2023 and 2022, respectively. The decrease in operating cash flows was primarily due to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions.

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In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of June 30, 2023 and December 31, 2022, cash and cash equivalents and short-term investments amounted to $32.1 million and $15.0 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs.

Liquidity and Capital Resources - Summary

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

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

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of September 30, 2023, we had available borrowing capacity under existing credit facilities of $486.1 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long term debt and borrowing capacity, please see Note 4, Notes, Loans and Finance Lease Payable, net, of the Notes to Consolidated Financial Statements.

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

Fiscal 2024 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2024. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2024, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2024. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2024.

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

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

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform their obligations. Following is a summary of our interest rate swap agreements as of September 30, 2023:

	Notional Amount		Fair Value	Effective Date	Expiration Date	Fixed Rate	Floating Rate
	(Unaudited)
	(In thousands)
$	59,107	$	5,083	7/15/2022	7/15/2032	2.86%	1 Month SOFR
	71,750		3,468	8/1/2022	8/1/2026	2.72%	1 Month SOFR
	71,250		3,399	8/1/2022	8/31/2026	2.75%	1 Month SOFR
	100,000		378	8/31/2023	8/31/2025	4.71%	1 Month SOFR

As of September 30, 2023, we had $707.1 million of variable rate debt obligations, of this amount, $405.0 million is not fixed through interest rate swaps.  If Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $4.9 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

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

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of June 30, 2023 and December 31, 2022, these derivative hedges had a net market value of $10.5 million and $4.3 million, with notional amounts of $509.5 million and $465.7 million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.

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

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Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.3% and 5.5% of our revenue was generated in Canada during the first six months of fiscal 2024 and 2023, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Cautionary Statements Regarding Forward-Looking Statements

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

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2023. Based upon that evaluation, our CEO and CFO have concluded that as of September 30, 2023, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.

Previously Disclosed Material Weaknesses and Remediation Plan

Two-Class Method of Earnings per Share. As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, we implemented a plan to address the material weakness related to the accounting for the two-class method of earnings per share associated with the recently issued UHAL.B common stock, including:

• Redesigning the related control

• Conducting relevant training for personnel involved in the process and control functions

• Enhancing the procedures and control activity documentation

These actions were completed in advance of our year end close process as of March 31, 2023, and the redesigned control operated as planned as part of our March 31, 2023, year-end close process.

In conjunction with our interim period close process as of June 30, 2023, the redesigned control again operated as designed. Therefore, based upon our testing of the redesigned control over these instances, we have concluded that the material weakness related to the calculation of earnings per share using the two-class method associated with the recently issued UHAL.B common stock, has been remediated.

General Information Technology Controls. As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, we determined a material weakness existed as management did not fully design, implement and monitor general information technology controls in the areas of program change management, user access, segregation of duties, and cyber security for systems supporting substantially all of the Company’s internal control processes. A substantial portion of the Company’s controls are dependent upon the information derived from the information technology systems and therefore the dependent controls were concluded to be ineffective. Our management, under the oversight of our Audit Committee, has begun evaluating and implementing new controls or redesigning controls to remediate the control deficiencies giving rise to this material weakness. These remediations measures have included:

• Assessing and formalizing the design of certain information technology policies
• Implementing controls and procedures relating to program change management, user access, segregation of duties and cyber security for systems supporting substantially all of the Company’s internal control processes
• Developing monitoring controls and protocols that will allow us to timely assess the design and operating effectiveness of the new and redesigned controls
• Strengthening of password policies
• Conducting more frequent end-user access reviews
• Enhancing the process for timely review of program management changes

We are committed to maintaining a strong internal control environment, and believe that these remediation actions represent significant improvements in our controls under the Internal Control – Integrated Framework Issued by the Committee of Sponsoring Organizations of the Treadway Commission. As we continue to evaluate and work to improve our internal control over financial reporting, additional remediation measures may be required, which may require additional implementation time, or we may modify certain of our remediation measures. The material weakness related to the general information technology controls will not be considered remediated, until the applicable controls operate for a sufficient

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 period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control Over Financial Reporting

Other than the material weakness described above, there have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 9, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

The following discussion of potential risks under the caption ‘We are highly dependent upon our automated systems and the Internet for managing our business’ contains material updates to the risk factor described under the same heading in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.  Other than the following updated risk factor, we are not aware of any material updates to the risk factors described in that Annual Report.

We are highly dependent upon our automated systems and the Internet for managing our business.

Our information systems are largely Internet-based, including our point-of-sale reservation system, payment processing and telephone systems.   While our reliance on this technology lowers our cost of providing service and expands our abilities to better serve customers, it exposes us to various risks, including natural and man-made disasters, terrorist attacks and cyber-attacks.   We have put into place extensive security protocols, backup systems and alternative procedures to mitigate these risks.   However, disruptions or breaches, detected or undetected by us, for any period of time in any portion of these systems could adversely affect our results of operations and financial condition and inflict reputational damage.

In addition, the provision of service to our customers and the operation of our networks and systems involve the storage and transmission of proprietary information and sensitive or confidential data, including personal information of customers, system members and others. Our information technology systems may be susceptible to computer viruses, attacks by computer hackers, malicious insiders or catastrophic events. Hackers, acting individually or in coordinated groups, may also launch distributed denial of service attacks or ransom or other coordinated attacks that may cause service outages or other interruptions in our business and access to our data.  In addition, breaches in security could expose us, our customers, or the individuals affected, to a risk of loss or misuse of proprietary information and sensitive or confidential data.

In 2022 and 2021, we experienced a cybersecurity incident, which is described in this Form 10-Q under the heading “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operation – Cybersecurity Incident”.  We have also experienced and continue to experience a significant increase in the number of attempted attacks on our technology systems, which could increase the likelihood that any of the risks described in this risk factor may be realized.  The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently, may be difficult to detect for a long time and often are not recognized until launched against a target. As a result, we may be unable to anticipate these techniques or to implement adequate preventative or remedial measures.

Any of these occurrences could result in disruptions in our operations, the loss of existing or potential customers, damage to our brand and reputation, and litigation and potential liability for the Company. In addition, the cost and operational consequences of implementing further data or system protection measures could be significant, and our efforts to deter, identify, mitigate and/or eliminate any security breaches may not be successful.

76

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

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended September 30, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The following documents are filed as part of this report:

Exhibit Number	Description	Page or Method of Filing
3.1	Amended and Restated Articles of Incorporation of U-Haul Holding Company	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255
3.2	U-Haul Holding Company Certificate of Designation of Series N Non-Voting Common Stock	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-A, filed on October 24, 2022, file no. 1-11255
3.3	Restated Bylaws of U-Haul Holding Company	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K filed on December 19, 2022, file no. 1-11255
3.4	Articles of Conversion/Exchange/Merger	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K filed on December 19, 2022, file no. 1-11255
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	Inline XBRL Instance Document	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema	Filed herewith

77

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

78

SIGNATURES

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

U-Haul Holding Company

Date:  November 8, 2023	/s/ Edward J. Shoen
	Edward J. Shoen
	President and Chairman of the Board
	(Principal Executive Officer)
Date:  November 8, 2023	/s/ Jason A. Berg
	Jason A. Berg
	Chief Financial Officer
	(Principal Financial Officer)
Date:  November 8, 2023	/s/ Maria L. Bell
	Maria L. Bell
	Chief Accounting Officer
	(Principal Accounting Officer)

79

EX-31.2

EXHIBIT 31.2

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

I, Jason A. Berg, certify that:

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

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

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

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

	/s/Jason A. Berg
	Jason A. Berg
Date: November 8, 2023	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

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

In connection with the Form 10-Q for the quarter ended September 30, 2023 of U-Haul Holding Company (the “Company”), as filed with the Securities and Exchange Commission on November 8, 2023 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	U-Haul Holding Company
	a Nevada corporation
	/s/Edward J. Shoen
	Edward J. Shoen
Date: November 8, 2023	President and Chairman of the Board

EX-32.2

EXHIBIT 32.2

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

In connection with the Form 10-Q for the quarter ended September 30, 2023 of U-Haul Holding Company (the “Company”), as filed with the Securities and Exchange Commission on November 8, 2023 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

	U-Haul Holding Company
	a Nevada corporation
	/s/Jason A. Berg
	Jason A. Berg
Date: November 8, 2023	Chief Financial Officer

XML

Document and Entity Information	3 Months Ended
	Sep. 30, 2023 shares
Document and Entity Information [Abstract]
Entity Registrant Name	U-Haul Holding Company
Entity Central Index Key	0000004457
Entity Current Reporting Status	Yes
Entity Small Business	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Period End Date	Sep. 30, 2023
Amendment Flag	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-11255
Entity Tax Identification Number	88-0106815
Entity address, address line one	5555 Kietzke Lane
Entity address, address line two	Suite 100
Entity address, City or Town	Reno
Entity address, State or Province	NV
Entity address, postal zip code	89511
City Area Code	775
Local Phone Number	688-6300
Entity Incorporation, State or Country Code	NV
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document and Entity Information [Abstract]
Trading Symbol	UHAL
Entity Common Stock, Shares Outstanding	19,607,788
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NYSE
Nonvoting Common Stock [Member]
Document and Entity Information [Abstract]
Trading Symbol	UHAL.B
Entity Common Stock, Shares Outstanding	176,470,092
Title of 12(b) Security	Series N Non-Voting Common Stock, $0.001 par value
Security Exchange Name	NYSE

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
ASSETS:
Cash and cash equivalents	$ 2,145,131	$ 2,060,524
Reinsurance recoverables and trade receivables, net	212,565	189,498
Inventories, net	161,535	151,474
Prepaid expenses	263,541	241,711
Investments, fixed maturities and marketable equities	2,534,164	2,770,394
Investments, other	650,151	575,540
Deferred policy acquisition costs, net	121,365	128,463
Other assets	52,769	51,052
Right of use Assets - Financing	377,733	474,765
Right of use Assets - Operating	65,316	58,917
Related Parties Amounts Due	40,140	48,308
Subtotal assets	6,624,410	6,750,646
Property, plant and equipment, at cost:
Land	1,613,871	1,537,206
Buildings and improvements	7,649,849	7,088,810
Furniture and equipment	966,211	928,241
Property, plant and equipment (gross)	17,063,484	15,660,293
Less: Accumulated depreciation	(4,666,444)	(4,310,205)
Total property, plant and equipment	12,397,040	11,350,088
Total assets	19,021,450	18,100,734
Liabilities:
Accounts payable and accrued expenses	757,988	761,039
Notes, loans and leases payable	6,400,899	6,108,042
Operating lease liability	64,580	58,373
Policy benefits and losses, claims and loss expenses payable	865,397	880,202
Liabilities from investment contracts	2,393,590	2,398,884
Other policyholders' funds and liabilities	7,677	8,232
Deferred income	56,821	52,282
Deferred income taxes, net	1,444,120	1,329,489
Total liabilities	11,991,072	11,596,543
Commitments and contingencies (notes 4, 8 and 9)
Stockholders' equity:
Common stock, value, issued		176
Additional paid-in capital	453,643	453,643
Accumulated other comprehensive loss	(275,664)	(285,623)
Retained earnings	7,519,376	7,003,148
Total stockholders' equity	7,030,378	6,504,191
Total liabilities and stockholders' equity	19,021,450	18,100,734
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	176	176
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	912,046	827,696
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	$ 5,921,507	$ 5,278,340

XML

Condensed Consolidated Balance Sheets Parenthetical	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 د.إ / shares shares
Series Preferred Stock With or Without Par Value [Member]
Preferred stock:
Preferred stock, shares authorized	50,000,000	50,000,000
Series A Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	6,100,000	6,100,000
Preferred stock, shares issued	6,100,000	6,100,000
Series B Preferred Stock [Member]
Preferred stock:
Preferred stock, shares authorized	100,000	100,000
Serial Common Stock With or Without Par Value [Member]
Common stock:
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par or stated value per share | $ / shares	$ 0.25
Serial Common Stock [Member]
Common stock:
Common stock, shares authorized	10,000,000	10,000,000
Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par or stated value per share | $ / shares	$ 0.25
Amerco Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares, issued	41,985,700	41,985,700
Common stock, shares, outstanding	19,607,788	19,607,788
Common stock, par or stated value per share | $ / shares	$ 0.25
Nonvoting Common Stock [Member]
Common stock:
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares, outstanding	176,470,092	176,470,092
Common stock, par or stated value per share | د.إ / shares		د.إ 0.001
Common Stock in Treasury [Member]
Treasury stock:
Treasury Stock Common Shares	22,377,912	22,377,912
Preferred Stock in Treasury [Member]
Treasury stock:
Treasury Stock Common Shares	6,100,000	6,100,000

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Self-moving equipment rentals	$ 1,069,405	$ 1,162,025	$ 2,068,611	$ 2,252,800
Self-storage revenues	208,890	185,586	407,851	358,763
Self moving and self-storage products and service sales	91,571	96,864	192,443	206,215
Property management fees	9,267	9,277	18,444	18,416
Life insurance premiums	22,498	25,456	45,629	51,237
Property and casualty insurance premiums	25,571	25,718	45,893	45,690
Net investment and Interest income	64,738	30,509	129,330	64,082
Other revenue	157,920	167,429	281,967	303,501
Total revenues	1,649,860	1,702,864	3,190,168	3,300,704
Costs and expenses:
Operating expenses	835,258	811,594	1,598,499	1,544,761
Commission expenses	111,961	125,341	218,888	243,834
Cost of sales	66,620	72,625	137,295	152,296
Benefits and losses	42,553	39,512	87,897	79,269
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Lease expense	8,450	7,684	16,033	15,159
Depreciation, net of (gains) losses on disposals	154,122	117,318	291,936	231,114
Net (gains) losses on disposal of real estate	1,715	1,872	2,736	4,179
Total costs and expenses	1,227,505	1,182,918	2,368,155	2,285,256
Earnings from operations	422,355	519,946	822,013	1,015,448
Other components of net periodic benefit costs	(364)	(304)	(729)	(608)
Interest expense	(63,943)	(57,193)	(124,541)	(106,992)
Fees and amortization on early extinguishment of debt	0	(959)	0	(959)
Pretax earnings	358,048	461,490	696,743	906,889
Income tax expense	(84,540)	(111,624)	(166,397)	(218,678)
Earnings available to common stockholders	273,508	349,866	530,346	688,211
Common Stock [Member]
Costs and expenses:
Earnings available to common stockholders	$ 0	$ 0	$ 0	$ 0
Basic and diluted earnings per common share	$ 1.36	$ 2.23	$ 2.63	$ 4.41
Weighted average common shares outstanding: basic and diluted	19,607,788	19,607,788	19,607,788	19,607,788
Nonvoting Common Stock [Member]
Costs and expenses:
Earnings available to common stockholders	$ 0	$ 0	$ 0	$ 0
Basic and diluted earnings per common share	$ 1.40	$ 1.73	$ 2.71	$ 3.41
Weighted average common shares outstanding: basic and diluted	176,470,092	176,470,092	176,470,092	176,470,092
Nonvoting Common Stock [Member] | Common Stock [Member]
Costs and expenses:
Weighted average common shares outstanding: basic and diluted	196,077,880	196,077,880	196,077,880	196,077,880

XML

Condensed Consolidated Statements of Operations Parenthetical - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Depreciation:
Net gain on sale of real and personal property	$ (46,803)	$ (64,342)	$ (102,464)	$ (128,690)
Related party:
Related party, costs and expenses, net of eliminations	$ 25,607	$ 26,989	$ 49,263	$ 52,475

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive income (loss) (pretax):
Pretax earnings (loss)	$ 358,048	$ 461,490	$ 696,743	$ 906,889
Comprehensive income (loss) (tax effect):
Income tax expense	(84,540)	(111,624)	(166,397)	(218,678)
Comprehensive income (loss) (net of tax):
Net earnings	273,508	349,866	530,346	688,211
Other comprehensive income (loss):
Foreign currency translation (pretax)	(2,849)	(739)	(2,380)	(542)
Foreign currency translation (tax effect)	0	0	0	0
Foreign currency translation (net of tax)	(2,849)	(739)	(2,380)	(542)
Unrealized gain (loss) on investments (pretax)	(16,867)	(137,836)	8,676	(310,882)
Unrealized gain (loss) on investments (tax effect)	3,570	29,392	(1,629)	66,056
Unrealized gain (loss) on investments (net of tax)	(13,297)	(108,444)	7,047	(244,826)
Change in fair value cash flow hedges (pretax)	4,418	8,336	9,511	8,506
Change in fair value of cash flow hedges (tax effect)	(1,085)	(2,047)	(2,336)	(2,089)
Change in fair value of cash flow hedges, (net of tax)	3,333	6,289	7,175	6,417
Amounts reclassified into earnings on hedging activities (pre tax)	(1,345)	24	(2,495)	590
Amounts reclassified into earnings on hedging activities (tax effect)	330	(5)	612	(144)
Amounts reclassified into earnings on hedging activities (net of tax)	(1,015)	19	(1,883)	446
Total other comprehensive income (loss) (pretax)	(16,643)	(130,215)	13,312	(302,328)
Total other comprehensive income (loss) (tax effect)	2,815	27,340	(3,353)	63,823
Total other comprehensive income (loss) (net of tax)	(13,828)	(102,875)	9,959	(238,505)
Total comprehensive income (loss) (pretax)	341,405	331,275	710,055	604,561
Total comprehensive income (loss) (tax effect)	(81,725)	(84,284)	(169,750)	(154,855)
Total comprehensive income (loss) (net of tax)	$ 259,680	$ 246,991	$ 540,305	$ 449,706

XML

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Less: Treasury Common Stock [Member]	Less: Treasury Preferred Stock [Member]	Less: Unearned Employee Stock Ownership Plan Shares [Member]	Nonvoting Common Stock [Member]
Balance, beginning of period at Mar. 31, 2022	$ 5,894,075	$ 10,497	$ 453,819	$ (4,992)	$ 6,112,401	$ (525,653)	$ (151,997)		$ 0
Cosolidated statement of change in equity
Foreign currency translation	(542)	0	0	(542)	0	0	0		0
Unrealized net gain (loss) on investments, net of tax	(244,826)	0	0	(244,826)	0	0	0		0
Change in fair value of cash flow hedges	6,417	0	0	6,417	0	0	0		0
Amounts reclassified into earnings on hedging activities, net	446	0	0	446	0	0	0		0
Net earnings	688,211	0	0	0	688,211	0	0		0
Common stock dividends	(19,608)	0	0	0	(19,608)	0	0		0
Net activity	430,098	0	0	(238,505)	668,603	0	0		0
Balance, end of period at Sep. 30, 2022	6,324,173	10,497	453,819	(243,497)	6,781,004	(525,653)	(151,997)		0
Balance, beginning of period at Jun. 30, 2022	6,086,986	10,497	453,819	(140,622)	6,440,942	(525,653)	(151,997)		0
Cosolidated statement of change in equity
Foreign currency translation	(739)	0	0	(739)	0	0	0		0
Unrealized net gain (loss) on investments, net of tax	(108,444)	0	0	(108,444)	0	0	0		0
Change in fair value of cash flow hedges	6,289	0	0	6,289	0	0	0		0
Amounts reclassified into earnings on hedging activities, net	19	0	0	19	0	0	0		0
Net earnings	349,866	0	0	0	349,866	0	0		0
Common stock dividends	(9,804)	0	0	0	(9,804)	0	0		0
Net activity	237,187	0	0	(102,875)	340,062	0	0		0
Balance, end of period at Sep. 30, 2022	6,324,173	10,497	453,819	(243,497)	6,781,004	(525,653)	(151,997)		0
Balance, beginning of period at Mar. 31, 2023	6,504,191	10,497	453,643	(285,623)	7,003,148	(525,653)	(151,997)		176
Cosolidated statement of change in equity
Foreign currency translation	(2,380)	0	0	(2,380)	0	0	0	$ 0	0
Unrealized net gain (loss) on investments, net of tax	7,047	0	0	7,047	0	0	0	0	0
Change in fair value of cash flow hedges	7,175	0	0	7,175	0	0	0	0	0
Amounts reclassified into earnings on hedging activities, net	(1,883)	0	0	(1,883)	0	0	0	$ 0	0
Net earnings	530,346	0	0	0	530,346	0	0		0
Common stock dividends	(14,118)	0	0	0	(14,118)	0	0		0
Net activity	526,187	0	0	9,959	516,228	0	0		0
Balance, end of period at Sep. 30, 2023	7,030,378	10,497	453,643	(275,664)	7,519,376	(525,653)	(151,997)		176
Balance, beginning of period at Jun. 30, 2023	6,777,757	10,497	453,643	(261,836)	7,252,927	(525,653)	(151,997)		176
Cosolidated statement of change in equity
Foreign currency translation	(2,849)	0	0	(2,849)	0	0	0		0
Unrealized net gain (loss) on investments, net of tax	(13,297)	0	0	(13,297)	0	0	0		0
Change in fair value of cash flow hedges	3,333	0	0	3,333	0	0	0		0
Amounts reclassified into earnings on hedging activities, net	(1,015)	0	0	(1,015)	0	0	0		0
Net earnings	273,508	0	0	0	273,508	0	0		0
Common stock dividends	(7,059)	0	0	0	(7,059)	0	0		0
Net activity	252,621	0	0	(13,828)	266,449	0	0		0
Balance, end of period at Sep. 30, 2023	$ 7,030,378	$ 10,497	$ 453,643	$ (275,664)	$ 7,519,376	$ (525,653)	$ (151,997)		$ 176

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Condensed Consolidated Statements of Changes in Stockholders' Equity Parenthetical - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.04	$ 0.50	$ 0.08	$ 1.00

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net earnings	$ 530,346	$ 688,211
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation	394,400	359,804
Amortization of deferred policy acquisition costs	14,871	14,644
Amortization of premiums and accretion of discounts related to investments, inc	8,441	10,249
Amortization of debt issuance costs	3,427	3,356
Interest credited to policyholders	36,329	24,690
Change in allowance for losses on trade receivables	578	(5,494)
Change in allowance for inventory reserves	3,461	7,125
Net gain on sale of real and personal property	(102,464)	(128,690)
Net losses on disposal of real estate	2,736	4,179
Net (gain) loss on sale of investments	(917)	7,207
Net losses on equity investments	(2,745)	7,963
Deferred income tax	107,751	103,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables	(23,402)	32,342
Inventories	(13,520)	(14,416)
Prepaid expenses	(21,824)	3
Capitalization of deferred policy acquisition costs	(7,773)	(14,900)
Other assets	(8,751)	2,432
Related party assets	7,403	(1,640)
Accounts payable and accrued expenses	23,248	64,297
Policy benefits and losses, claims and loss expenses payable	(18,553)	11,460
Other policyholders' funds and liabilities	(554)	1,314
Deferred income	4,115	9,458
Related party liabilities	828	742
Net cash provided by operating activities	937,431	1,188,164
Cash flow from investing activities:
Escrow deposits	573	9,688
Purchase of:
Property, plant and equipment	(1,664,387)	(1,335,528)
Short term investments	(44,903)	(36,173)
Fixed maturity investments	(106,777)	(202,265)
Equity securities	(309)	(4,356)
Real estate	(537)	(4,931)
Mortgage loans	(97,702)	(75,635)
Proceeds from sale of:
Property, plant and equipment	408,279	329,611
Short term investments	15,959	33,373
Fixed maturity investments	389,216	106,527
Equity securities	300	717
Preferred stock	913	717
Mortgage loans	13,049	74,165
Net cash used by investing activities	(1,086,326)	(1,104,807)
Cash flow from financing activities:
Borrowings from credit facilities	704,960	792,654
Principal repayments on credit facilities	(351,893)	(441,019)
Payment of debt issuance costs	(4,018)	(3,942)
Capital lease payments	(59,752)	(65,831)
Securitization deposits	151	49
Common stock dividends paid	(14,118)	(19,608)
Investment contract deposits	132,630	169,017
Investment contract withdrawals	(174,256)	(139,917)
Net cash provided by (used in) financing activities	233,704	291,403
Effects on exchange rate on cash	(202)	(13,782)
Increase (decrease) in cash and cash equivalents	84,607	360,978
Cash and cash equivalents at the beginning of period	2,060,524	2,704,137
Cash and cash equivalents at the end of period	$ 2,145,131	$ 3,065,115

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Basis of Presentation

3 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June 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 consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

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

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) noted below, the year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which include all disclosures required by GAAP. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements.  Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense.  Temporary differences create deferred tax assets and liabilities.  Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years which we have already recorded in our financial statements.  Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements.  We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the six months ended September 30, 2023 and 2022 was a provision of 23.9% and 24.17%, respectively.  Such rates differed from the Federal Statutory rate of 21.0% primarily due to state and local income taxes for both periods.

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.

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.

Accounting Policy Updates: 

The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of ASU 2018-12. Please refer to Note 17, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard.

Deferred Policy Acquisition Costs

Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts and are essential for the acquisition of new insurance business. Deferred acquisition costs (“DAC“) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (“VOBA“), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.

Policy Benefits and Losses, Claims and Loss Expenses Payable

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 83% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability

 for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of stockholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period expected cash flows.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in Accounting Standards Codification (“ASC“) 820, Fair Value Measurement. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.

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Earnings Per Share

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

2. Earnings Per Share

We calculate earnings per share using the two-class method in accordance with ASC 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 quarters ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarters Ended
		September 30,
		2023		2022
		(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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	26,645	$	34,006
Undistributed earnings per share of Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Voting Common Stock	$	–	$	0.50
Basic and diluted earnings per share of Voting Common Stock	$	1.36	$	2.23
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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	239,804	$	306,056
Undistributed earnings per share of Non-Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Non-Voting Common Stock	$	0.04	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.40	$	1.73

The calculation of basic and diluted earnings per share for the six months ended September 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For Six Months Ended
		September 30,
		2023		2022
		(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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	51,623	$	66,860
Undistributed earnings per share of Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Voting Common Stock	$	–	$	1.00
Basic and diluted earnings per share of Voting Common Stock	$	2.63	$	4.41
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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	464,605	$	601,743
Undistributed earnings per share of Non-Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Non-Voting Common Stock	$	0.08	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	2.71	$	3.41

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Investments

3 Months Ended

Sep. 30, 2023

Investments Debt Equity Securities [Abstract]

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.2 million and $23.4 million as of September 30, 2023 and March 31, 2023, respectively.

Available-for-Sale Investments

Available-for-sale investments as of September 30, 2023 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	172,987	$	335	$	(2,315)	$	(116)	$	–	$	170,891
U.S. government agency mortgage-backed securities		99,230		1		(3,703)		(5,009)		–		90,519
Obligations of states and political subdivisions		154,547		441		(4,261)		(5,064)		–		145,663
Corporate securities		1,817,003		983		(154,177)		(47,305)		(1,697)		1,614,807
Mortgage-backed securities		514,679		206		(40,394)		(24,243)		–		450,248
	$	2,758,446	$	1,966	$	(204,850)	$	(81,737)	$	(1,697)	$	2,472,128

Available-for-sale investments as of March 31, 2023 were as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(In thousands)
U.S. treasury securities and government obligations	$	353,189	$	3,061	$	(7,639)	$	(3,935)	$	–	$	344,676
U.S. government agency mortgage-backed securities		34,126		40		(6,707)		(228)		–		27,231
Obligations of states and political subdivisions		161,960		649		(4,014)		(8,090)		–		150,505
Corporate securities		2,086,432		1,491		(60,224)		(156,365)		(2,101)		1,869,233
Mortgage-backed securities		370,880		78		(40,359)		(13,207)		–		317,392
	$	3,006,587	$	5,319	$	(118,943)	$	(181,825)	$	(2,101)	$	2,709,037

We sold available-for-sale securities with a fair value of $165.4 million and $105.5 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized gains on these sales totaled $1.5 million and $0.8 million during the first six months of fiscal 2024 and 2023, respectively. The gross realized losses on these sales totaled $1.1 million and $0.3 million during the first six months of fiscal 2024 and 2023, respectively. In the first six months of fiscal 2024, we received $225.0 million from the Moving and Storage Treasuries that matured.

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

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

 impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a ($0.4) million and $1.9 million net impairment charge recorded in the first six months ended September 30, 2023 and 2022, respectively.

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.

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

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	251,106	$	249,366	$	354,875	$	354,184
Due after one year through five years		599,626		569,012		754,175		717,552
Due after five years through ten years		659,400		590,567		736,089		665,708
Due after ten years		733,486		612,788		790,568		654,201
		2,243,618		2,021,733		2,635,707		2,391,645
Mortgage-backed securities		514,828		450,395		370,880		317,392
	$	2,758,446	$	2,472,128	$	3,006,587	$	2,709,037

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

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Common stocks	$	29,602	$	42,045	$	29,577	$	39,375
Non-redeemable preferred stocks		25,144		19,991		26,054		21,982
	$	54,746	$	62,036	$	55,631	$	61,357

Investments, other

The carrying value of the other investments was as follows:

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
Mortgage loans, net	$	550,913	$	466,531
Short-term investments		–		15,921
Real estate		72,036		72,178
Policy loans		10,986		10,921
Other equity investments		16,216		9,989
	$	650,151	$	575,540

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Borrowings

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

4. Borrowings

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2024 Interest Rates					Maturities			Weighted Avg Interest Rates (c)			September 30, 2023		March 31, 2023
												(Unaudited)
												(In thousands)
Real estate loans (amortizing term) (a)	4.30	%	-	6.80	%	2027	-	2037	5.89	%	$	283,707	$	289,647
Senior mortgages	2.70	%	-	5.66	%	2024	-	2042	4.18	%		2,487,320		2,371,231
Real estate loans (revolving credit)	-	%	-	-	%	-	-	2027	-	%		–		–
Fleet loans (amortizing term)	1.61	%	-	5.68	%	2024	-	2029	3.76	%		90,071		111,856
Fleet loans (revolving credit) (b)	2.36	%	-	6.68	%	2026	-	2028	5.97	%		593,889		615,000
Finance leases (rental equipment)	2.39	%	-	5.01	%	2023	-	2026	4.00	%		163,453		223,205
Finance liabilities (rental equipment)	1.60	%	-	6.48	%	2024	-	2031	4.38	%		1,544,608		1,255,763
Private placements	2.43	%	-	2.88	%	2029	-	2035	2.65	%		1,200,000		1,200,000
Other obligations	1.50	%	-	8.00	%	2023	-	2049	6.10	%		73,752		76,648
Notes, loans and finance leases payable												6,436,800		6,143,350
Less: Debt issuance costs												(35,901)		(35,308)
Total notes, loans and finance leases payable, net											$	6,400,899	$	6,108,042
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.
(c) Weighted average rates as of September 30, 2023

Real Estate Backed Loans

Real Estate Loans (Amortizing Term)

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 $202.1 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 September 30, 2023, the applicable SOFR was 5.33% and applicable margin was between 0.65% and 1.38%, the sum of which, including the credit spread, was between 6.08% and 6.80%. The remaining $81.6 million of these loans was fixed with an interest rate of 4.30%. The default provisions of these real estate loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. 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. 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. We are in compliance with the covenants as of September 30, 2023. There are limited restrictions regarding our use

 of the funds.

Real Estate Loans (Revolving Credit)

U-Haul Holding Company is a borrower under a multi-bank syndicated real estate loan. As of September 30, 2023, the maximum credit commitment is $465.0 million. As of September 30, 2023, the full capacity was available to borrow. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. If there was a loan outstanding as of September 30, 2023, the applicable SOFR would be 5.33% and applicable margin would be 1.55% the sum of which would be 6.88% 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. We are in compliance with the covenants as of September 30, 2023. There is a 0.30% fee charged for unused capacity.

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 are fixed rates.  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. We are in compliance with the covenants as of September 30, 2023. The net book value of the corresponding rental equipment was $202.6 million and $213.1 million as of September 30, 2023 and March 31, 2023, respectively.

Rental Truck Revolvers

Various subsidiaries of U-Haul entered into three revolving fleet loans with an aggregate borrowing capacity of $615.0 million. The interest rates are SOFR plus the applicable margin and a credit spread adjustment of 0.10%. As of September 30, 2023, SOFR was between 5.31% and 5.33% and the margin was between 1.15% and 1.25%, the sum of which, including the credit spread, was between 6.56% and 6.68%. Of the $593.9 million outstanding, $88.9 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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023. These fleet loans are collateralized by the rental equipment purchased. The net book value of the corresponding rental equipment was $772.3 million and $822.0 million as of September 30, 2023 and March 31, 2023, respectively.

Finance Leases

The Finance Lease balance represents our sale-leaseback transactions of rental equipment. The agreements are generally seven (7) year terms.  All of our finance leases are collateralized by our rental fleet. The net book value of the corresponding rental equipment was $377.7 million and $474.8 million as of September 30, 2023 and March 31, 2023, respectively. There were no new financing leases entered into during the first six months of fiscal 2024. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 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. These finance liabilities are collateralized by the related assets of our rental fleet. The net book value of the corresponding rental equipment was $1,815.2 million and $1,499.1 million as of September 30, 2023 and March 31, 2023, respectively. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. We are in compliance with the covenants as of September 30, 2023.

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 September 30, 2023, the aggregate outstanding principal balance of the U-Notes® issued was $75.4 million, of which $1.7 million is held by our insurance subsidiaries and eliminated in consolidation.

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 September 30, 2023 for the next five years and thereafter are as follows:

		Year Ending September 30,
		2024		2025		2026		2027		2028		Thereafter		Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable	$	657,998	$	487,551	$	829,219	$	1,023,289	$	513,160	$	2,925,583	$	6,436,800

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	67,524	$	57,604
Capitalized interest		(3,669)		(2,248)
Amortization of transaction costs		1,432		1,814
Interest expense resulting from cash flow hedges		(1,344)		23
Total interest expense	$	63,943	$	57,193

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	131,924	$	108,009
Capitalized interest		(7,732)		(4,866)
Amortization of transaction costs		2,843		3,260
Interest expense resulting from cash flow hedges		(2,494)		589
Total interest expense	$	124,541	$	106,992

Interest paid in cash was $74.2 million and $63.1 million for the second quarter of fiscal 2024 and 2023, respectively, and $129.7 million and $104.8 million for the first six months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.3) million and $0.0 million for the second quarter of fiscal 2024 and 2023, respectively.  Interest paid (received) in cash on derivative contracts was ($2.3) million and $0.6 million for the first six months of fiscal 2024 and 2023, respectively.

Interest Rates

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

		Revolving Credit Activity
		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.51	%	3.32	%
Interest rate at the end of the quarter		6.61	%	3.80	%
Maximum amount outstanding during the quarter	$	605,000	$	1,102,000
Average amount outstanding during the quarter	$	596,322	$	877,522
Facility fees	$	306	$	111

		Revolving Credit Activity
		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		6.38	%	2.66	%
Interest rate at the end of the period		6.61	%	3.80	%
Maximum amount outstanding during the period	$	715,000	$	1,105,000
Average amount outstanding during the period	$	628,151	$	984,464
Facility fees	$	571	$	169

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Derivatives

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

5. Derivatives

We manage exposure to changes in market interest rates. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in 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 in the consolidated balance sheet were as follows:

		Derivatives Fair Values as of
		September 30, 2023		March 31, 2023
		(Unaudited)
		(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	12,328	$	5,311
Notional amount	$	302,107	$	206,347

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Gain recognized in AOCI on interest rate contracts	$	(3,073)	$	(8,360)
(Gain) loss reclassified from AOCI into income	$	1,345	$	(24)

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first six months of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $7.2 million and $6.4 million, respectively, net of taxes. During the first six months of fiscal 2024 and 2023, we reclassified $1.9 million and $0.4 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2023, we expect to reclassify $5.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder 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 consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first six months of June 30, 2023 and 2022 were ($4.7) million and $7.8 million, respectively.

		Derivatives Fair Values as of
		September 30, 2023		March 31, 2023
		(Unaudited)
		(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	10,526	$	4,295
Notional amount	$	509,519	$	465,701

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

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

6. Comprehensive Income (Loss)

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

		Foreign Currency Translation		Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of March 31, 2023	$	(56,539)	$	(232,740)	$	4,007	$	(351)	$	(285,623)
Foreign currency translation		(2,380)		–		–		–		(2,380)
Unrealized net gain on investments		–		7,047		–		–		7,047
Change in fair value of cash flow hedges		–		–		7,175		–		7,175
Amounts reclassified into earnings on hedging activities		–		–		(1,883)		–		(1,883)
Other comprehensive income (loss)		(2,380)		7,047		5,292		–		9,959
Balance as of September 30, 2023	$	(58,919)	$	(225,693)	$	9,299	$	(351)	$	(275,664)

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Stockholders' Equity

3 Months Ended

Sep. 30, 2023

Stockholders' Equity [Abstract]

7. Stockholders' Equity

The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2024 and 2023:

Non-Voting Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
August 17, 2023	$	0.04	September 19, 2023	September 29, 2023
June 7, 2023		0.04	June 20, 2023	June 30, 2023

Common Stock Dividends
Declared Date		Per Share Amount	Record Date	Dividend Date
August 18, 2022	$	0.50	September 6, 2022	September 20, 2022
April 6, 2022		0.50	April 18, 2022	April 29, 2022

As of September 30, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan.

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Leases

3 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The following tables show the components of our right-of-use (“ROU“) assets, net:

		As of September 30, 2023
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	142,467	$	142,467
Furniture and equipment		7,109		–		7,109
Rental trailers and other rental equipment		115,072		–		115,072
Rental trucks		816,075		–		816,075
Right-of-use assets, gross		938,256		142,467		1,080,723
Less: Accumulated depreciation		(560,523)		(77,151)		(637,674)
Right-of-use assets, net	$	377,733	$	65,316	$	443,049

		As of March 31, 2023
		Finance		Operating		Total
				(In thousands)
Buildings and improvements	$	–	$	128,221	$	128,221
Furniture and equipment		9,687		–		9,687
Rental trailers and other rental equipment		152,294		–		152,294
Rental trucks		949,838		–		949,838
Right-of-use assets, gross		1,111,819		128,221		1,240,040
Less: Accumulated depreciation		(637,054)		(69,304)		(706,358)
Right-of-use assets, net	$	474,765	$	58,917	$	533,682

As of September 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $163.5 million and $223.2 million, respectively and operating lease liabilities of $64.6 million and $58.4 million, respectively.

	Finance leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	2		2
Weighted average discount rate	4.0	%	3.8	%

	Operating leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	18.9		19.2
Weighted average discount rate	4.6	%	4.7	%

For the six months ended September 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $17.4 million and $16.0 million, respectively, and our financing cash flow activities were $59.8 million and $65.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $14.4 million and $3.6 million for the first six months of fiscal 2024 and 2023, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:

		Six Months Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Operating lease costs	$	16,033	$	16,181
Finance lease cost:
Amortization of right-of-use assets	$	31,465	$	43,173
Interest on lease liabilities		4,002		6,142
Total finance lease cost	$	35,467	$	49,315

The short-term lease costs for the first six months of fiscal 2024 and 2023 were not material.

Maturities of lease liabilities were as follows:

		Finance leases		Operating leases
		(Unaudited)
Year ending March 31,		(In thousands)
2024 (6 months)	$	85,789	$	22,913
2025		61,189		10,059
2026		24,371		6,879
2027		–		6,265
2028		–		5,708
Thereafter		–		60,853
Total lease payments		171,349		112,677
Less: imputed interest		(7,896)		(48,097)
Present value of lease liabilities	$	163,453	$	64,580

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Related Party Transactions

3 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

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 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 September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	7,754	$	7,827
U-Haul management fee revenue from Mercury		1,513		1,450
	$	9,267	$	9,277

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	15,450	$	15,556
U-Haul management fee revenue from Mercury		2,994		2,860
	$	18,444	$	18,416

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 $17.0 million and $16.9 million from the above-mentioned entities during the first six months of fiscal 2024 and 2023, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting 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; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties.

Related Party Costs and Expenses

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	604
U-Haul printing expenses to Blackwater		968		–
U-Haul commission expenses to Blackwater		24,035		26,385
	$	25,607	$	26,989

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	1,208	$	1,208
U-Haul printing expenses to Blackwater		1,317		–
U-Haul commission expenses to Blackwater		46,738		51,267
	$	49,263	$	52,475

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.

On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of September 30, 2023, 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 $15.4 million and $15.6 million, expenses of $1.2 million and $1.2 million and cash flows of $14.3 million and $14.3 million, respectively, during the first six months of fiscal 2024 and 2023. Revenues were $214.5 million and $245.0 million and commission expenses were $46.7 million and $51.3 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2024 and 2023.

Management determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater.

Related Party Assets

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	37,791	$	42,141
U-Haul receivable from Mercury		6,654		8,402
Other (a)		(4,305)		(2,235)
	$	40,140	$	48,308

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

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Consolidating Financial Information by Industry Segment

3 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

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 consolidating statements. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries

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Industry Segment and Geographic Area Data

3 Months Ended

Sep. 30, 2023

Segments, Geographical Areas [Abstract]

12. Industry Segment and Geographic Area Data

12. Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended September 30, 2023
Total revenues	$	1,559,205	$	90,655	$	1,649,860
Depreciation and amortization, net of (gains) on disposals		161,085		1,578		162,663
Interest expense		63,182		761		63,943
Pretax earnings		348,442		9,606		358,048
Income tax expense		82,035		2,505		84,540
Identifiable assets		18,279,234		742,216		19,021,450
Quarter Ended September 30, 2022
Total revenues	$	1,610,067	$	92,797	$	1,702,864
Depreciation and amortization, net of (gains) on disposals		124,735		1,427		126,162
Interest expense		56,477		716		57,193
Pretax earnings		444,220		17,270		461,490
Income tax expense		107,254		4,370		111,624
Identifiable assets		17,515,009		628,334		18,143,343

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six Months Ended September 30, 2023
Total revenues	$	3,020,489	$	169,679	$	3,190,168
Depreciation and amortization, net of (gains) on disposals		309,398		145		309,543
Interest expense		123,128		1,413		124,541
Pretax earnings		675,514		21,229		696,743
Income tax expense		160,630		5,767		166,397
Identifiable assets		18,279,234		742,216		19,021,450
Six Months Ended September 30, 2022
Total revenues	$	3,120,453	$	180,251	$	3,300,704
Depreciation and amortization, net of (gains) on disposals		245,721		4,216		249,937
Interest expense		105,425		1,567		106,992
Pretax earnings		876,101		30,788		906,889
Income tax expense		210,867		7,811		218,678
Identifiable assets		17,515,009		628,334		18,143,343

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Employee Benefit Plans

3 Months Ended

Sep. 30, 2023

Compensation and Retirement Disclosure [Abstract]

13. Employee Benefit Plans

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

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	297	$	331
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		368		287
Other components		(4)		17
Total other components of net periodic benefit costs		364		304
Net periodic postretirement benefit cost	$	661	$	635

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	594	$	663
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		735		574
Other components		(6)		34
Total other components of net periodic benefit costs		729		608
Net periodic postretirement benefit cost	$	1,323	$	1,271

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Fair Value Measurements

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

14. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities 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 are based on quoted market prices.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values on interest rate swap contracts are based on using pricing valuation models which include broker quotes.

Fair values of long-term investment and mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows.  Fair values of reinsurance recoverables and 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 loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans 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 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 September 30, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	212,565	$	–	$	–	$	212,565	$	212,565
Mortgage loans, net		550,913		–		–		521,831		521,831
Other investments		88,712		–		–		88,712		88,712
Total	$	852,190	$	–	$	–	$	823,108	$	823,108
Liabilities
Notes, loans and finance leases payable	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511
Total	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511

		Fair Value Hierarchy
		Carrying								Total Estimated
As of March 31, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(In thousands)
Assets
Reinsurance recoverables and trade receivables, net	$	189,498	$	–	$	–	$	189,498	$	189,498
Mortgage loans, net		466,531		–		–		444,957		444,957
Other investments		109,009		–		–		109,009		109,009
Total	$	765,038	$	–	$	–	$	743,464	$	743,464
Liabilities
Notes, loans and finance leases payable		6,143,350		–		5,710,735		–		5,710,735
Total	$	6,143,350	$	–	$	5,710,735	$	–	$	5,710,735

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of September 30, 2023 and March 31, 2023 that are measured at fair value on a recurring basis and the level within the fair value hierarchy.

As of September 30, 2023		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	1,808,130	$	1,807,142	$	988	$	–
Fixed maturities - available for sale		2,472,128		168,287		2,303,782		59
Preferred stock		19,991		19,991		–		–
Common stock		42,045		42,045		–		–
Derivatives		22,854		10,526		12,328		–
Total	$	4,365,148	$	2,047,991	$	2,317,098	$	59
Liabilities
Embedded derivatives	$	9,630	$	–	$	–	$	9,630
Total	$	9,630	$	–	$	–	$	9,630

As of March 31, 2023		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short-term investments	$	1,809,441	$	1,808,797	$	644	$	–
Fixed maturities - available for sale		2,709,037		251,832		2,457,146		59
Preferred stock		21,982		21,982		–		–
Common stock		39,375		39,375		–		–
Derivatives		9,606		4,295		5,311		–
Total	$	4,589,441	$	2,126,281	$	2,463,101	$	59

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Revenue Recognition

3 Months Ended

Sep. 30, 2023

Revenue From Contract With Customer [Abstract]

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 September 30, 2023 and March 31, 2023.

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 second quarter of fiscal 2024 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

ASC Topic 842, Leases (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 Consolidated Financial Statements.

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

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

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

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

		Years Ending September 30,
		2024		2025		2026		2027		2028		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	7,139	$	–	$	–	$	–	$	–	$	–
Property lease revenues		20,722		14,491		11,509		8,275		5,678		37,972
Total	$	27,861	$	14,491	$	11,509	$	8,275	$	5,678	$	37,972

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 September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	118,368	$	127,091
Revenues recognized at a point in time:		111,759		118,966
Total revenues recognized under ASC 606		230,127		246,057
Revenues recognized under ASC 842		1,305,523		1,373,925
Revenues recognized under ASC 944		49,472		52,373
Revenues recognized under ASC 320		64,738		30,509
Total revenues	$	1,649,860	$	1,702,864

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	209,683	$	230,285
Revenues recognized at a point in time:		229,352		245,321
Total revenues recognized under ASC 606		439,035		475,606
Revenues recognized under ASC 842		2,527,839		2,661,956
Revenues recognized under ASC 944		93,964		99,060
Revenues recognized under ASC 320		129,330		64,082
Total revenues	$	3,190,168	$	3,300,704

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.

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Allowance For Credit Losses

3 Months Ended

Sep. 30, 2023

Allowance For Credit Loss [Abstract]

Allowance For Credit Losses [Text Block]

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 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.

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

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time).  To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of September 30, 2023 and March 31, 2023, 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 September 30, 2023 and March 31, 2023 was $4.4 million and $3.8 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.7 million, and $29.6 million as of June 30, 2023 and December 31, 2022, respectively and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

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 June 30, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $7.0 million and $4.1 million as of June 30, 2023 and December 31, 2022, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not 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, 2022	$	8,649	$	60	$	501	$	9,210
Provision for (reversal of) credit losses		(4,860)		2,041		16		(2,803)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of March 31, 2023	$	3,789	$	2,101	$	517	$	6,407
Provision for (reversal of) credit losses		578		(429)		300		449
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of September 30, 2023	$	4,367	$	1,672	$	817	$	6,856

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Accounting Pronouncements

3 Months Ended

Sep. 30, 2023

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

New Accounting Pronouncements And Changes In Accounting Principles [Text Block]

Adoption of new Accounting Pronouncements

On April 1, 2023, the Company adopted ASU 2018-12 which is applicable to Oxford. The Company adopted ASU 2018-12 effective April 1, 2023 and used the modified retrospective method with a transition date of April 1, 2021.

The updated accounting guidance required changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare supplement products and our long-term care business. Entities will be required to review, and update if there is a change to cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in other comprehensive income.

The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. The Company uses a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company groups its long-duration contracts into calendar year cohorts based on the contract issue date.

DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: (1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, (2) the requirement to no longer accrue and amortize interest on our DAC balances, and (3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business.

Upon adoption, the Company made adjustments to AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during fiscal 2024, but could become material with a large increase in sales.

Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value.  Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed life withdrawal benefits, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12.

Also in consideration of market risk benefits, upon adoption, there were impacts to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption significantly expanded the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption had no economic impact on the cash flows of our business nor influence on our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, or capital management philosophies.

The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022.

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Assets
Prior to adoption	$	18,124,648	$	17,299,581
Effect of adoption:
Derecognition of shadow DAC		(25,141)		26,131
Re-measurement due to discount rate		–		–
Other adjustments		1,227		1,471
Subtotal	$	(23,914)	$	27,602
After adoption	$	18,100,734	$	17,327,183

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Liabilities
Prior to adoption	$	11,596,313	$	11,347,089
Effect of adoption:
Deferred income tax adjustment on Shadow removal		(5,280)		5,488
Re-measurement due to discount rate		(1,626)		87,258
Deferred income tax adjustment on discount rate		342		(18,324)
Other adjustments		6,794		8,511
Subtotal	$	230	$	82,933
After adoption	$	11,596,543	$	11,430,022

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Accumulated other comprehensive income (loss)
Prior to adoption	$	(267,046)	$	46,384
Effect of adoption:
Derecognition on shadow DAC (tax effect)		(19,861)		20,644
Re-measurement due to discount rate		1,626		(87,258)
Re-measurement due to discount rate (tax effect)		(342)		18,324
Other adjustments		–		–
Subtotal	$	(18,577)	$	(48,290)
After adoption	$	(285,623)	$	(1,906)

		Year Ended March 31,
		2023		2022
		(Unaudited)
		(In thousands)
Total Stockholders' equity
Prior to adoption	$	6,528,335	$	5,952,492
Effect of adoption:
Derecognition on shadow DAC (tax effect)		(19,861)		20,644
Re-measurement due to discount rate (tax effect)		1,284		(68,934)
Other adjustments		(5,567)		(7,042)
Subtotal	$	(24,144)	$	(55,332)
After adoption	$	6,504,191	$	5,897,160

		Year Ended March 31, 2023
		As previously reported	Adoption impact		As adjusted
		(Unaudited)
		(In thousands)
Deferred policy acquisition costs, net	$	152,377	(23,914)	$	128,463
Total assets		18,124,648	(23,914)		18,100,734
Policy benefits and losses, claims and loss expenses payable		875,034	5,168		880,202
Deferred income taxes, net		1,334,427	(4,938)		1,329,489
Total liabilities		11,596,313	230		11,596,543
Accumulated other comprehensive loss		(267,046)	(18,577)		(285,623)
Retained earnings		7,008,715	(5,567)		7,003,148
Total stockholders' equity		6,528,335	(24,144)		6,504,191
Total liabilities and stockholders' equity		18,124,648	(23,914)		18,100,734

		April 1, 2021		March 31, 2021
		(Unaudited)
		(In thousands)
Deferred policy acquisition costs, net	$	131,187	$	89,749
Total assets		14,693,044		14,651,606
Policy benefits and losses, claims and loss expenses payable		1,040,951		909,701
Deferred income taxes, net		1,182,123		1,199,280
Total liabilities		9,846,608		9,732,515
Accumulated other comprehensive income		42,319		106,857
Retained earnings		5,017,451		5,025,568
Total stockholders' equity		4,846,436		4,919,091
Total liabilities and stockholders' equity		14,693,044		14,651,606

The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford.

Deferred Policy Acquisition Costs		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	15,654	$	64,552	$	9,543	$	89,749
Adjustments for removal of related balances in accumulated other comprehensive income		41,438		–		–		41,438
Adjusted balance, beginning of year April 1, 2021	$	57,092	$	64,552	$	9,543	$	131,187

Future Policy Benefit		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	8,370	$	310,311	$	18,341	$	337,022
Change in discount rate assumptions		2,307		115,978		4,847		123,132
Change in cash flow assumptions, effect of net premiums exceeding gross premiums		–		1,747		–		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		–		2,580		–		2,580
Adjusted balance, beginning of year April 1, 2021	$	10,677	$	430,616	$	23,188	$	464,481

Market Risk Benefits		Deferred Annuities
		(Unaudited)
		(In thousands)
Balance, end of year March 31, 2021	$	7,339
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk		3,791
Adjusted balance, beginning of year April 1, 2021	$	11,130

		Retained Earnings		Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Liability for future policy benefits	$	(4,327)	$	(123,132)
Market risk benefits		(3,791)		–
Deferred acquisition costs and related asset balances		–		41,438
Tax effect		–		17,156
Total	$	(8,118)	$	(64,538)

Recent Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842 – Common Control Arrangements (“ASU 2023-01”). ASU 2023-01, accounting for leasehold improvements, requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease.  The amendment is effective for fiscal years beginning after December 15, 2023. We are currently in the process of evaluating the impact if any of the adoption of ASU 2023-01

 on our financial statements.

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Deferred Policy Acquisition Costs, Net

3 Months Ended

Sep. 30, 2023

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs [Text Block1]

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the six-month periods ended September 30, 2023 and 2022.

		Six Months Ended September 30, 2023
		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, beginning of year	$	55,396	$	66,954	$	6,113	$	128,463
Capitalization		5,441		2,212		120		7,773
Amortization expense		(9,631)		(4,515)		(725)		(14,871)
Balance, end of period	$	51,206	$	64,651	$	5,508	$	121,365

		Six Months Ended September 30, 2022
		Payout Annuities		Life Insurance		Health Insurance		Total
		(Unaudited)
		(In thousands)
Balance, beginning of year	$	56,175	$	68,676	$	8,718	$	133,569
Capitalization		10,468		4,212		220		14,900
Amortization expense		(9,457)		(3,872)		(1,315)		(14,644)
Balance, end of period	$	57,186	$	69,016	$	7,623	$	133,825

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Life Insurance Liabilities

3 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Insurance Disclosure [Text Block]

The following tables present the balances and changes in the policy benefits  and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	223,118	$	196,569	$	419,687
Beginning balance at original discount rate	$	225,071	$	212,454	$	437,525
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		(187)		(5,644)		(5,831)
Adjusted beginning of year balance	$	224,884	$	206,810	$	431,694
Issuances		5,072		77		5,149
Interest accrual		5,554		4,096		9,650
Net premium collected		(19,833)		(13,357)		(33,190)
Other		–		–		–
Ending balance at original discount rate	$	215,677	$	197,626	$	413,303
Effect of changes in discount rate assumptions (AOCI)		(1,650)		(14,337)		(15,987)
Balance, end of period	$	214,027	$	183,289	$	397,316
Present value of expected future policy benefits
Balance, beginning of year	$	530,938	$	210,054	$	740,992
Beginning balance at original discount rate	$	533,688	$	226,510	$	760,198
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		(565)		(4,215)		(4,780)
Adjusted beginning of year balance	$	533,123	$	222,295	$	755,418
Issuances		5,211		77		5,288
Interest accrual		13,166		4,402		17,568
Benefit payments		(27,720)		(16,162)		(43,882)
Other		–		–		–
Ending balance at original discount rate	$	523,780	$	210,612	$	734,392
Effect of changes in discount rate assumptions (AOCI)		949		(14,760)		(13,811)
Balance, end of period	$	524,729	$	195,852	$	720,581
End of period, LFPB net						323,265
Payout annuities and market risk benefits						30,685
Life and annuity ICOS and IBNR / Reinsurance losses payable						10,101
Life DPL / Other life and health						26,556
Oxford end of period balance						390,607
Moving and Storage balance						324,642
Property and Casualty balance						150,148
Policy benefit and losses, claims and loss expense balance, end of period					$	865,397

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	280,371	$	280,732	$	561,103
Beginning balance at original discount rate	$	242,741	$	253,307	$	496,048
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experience		748		1,026		1,774
Adjusted beginning of year balance	$	243,489	$	254,333	$	497,822
Issuances		14,083		2,453		16,536
Interest accrual		6,037		5,062		11,099
Net premium collected		(21,946)		(15,041)		(36,987)
Other		–		–		–
Ending balance at original discount rate	$	241,663	$	246,807	$	488,470
Effect of changes in discount rate assumptions (AOCI)		7,814		(7,959)		(145)
Balance, end of period	$	249,477	$	238,848	$	488,325
Present value of expected future policy benefits
Balance, beginning of year	$	672,254	$	299,628	$	971,882
Beginning balance at original discount rate	$	552,109	$	269,177	$	821,286
Effect of changes in cash flow assumptions		–		–		–
Effect of actual variances from expected experiences		1,031		1,713		2,744
Adjusted beginning of year balance	$	553,140	$	270,890	$	824,030
Issuances		14,083		2,453		16,536
Interest accrual		13,714		5,391		19,105
Benefit payments		(29,783)		(17,653)		(47,436)
Other		–		–		–
Ending balance at original discount rate	$	551,154	$	261,081	$	812,235
Effect of changes in discount rate assumptions (AOCI)		25,907		(7,779)		18,128
Balance, end of period	$	577,061	$	253,302	$	830,363
End of period, LFPB net						342,038
Payout annuities and market risk benefits						33,157
Life and annuity ICOS and IBNR / Reinsurance losses payable						11,226
Life DPL / Other life and health						37,130
Oxford end of period balance						423,551
Moving and Storage balance						348,854
Property and Casualty balance						156,998
Policy benefit and losses, claims and loss expense balance, end of period					$	929,403

	Six Months Ended September 30, 2023
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	387,141	$	331,852	$	718,993
Discounted balance at original discount rate	$	299,161	$	256,658	$	555,819
Discounted balance at current discount rate	$	296,505	$	239,939	$	536,444
Expected policy benefits
Undiscounted balance	$	761,261	$	273,079	$	1,034,340
Discounted balance at original discount rate	$	523,777	$	210,612	$	734,389
Discounted balance at current discount rate	$	524,726	$	195,852	$	720,578
Mortality, lapses and morbidity
Mortality actual experience		5.02	%	–	%
Mortality expected experience		5.06	%	–	%
Lapses actual experience		1.87	%	–	%
Lapses expected experience		2.65	%	–	%
Morbidity actual experience		–	%	85.53	%
Morbidity expected experience		–	%	73.50	%
Premiums and interest expense
Gross premiums	$	26,667	$	18,432	$	45,099
Other premiums						–
Total premiums					$	45,099
Interest expense	$	7,612	$	306	$	7,918
Expected duration (persistency) of policies in-force (years)		6.9		6.5
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		5.00	%	5.00	%

	Six Months Ended September 30, 2022
		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance	$	427,457	$	434,063	$	861,520
Discounted balance at original discount rate	$	329,233	$	333,001	$	662,234
Discounted balance at current discount rate	$	339,434	$	325,323	$	664,757
Expected policy benefits
Undiscounted balance	$	807,725	$	342,371	$	1,150,096
Discounted balance at original discount rate	$	551,153	$	261,081	$	812,234
Discounted balance at current discount rate	$	577,060	$	253,302	$	830,362
Mortality, lapses and morbidity
Mortality actual experience		5.07	%	–	%
Mortality expected experience		4.78	%	–	%
Lapses actual experience		2.04	%	–	%
Lapses expected experience		2.53	%	–	%
Morbidity actual experience		–	%	79.25	%
Morbidity expected experience		–	%	71.30	%
Premiums and interest expense
Gross premiums	$	29,158	$	21,703	$	50,861
Other premiums						–
Total premiums					$	50,861
Interest expense	$	7,677	$	329	$	8,006
Expected duration (persistency) of policies in-force (years)		7.1		6.8
Weighted average original interest rate of the liability for future policy benefits		5.00	%	4.00	%
Weighted average current interest rate of the liability for future policy benefits		1.00	%	1.00	%

The following tables present the balances and changes in Liabilities from investment contracts account balances:

		Six Months Ended September 30, 2023
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,398,884
Deposits received		125,122
Surrenders and withdrawals		(146,647)
Benefit payments		(20,761)
Interest credited		36,992
Other		–
End of period	$	2,393,590
Weighted average credited rate		3.09
Cash surrender value	$	2,062,233

		Six Months Ended September 30, 2022
		Deferred Annuities
		(Unaudited)
		(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,336,238
Deposits received		169,008
Surrenders and withdrawals		(122,450)
Benefit payments		(18,334)
Interest credited		25,566
Other		–
End of period	$	2,390,028
Weighted average credited rate		2.16
Cash surrender value	$	2,082,936

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Earnings Per Share (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share Basic And Diluted [Table Text Block]

		For the Quarters Ended
		September 30,
		2023		2022
		(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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	26,645	$	34,006
Undistributed earnings per share of Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Voting Common Stock	$	–	$	0.50
Basic and diluted earnings per share of Voting Common Stock	$	1.36	$	2.23
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	$	273,508	$	349,866
Voting Common Stock dividends declared and paid		–		(9,804)
Non-Voting Common Stock dividends declared and paid		(7,059)		–
Undistributed earnings available to common stockholders	$	266,449	$	340,062
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	239,804	$	306,056
Undistributed earnings per share of Non-Voting Common Stock	$	1.36	$	1.73
Dividends declared per share of Non-Voting Common Stock	$	0.04	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.40	$	1.73

		For Six Months Ended
		September 30,
		2023		2022
		(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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	51,623	$	66,860
Undistributed earnings per share of Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Voting Common Stock	$	–	$	1.00
Basic and diluted earnings per share of Voting Common Stock	$	2.63	$	4.41
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	$	530,346	$	688,211
Voting Common Stock dividends declared and paid		–		(19,608)
Non-Voting Common Stock dividends declared and paid		(14,118)		–
Undistributed earnings available to common stockholders	$	516,228	$	668,603
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	464,605	$	601,743
Undistributed earnings per share of Non-Voting Common Stock	$	2.63	$	3.41
Dividends declared per share of Non-Voting Common Stock	$	0.08	$	–
Basic and diluted earnings per share of Non-Voting Common Stock	$	2.71	$	3.41

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Investments (Table Text Block)

3 Months Ended

12 Months Ended

Sep. 30, 2023

Mar. 31, 2023

Investments Debt Equity Securities [Abstract]

Available for sale investments

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(Unaudited)
		(In thousands)
U.S. treasury securities and government obligations	$	172,987	$	335	$	(2,315)	$	(116)	$	–	$	170,891
U.S. government agency mortgage-backed securities		99,230		1		(3,703)		(5,009)		–		90,519
Obligations of states and political subdivisions		154,547		441		(4,261)		(5,064)		–		145,663
Corporate securities		1,817,003		983		(154,177)		(47,305)		(1,697)		1,614,807
Mortgage-backed securities		514,679		206		(40,394)		(24,243)		–		450,248
	$	2,758,446	$	1,966	$	(204,850)	$	(81,737)	$	(1,697)	$	2,472,128

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses More than 12 Months		Gross Unrealized Losses Less than 12 Months		Allowance for Expected Credit Losses		Fair Market Value
		(In thousands)
U.S. treasury securities and government obligations	$	353,189	$	3,061	$	(7,639)	$	(3,935)	$	–	$	344,676
U.S. government agency mortgage-backed securities		34,126		40		(6,707)		(228)		–		27,231
Obligations of states and political subdivisions		161,960		649		(4,014)		(8,090)		–		150,505
Corporate securities		2,086,432		1,491		(60,224)		(156,365)		(2,101)		1,869,233
Mortgage-backed securities		370,880		78		(40,359)		(13,207)		–		317,392
	$	3,006,587	$	5,319	$	(118,943)	$	(181,825)	$	(2,101)	$	2,709,037

Adjusted Cost and Estimated Market Value of Available-for-sale Investments

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Due in one year or less	$	251,106	$	249,366	$	354,875	$	354,184
Due after one year through five years		599,626		569,012		754,175		717,552
Due after five years through ten years		659,400		590,567		736,089		665,708
Due after ten years		733,486		612,788		790,568		654,201
		2,243,618		2,021,733		2,635,707		2,391,645
Mortgage-backed securities		514,828		450,395		370,880		317,392
	$	2,758,446	$	2,472,128	$	3,006,587	$	2,709,037

Available for sale equity investments

		September 30, 2023				March 31, 2023
		Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
		(Unaudited)
		(In thousands)
Common stocks	$	29,602	$	42,045	$	29,577	$	39,375
Non-redeemable preferred stocks		25,144		19,991		26,054		21,982
	$	54,746	$	62,036	$	55,631	$	61,357

Carrying value of Investments, other

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
Mortgage loans, net	$	550,913	$	466,531
Short-term investments		–		15,921
Real estate		72,036		72,178
Policy loans		10,986		10,921
Other equity investments		16,216		9,989
	$	650,151	$	575,540

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Borrowings (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Debt Instruments [Abstract]

Long-Term Debt

	Fiscal Year 2024 Interest Rates					Maturities			Weighted Avg Interest Rates (c)			September 30, 2023		March 31, 2023
												(Unaudited)
												(In thousands)
Real estate loans (amortizing term) (a)	4.30	%	-	6.80	%	2027	-	2037	5.89	%	$	283,707	$	289,647
Senior mortgages	2.70	%	-	5.66	%	2024	-	2042	4.18	%		2,487,320		2,371,231
Real estate loans (revolving credit)	-	%	-	-	%	-	-	2027	-	%		–		–
Fleet loans (amortizing term)	1.61	%	-	5.68	%	2024	-	2029	3.76	%		90,071		111,856
Fleet loans (revolving credit) (b)	2.36	%	-	6.68	%	2026	-	2028	5.97	%		593,889		615,000
Finance leases (rental equipment)	2.39	%	-	5.01	%	2023	-	2026	4.00	%		163,453		223,205
Finance liabilities (rental equipment)	1.60	%	-	6.48	%	2024	-	2031	4.38	%		1,544,608		1,255,763
Private placements	2.43	%	-	2.88	%	2029	-	2035	2.65	%		1,200,000		1,200,000
Other obligations	1.50	%	-	8.00	%	2023	-	2049	6.10	%		73,752		76,648
Notes, loans and finance leases payable												6,436,800		6,143,350
Less: Debt issuance costs												(35,901)		(35,308)
Total notes, loans and finance leases payable, net											$	6,400,899	$	6,108,042
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.
(c) Weighted average rates as of September 30, 2023

Annual Maturities of Notes, Loans and Leases Payable

		Year Ending September 30,
		2024		2025		2026		2027		2028		Thereafter		Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable	$	657,998	$	487,551	$	829,219	$	1,023,289	$	513,160	$	2,925,583	$	6,436,800

Components of interest expense

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	67,524	$	57,604
Capitalized interest		(3,669)		(2,248)
Amortization of transaction costs		1,432		1,814
Interest expense resulting from cash flow hedges		(1,344)		23
Total interest expense	$	63,943	$	57,193

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	131,924	$	108,009
Capitalized interest		(7,732)		(4,866)
Amortization of transaction costs		2,843		3,260
Interest expense resulting from cash flow hedges		(2,494)		589
Total interest expense	$	124,541	$	106,992

Interest rates and company borrowings

		Revolving Credit Activity
		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.51	%	3.32	%
Interest rate at the end of the quarter		6.61	%	3.80	%
Maximum amount outstanding during the quarter	$	605,000	$	1,102,000
Average amount outstanding during the quarter	$	596,322	$	877,522
Facility fees	$	306	$	111

		Revolving Credit Activity
		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		6.38	%	2.66	%
Interest rate at the end of the period		6.61	%	3.80	%
Maximum amount outstanding during the period	$	715,000	$	1,105,000
Average amount outstanding during the period	$	628,151	$	984,464
Facility fees	$	571	$	169

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Derivatives (Table Text Block)

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

		Derivatives Fair Values as of
		September 30, 2023		March 31, 2023
		(Unaudited)
		(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	12,328	$	5,311
Notional amount	$	302,107	$	206,347

Effect of Interest Rate Contracts on the Statement of Operations

		The Effect of Interest Rate Contracts on the Statements of Operations for the Quarters Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Gain recognized in AOCI on interest rate contracts	$	(3,073)	$	(8,360)
(Gain) loss reclassified from AOCI into income	$	1,345	$	(24)

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Accumulated Other Comprehensive Income (loss) (Table Text Block)

3 Months Ended

Sep. 30, 2023

Table Text Block Supplement [Abstract]

Summary of accumulated other comprehensive income (loss) components, net of tax

		Foreign Currency Translation		Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates		Fair Market Value of Cash Flow Hedges		Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
		(Unaudited)
		(In thousands)
Balance as of March 31, 2023	$	(56,539)	$	(232,740)	$	4,007	$	(351)	$	(285,623)
Foreign currency translation		(2,380)		–		–		–		(2,380)
Unrealized net gain on investments		–		7,047		–		–		7,047
Change in fair value of cash flow hedges		–		–		7,175		–		7,175
Amounts reclassified into earnings on hedging activities		–		–		(1,883)		–		(1,883)
Other comprehensive income (loss)		(2,380)		7,047		5,292		–		9,959
Balance as of September 30, 2023	$	(58,919)	$	(225,693)	$	9,299	$	(351)	$	(275,664)

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Leases (Table Text Block)

3 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Information Related to Leases

		As of September 30, 2023
		Finance		Operating		Total
		(Unaudited)
		(In thousands)
Buildings and improvements	$	–	$	142,467	$	142,467
Furniture and equipment		7,109		–		7,109
Rental trailers and other rental equipment		115,072		–		115,072
Rental trucks		816,075		–		816,075
Right-of-use assets, gross		938,256		142,467		1,080,723
Less: Accumulated depreciation		(560,523)		(77,151)		(637,674)
Right-of-use assets, net	$	377,733	$	65,316	$	443,049

		As of March 31, 2023
		Finance		Operating		Total
				(In thousands)
Buildings and improvements	$	–	$	128,221	$	128,221
Furniture and equipment		9,687		–		9,687
Rental trailers and other rental equipment		152,294		–		152,294
Rental trucks		949,838		–		949,838
Right-of-use assets, gross		1,111,819		128,221		1,240,040
Less: Accumulated depreciation		(637,054)		(69,304)		(706,358)
Right-of-use assets, net	$	474,765	$	58,917	$	533,682

Summary of Weighted-average remaining lease terms and Discount rates

	Finance leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	2		2
Weighted average discount rate	4.0	%	3.8	%

	Operating leases
	September 30,		March 31,
	2023		2023
	(Unaudited)
Weighted average remaining lease term (years)	18.9		19.2
Weighted average discount rate	4.6	%	4.7	%

Components of Lease Expense

		Six Months Ended
		September 30, 2023		September 30, 2022
		(Unaudited)
		(In thousands)
Operating lease costs	$	16,033	$	16,181
Finance lease cost:
Amortization of right-of-use assets	$	31,465	$	43,173
Interest on lease liabilities		4,002		6,142
Total finance lease cost	$	35,467	$	49,315

Maturities of Lease Liabilities

		Finance leases		Operating leases
		(Unaudited)
Year ending March 31,		(In thousands)
2024 (6 months)	$	85,789	$	22,913
2025		61,189		10,059
2026		24,371		6,879
2027		–		6,265
2028		–		5,708
Thereafter		–		60,853
Total lease payments		171,349		112,677
Less: imputed interest		(7,896)		(48,097)
Present value of lease liabilities	$	163,453	$	64,580

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Related Party Transations (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Related Party Revenue [Abstract]

Related Party Revenue

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	7,754	$	7,827
U-Haul management fee revenue from Mercury		1,513		1,450
	$	9,267	$	9,277

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul management fee revenue from Blackwater	$	15,450	$	15,556
U-Haul management fee revenue from Mercury		2,994		2,860
	$	18,444	$	18,416

Related Party costs and expenses

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	604
U-Haul printing expenses to Blackwater		968		–
U-Haul commission expenses to Blackwater		24,035		26,385
	$	25,607	$	26,989

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
U-Haul lease expenses to Blackwater	$	1,208	$	1,208
U-Haul printing expenses to Blackwater		1,317		–
U-Haul commission expenses to Blackwater		46,738		51,267
	$	49,263	$	52,475

Related party assets

		September 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
U-Haul receivable from Blackwater	$	37,791	$	42,141
U-Haul receivable from Mercury		6,654		8,402
Other (a)		(4,305)		(2,235)
	$	40,140	$	48,308

(a)     

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Consolidating Financial Information By Industry Segment (Table Text Block)

3 Months Ended

6 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	2,068,790	$	44,272	$	32,069	$	–		$	2,145,131
Reinsurance recoverables and trade receivables, net		130,372		50,525		31,668		–			212,565
Inventories and parts		161,535		–		–		–			161,535
Prepaid expenses		263,541		–		–		–			263,541
Investments, fixed maturities and marketable equities		97,372		268,769		2,168,023		–			2,534,164
Investments, other		23,330		115,583		511,238		–			650,151
Deferred policy acquisition costs, net		–		–		121,365		–			121,365
Other assets		46,667		800		5,302		–			52,769
Right of use assets - financing, net		377,733		–		–		–			377,733
Right of use assets - operating, net		64,378		785		153		–			65,316
Related party assets		62,931		1,223		11,808		(35,822)	(c)		40,140
		3,296,649		481,957		2,881,626		(35,822)			6,624,410
Investment in subsidiaries		462,493		–		–		(462,493)	(b)		–
Property, plant and equipment, at cost:
Land		1,613,871		–		–		–			1,613,871
Buildings and improvements		7,649,849		–		–		–			7,649,849
Furniture and equipment		966,211		–		–		–			966,211
Rental trailers and other rental equipment		912,046		–		–		–			912,046
Rental trucks		5,921,507		–		–		–			5,921,507
		17,063,484		–		–		–			17,063,484
Less:  Accumulated depreciation		(4,666,444)		–		–		–			(4,666,444)
Total property, plant and equipment, net		12,397,040		–		–		–			12,397,040
Total assets	$	16,156,182	$	481,957	$	2,881,626	$	(498,315)		$	19,021,450
(a) Balances as of June 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by operating segment as of September 30, 2023, continued:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	745,606	$	4,472	$	7,910	$	–		$	757,988
Notes, loans and finance leases payable, net		6,400,899		–		–		–			6,400,899
Operating lease liabilities		63,627		800		153		–			64,580
Policy benefits and losses, claims and loss expenses payable		324,642		150,148		390,607		–			865,397
Liabilities from investment contracts		–		–		2,393,590		–			2,393,590
Other policyholders' funds and liabilities		–		2,126		5,551		–			7,677
Deferred income		56,821		–		–		–			56,821
Deferred income taxes, net		1,514,732		3,973		(74,585)		–			1,444,120
Related party liabilities		25,754		2,969		13,376		(42,099)	(c)		–
Total liabilities		9,132,081		164,488		2,736,602		(42,099)			11,991,072
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)		(281,941)		(13,532)		(218,470)		238,279	(b)		(275,664)
Retained earnings		7,519,166		236,580		334,723		(571,093)	(b)		7,519,376
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		7,024,101		317,469		145,024		(456,216)			7,030,378
Total liabilities and stockholders' equity	$	16,156,182	$	481,957	$	2,881,626	$	(498,315)		$	19,021,450
(a) Balances as of June 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
Assets:		(In thousands)
Cash and cash equivalents	$	2,034,242	$	11,276	$	15,006	$	–		$	2,060,524
Reinsurance recoverables and trade receivables, net		107,823		48,344		33,331		–			189,498
Inventories and parts		151,474		–		–		–			151,474
Prepaid expenses		241,711		–		–		–			241,711
Investments, fixed maturities and marketable equities		227,737		271,156		2,271,501		–			2,770,394
Investments, other		23,314		125,130		427,096		–			575,540
Deferred policy acquisition costs, net		–		–		128,463		–			128,463
Other assets		46,438		730		3,884		–			51,052
Right of use assets - financing, net		474,765		–		–		–			474,765
Right of use assets - operating, net		57,978		914		25		–			58,917
Related party assets		69,144		2,347		12,268		(35,451)	(c)		48,308
		3,434,626		459,897		2,891,574		(35,451)			6,750,646
Investment in subsidiaries		426,779		–		–		(426,779)	(b)		–
Property, plant and equipment, at cost:
Land		1,537,206		–		–		–			1,537,206
Buildings and improvements		7,088,810		–		–		–			7,088,810
Furniture and equipment		928,241		–		–		–			928,241
Rental trailers and other rental equipment		827,696		–		–		–			827,696
Rental trucks		5,278,340		–		–		–			5,278,340
		15,660,293		–		–		–			15,660,293
Less:  Accumulated depreciation		(4,310,205)		–		–		–			(4,310,205)
Total property, plant and equipment, net		11,350,088		–		–		–			11,350,088
Total assets	$	15,211,493	$	459,897	$	2,891,574	$	(462,230)		$	18,100,734
(a) Balances as of December 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by operating segment as of March 31, 2023, continued:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	729,679	$	4,470	$	26,890	$	–		$	761,039
Notes, loans and finance leases payable, net		6,108,042		–		–		–			6,108,042
Operating lease liabilities		57,418		928		27		–			58,373
Policy benefits and losses, claims and loss expenses payable		335,227		153,007		391,968		–			880,202
Liabilities from investment contracts		–		–		2,398,884		–			2,398,884
Other policyholders' funds and liabilities		–		2,702		5,530		–			8,232
Deferred income		52,282		–		–		–			52,282
Deferred income taxes, net		1,405,391		1,713		(77,615)		–			1,329,489
Related party liabilities		25,082		2,544		13,644		(41,270)	(c)		–
Total liabilities		8,713,121		165,364		2,759,328		(41,270)			11,596,543
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)		(291,442)		(14,720)		(225,904)		246,443	(b)		(285,623)
Retained earnings		7,002,938		214,832		329,379		(544,001)	(b)		7,003,148
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Total stockholders' equity		6,498,372		294,533		132,246		(420,960)			6,504,191
Total liabilities and stockholders' equity	$	15,211,493	$	459,897	$	2,891,574	$	(462,230)		$	18,100,734
(a) Balances as of December 31, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidated Statement of Operations by Industry Segment

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,070,688	$	–	$	–	$	(1,283)	(c)	$	1,069,405
Self-storage revenues		208,890		–		–		–			208,890
Self-moving and self-storage products and service sales		91,571		–		–		–			91,571
Property management fees		9,267		–		–		–			9,267
Life insurance premiums		–		–		22,498		–			22,498
Property and casualty insurance premiums		–		26,371		–		(800)	(c)		25,571
Net investment and interest income		28,520		5,481		31,621		(884)	(b)		64,738
Other revenue		156,642		–		1,403		(125)	(b)		157,920
Total revenues		1,565,578		31,852		55,522		(3,092)			1,649,860
Costs and expenses:
Operating expenses		820,617		12,113		4,731		(2,203)	(b,c)		835,258
Commission expenses		111,961		–		–		–			111,961
Cost of sales		66,620		–		–		–			66,620
Benefits and losses		–		4,229		38,324		–			42,553
Amortization of deferred policy acquisition costs		–		–		6,826		–			6,826
Lease expense		8,839		91		33		(513)	(b)		8,450
Depreciation, net of gains on disposals		154,122		–		–		–			154,122
Net losses on disposal of real estate		1,715		–		–		–			1,715
Total costs and expenses		1,163,874		16,433		49,914		(2,716)			1,227,505
Earnings from operations before equity in earnings of subsidiaries		401,704		15,419		5,608		(376)			422,355
Equity in earnings of subsidiaries		16,862		–		–		(16,862)	(d)		–
Earnings from operations		418,566		15,419		5,608		(17,238)			422,355
Other components of net periodic benefit costs		(364)		–		–		–			(364)
Interest expense		(64,199)		–		(120)		376	(b)		(63,943)
Pretax earnings		354,003		15,419		5,488		(16,862)			358,048
Income tax expense		(80,495)		(3,181)		(864)		–			(84,540)
Net earnings available to common stockholders	$	273,508	$	12,238	$	4,624	$	(16,862)		$	273,508
(a) Balances for the quarter ended June 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,163,376	$	–	$	–	$	(1,351)	(c)	$	1,162,025
Self-storage revenues		185,586		–		–		–			185,586
Self-moving and self-storage products and service sales		96,864		–		–		–			96,864
Property management fees		9,277		–		–		–			9,277
Life insurance premiums		–		–		25,456		–			25,456
Property and casualty insurance premiums		–		25,960		–		(242)	(c)		25,718
Net investment and interest income (loss)		15,077		(2,597)		19,041		(1,012)	(b)		30,509
Other revenue		166,678		–		1,199		(448)	(b)		167,429
Total revenues		1,636,858		23,363		45,696		(3,053)			1,702,864
Costs and expenses:
Operating expenses		796,498		11,576		5,558		(2,038)	(b,c)		811,594
Commission expenses		125,341		–		–		–			125,341
Cost of sales		72,625		–		–		–			72,625
Benefits and losses		–		6,075		33,437		–			39,512
Amortization of deferred policy acquisition costs		–		–		6,972		–			6,972
Lease expense		8,261		26		26		(629)	(b)		7,684
Depreciation, net of gains on disposals		117,318		–		–		–			117,318
Net losses on disposal of real estate		1,872		–		–		–			1,872
Total costs and expenses		1,121,915		17,677		45,993		(2,667)			1,182,918
Earnings from operations before equity in earnings of subsidiaries		514,943		5,686		(297)		(386)			519,946
Equity in earnings of subsidiaries		3,906		–		–		(3,906)	(d)		–
Earnings (losses) from operations		518,849		5,686		(297)		(4,292)			519,946
Other components of net periodic benefit costs		(304)		–		–		–			(304)
Interest expense		(57,459)		–		(120)		386	(b)		(57,193)
Fees on early extinguishment of debt		(959)		–		–		–			(959)
Pretax earnings (losses)		460,127		5,686		(417)		(3,906)			461,490
Income tax expense		(110,261)		(1,167)		(196)		–			(111,624)
Net earnings (losses) available to common stockholders	$	349,866	$	4,519	$	(613)	$	(3,906)		$	349,866
(a) Balances for the quarter ended June 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,070,767	$	–	$	–	$	(2,156)	(c)	$	2,068,611
Self-storage revenues		407,851		–		–		–			407,851
Self-moving and self-storage products and service sales		192,443		–		–		–			192,443
Property management fees		18,444		–		–		–			18,444
Life insurance premiums		–		–		45,629		–			45,629
Property and casualty insurance premiums		–		47,418		–		(1,525)	(c)		45,893
Net investment and interest income		55,815		12,273		63,132		(1,890)	(b)		129,330
Other revenue		279,771		–		2,442		(246)	(b)		281,967
Total revenues		3,025,091		59,691		111,203		(5,817)			3,190,168
Costs and expenses:
Operating expenses		1,568,900		23,420		10,097		(3,918)	(b,c)		1,598,499
Commission expenses		218,888		–		–		–			218,888
Cost of sales		137,295		–		–		–			137,295
Benefits and losses		–		8,687		79,210		–			87,897
Amortization of deferred policy acquisition costs		–		–		14,871		–			14,871
Lease expense		16,941		183		61		(1,152)	(b)		16,033
Depreciation, net of gains on disposals		291,936		–		–		–			291,936
Net losses on disposal of real estate		2,736		–		–		–			2,736
Total costs and expenses		2,236,696		32,290		104,239		(5,070)			2,368,155
Earnings from operations before equity in earnings of subsidiaries		788,395		27,401		6,964		(747)			822,013
Equity in earnings of subsidiaries		27,092		–		–		(27,092)	(d)		–
Earnings from operations		815,487		27,401		6,964		(27,839)			822,013
Other components of net periodic benefit costs		(729)		–		–		–			(729)
Interest expense		(125,048)		–		(240)		747	(b)		(124,541)
Pretax earnings		689,710		27,401		6,724		(27,092)			696,743
Income tax expense		(159,364)		(5,653)		(1,380)		–			(166,397)
Net earnings available to common stockholders	$	530,346	$	21,748	$	5,344	$	(27,092)		$	530,346
(a) Balances for the six months ended June 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,255,086	$	–	$	–	$	(2,286)	(c)	$	2,252,800
Self-storage revenues		358,763		–		–		–			358,763
Self-moving and self-storage products and service sales		206,215		–		–		–			206,215
Property management fees		18,416		–		–		–			18,416
Life insurance premiums		–		–		51,237		–			51,237
Property and casualty insurance premiums		–		46,790		–		(1,100)	(c)		45,690
Net investment and interest income (loss)		20,017		(345)		46,429		(2,019)	(b)		64,082
Other revenue		301,959		–		2,133		(591)	(b)		303,501
Total revenues		3,160,456		46,445		99,799		(5,996)			3,300,704
Costs and expenses:
Operating expenses		1,516,292		21,770		10,667		(3,968)	(b,c)		1,544,761
Commission expenses		243,834		–		–		–			243,834
Cost of sales		152,296		–		–		–			152,296
Benefits and losses		–		10,454		68,815		–			79,269
Amortization of deferred policy acquisition costs		–		–		14,644		–			14,644
Lease expense		16,181		184		54		(1,260)	(b)		15,159
Depreciation, net of gains on disposals		231,114		–		–		–			231,114
Net gains on disposal of real estate		4,179		–		–		–			4,179
Total costs and expenses		2,163,896		32,408		94,180		(5,228)			2,285,256
Earnings from operations before equity in earnings of subsidiaries		996,560		14,037		5,619		(768)			1,015,448
Equity in earnings of subsidiaries		15,915		–		–		(15,915)	(d)		–
Earnings from operations		1,012,475		14,037		5,619		(16,683)			1,015,448
Other components of net periodic benefit costs		(608)		–		–		–			(608)
Interest expense		(107,520)		–		(240)		768	(b)		(106,992)
Fees on early extinguishment of debt		(959)		–		–		–			(959)
Pretax earnings		903,388		14,037		5,379		(15,915)			906,889
Income tax expense		(215,177)		(2,922)		(579)		–			(218,678)
Net earnings available to common stockholders	$	688,211	$	11,115	$	4,800	$	(15,915)		$	688,211
(a) Balances for the six months ended June 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidated Cash Flow Statement by Industry Segment

		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	$	530,346	$	21,748	$	5,344	$	(27,092)	$	530,346
Earnings from consolidated entities		(27,092)		–		–		27,092		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		394,400		–		–		–		394,400
Amortization of deferred policy acquisition costs		–		–		14,871		–		14,871
Amortization of premiums and accretion of discounts related to investments, net		–		794		7,647		–		8,441
Amortization of debt issuance costs		3,427		–		–		–		3,427
Interest credited to policyholders		–		–		36,329		–		36,329
Provision for allowance (recoveries) for losses on trade receivables, net		646		(68)		–		–		578
Provision for allowance for inventories and parts reserve		3,461		–		–		–		3,461
Net gains on disposal of personal property		(102,464)		–		–		–		(102,464)
Net losses on disposal of real estate		2,736		–		–		–		2,736
Net gains on sales of investments		–		(9)		(908)		–		(917)
Net gains on equity securities		–		(2,745)		–		–		(2,745)
Deferred income taxes		108,291		501		(1,041)		–		107,751
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(23,200)		(1,865)		1,663		–		(23,402)
Inventories and parts		(13,520)		–		–		–		(13,520)
Prepaid expenses		(21,824)		–		–		–		(21,824)
Capitalization of deferred policy acquisition costs		–		–		(7,773)		–		(7,773)
Other assets and right of use assets - operating, net		(7,339)		134		(1,546)		–		(8,751)
Related party assets		6,279		1,124		–		–		7,403
Accounts payable and accrued expenses and operating lease liabilities		38,562		1,446		(16,760)		–		23,248
Policy benefits and losses, claims and loss expenses payable		(10,609)		(2,859)		(5,085)		–		(18,553)
Other policyholders' funds and liabilities		–		(576)		22		–		(554)
Deferred income		4,532		–		(417)		–		4,115
Related party liabilities		671		425		(268)		–		828
Net cash provided by operating activities		887,303		18,050		32,078		–		937,431
Cash flows from investing activities:
Escrow deposits		573		–		–		–		573
Purchases of:
Property, plant and equipment		(1,664,387)		–		–		–		(1,664,387)
Short term investments		–		–		(44,903)		–		(44,903)
Fixed maturities investments		(97,331)		(2,216)		(7,230)		–		(106,777)
Equity securities		–		(308)		(1)		–		(309)
Real estate investments		(16)		–		(521)		–		(537)
Mortgage loans		–		(7,300)		(90,402)		–		(97,702)
Proceeds from sales and paydowns of:
Property, plant and equipment		408,279		–		–		–		408,279
Short term investments		–		15,959		–		–		15,959
Fixed maturities investments		224,999		7,180		157,037		–		389,216
Equity securities		–		296		4		–		300
Preferred stock		–		913		–		–		913
Mortgage loans		–		422		12,627		–		13,049
Net cash used by investing activities		(1,127,883)		14,946		26,611		–		(1,086,326)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2023

Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		U-Haul Holding Company Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		704,960		–		–		–		704,960
Principal repayments on credit facilities		(351,893)		–		–		–		(351,893)
Payments of debt issuance costs		(4,018)		–		–		–		(4,018)
Finance lease payments		(59,752)		–		–		–		(59,752)
Securitization deposits		151		–		–		–		151
Series N Non-Voting Common Stock dividends paid		(14,118)		–		–		–		(14,118)
Investment contract deposits		–		–		132,630		–		132,630
Investment contract withdrawals		–		–		(174,256)		–		(174,256)
Net cash provided by financing activities		275,330		–		(41,626)		–		233,704
Effects of exchange rate on cash		(202)		–		–		–		(202)
Increase (decrease) in cash and cash equivalents		34,548		32,996		17,063		–		84,607
Cash and cash equivalents at beginning of period		2,034,242		11,276		15,006		–		2,060,524
Cash and cash equivalents at end of period	$	2,068,790	$	44,272	$	32,069	$	–	$	2,145,131
		(page 2 of 2)
(a) Balance for the period ended June 30, 2023

		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	$	688,211	$	11,115	$	4,800	$	(15,915)	$	688,211
Earnings from consolidated entities		(15,915)		–		–		15,915		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		359,804		–		–		–		359,804
Amortization of deferred policy acquisition costs		–		–		14,644		–		14,644
Amortization of premiums and accretion of discounts related to investments, net		–		857		9,392		–		10,249
Amortization of debt issuance costs		3,356		–		–		–		3,356
Interest credited to policyholders		–		–		24,690		–		24,690
Provision for allowance (recoveries) for losses on trade receivables, net		(5,404)		(90)		–		–		(5,494)
Provision for allowance for inventories and parts reserve		7,125		–		–		–		7,125
Net gains on disposal of personal property		(128,690)		–		–		–		(128,690)
Net losses on disposal of real estate		4,179		–		–		–		4,179
Net (gains) losses on sales of investments		–		(58)		7,265		–		7,207
Net gains on equity securities		–		7,963		–		–		7,963
Deferred income taxes		107,281		(1,119)		(2,334)		–		103,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		30,678		(1,088)		2,752		–		32,342
Inventories and parts		(14,416)		–		–		–		(14,416)
Prepaid expenses		3		–		–		–		3
Capitalization of deferred policy acquisition costs		–		–		(14,900)		–		(14,900)
Other assets		2,877		(169)		(276)		–		2,432
Related party assets		(2,479)		839		–		–		(1,640)
Accounts payable and accrued expenses		65,366		1,396		(2,465)		–		64,297
Policy benefits and losses, claims and loss expenses payable		19,640		(3,381)		(4,799)		–		11,460
Other policyholders' funds and liabilities		–		112		1,202		–		1,314
Deferred income		7,809		–		1,649		–		9,458
Related party liabilities		460		(183)		465		–		742
Net cash provided by operating activities		1,129,885		16,194		42,085		–		1,188,164
Cash flows from investing activities:
Escrow deposits		9,688		–		–		–		9,688
Purchases of:
Property, plant and equipment		(1,335,528)		–		–		–		(1,335,528)
Short term investments		–		(35,975)		(198)		–		(36,173)
Fixed maturities investments		–		(18,573)		(183,692)		–		(202,265)
Equity securities		–		(2,705)		(1,651)		–		(4,356)
Real estate investments		–		(4,920)		(11)		–		(4,931)
Mortgage loans		–		(12,715)		(62,920)		–		(75,635)
Proceeds from sales and paydowns of:
Property, plant and equipment		329,611		–		–		–		329,611
Short term investments		–		33,373		–		–		33,373
Fixed maturities investments		–		10,587		95,940		–		106,527
Equity securities		–		711		6		–		717
Mortgage loans		–		14,419		59,746		–		74,165
Net cash used by investing activities		(996,229)		(15,798)		(92,780)		–		(1,104,807)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2022

Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		U-Haul Holding Company Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		792,654		–		–		–		792,654
Principal repayments on credit facilities		(441,019)		–		–		–		(441,019)
Payment of debt issuance costs		(3,942)		–		–		–		(3,942)
Finance lease payments		(65,831)		–		–		–		(65,831)
Securitization deposits		49		–		–		–		49
Common stock dividends paid		(19,608)		–		–		–		(19,608)
Investment contract deposits		–		–		169,017		–		169,017
Investment contract withdrawals		–		–		(139,917)		–		(139,917)
Net cash provided by financing activities		262,303		–		29,100		–		291,403
Effects of exchange rate on cash		(13,782)		–		–		–		(13,782)
Increase (decrease) in cash and cash equivalents		382,177		396		(21,595)		–		360,978
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	$	3,025,390	$	11,196	$	28,529	$	–	$	3,065,115
		(page 2 of 2)
(a) Balance for the period ended June 30, 2022

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Industry Segment and Geographic Area Data (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Geographic Areas, Long-Lived Assets [Abstract]

Industry Segment and Geographic Area Data

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Quarter Ended September 30, 2023
Total revenues	$	1,559,205	$	90,655	$	1,649,860
Depreciation and amortization, net of (gains) on disposals		161,085		1,578		162,663
Interest expense		63,182		761		63,943
Pretax earnings		348,442		9,606		358,048
Income tax expense		82,035		2,505		84,540
Identifiable assets		18,279,234		742,216		19,021,450
Quarter Ended September 30, 2022
Total revenues	$	1,610,067	$	92,797	$	1,702,864
Depreciation and amortization, net of (gains) on disposals		124,735		1,427		126,162
Interest expense		56,477		716		57,193
Pretax earnings		444,220		17,270		461,490
Income tax expense		107,254		4,370		111,624
Identifiable assets		17,515,009		628,334		18,143,343

		United States		Canada		Consolidated
		(Unaudited)
		(All amounts are in thousands of U.S. $'s)
Six Months Ended September 30, 2023
Total revenues	$	3,020,489	$	169,679	$	3,190,168
Depreciation and amortization, net of (gains) on disposals		309,398		145		309,543
Interest expense		123,128		1,413		124,541
Pretax earnings		675,514		21,229		696,743
Income tax expense		160,630		5,767		166,397
Identifiable assets		18,279,234		742,216		19,021,450
Six Months Ended September 30, 2022
Total revenues	$	3,120,453	$	180,251	$	3,300,704
Depreciation and amortization, net of (gains) on disposals		245,721		4,216		249,937
Interest expense		105,425		1,567		106,992
Pretax earnings		876,101		30,788		906,889
Income tax expense		210,867		7,811		218,678
Identifiable assets		17,515,009		628,334		18,143,343

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Employee Benefit Plans (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Post Retirement Benefit Cost

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	297	$	331
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		368		287
Other components		(4)		17
Total other components of net periodic benefit costs		364		304
Net periodic postretirement benefit cost	$	661	$	635

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Service cost for benefits earned during the period	$	594	$	663
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		735		574
Other components		(6)		34
Total other components of net periodic benefit costs		729		608
Net periodic postretirement benefit cost	$	1,323	$	1,271

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Fair Value Measurements (Table Text Block)

3 Months Ended

12 Months Ended

Sep. 30, 2023

Mar. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Financial Instruments, Carrying and Estimated fair values

		Fair Value Hierarchy
		Carrying								Total Estimated
As of September 30, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(Unaudited)
Assets		(In thousands)
Reinsurance recoverables and trade receivables, net	$	212,565	$	–	$	–	$	212,565	$	212,565
Mortgage loans, net		550,913		–		–		521,831		521,831
Other investments		88,712		–		–		88,712		88,712
Total	$	852,190	$	–	$	–	$	823,108	$	823,108
Liabilities
Notes, loans and finance leases payable	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511
Total	$	6,436,800	$	–	$	5,961,511	$	–	$	5,961,511

		Fair Value Hierarchy
		Carrying								Total Estimated
As of March 31, 2023		Value		Level 1		Level 2		Level 3		Fair Value
		(In thousands)
Assets
Reinsurance recoverables and trade receivables, net	$	189,498	$	–	$	–	$	189,498	$	189,498
Mortgage loans, net		466,531		–		–		444,957		444,957
Other investments		109,009		–		–		109,009		109,009
Total	$	765,038	$	–	$	–	$	743,464	$	743,464
Liabilities
Notes, loans and finance leases payable		6,143,350		–		5,710,735		–		5,710,735
Total	$	6,143,350	$	–	$	5,710,735	$	–	$	5,710,735

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

As of September 30, 2023		Total		Level 1		Level 2		Level 3
		(Unaudited)
Assets		(In thousands)
Short-term investments	$	1,808,130	$	1,807,142	$	988	$	–
Fixed maturities - available for sale		2,472,128		168,287		2,303,782		59
Preferred stock		19,991		19,991		–		–
Common stock		42,045		42,045		–		–
Derivatives		22,854		10,526		12,328		–
Total	$	4,365,148	$	2,047,991	$	2,317,098	$	59
Liabilities
Embedded derivatives	$	9,630	$	–	$	–	$	9,630
Total	$	9,630	$	–	$	–	$	9,630

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

As of March 31, 2023		Total		Level 1		Level 2		Level 3
		(In thousands)
Assets
Short-term investments	$	1,809,441	$	1,808,797	$	644	$	–
Fixed maturities - available for sale		2,709,037		251,832		2,457,146		59
Preferred stock		21,982		21,982		–		–
Common stock		39,375		39,375		–		–
Derivatives		9,606		4,295		5,311		–
Total	$	4,589,441	$	2,126,281	$	2,463,101	$	59

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Revenue Recognition (Table Text Block)

3 Months Ended

6 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Mar. 31, 2023

Revenue From Contract With Customer [Abstract]

Disaggregation Of Revenue

		Years Ending September 30,
		2024		2025		2026		2027		2028		Thereafter
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	7,139	$	–	$	–	$	–	$	–	$	–
Property lease revenues		20,722		14,491		11,509		8,275		5,678		37,972
Total	$	27,861	$	14,491	$	11,509	$	8,275	$	5,678	$	37,972

Next five years and thereafter revenue

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	118,368	$	127,091
Revenues recognized at a point in time:		111,759		118,966
Total revenues recognized under ASC 606		230,127		246,057
Revenues recognized under ASC 842		1,305,523		1,373,925
Revenues recognized under ASC 944		49,472		52,373
Revenues recognized under ASC 320		64,738		30,509
Total revenues	$	1,649,860	$	1,702,864

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Revenues recognized over time:	$	209,683	$	230,285
Revenues recognized at a point in time:		229,352		245,321
Total revenues recognized under ASC 606		439,035		475,606
Revenues recognized under ASC 842		2,527,839		2,661,956
Revenues recognized under ASC 944		93,964		99,060
Revenues recognized under ASC 320		129,330		64,082
Total revenues	$	3,190,168	$	3,300,704

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Allowance For Credit Losses (Table Text Block)

3 Months Ended

Sep. 30, 2023

Allowance For Credit Loss [Abstract]

Accounts Receivable Allowance For Credit Loss [Table Text Block]

		Allowance for Credit Losses
		Trade Receivables		Investments, Fixed Maturities		Investments, other		Total
		(Unaudited)
		(in thousands)
Balance as of March 31, 2022	$	8,649	$	60	$	501	$	9,210
Provision for (reversal of) credit losses		(4,860)		2,041		16		(2,803)
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of March 31, 2023	$	3,789	$	2,101	$	517	$	6,407
Provision for (reversal of) credit losses		578		(429)		300		449
Write-offs against allowance		–		–		–		–
Recoveries		–		–		–		–
Balance as of September 30, 2023	$	4,367	$	1,672	$	817	$	6,856

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Basis of Presentation (Narratives) (Details)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	3
Effective tax rates, state and local	23.90%	24.17%
Effective tax rate, federal	21.00%

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Earnings Per Share (Narratives) (Details) - د.إ / shares	Sep. 30, 2023	Mar. 31, 2023
Common Stock [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Allocation of common stock available to share holders	10.00%
Nonvoting Common Stock [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par or stated value per share	د.إ 0.001	د.إ 0.001
Allocation of common stock available to share holders	90.00%

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Earnings Per Share Calculation Basic Diluted Earnings Per Share Voting Non Voting Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share Diluted Other Disclosures [Abstract]
Net earnings available to common shareholders	$ 273,508	$ 349,866	$ 530,346	$ 688,211
Common Stock [Member]
Earnings Per Share Diluted Other Disclosures [Abstract]
Weighted Average Number Of Shares Outstanding Basic	19,607,788	19,607,788	19,607,788	19,607,788
Percent Weighted Average Shares Outstanding Common Stock	10.00%	10.00%	10.00%	10.00%
Net earnings available to common shareholders	$ 0	$ 0	$ 0	$ 0
Voting Common Stock dividends declared	0	(9,804)	0	(19,608)
Non-Voting Common Stock dividends declared	(7,059)	0	(14,118)	0
Non-Voting Common Stock dividends declared	(266,449)	(340,062)	(516,228)	(668,603)
Undistributed earnings available to common stockholders, participating securities	$ 26,645	$ 34,006	$ 51,623	$ 66,860
Undistributed earnings per share, common stock	$ 1.36	$ 1.73	$ 2.63	$ 3.41
Dividends declared per share, distributed	0	0.50	0	1.00
Basic and diluted earnings per share Common Stock	$ 1.36	$ 2.23	$ 2.63	$ 4.41
Nonvoting Common Stock [Member]
Earnings Per Share Diluted Other Disclosures [Abstract]
Weighted Average Number Of Shares Outstanding Basic	176,470,092	176,470,092	176,470,092	176,470,092
Percent Weighted Average Shares Outstanding Common Stock	90.00%	90.00%	90.00%	90.00%
Net earnings available to common shareholders	$ 0	$ 0	$ 0	$ 0
Voting Common Stock dividends declared	0	(9,804)	0	(19,608)
Non-Voting Common Stock dividends declared	(7,059)	0	(14,118)	0
Non-Voting Common Stock dividends declared	(266,449)	(340,062)	(516,228)	(668,603)
Undistributed earnings available to common stockholders, participating securities	$ 239,804	$ 306,056	$ 464,605	$ 601,743
Undistributed earnings per share, common stock	$ 1.36	$ 1.73	$ 2.63	$ 3.41
Dividends declared per share, distributed	0.04	0	0.08	0
Basic and diluted earnings per share Common Stock	$ 1.40	$ 1.73	$ 2.71	$ 3.41
Nonvoting Common Stock [Member] | Common Stock [Member]
Earnings Per Share Diluted Other Disclosures [Abstract]
Weighted Average Number Of Shares Outstanding Basic	196,077,880	196,077,880	196,077,880	196,077,880

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Investments (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Insurance Regulatory Authorites:
Assets held by insurance regulators	$ 21.2		$ 23.4
Available for sale securities:
Fair value of sold available for sale securites	165.4	$ 105.5
Available for sale securities, realized gains	1.5	0.8
Available for sale securities, gross realized losses	1.1	$ 0.3
Other-than-temporary impairments	$ 225.0

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Investments (Available For Sale Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Available-for-sale Securities [Abstract]
Amortized cost	$ 2,758,446	$ 3,006,587
Gross unrealized gain	1,966	5,319
Gross unrealized losses more than 12 months	(204,850)	(118,943)
Gross unrealized losses less than 12 months	(81,737)	(181,825)
Allowance for expected credit loss	(1,697)	(2,101)
Estimated market value	2,472,128	2,709,037
U.S. treasury securities and government obligations [Member]
Available-for-sale Securities [Abstract]
Amortized cost	172,987	353,189
Gross unrealized gain	335	3,061
Gross unrealized losses more than 12 months	(2,315)	(7,639)
Gross unrealized losses less than 12 months	(116)	(3,935)
Allowance for expected credit loss	0	0
Estimated market value	170,891	344,676
U.S. government agency mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	99,230	34,126
Gross unrealized gain	1	40
Gross unrealized losses more than 12 months	(3,703)	(6,707)
Gross unrealized losses less than 12 months	(5,009)	(228)
Allowance for expected credit loss	0	0
Estimated market value	90,519	27,231
Obligations of states and political subdivisions [Member]
Available-for-sale Securities [Abstract]
Amortized cost	154,547	161,960
Gross unrealized gain	441	649
Gross unrealized losses more than 12 months	(4,261)	(4,014)
Gross unrealized losses less than 12 months	(5,064)	(8,090)
Allowance for expected credit loss	0	0
Estimated market value	145,663	150,505
Corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	1,817,003	2,086,432
Gross unrealized gain	983	1,491
Gross unrealized losses more than 12 months	(154,177)	(60,224)
Gross unrealized losses less than 12 months	(47,305)	(156,365)
Allowance for expected credit loss	(1,697)	(2,101)
Estimated market value	1,614,807	1,869,233
Mortgage-backed securities [Member]
Available-for-sale Securities [Abstract]
Amortized cost	514,679	370,880
Gross unrealized gain	206	78
Gross unrealized losses more than 12 months	(40,394)	(40,359)
Gross unrealized losses less than 12 months	(24,243)	(13,207)
Allowance for expected credit loss	0	0
Estimated market value	$ 450,248	$ 317,392

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Investments (Adjusted cost and estimated market value of available-for-sale investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Available-for-sale securities, amortized cost:
Amortized cost	$ 2,758,446	$ 3,006,587
Available-for-sale securities, fair value:
Available for sale investments, estimated market value	2,472,128	2,709,037
US Treasury Securities [Member]
Available-for-sale securities, amortized cost:
Due in one year or less	251,106	354,875
Due after one year through five years	599,626	754,175
Due after five years through ten years	659,400	736,089
Due after ten years	733,486	790,568
Amortized cost	2,243,618	2,635,707
Available-for-sale securities, fair value:
Due in one year or less	249,366	354,184
Due after one year through five years	569,012	717,552
Due after five years through ten years	590,567	665,708
Due after ten years	612,788	654,201
Available for sale investments, estimated market value	2,021,733	2,391,645
Mortgage-backed securities [Member]
Available-for-sale securities, amortized cost:
Amortized cost	514,679	370,880
Available-for-sale securities, fair value:
Available for sale investments, estimated market value	$ 450,248	$ 317,392

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Investments (Available for sale equity investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]
Amortized cost, equity investments	$ 54,746	$ 55,631
Estimated market value, equity investments	62,036	61,357
Common Stock [Member]
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]
Amortized cost, equity investments	29,602	29,577
Estimated market value, equity investments	42,045	39,375
Nonredeemable Preferred Stock [Member]
Debt Securities Trading And Equity Securities FvNi Cost [Abstract]
Amortized cost, equity investments	25,144	26,054
Estimated market value, equity investments	$ 19,991	$ 21,982

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Investments (Carrying value of other investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]
Mortgage loans, net	$ 521,831	$ 444,957
Investments other, amount	650,151	575,540
Other Investments [Member]
Business Combination Separately Recognized Transactions Additional Disclosures [Abstract]
Mortgage loans, net	550,913	466,531
Short-term investments	0	15,921
Real estate, other	72,036	72,178
Policy loans	10,986	10,921
Other equity investments	16,216	9,989
Investments other, amount	$ 650,151	$ 575,540

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Borrowings (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Debt instruments, face, payment, and remaining balance amount:
Notes, loans and leases payable	$ 6,400,899		$ 6,400,899		$ 6,108,042
Debt instruments, issuance and maturity dates:
Remaining Lease Term Finance Lease Weighted Average	2				2
Interest paid related to derivative contracts [Abstract]
Interest paid in cash	$ 74,200	$ 63,100	129,700	$ 104,800
Federal Home Loan Bank, Advances, Activity for the year [Abstract]
Aggregate deposit amount	$ 1,300	0	$ 1,300	$ 0	$ 2,300	$ 600
Real estate loan [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	5.89%		5.89%
Senior Mortgages [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	4.18%		4.18%
Real estate loans (revolving credit) [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	0.00%		0.00%
Rental Truck (amortizing loans) First Loan [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	3.76%		3.76%
Finance Lease [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	4.38%		4.38%
Capital Lease Obligations [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	4.00%		4.00%
Private Placement
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	2.65%		2.65%
Other Obligations [Member]
Debt instruments, interest rate, effective percentage:
Debt Weighted Average Interest Rate	6.10%		6.10%
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.33%		5.33%
Debt instruments, interest rate, effective percentage:
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	4.30%		4.30%
LIBOR - highest rate	0.10%		0.10%
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount	$ 81,600		$ 81,600
Debt instrument, original face amount	$ 202,100		$ 202,100
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	0.65%		0.65%
Debt instrument, interest rate at period end	6.08%
Amerco Real Estate Subsidiaries and Uhaul Company of Florida [Member] | Real estate loan [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	1.38%		1.38%
Debt instrument, interest rate at period end	6.80%
Amerco Real Estate Company [Member] | Real estate loans (revolving credit) [Member]
Debt instruments, interest rate, effective percentage:
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	5.33%		5.33%
LIBOR - highest rate	1.55%		1.55%
Applicable margin interest rate	6.88%		6.88%
Unused capacity fee	0.30%
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 465,000		$ 465,000
Amerco Real Estate Company [Member] | Private Placement
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount	600,000		600,000
Debt instrument, original face amount	$ 150,000		$ 150,000
Amerco Real Estate Company [Member] | Private Placement | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.43%		2.43%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2029
Amerco Real Estate Company [Member] | Private Placement | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.78%		2.78%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2033
Various Subsidiaries of Amerco Real Estate and Uhaul Intl [Member] | Rental Truck (amortizing loans) First Loan [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 202,600		$ 202,600		213,100
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	0.10%		0.10%
Debt instruments, interest rate, effective percentage:
Applicable margin, per loan agreement, maximum rate	2.36%		2.36%
Debt instruments, face, payment, and remaining balance amount:
Debt instrument, face amount	$ 615,000		$ 615,000
Line of credit facility, maximum borrowing capacity	593,900		593,900
Line of credit, current borrowing capacity	88,900		88,900
Capitalized assets, net book value	$ 772,300		$ 772,300		822,000
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Minimum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	5.31%		5.31%
Debt instrument, interest rate at period end	1.15%
Sum of LIBOR and margin, maximum rate	6.56%		6.56%
Uhaul Intl and Subsidiaries [Member] | Rental Truck Revolvers [Member] | Maximum [Member]
Debt instruments, interest rate, effective percentage:
Applicable margin interest rate	5.33%		5.33%
Debt instrument, interest rate at period end	1.25%
Sum of LIBOR and margin, maximum rate	6.68%		6.68%
Uhaul Intl and Subsidiaries [Member] | Finance Lease [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 377,700		$ 377,700		474,800
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	seven (7) year terms
Uhaul Intl and Subsidiaries [Member] | Capital Lease Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Capitalized assets, net book value	$ 1,815,200		1,815,200		$ 1,499,100
Lease Cost [Abstract]
Sale Leaseback Transaction Lease Terms	seven (7) years
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
Line of credit facility, maximum borrowing capacity	$ 600,000		600,000
Line of credit, current borrowing capacity	100,000		100,000
Line of credit facility, remaining borrowing capacity	$ 150,000		$ 150,000
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.55%		2.55%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2030
Uhaul Intl and Subsidiaries [Member] | Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.88%		2.88%
Debt instruments, issuance and maturity dates:
Debt instrument, maturity year	2035
Life Insurance [Member] | Other Obligations [Member]
Debt instruments, face, payment, and remaining balance amount:
New capital lease obligiations, amount	$ 75,400	$ 1,700

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Borrowings (Long-term Debt Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Mar. 31, 2023
Debt instrument, maturities:
Debt Instrument Carrying Amount	$ 5,961,511	$ 5,961,511	$ 5,710,735
Notes, loans and finance/capital leases payable	6,436,800	6,436,800	6,143,350
Less: Debt issuance costs	(35,901)	(35,901)	(35,308)
Total notes, loans and finance/capital leases payable, net	$ 6,400,899	$ 6,400,899	6,108,042
Real estate loan (amortizing term) [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	5.89%	5.89%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2027
Debt instrument, maturity year range, end	2037
Debt Instrument Carrying Amount	$ 283,707	$ 283,707	289,647
Real estate loan (amortizing term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	4.30%	4.30%
Real estate loan (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	6.80%	6.80%
Senior Mortgages [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	4.18%	4.18%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2024
Debt instrument, maturity year range, end	2042
Debt Instrument Carrying Amount	$ 2,487,320	$ 2,487,320	2,371,231
Senior Mortgages [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.70%	2.70%
Senior Mortgages [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.66%	5.66%
Real estate loans (revolving credit) [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	0.00%	0.00%
Debt instrument, maturities:
Debt instrument, maturity year range, end	2027
Debt Instrument Carrying Amount	$ 0	$ 0	0
Real estate loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	0.00%	0.00%
Real estate loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	0.00%	0.00%
Fleet loans (amortizing term) [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	3.76%	3.76%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2024
Debt instrument, maturity year range, end	2029
Debt Instrument Carrying Amount	$ 90,071	$ 90,071	111,856
Fleet loans (amortizing term) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.61%	1.61%
Fleet loans (amortizing term) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.68%	5.68%
Fleet loans (revolving credit) [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	5.97%	5.97%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2026
Debt instrument, maturity year range, end	2028
Debt Instrument Carrying Amount	$ 593,889	$ 593,889	615,000
Fleet loans (revolving credit) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.36%	2.36%
Fleet loans (revolving credit) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	6.68%	6.68%
Capital Leases (rental equipment) [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	4.00%	4.00%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2026
Debt Instrument Carrying Amount	$ 163,453	$ 163,453	223,205
Capital Leases (rental equipment) [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.39%	2.39%
Capital Leases (rental equipment) [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	5.01%	5.01%
Finance capital lease [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	4.38%	4.38%
Debt instrument, maturities:
Debt instrument, maturity year range, start		2024
Debt instrument, maturity year range, end	2031
Debt Instrument Carrying Amount	$ 1,544,608	$ 1,544,608	1,255,763
Finance capital lease [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.60%	1.60%
Finance capital lease [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	6.48%	6.48%
Private Placement
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	2.65%	2.65%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2029
Debt instrument, maturity year range, end	2035
Debt Instrument Carrying Amount	$ 1,200,000	$ 1,200,000	1,200,000
Private Placement | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.43%	2.43%
Private Placement | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	2.88%	2.88%
Other Obligations [Member]
Debt instruments, interest rate, stated percentage:
Debt Weighted Average Interest Rate	6.10%	6.10%
Debt instrument, maturities:
Debt instrument, maturity year range, start	2023
Debt instrument, maturity year range, end	2049
Debt Instrument Carrying Amount	$ 73,752	$ 73,752	$ 76,648
Other Obligations [Member] | Minimum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	1.50%	1.50%
Other Obligations [Member] | Maximum [Member]
Debt instruments, interest rate, stated percentage:
Debt instrument, interest rate, stated percentage	8.00%	8.00%

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Borrowings (Annual Maturities of Notes, Loans and Leases Payable) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Long-term debt, by Maturity:
2023	$ 657,998
2024	487,551
2025	829,219
2026	1,023,289
2027	513,160
Thereafter	2,925,583
Notes, loans and finance leases payable, sum	$ 6,436,800

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Borrowings (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest expense, borrowings:
Interest expense	$ 67,524	$ 57,604	$ 131,924	$ 108,009
Capitalized interest	(3,669)	(2,248)	(7,732)	(4,866)
Amortization of transaction costs	1,432	1,814	2,843	3,260
Interest expense resulting from derivatives	(1,344)	23	(2,494)	589
Total interest expense	$ 63,943	$ 57,193	$ 124,541	$ 106,992

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Borrowings (Interest Rates and Company Borrowings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest and debt expense:
Weighted average interest rate during the quarter	6.51%	3.32%	6.38%	2.66%
Interest rate at quarter end	6.61%	3.80%	6.61%	3.80%
Maximum amount outstanding during the quarter	$ 605,000	$ 1,102,000	$ 715,000	$ 1,105,000
Average amount outstanding during the quarter	596,322	877,522	628,151	984,464
Facility fees	$ 306	$ 111	$ 571	$ 169

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Derivatives (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable To Parent [Abstract]
Interest expense	$ 63,943	$ 57,193	$ 124,541	$ 106,992
Derivative Fair Value Of Derivative Net [Abstract]
Derivative hedges, net market value	$ 7,200	$ 6,400	7,200	6,400
Amounts reclassified from AOCI to interest expense			$ 1,900	$ 5,700	$ 400
Other Investments [Member]
Derivative Fair Value Of Derivative Net [Abstract]
Notional amount (lease)						$ 4,700	$ 7,800

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Derivatives (Interest rate contracts designated as hedging instruments) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]
Derivative Asset Notional Amount	$ 12,328	$ 5,311
Derivative Notional Amount	$ 302,107	$ 206,347

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Derivatives (Effect of Interest Rate Contracts on the Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Gain Loss On Derivative Net [Abstract]
(Gain) loss reclassified from AOCI into Income	$ (1,344)	$ 23	$ (2,494)	$ 589
Interest rate contracts
Derivative Gain Loss On Derivative Net [Abstract]
(Gain) loss reclassified from AOCI into Income	3,073	8,360
AOCI into Income
Derivative Gain Loss On Derivative Net [Abstract]
(Gain) loss reclassified from AOCI into Income	$ (1,345)	$ 24

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Derivatives (Equity Market Contracts Designated As Hedging Instruments (Details) - Equity Swap [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Notional Amount Of Derivatives [Abstract]
Derivative Asset Notional Amount	$ 10,526	$ 4,295
Derivative Notional Amount	$ 509,519	$ 465,701

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Comprehensive Income (Loss) (Accumulated other comprehensive income (loss) components of net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			$ (285,623)
Foreign currency translation	$ (2,849)	$ (739)	(2,380)	$ (542)
Unrealized net gain on investments	(13,297)	(108,444)	7,047	(244,826)
Change in fair value of cash flow hedges	3,333	6,289	7,175	6,417
Amount reclassified from AOCI	(1,015)	19	(1,883)	446
Other comprehensive income (loss)	(13,828)	(102,875)	9,959	(238,505)
Balance as of September 30, 2023	(275,664)		(275,664)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			(56,539)
Foreign currency translation			(2,380)
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			(2,380)
Balance as of September 30, 2023	(58,919)		(58,919)
Unrealized Net Gain on Investments [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			(232,740)
Foreign currency translation			0
Unrealized net gain on investments			7,047
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			7,047
Balance as of September 30, 2023	(225,693)		(225,693)
Fair Market Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			4,007
Foreign currency translation			0
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			7,175
Amount reclassified from AOCI			(1,883)
Other comprehensive income (loss)			5,292
Balance as of September 30, 2023	9,299		9,299
Postretirement Benefit Obligation Gain [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			(351)
Foreign currency translation			0
Unrealized net gain on investments			0
Change in fair value of cash flow hedges			0
Amount reclassified from AOCI			0
Other comprehensive income (loss)			0
Balance as of September 30, 2023	(351)		(351)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) Components, Net of Tax [Roll Forward]
Balance as of March 31, 2023			(285,623)
Foreign currency translation	(2,849)	(739)	(2,380)	(542)
Unrealized net gain on investments	(13,297)	(108,444)	7,047	(244,826)
Change in fair value of cash flow hedges	3,333	6,289	7,175	6,417
Amount reclassified from AOCI	(1,015)	$ 19	(1,883)	$ 446
Other comprehensive income (loss)			9,959
Balance as of September 30, 2023	$ (275,664)		$ (275,664)

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Stockholders' Equity (Narratives) (Details) - $ / shares	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Common Stock [Member] | Dividends Declared Two [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared		Aug. 18, 2022
Dividend paid, amount per share		$ 0.50
Dividends Payable, Date of Record		Sep. 06, 2022
Dividends Payable, Date to be Paid		Sep. 20, 2022
Common Stock [Member] | Dividends Declared Three [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared		Apr. 06, 2022
Dividend paid, amount per share		$ 0.50
Dividends Payable, Date of Record		Apr. 18, 2022
Dividends Payable, Date to be Paid		Apr. 29, 2022
Nonvoting Common Stock [Member] | Dividends Declared Two [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared	Aug. 17, 2023
Dividend paid, amount per share	$ 0.04
Dividends Payable, Date of Record	Sep. 19, 2023
Dividends Payable, Date to be Paid	Sep. 29, 2023
Nonvoting Common Stock [Member] | Dividends Declared Three [Member]
Dividends Stock [Abstract]
Dividends Payable, Date Declared	Jun. 07, 2023
Dividend paid, amount per share	$ 0.04
Dividends Payable, Date of Record	Jun. 20, 2023
Dividends Payable, Date to be Paid	Jun. 30, 2023

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Leases (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	$ 163.5	$ 223.2
Right Of Use Asset Obtained In Exchange For Finance Lease Liability	64.6	58.4
Cash paid for operating leases	17.4	16.0
Cash paid for finance leases	59.8	65.8
Operating Lease Payments	$ 14.4	$ 3.6

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Leases (Components of our right-of-use assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finance Lease [Abstract]
Buildings and Improvements	$ 142,467	$ 128,221
Furniture and equipment	7,109	9,687
Rental trailers and other rental equipment	115,072	152,294
Rental trucks	816,075	949,838
Right-of-use assets, gross	1,080,723	1,240,040
Less: Accumulated depreciation	(637,674)	(706,358)
Right of use assets, net	443,049	533,682
Finance Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	0	0
Furniture and equipment	7,109	9,687
Rental trailers and other rental equipment	115,072	152,294
Rental trucks	816,075	949,838
Right-of-use assets, gross	938,256	1,111,819
Less: Accumulated depreciation	(560,523)	(637,054)
Right of use assets, net	377,733	474,765
Operating Lease [Member]
Finance Lease [Abstract]
Buildings and Improvements	142,467	128,221
Furniture and equipment	0	0
Rental trailers and other rental equipment	0	0
Rental trucks	0	0
Right-of-use assets, gross	142,467	128,221
Less: Accumulated depreciation	(77,151)	(69,304)
Right of use assets, net	$ 65,316	$ 58,917

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Leases (Finance Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Finance Leases Weighted Average Remaining Lease Term And Discount Rate [Abstract]
Remaining Lease Term Finance Lease Weighted Average	2	2
Finance Lease Weighted Average Discount Rate Percent	4.00%	3.80%

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Leases (Operating Leases Weighted Average Remaining Lease Term and Discount Rate) (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Operating Leases Remaining Lease Term And Weighted Average Discount Rate [Abstract]
Remaining Lease Term Operating Lease Weighted Average	18.9	19.2
Operating Lease Weighted Average Discount Rate Percent	4.60%	4.70%

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Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Lease cost:
Operating lease costs	$ 16,033	$ 16,181
Finance lease cost:
Amortization of right of use assets	31,465	43,173
Interest on lease liabilities	4,002	6,142
Lease cost, financed	$ 35,467	$ 49,315

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Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finance Lease Liabilities Payments Due [Abstract]
2022	$ 85,789
2023	61,189
2024	24,371
2025	0
2026	0
Thereafter	0
Total lease payments	171,349
Less: imputed interest	(7,896)
Financing lease liability	163,453
Operating Lease Liabilities Payments Due [Abstract]
2022	22,913
2023	10,059
2024	6,879
2025	6,265
2026	5,708
Thereafter	60,853
Total lease payments	112,677
Less: inputed interest	(48,097)
Operating lease liability	$ 64,580	$ 58,373

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Related Party Transactions (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sac Holdings [Member]
Related party notes receivable:
Cash interest payments	$ 15.4	$ 15.6
Related party costs and expenses:
Cash flow, related party	1.2	1.2
Revenue generated by the dealer agreement from related parties	$ 14.3	14.3
Private Mini [Member]
Related party costs and expenses:
Commission expenses, generated from dealer agreement with related parties			$ 46.7	$ 51.3
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member]
Property Management Fee [Abstract]
Property Management Fee Revenue			$ 17.0	$ 16.9
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Minimum [Member]
Property Management Fee [Abstract]
Management fee rate	4.00%
Sac Holdings, Mercury, Four Sac, Five Sac, Galaxy and Private Mini [Member] | Maximum [Member]
Property Management Fee [Abstract]
Management fee rate	10.00%
Sac Holdings, Four Sac, Five Sac, Galaxy, and Private Mini [Member]
Related party costs and expenses:
Payments For Purchase Of Other Assets 1	$ 214.5	$ 245.0

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Related Party Transactions (Related Party Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related party transactions:
Management fee revenue	$ 9,267	$ 9,277	$ 18,444	$ 18,416
Blackwater [Member]
Related party transactions:
Management fee revenue	7,754	7,827	15,450	15,556
Mercury [Member]
Related party transactions:
Management fee revenue	$ 1,513	$ 1,450	$ 2,994	$ 2,860

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Related Party Transactions (Related Party Costs and Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related party cost and expense:
Related party expenses, total	$ 25,607	$ 26,989	$ 49,263	$ 52,475
Blackwater [Member]
Related party cost and expense:
Operating Leases Rent Expense Net	604	604	1,208	1,208
U-Haul printing expenses to Blackwater	968	0	1,317	0
U-Haul commission expenses	$ 24,035	$ 26,385	$ 46,738	$ 51,267

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Related Party Transactions (Related Party Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Related party assets:
Related party assets	$ 40,140	$ 48,308
Blackwater [Member]
Related party assets:
Amounts due to related parties	37,791	42,141
Mercury [Member]
Related party assets:
Amounts due to related parties	6,654	8,402
Insurance Group [Member]
Related party assets:
Amounts due to related parties	$ (4,305)	$ (2,235)

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Consolidating financial information by industry segment (Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
ASSETS:
Cash and cash equivalents	$ 2,145,131	$ 2,060,524
Reinsurance recoverables and trade receivables, net	212,565	189,498
Inventories, net	161,535	151,474
Prepaid expenses	263,541	241,711
Investments, fixed maturities and marketable equities	2,534,164	2,770,394
Investments, other	650,151	575,540
Deferred policy acquisition costs, net	121,365	128,463
Other assets	52,769	51,052
Right of use Assets - Financing	377,733	474,765
Right of use Assets - Operating	65,316	58,917
Related Parties Amounts Due	40,140	48,308
Subtotal assets	6,624,410	6,750,646
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	1,613,871	1,537,206
Buildings and improvements	7,649,849	7,088,810
Furniture and equipment	966,211	928,241
Property, plant and equipment (gross)	17,063,484	15,660,293
Less: Accumulated depreciation	(4,666,444)	(4,310,205)
Total property, plant and equipment	12,397,040	11,350,088
Total assets	19,021,450	18,100,734	$ 18,143,343
Liabilities:
Accounts payable and accrued expenses	757,988	761,039
Notes, loans and leases payable	6,400,899	6,108,042
Operating lease liability	64,580	58,373
Policy benefits and losses, claims and loss expenses payable	865,397	880,202
Liabilities from investment contracts	2,393,590	2,398,884
Other policyholders' funds and liabilities	7,677	8,232
Deferred income	56,821	52,282
Deferred income taxes, net	1,444,120	1,329,489
Related party liabilities	0	0
Total liabilities	11,991,072	11,596,543
Stockholders' equity:
Common stock, value, issued		176
Additional paid-in capital	453,643	453,643
Accumulated other comprehensive loss	(275,664)	(285,623)
Retained earnings	7,519,376	7,003,148
Total stockholders' equity	7,030,378	6,504,191
Total liabilities and stockholders' equity	19,021,450	18,100,734
Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	912,046	827,696
Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	5,921,507	5,278,340
Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	176	176
Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Moving and Storage Consolidations [Member]
ASSETS:
Cash and cash equivalents	2,068,790	2,034,242
Reinsurance recoverables and trade receivables, net	130,372	107,823
Inventories, net	161,535	151,474
Prepaid expenses	263,541	241,711
Investments, fixed maturities and marketable equities	97,372	227,737
Investments, other	23,330	23,314
Deferred policy acquisition costs, net	0	0
Other assets	46,667	46,438
Right of use Assets - Financing	377,733	474,765
Right of use Assets - Operating	64,378	57,978
Related Parties Amounts Due	62,931	69,144
Subtotal assets	3,296,649	3,434,626
Investments in subsidiaries	462,493	426,779
Property, plant and equipment, at cost:
Land	1,613,871	1,537,206
Buildings and improvements	7,649,849	7,088,810
Furniture and equipment	966,211	928,241
Property, plant and equipment (gross)	17,063,484	15,660,293
Less: Accumulated depreciation	(4,666,444)	(4,310,205)
Total property, plant and equipment	12,397,040	11,350,088
Total assets	16,156,182	15,211,493
Liabilities:
Accounts payable and accrued expenses	745,606	729,679
Notes, loans and leases payable	6,400,899	6,108,042
Operating lease liability	63,627	57,418
Policy benefits and losses, claims and loss expenses payable	324,642	335,227
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	56,821	52,282
Deferred income taxes, net	1,514,732	1,405,391
Related party liabilities	25,754	25,082
Total liabilities	9,132,081	8,713,121
Stockholders' equity:
Common stock, value, issued		176
Additional paid-in capital	453,853	453,853
Accumulated other comprehensive loss	(281,941)	(291,442)
Retained earnings	7,519,166	7,002,938
Total stockholders' equity	7,024,101	6,498,372
Total liabilities and stockholders' equity	16,156,182	15,211,493
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	912,046	827,696
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	5,921,507	5,278,340
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	10,497	10,497
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	176
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(525,653)	(525,653)
Operating Segments [Member] | Moving and Storage Consolidations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	(151,997)	(151,997)
Operating Segments [Member] | Property and Casualty Insurance [Member]
ASSETS:
Cash and cash equivalents	44,272	11,276
Reinsurance recoverables and trade receivables, net	50,525	48,344
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	268,769	271,156
Investments, other	115,583	125,130
Deferred policy acquisition costs, net	0	0
Other assets	800	730
Right of use Assets - Financing	0	0
Right of use Assets - Operating	785	914
Related Parties Amounts Due	1,223	2,347
Subtotal assets	481,957	459,897
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	481,957	459,897
Liabilities:
Accounts payable and accrued expenses	4,472	4,470
Notes, loans and leases payable	0	0
Operating lease liability	800	928
Policy benefits and losses, claims and loss expenses payable	150,148	153,007
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	2,126	2,702
Deferred income	0	0
Deferred income taxes, net	3,973	1,713
Related party liabilities	2,969	2,544
Total liabilities	164,488	165,364
Stockholders' equity:
Common stock, value, issued		0
Additional paid-in capital	91,120	91,120
Accumulated other comprehensive loss	(13,532)	(14,720)
Retained earnings	236,580	214,832
Total stockholders' equity	317,469	294,533
Total liabilities and stockholders' equity	481,957	459,897
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	3,301	3,301
Operating Segments [Member] | Property and Casualty Insurance [Member] | Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Property and Casualty Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member]
ASSETS:
Cash and cash equivalents	32,069	15,006
Reinsurance recoverables and trade receivables, net	31,668	33,331
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	2,168,023	2,271,501
Investments, other	511,238	427,096
Deferred policy acquisition costs, net	121,365	128,463
Other assets	5,302	3,884
Right of use Assets - Financing	0	0
Right of use Assets - Operating	153	25
Related Parties Amounts Due	11,808	12,268
Subtotal assets	2,881,626	2,891,574
Investments in subsidiaries	0	0
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	2,881,626	2,891,574
Liabilities:
Accounts payable and accrued expenses	7,910	26,890
Notes, loans and leases payable	0	0
Operating lease liability	153	27
Policy benefits and losses, claims and loss expenses payable	390,607	391,968
Liabilities from investment contracts	2,393,590	2,398,884
Other policyholders' funds and liabilities	5,551	5,530
Deferred income	0	0
Deferred income taxes, net	(74,585)	(77,615)
Related party liabilities	13,376	13,644
Total liabilities	2,736,602	2,759,328
Stockholders' equity:
Common stock, value, issued		0
Additional paid-in capital	26,271	26,271
Accumulated other comprehensive loss	(218,470)	(225,904)
Retained earnings	334,723	329,379
Total stockholders' equity	145,024	132,246
Total liabilities and stockholders' equity	2,881,626	2,891,574
Operating Segments [Member] | Life Insurance [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Operating Segments [Member] | Life Insurance [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Operating Segments [Member] | Life Insurance [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	2,500	2,500
Operating Segments [Member] | Life Insurance [Member] | Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0
Operating Segments [Member] | Life Insurance [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Operating Segments [Member] | Life Insurance [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member]
ASSETS:
Cash and cash equivalents	0	0
Reinsurance recoverables and trade receivables, net	0	0
Inventories, net	0	0
Prepaid expenses	0	0
Investments, fixed maturities and marketable equities	0	0
Investments, other	0	0
Deferred policy acquisition costs, net	0	0
Other assets	0	0
Right of use Assets - Financing	0	0
Right of use Assets - Operating	0	0
Related Parties Amounts Due	(35,822)	(35,451)
Subtotal assets	(35,822)	(35,451)
Investments in subsidiaries	(462,493)	(426,779)
Property, plant and equipment, at cost:
Land	0	0
Buildings and improvements	0	0
Furniture and equipment	0	0
Property, plant and equipment (gross)	0	0
Less: Accumulated depreciation	0	0
Total property, plant and equipment	0	0
Total assets	(498,315)	(462,230)
Liabilities:
Accounts payable and accrued expenses	0	0
Notes, loans and leases payable	0	0
Operating lease liability	0	0
Policy benefits and losses, claims and loss expenses payable	0	0
Liabilities from investment contracts	0	0
Other policyholders' funds and liabilities	0	0
Deferred income	0	0
Deferred income taxes, net	0	0
Related party liabilities	(42,099)	(41,270)
Total liabilities	(42,099)	(41,270)
Stockholders' equity:
Common stock, value, issued		0
Additional paid-in capital	(117,601)	(117,601)
Accumulated other comprehensive loss	238,279	246,443
Retained earnings	(571,093)	(544,001)
Total stockholders' equity	(456,216)	(420,960)
Total liabilities and stockholders' equity	(498,315)	(462,230)
Consolidation, Eliminations [Member] | Rental Trailers and Other Rental Equipment [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Rental Trucks [Member]
Property, plant and equipment, at cost:
Property subject to or available for operating lease, gross	0	0
Consolidation, Eliminations [Member] | Series A Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value, issued	0	0
Consolidation, Eliminations [Member] | Serial Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0	0
Consolidation, Eliminations [Member] | Amerco Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	(5,801)	(5,801)
Consolidation, Eliminations [Member] | Nonvoting Common Stock [Member]
Stockholders' equity:
Common stock, value, issued	0
Consolidation, Eliminations [Member] | Common Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	0	0
Consolidation, Eliminations [Member] | Preferred Stock in Treasury [Member]
Stockholders' equity:
Treasury stock, value	$ 0	$ 0

XML

Consolidating financial information by industry segment (Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Self-moving equipment rentals	$ 1,069,405	$ 1,162,025	$ 2,068,611	$ 2,252,800
Self-storage revenues	208,890	185,586	407,851	358,763
Self moving and self-storage products and service sales	91,571	96,864	192,443	206,215
Property management fees	9,267	9,277	18,444	18,416
Life insurance premiums	22,498	25,456	45,629	51,237
Property and casualty insurance premiums	25,571	25,718	45,893	45,690
Net investment and Interest income	64,738	30,509	129,330	64,082
Other revenue	157,920	167,429	281,967	303,501
Total revenues	1,649,860	1,702,864	3,190,168	3,300,704
Costs and expenses:
Operating expenses	835,258	811,594	1,598,499	1,544,761
Commission expenses	111,961	125,341	218,888	243,834
Cost of sales	66,620	72,625	137,295	152,296
Benefits and losses	42,553	39,512	87,897	79,269
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Lease expense	8,450	7,684	16,033	15,159
Depreciation, net of (gains) losses on disposals	154,122	117,318	291,936	231,114
Net (gains) losses on disposal of real estate	1,715	1,872	2,736	4,179
Total costs and expenses	1,227,505	1,182,918	2,368,155	2,285,256
Earnings (loss) from operations before equity in earnings of subsidiaries	422,355	519,946	822,013	1,015,448
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	422,355	519,946	822,013	1,015,448
Other components of net periodic benefit costs	(364)	(304)	(729)	(608)
Interest expense	(63,943)	(57,193)	(124,541)	(106,992)
Fees and amortization on early extinguishment of debt	0	(959)	0	(959)
Pretax earnings	358,048	461,490	696,743	906,889
Income tax expense	(84,540)	(111,624)	(166,397)	(218,678)
Earnings available to common stockholders	273,508	349,866	530,346	688,211
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Revenues:
Self-moving equipment rentals	1,070,688	1,163,376	2,070,767	2,255,086
Self-storage revenues	208,890	185,586	407,851	358,763
Self moving and self-storage products and service sales	91,571	96,864	192,443	206,215
Property management fees	9,267	9,277	18,444	18,416
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	0	0	0	0
Net investment and Interest income	28,520	15,077	55,815	20,017
Other revenue	156,642	166,678	279,771	301,959
Total revenues	1,565,578	1,636,858	3,025,091	3,160,456
Costs and expenses:
Operating expenses	820,617	796,498	1,568,900	1,516,292
Commission expenses	111,961	125,341	218,888	243,834
Cost of sales	66,620	72,625	137,295	152,296
Benefits and losses	0	0	0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	8,839	8,261	16,941	16,181
Depreciation, net of (gains) losses on disposals	154,122	117,318	291,936	231,114
Net (gains) losses on disposal of real estate	1,715	1,872	2,736	4,179
Total costs and expenses	1,163,874	1,121,915	2,236,696	2,163,896
Earnings (loss) from operations before equity in earnings of subsidiaries	401,704	514,943	788,395	996,560
Equity in earnings of subsidiaries	16,862	3,906	27,092	15,915
Earnings from operations	418,566	518,849	815,487	1,012,475
Other components of net periodic benefit costs	(364)	(304)	(729)	(608)
Interest expense	(64,199)	(57,459)	(125,048)	(107,520)
Fees and amortization on early extinguishment of debt		(959)		(959)
Pretax earnings	354,003	460,127	689,710	903,388
Income tax expense	(80,495)	(110,261)	(159,364)	(215,177)
Earnings available to common stockholders	273,508	349,866	530,346	688,211
Operating Segments [Member] | Property and Casualty Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0	0	0
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	26,371	25,960	47,418	46,790
Net investment and Interest income	5,481	(2,597)	12,273	(345)
Other revenue	0	0	0	0
Total revenues	31,852	23,363	59,691	46,445
Costs and expenses:
Operating expenses	12,113	11,576	23,420	21,770
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	4,229	6,075	8,687	10,454
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	91	26	183	184
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	16,433	17,677	32,290	32,408
Earnings (loss) from operations before equity in earnings of subsidiaries	15,419	5,686	27,401	14,037
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	15,419	5,686	27,401	14,037
Other components of net periodic benefit costs	0	0	0	0
Interest expense	0	0	0	0
Fees and amortization on early extinguishment of debt		0		0
Pretax earnings	15,419	5,686	27,401	14,037
Income tax expense	(3,181)	(1,167)	(5,653)	(2,922)
Earnings available to common stockholders	12,238	4,519	21,748	11,115
Operating Segments [Member] | Life Insurance [Member]
Revenues:
Self-moving equipment rentals	0	0	0	0
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	22,498	25,456	45,629	51,237
Property and casualty insurance premiums	0	0	0	0
Net investment and Interest income	31,621	19,041	63,132	46,429
Other revenue	1,403	1,199	2,442	2,133
Total revenues	55,522	45,696	111,203	99,799
Costs and expenses:
Operating expenses	4,731	5,558	10,097	10,667
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	38,324	33,437	79,210	68,815
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Lease expense	33	26	61	54
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	49,914	45,993	104,239	94,180
Earnings (loss) from operations before equity in earnings of subsidiaries	5,608	(297)	6,964	5,619
Equity in earnings of subsidiaries	0	0	0	0
Earnings from operations	5,608	(297)	6,964	5,619
Other components of net periodic benefit costs	0	0	0	0
Interest expense	(120)	(120)	(240)	(240)
Fees and amortization on early extinguishment of debt		0		0
Pretax earnings	5,488	(417)	6,724	5,379
Income tax expense	(864)	(196)	(1,380)	(579)
Earnings available to common stockholders	4,624	(613)	5,344	4,800
Consolidation, Eliminations [Member]
Revenues:
Self-moving equipment rentals	(1,283)	(1,351)	(2,156)	(2,286)
Self-storage revenues	0	0	0	0
Self moving and self-storage products and service sales	0	0	0	0
Property management fees	0	0	0	0
Life insurance premiums	0	0	0	0
Property and casualty insurance premiums	(800)	(242)	(1,525)	(1,100)
Net investment and Interest income	(884)	(1,012)	(1,890)	(2,019)
Other revenue	(125)	(448)	(246)	(591)
Total revenues	(3,092)	(3,053)	(5,817)	(5,996)
Costs and expenses:
Operating expenses	(2,203)	(2,038)	(3,918)	(3,968)
Commission expenses	0	0	0	0
Cost of sales	0	0	0	0
Benefits and losses	0	0	0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Lease expense	(513)	(629)	(1,152)	(1,260)
Depreciation, net of (gains) losses on disposals	0	0	0	0
Net (gains) losses on disposal of real estate	0	0	0	0
Total costs and expenses	(2,716)	(2,667)	(5,070)	(5,228)
Earnings (loss) from operations before equity in earnings of subsidiaries	(376)	(386)	(747)	(768)
Equity in earnings of subsidiaries	(16,862)	(3,906)	(27,092)	(15,915)
Earnings from operations	(17,238)	(4,292)	(27,839)	(16,683)
Other components of net periodic benefit costs	0	0	0	0
Interest expense	376	386	747	768
Fees and amortization on early extinguishment of debt		0		0
Pretax earnings	(16,862)	(3,906)	(27,092)	(15,915)
Income tax expense	0	0	0	0
Earnings available to common stockholders	$ (16,862)	$ (3,906)	$ (27,092)	$ (15,915)

XML

Consolidating financial information by industry segment (Cash Flow Statements) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net earnings	$ 273,508	$ 349,866	$ 530,346	$ 688,211
Earnings from consolidated entities			0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			394,400	359,804
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Amortization of premiums and accretion of discounts related to investments, inc			8,441	10,249
Amortization of debt issuance costs			3,427	3,356
Interest credited to policyholders			36,329	24,690
Change in allowance for losses on trade receivables			578	(5,494)
Change in allowance for inventory reserves			3,461	7,125
Net gain on sale of real and personal property	(46,803)	(64,342)	(102,464)	(128,690)
Net losses on disposal of real estate	1,715	1,872	2,736	4,179
Net (gain) loss on sale of investments			(917)	7,207
Net losses on equity investments			(2,745)	7,963
Deferred income tax			107,751	103,828
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			(23,402)	32,342
Inventories			(13,520)	(14,416)
Prepaid expenses			(21,824)	3
Capitalization of deferred policy acquisition costs			(7,773)	(14,900)
Other assets			(8,751)	2,432
Related party assets			7,403	(1,640)
Accounts payable and accrued expenses			23,248	64,297
Policy benefits and losses, claims and loss expenses payable			(18,553)	11,460
Other policyholders' funds and liabilities			(554)	1,314
Deferred income			4,115	9,458
Related party liabilities			828	742
Net cash provided by operating activities			937,431	1,188,164
Cash flow from investing activities:
Escrow deposits			573	9,688
Purchase of:
Property, plant and equipment			(1,664,387)	(1,335,528)
Short term investments			(44,903)	(36,173)
Fixed maturity investments			(106,777)	(202,265)
Equity securities			(309)	(4,356)
Real estate			(537)	(4,931)
Mortgage loans			(97,702)	(75,635)
Proceeds from sale of:
Property, plant and equipment			408,279	329,611
Short term investments			15,959	33,373
Fixed maturity investments			389,216	106,527
Equity securities			300	717
Preferred stock			913	717
Mortgage loans			13,049	74,165
Net cash used by investing activities			(1,086,326)	(1,104,807)
Cash flow from financing activities:
Borrowings from credit facilities			704,960	792,654
Principal repayments on credit facilities			(351,893)	(441,019)
Payment of debt issuance costs			(4,018)	(3,942)
Capital lease payments			(59,752)	(65,831)
Securitization deposits			151	49
Common stock dividends paid			(14,118)	(19,608)
Investment contract deposits			132,630	169,017
Investment contract withdrawals			(174,256)	(139,917)
Net cash provided by (used in) financing activities			233,704	291,403
Effects on exchange rate on cash			(202)	(13,782)
Increase (decrease) in cash and cash equivalents			84,607	360,978
Cash and cash equivalents at the beginning of period			2,060,524	2,704,137
Cash and cash equivalents at the end of period	2,145,131	3,065,115	2,145,131	3,065,115
Operating Segments [Member] | Moving and Storage Consolidations [Member]
Cash flow from operating activities:
Net earnings	273,508	349,866	530,346	688,211
Earnings from consolidated entities			(27,092)	(15,915)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			394,400	359,804
Amortization of deferred policy acquisition costs	0	0	0	0
Amortization of premiums and accretion of discounts related to investments, inc			0	0
Amortization of debt issuance costs			3,427	3,356
Interest credited to policyholders			0	0
Change in allowance for losses on trade receivables			646	(5,404)
Change in allowance for inventory reserves			3,461	7,125
Net gain on sale of real and personal property			(102,464)	(128,690)
Net losses on disposal of real estate	1,715	1,872	2,736	4,179
Net (gain) loss on sale of investments			0	0
Net losses on equity investments			0	0
Deferred income tax			108,291	107,281
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			(23,200)	30,678
Inventories			(13,520)	(14,416)
Prepaid expenses			(21,824)	3
Capitalization of deferred policy acquisition costs			0	0
Other assets			(7,339)	2,877
Related party assets			6,279	(2,479)
Accounts payable and accrued expenses			38,562	65,366
Policy benefits and losses, claims and loss expenses payable			(10,609)	19,640
Other policyholders' funds and liabilities			0	0
Deferred income			4,532	7,809
Related party liabilities			671	460
Net cash provided by operating activities			887,303	1,129,885
Cash flow from investing activities:
Escrow deposits			573	9,688
Purchase of:
Property, plant and equipment			(1,664,387)	(1,335,528)
Short term investments			0	0
Fixed maturity investments			(97,331)	0
Equity securities			0	0
Real estate			(16)	0
Mortgage loans			0	0
Proceeds from sale of:
Property, plant and equipment			408,279	329,611
Short term investments			0	0
Fixed maturity investments			224,999	0
Equity securities			0
Preferred stock			0	0
Mortgage loans			0	0
Net cash used by investing activities			(1,127,883)	(996,229)
Cash flow from financing activities:
Borrowings from credit facilities			704,960	792,654
Principal repayments on credit facilities			(351,893)	(441,019)
Payment of debt issuance costs			(4,018)	(3,942)
Capital lease payments			(59,752)	(65,831)
Securitization deposits			151	49
Common stock dividends paid			(14,118)	(19,608)
Investment contract deposits			0	0
Investment contract withdrawals			0	0
Net cash provided by (used in) financing activities			275,330	262,303
Effects on exchange rate on cash			(202)	(13,782)
Increase (decrease) in cash and cash equivalents			34,548	382,177
Cash and cash equivalents at the beginning of period			2,034,242	2,643,213
Cash and cash equivalents at the end of period	2,068,790	3,025,390	2,068,790	3,025,390
Operating Segments [Member] | Property and Casualty Insurance [Member]
Cash flow from operating activities:
Net earnings	12,238	4,519	21,748	11,115
Earnings from consolidated entities			0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Amortization of premiums and accretion of discounts related to investments, inc			794	857
Amortization of debt issuance costs			0	0
Interest credited to policyholders			0	0
Change in allowance for losses on trade receivables			(68)	(90)
Change in allowance for inventory reserves			0	0
Net gain on sale of real and personal property			0	0
Net losses on disposal of real estate	0	0	0	0
Net (gain) loss on sale of investments			(9)	(58)
Net losses on equity investments			(2,745)	7,963
Deferred income tax			501	(1,119)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			(1,865)	(1,088)
Inventories			0	0
Prepaid expenses			0	0
Capitalization of deferred policy acquisition costs			0	0
Other assets			134	(169)
Related party assets			1,124	839
Accounts payable and accrued expenses			1,446	1,396
Policy benefits and losses, claims and loss expenses payable			(2,859)	(3,381)
Other policyholders' funds and liabilities			(576)	112
Deferred income			0	0
Related party liabilities			425	(183)
Net cash provided by operating activities			18,050	16,194
Cash flow from investing activities:
Escrow deposits			0	0
Purchase of:
Property, plant and equipment			0	0
Short term investments			0	(35,975)
Fixed maturity investments			(2,216)	(18,573)
Equity securities			(308)	(2,705)
Real estate			0	(4,920)
Mortgage loans			(7,300)	(12,715)
Proceeds from sale of:
Property, plant and equipment			0	0
Short term investments			15,959	33,373
Fixed maturity investments			7,180	10,587
Equity securities			296
Preferred stock			913	711
Mortgage loans			422	14,419
Net cash used by investing activities			14,946	(15,798)
Cash flow from financing activities:
Borrowings from credit facilities			0	0
Principal repayments on credit facilities			0	0
Payment of debt issuance costs			0	0
Capital lease payments			0	0
Securitization deposits			0	0
Common stock dividends paid			0	0
Investment contract deposits			0	0
Investment contract withdrawals			0	0
Net cash provided by (used in) financing activities			0	0
Effects on exchange rate on cash			0	0
Increase (decrease) in cash and cash equivalents			32,996	396
Cash and cash equivalents at the beginning of period			11,276	10,800
Cash and cash equivalents at the end of period	44,272	11,196	44,272	11,196
Operating Segments [Member] | Life Insurance [Member]
Cash flow from operating activities:
Net earnings	4,624	(613)	5,344	4,800
Earnings from consolidated entities			0	0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			0	0
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Amortization of premiums and accretion of discounts related to investments, inc			7,647	9,392
Amortization of debt issuance costs			0	0
Interest credited to policyholders			36,329	24,690
Change in allowance for losses on trade receivables			0	0
Change in allowance for inventory reserves			0	0
Net gain on sale of real and personal property			0	0
Net losses on disposal of real estate	0	0	0	0
Net (gain) loss on sale of investments			(908)	7,265
Net losses on equity investments			0	0
Deferred income tax			(1,041)	(2,334)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			1,663	2,752
Inventories			0	0
Prepaid expenses			0	0
Capitalization of deferred policy acquisition costs			(7,773)	(14,900)
Other assets			(1,546)	(276)
Related party assets			0	0
Accounts payable and accrued expenses			(16,760)	(2,465)
Policy benefits and losses, claims and loss expenses payable			(5,085)	(4,799)
Other policyholders' funds and liabilities			22	1,202
Deferred income			(417)	1,649
Related party liabilities			(268)	465
Net cash provided by operating activities			32,078	42,085
Cash flow from investing activities:
Escrow deposits			0	0
Purchase of:
Property, plant and equipment			0	0
Short term investments			(44,903)	(198)
Fixed maturity investments			(7,230)	(183,692)
Equity securities			(1)	(1,651)
Real estate			(521)	(11)
Mortgage loans			(90,402)	(62,920)
Proceeds from sale of:
Property, plant and equipment			0	0
Short term investments			0	0
Fixed maturity investments			157,037	95,940
Equity securities			4
Preferred stock			0	6
Mortgage loans			12,627	59,746
Net cash used by investing activities			26,611	(92,780)
Cash flow from financing activities:
Borrowings from credit facilities			0	0
Principal repayments on credit facilities			0	0
Payment of debt issuance costs			0	0
Capital lease payments			0	0
Securitization deposits			0	0
Common stock dividends paid			0	0
Investment contract deposits			132,630	169,017
Investment contract withdrawals			(174,256)	(139,917)
Net cash provided by (used in) financing activities			(41,626)	29,100
Effects on exchange rate on cash			0	0
Increase (decrease) in cash and cash equivalents			17,063	(21,595)
Cash and cash equivalents at the beginning of period			15,006	50,124
Cash and cash equivalents at the end of period	32,069	28,529	32,069	28,529
Consolidation, Eliminations [Member]
Cash flow from operating activities:
Net earnings	(16,862)	(3,906)	(27,092)	(15,915)
Earnings from consolidated entities			27,092	15,915
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			0	0
Amortization of deferred policy acquisition costs	0	0	0	0
Amortization of premiums and accretion of discounts related to investments, inc			0	0
Amortization of debt issuance costs			0	0
Interest credited to policyholders			0	0
Change in allowance for losses on trade receivables			0	0
Change in allowance for inventory reserves			0	0
Net gain on sale of real and personal property			0	0
Net losses on disposal of real estate	0	0	0	0
Net (gain) loss on sale of investments			0	0
Net losses on equity investments			0	0
Deferred income tax			0	0
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables			0	0
Inventories			0	0
Prepaid expenses			0	0
Capitalization of deferred policy acquisition costs			0	0
Other assets			0	0
Related party assets			0	0
Accounts payable and accrued expenses			0	0
Policy benefits and losses, claims and loss expenses payable			0	0
Other policyholders' funds and liabilities			0	0
Deferred income			0	0
Related party liabilities			0	0
Net cash provided by operating activities			0	0
Cash flow from investing activities:
Escrow deposits			0	0
Purchase of:
Property, plant and equipment			0	0
Short term investments			0	0
Fixed maturity investments			0	0
Equity securities			0	0
Real estate			0	0
Mortgage loans			0	0
Proceeds from sale of:
Property, plant and equipment			0	0
Short term investments			0	0
Fixed maturity investments			0	0
Equity securities			0
Preferred stock			0	0
Mortgage loans			0	0
Net cash used by investing activities			0	0
Cash flow from financing activities:
Borrowings from credit facilities			0	0
Principal repayments on credit facilities			0	0
Payment of debt issuance costs			0	0
Capital lease payments			0	0
Securitization deposits			0	0
Common stock dividends paid			0	0
Investment contract deposits			0	0
Investment contract withdrawals			0	0
Net cash provided by (used in) financing activities			0	0
Effects on exchange rate on cash			0	0
Increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at the beginning of period			0	0
Cash and cash equivalents at the end of period	$ 0	$ 0	$ 0	$ 0

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Industry Segment and Geographic Area Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Quarter ended:
Total revenues	$ 1,649,860	$ 1,702,864	$ 3,190,168	$ 3,300,704
Depreciation and amortization, net of (gains) losses on disposals	162,663	126,162	309,543	249,937
Interest expense	63,943	57,193	124,541	106,992
Pretax earnings (loss)	358,048	461,490	696,743	906,889
Income tax expense	84,540	111,624	166,397	218,678
Identifiable assets	19,021,450	18,143,343	19,021,450	18,143,343	$ 18,100,734
United States [Member]
Quarter ended:
Total revenues	1,559,205	1,610,067	3,020,489	3,120,453
Depreciation and amortization, net of (gains) losses on disposals	161,085	124,735	309,398	245,721
Interest expense	63,182	56,477	123,128	105,425
Pretax earnings (loss)	348,442	444,220	675,514	876,101
Income tax expense	82,035	107,254	160,630	210,867
Identifiable assets	18,279,234	17,515,009	18,279,234	17,515,009
Canada [Member]
Quarter ended:
Total revenues	90,655	92,797	169,679	180,251
Depreciation and amortization, net of (gains) losses on disposals	1,578	1,427	145	4,216
Interest expense	761	716	1,413	1,567
Pretax earnings (loss)	9,606	17,270	21,229	30,788
Income tax expense	2,505	4,370	5,767	7,811
Identifiable assets	$ 742,216	$ 628,334	$ 742,216	$ 628,334

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Employee Benefit Plans (Components of net periodic benefit costs post retirement benefits) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Postemployment Benefits [Abstract]
Service cost for benefits earned during the period	$ 297	$ 331	$ 594	$ 663
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit	368	287	735	574
Other components	(4)	17	(6)	34
Total other components of net periodic benefit costs	364	304	729	608
Net periodic postretirement benefit cost	$ 661	$ 635	$ 1,323	$ 1,271

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Fair Value Measurements (Carrying and Estimated Fair Values within Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Assets
Reinsurance recoverables and trade receivables, net	$ 212,565	$ 189,498
Mortgage loans, net	521,831	444,957
Other investments	88,712	109,009
Total	823,108	743,464
Liabilities
Notes, loans and leases payable, gross	5,961,511	5,710,735
Total	5,961,511	5,710,735
Level 1 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Level 2 [Member]
Assets
Reinsurance recoverables and trade receivables, net	0	0
Mortgage loans, net	0	0
Other investments	0	0
Total	0	0
Liabilities
Notes, loans and leases payable, gross	5,961,511	5,710,735
Total	5,961,511	5,710,735
Level 3 [Member]
Assets
Reinsurance recoverables and trade receivables, net	212,565	189,498
Mortgage loans, net	521,831	444,957
Other investments	88,712	109,009
Total	823,108	743,464
Liabilities
Notes, loans and leases payable, gross	0	0
Total	0	0
Carrying Value [Member]
Assets
Reinsurance recoverables and trade receivables, net	212,565	189,498
Mortgage loans, net	550,913	466,531
Other investments	88,712	109,009
Total	852,190	765,038
Liabilities
Notes, loans and leases payable, gross	6,436,800	6,143,350
Total	$ 6,436,800	$ 6,143,350

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Fair Value Measurements (Financial instruments level within the fair value hierarchy) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Assets:
Short-term investments	$ 1,808,130	$ 1,809,441
Fixed maturities - available for sale	2,472,128	2,709,037
Preferred stock	19,991	21,982
Common stock	42,045	39,375
Derivatives	22,854	9,606
Total	4,365,148	4,589,441
Liabilities:
Guaranteed residual values of TRAC leases	9,630
Total	9,630
Level 1 [Member]
Assets:
Short-term investments	1,807,142	1,808,797
Fixed maturities - available for sale	168,287	251,832
Preferred stock	19,991	21,982
Common stock	42,045	39,375
Derivatives	10,526	4,295
Total	2,047,991	2,126,281
Liabilities:
Guaranteed residual values of TRAC leases	0
Total	0
Level 2 [Member]
Assets:
Short-term investments	988	644
Fixed maturities - available for sale	2,303,782	2,457,146
Preferred stock	0	0
Common stock	0	0
Derivatives	12,328	5,311
Total	2,317,098	2,463,101
Liabilities:
Guaranteed residual values of TRAC leases	0
Total	0
Level 3 [Member]
Assets:
Short-term investments	0	0
Fixed maturities - available for sale	59	59
Preferred stock	0	0
Common stock	0	0
Derivatives	0	0
Total	59	$ 59
Liabilities:
Guaranteed residual values of TRAC leases	9,630
Total	$ 9,630

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Revenue Recognition (Revenue disaggregated by timing of revenue recognition) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenues Recognized Over Time	$ 118,368	$ 127,091	$ 209,683	$ 230,285
Revenues recognized at a point in time	111,759	118,966	229,352	245,321
Total revenues recognized under ASC 606	230,127	246,057	439,035	475,606
Revenues recognized under ASC 840	1,305,523	1,373,925	2,527,839	2,661,956
Revenues recognized under ASC 944	49,472	52,373	93,964	99,060
Revenues recognized under ASC 320	64,738	30,509	129,330	64,082
Total revenues	$ 1,649,860	$ 1,702,864	$ 3,190,168	$ 3,300,704

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Revenue Recognition (Revenue over time) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Contract With Customer Liability [Abstract]
2020	$ 27,861
2021	14,491
2022	11,509
2023	8,275
2024	5,678
Thereafter	37,972
Self Moving Equipment [Member]
Contract With Customer Liability [Abstract]
2020	7,139
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Property Lease Revenue [Member]
Contract With Customer Liability [Abstract]
2020	20,722
2021	14,491
2022	11,509
2023	8,275
2024	5,678
Thereafter	$ 37,972

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Allowance for Credit Losses (Narratives) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Receivables [Abstract]
Trade receivable components	2
Historical loss rate	1.00%
Allowance for expected credit losses	$ 4.4	$ 3.8
Available for sale securites, accrued interest receivable	$ 28.7	29.6
Credit card receivables
Receivables [Abstract]
Average Historical Chargeback Term	For credit card receivables, the Company uses a trailing 13 month 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.
Accrued interest receivables
Receivables [Abstract]
Average Historical Chargeback Term	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.
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable Allowance For Credit Loss Additional Information [Abstract]
Premiums Receivable Gross	$ 7.0	$ 4.1

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Allowance for Credit Losses (Reserve Allowance for Various Credit Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Valuation And Qualifying Accounts [Abstract]
March 31, 2022	$ 6,407	$ 9,210
Transition adjustment current expected credit losses	449	(2,803)
Write-offs against allowance	0	0
Recoveries	0	0
September 30, 2022	6,856
Trade Receivables
Valuation And Qualifying Accounts [Abstract]
March 31, 2022	3,789	8,649
Transition adjustment current expected credit losses	578	(4,860)
Write-offs against allowance	0	0
Recoveries	0	0
September 30, 2022	4,367
Investments, Fixed Maturities
Valuation And Qualifying Accounts [Abstract]
March 31, 2022	2,101	60
Transition adjustment current expected credit losses	(429)	2,041
Write-offs against allowance	0	0
Recoveries	0	0
September 30, 2022	1,672
Investments, Other
Valuation And Qualifying Accounts [Abstract]
March 31, 2022	517	501
Transition adjustment current expected credit losses	300	16
Write-offs against allowance	0	0
Recoveries	0	$ 0
September 30, 2022	$ 817

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Subsequent Events (Narratives) (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2023 $ / shares shares	Sep. 30, 2022 $ / shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2022 $ / shares	Sep. 30, 2023 د.إ / shares shares	Mar. 31, 2023 د.إ / shares shares
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.04	$ 0.50	$ 0.08	$ 1.00
Nonvoting Common Stock [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share | د.إ / shares					د.إ 0.001	د.إ 0.001
Common Stock, Shares Authorized | shares	250,000,000		250,000,000		250,000,000	250,000,000
Amerco Common Stock [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.25		$ 0.25
Common Stock, Shares Authorized | shares	250,000,000		250,000,000		250,000,000

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Accounting Pronouncements (Adoption Of New Accounting Pronouncement Adjustments To Select Tables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statements Adjusted [Abstract]
Assets	$ 19,021,450	$ 18,143,343		$ 18,100,734
Liabilities	11,991,072			11,596,543
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	7,030,378	6,324,173	$ 6,777,757	6,504,191	$ 6,086,986	$ 5,894,075
Scenario Previously Reported [Member]
Statements Adjusted [Abstract]
Assets	18,124,648	17,299,581		18,124,648
Liabilities	11,596,313	11,347,089		$ 11,596,313
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	6,528,335	5,952,492
Cumulative Effect Period Of Adoption Adjustment [Member] | Life And Annuity Insurance Product Line [Member]
Statements Adjusted [Abstract]
Derecognition of shadow reserves	(25,141)	26,131
Re-measurement due to discount rate	0	0
Other adjustments	1,227	1,471
Subtotal	(23,914)	27,602
After adoption	18,100,734	17,327,183
Cumulative Effect Of Adoption Liabilities [Member] | Life And Annuity Insurance Product Line [Member]
Statements Adjusted [Abstract]
Derecognition of FIT on shadow reserves	(5,280)	5,488
Re-measurement due to discount rate	(1,626)	87,258
Re-measurement due to discount rate FIT	342	(18,324)
Other adjustments	6,794	8,511
Subtotal	230	82,933
After adoption	11,596,543	11,430,022
Cumulative Effect Of Adoption Comprehensive Income [Member]
Statements Adjusted [Abstract]
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	(267,046)	46,384
Cumulative Effect Of Adoption Comprehensive Income [Member] | Life And Annuity Insurance Product Line [Member]
Statements Adjusted [Abstract]
Derecognition of FIT on shadow reserves	(19,861)	20,644
Re-measurement due to discount rate	1,626	(87,258)
Re-measurement due to discount rate FIT	(342)	18,324
Other adjustments	0	0
Subtotal	(18,577)	(48,290)
After adoption	(285,623)	(1,906)
Cumulative Effect Of Adoption Stockholders Equity [Member] | Life And Annuity Insurance Product Line [Member]
Statements Adjusted [Abstract]
Derecognition of FIT on shadow reserves	(19,861)	20,644
Re-measurement due to discount rate FIT	1,284	(68,934)
Other adjustments	(5,567)	(7,042)
Subtotal	(24,144)	(55,332)
After adoption	$ 6,504,191	$ 5,897,160

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Accounting Pronouncements (Consolidated Balance Sheet Before After Transition Date (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2021
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net	$ 121,365	$ 128,463
Assets	19,021,450	18,100,734	$ 18,143,343
Policy benefits and losses, claims and loss expenses payable	865,397	880,202
Deferred income taxes, net	1,444,120	1,329,489
Total liabilities	11,991,072	11,596,543
Accumulated other comprehensive loss	(275,664)	(285,623)
Retained earnings	7,519,376	7,003,148
Stockholders' Equity Attributable to Parent	7,030,378	6,504,191
Liabilities and Equity	$ 19,021,450	$ 18,100,734
Before Transition Date [Member]
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net				$ 89,749
Assets				14,651,606
Policy benefits and losses, claims and loss expenses payable				909,701
Deferred income taxes, net				1,199,280
Total liabilities				9,732,515
Accumulated other comprehensive loss				106,857
Retained earnings				5,025,568
Stockholders' Equity Attributable to Parent				4,919,091
Liabilities and Equity				14,651,606
After Transition Date [Member]
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net				131,187
Assets				14,693,044
Policy benefits and losses, claims and loss expenses payable				1,040,951
Deferred income taxes, net				1,182,123
Total liabilities				9,846,608
Accumulated other comprehensive loss				42,319
Retained earnings				5,017,451
Stockholders' Equity Attributable to Parent				4,846,436
Liabilities and Equity				$ 14,693,044

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Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net	$ 121,365	$ 128,463
Assets	19,021,450	18,100,734	$ 18,143,343
Policy benefits and losses, claims and loss expenses payable	865,397	880,202
Deferred income taxes, net	1,444,120	1,329,489
Total liabilities	11,991,072	11,596,543
Accumulated other comprehensive loss	(275,664)	(285,623)
Retained earnings	7,519,376	7,003,148
Stockholders' Equity Attributable to Parent	7,030,378	6,504,191
Liabilities and Equity	19,021,450	18,100,734
Operating Segments [Member] | Life Insurance [Member]
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net	121,365	128,463
Assets	2,881,626	2,891,574
Policy benefits and losses, claims and loss expenses payable	390,607	391,968
Deferred income taxes, net	(74,585)	(77,615)
Total liabilities	2,736,602	2,759,328
Accumulated other comprehensive loss	(218,470)	(225,904)
Retained earnings	334,723	329,379
Stockholders' Equity Attributable to Parent	145,024	132,246
Liabilities and Equity	2,881,626	2,891,574
Previously Reported
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net		152,377
Assets	18,124,648	18,124,648	17,299,581
Policy benefits and losses, claims and loss expenses payable		875,034
Deferred income taxes, net		1,334,427
Total liabilities	$ 11,596,313	11,596,313	$ 11,347,089
Accumulated other comprehensive loss		(267,046)
Retained earnings		7,008,715
Stockholders' Equity Attributable to Parent		6,528,335
Liabilities and Equity		18,124,648
Effect of adoption
Statements Adjusted [Abstract]
Deferred policy acquisition costs, net		(23,914)
Assets		(23,914)
Policy benefits and losses, claims and loss expenses payable		5,168
Deferred income taxes, net		(4,938)
Total liabilities		230
Accumulated other comprehensive loss		(18,577)
Retained earnings		(5,567)
Stockholders' Equity Attributable to Parent		(24,144)
Liabilities and Equity		$ (23,914)

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Accounting Pronouncements (Effects of Adoption of ASU 2018-12 Statement Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statements Adjusted [Abstract]
Benefits and losses	$ 42,553	$ 39,512	$ 87,897	$ 79,269
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Pretax earnings	358,048	461,490	696,743	906,889
Net earnings available to common shareholders	273,508	349,866	530,346	688,211
Common Stock [Member]
Statements Adjusted [Abstract]
Net earnings available to common shareholders	$ 0	$ 0	$ 0	$ 0
Basic and diluted earnings per share Common Stock	$ 1.36	$ 2.23	$ 2.63	$ 4.41
Nonvoting Common Stock [Member]
Statements Adjusted [Abstract]
Net earnings available to common shareholders	$ 0	$ 0	$ 0	$ 0
Basic and diluted earnings per share Common Stock	$ 1.40	$ 1.73	$ 2.71	$ 3.41
Operating Segments [Member] | Life Insurance [Member]
Statements Adjusted [Abstract]
Benefits and losses	$ 38,324	$ 33,437	$ 79,210	$ 68,815
Amortization of deferred policy acquisition costs	6,826	6,972	14,871	14,644
Pretax earnings	5,488	(417)	6,724	5,379
Net earnings available to common shareholders	4,624	$ (613)	5,344	$ 4,800
Previously Reported
Statements Adjusted [Abstract]
Benefits and losses	37,363		81,463
Pretax earnings	463,639		904,695
Net earnings available to common shareholders	$ 352,015		$ 686,017
Basic and diluted earnings per share Common Stock	$ 2.25		$ 4.4
Previously Reported | Nonvoting Common Stock [Member]
Statements Adjusted [Abstract]
Basic and diluted earnings per share Common Stock	$ 1.75		$ 3.4
Effect of adoption
Statements Adjusted [Abstract]
Benefits and losses	$ 2,149		$ (2,194)
Pretax earnings	(2,149)		2,194
Net earnings available to common shareholders	$ (2,149)		$ 2,194
Basic and diluted earnings per share Common Stock	$ (0.02)		$ 0.01
Effect of adoption | Nonvoting Common Stock [Member]
Statements Adjusted [Abstract]
Basic and diluted earnings per share Common Stock	$ (0.02)		$ 0.01

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Accounting Pronouncements (Deferred Acquisition Costs) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	$ 89,749
Adjustments for removal of related balances in accumulated other comprehensive income	41,438
Adjusted balance, beginning of year April 1, 2021	131,187
Deferred Fixed Annuity [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	15,654
Adjustments for removal of related balances in accumulated other comprehensive income	41,438
Adjusted balance, beginning of year April 1, 2021	57,092
Life And Annuity Insurance Product Line [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	64,552
Adjustments for removal of related balances in accumulated other comprehensive income	0
Adjusted balance, beginning of year April 1, 2021	64,552
Health Insurance Product Line [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	9,543
Adjustments for removal of related balances in accumulated other comprehensive income	0
Adjusted balance, beginning of year April 1, 2021	$ 9,543

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Accounting Pronouncements (Deferred Future Policy Benefits) (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 31, 2021
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	$ 337,022
Change in discount rate assumptions		$ 123,132
Change in cash flow assumptions, net of premiums exceeding gross premiums		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		2,580
Adjusted balance, beginning of year April 1, 2021	464,481
Deferred Fixed Annuity [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	8,370
Change in discount rate assumptions		2,307
Change in cash flow assumptions, net of premiums exceeding gross premiums		0
Change in cash flow assumptions, effect of decrease of the deferred profit liability		0
Adjusted balance, beginning of year April 1, 2021	10,677
Life And Annuity Insurance Product Line [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	310,311
Change in discount rate assumptions		115,978
Change in cash flow assumptions, net of premiums exceeding gross premiums		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		2,580
Adjusted balance, beginning of year April 1, 2021	430,616
Health Insurance Product Line [Member]
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract]
Balance, end of year March 31, 2021	18,341
Change in discount rate assumptions		4,847
Change in cash flow assumptions, net of premiums exceeding gross premiums		0
Change in cash flow assumptions, effect of decrease of the deferred profit liability		$ 0
Adjusted balance, beginning of year April 1, 2021	$ 23,188

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Accounting Pronouncements (Market Risk Benefits) (Details) - Deferred Fixed Annuity [Member] $ in Thousands	Mar. 31, 2021 USD ($)
Market Risk Benefit After Increase Decrease From Instrument Specific Credit Risk Alternative [Abstract]
Balance, end of year March 31, 2021	$ 7,339
Adjustment for difference between carrying amount and fair value, excepts for the difference due to instrument specific credit risk	3,791
Adjusted balance, beginning of year April 1, 2021	$ 11,130

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Accounting Pronouncements (Transition Adjustment Stockholders' Equity) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Liability For Future Policy Benefits [Abstract]
Deferred acquisition costs and related asset balances	$ 121,365	$ 128,463	$ 133,825	$ 133,569
Tax effect	(275,664)	(285,623)
Stockholders' Equity Attributable to Parent	7,030,378	6,504,191
Accumulated Other Comprehensive Income (Loss) [Member]
Liability For Future Policy Benefits [Abstract]
Tax effect	(275,664)	$ (285,623)
Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member]
Liability For Future Policy Benefits [Abstract]
Liability For Future Policy Benefits	(4,327)
Market risk benefits	(3,791)
Deferred acquisition costs and related asset balances	0
Tax effect	0
Stockholders' Equity Attributable to Parent	(8,118)
Cumulative Effect Period Of Adoption Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Liability For Future Policy Benefits [Abstract]
Liability For Future Policy Benefits	(123,132)
Market risk benefits	0
Deferred acquisition costs and related asset balances	41,438
Tax effect	17,156
Stockholders' Equity Attributable to Parent	$ (64,538)

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Deferred Policy Acquisition Costs Net Long Duration Contracts (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	$ 128,463	$ 133,569
Capitalization	7,773	14,900
Amortization expense	(14,871)	(14,644)
Balance, end of year	121,365	133,825
Deferred liabilities
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	55,396	56,175
Capitalization	5,441	10,468
Amortization expense	(9,631)	(9,457)
Balance, end of year	51,206	57,186
Life Insurance
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	66,954	68,676
Capitalization	2,212	4,212
Amortization expense	(4,515)	(3,872)
Balance, end of year	64,651	69,016
Health Insurance
Movement Analysis Of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	6,113	8,718
Capitalization	120	220
Amortization expense	(725)	(1,315)
Balance, end of year	$ 5,508	$ 7,623

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Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Net Premiums) (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 01, 2021	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]
Balance, beginning of the year						$ 123,132
Effect of actual variances from expected variances						2,580
Other	$ 464,481
Effect of changes in discount rate assumptions (AOCI)						337,022
Oxford
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]
Balance, beginning of the year		$ 397,316	$ 488,325	$ 419,687	$ 561,103
Beginning balance at original discount rate		413,303	488,470	437,525	496,048
Effect of changes in cash flow assumptions				0	0
Effect of actual variances from expected variances				(5,831)	1,774
Adjust beginning of year balance				431,694	497,822
Issuances		5,149	16,536
Interest accrual		9,650	11,099
Net premium collected		(33,190)	(36,987)
Other		0	0
Ending balance at original discount rate		413,303	488,470
Effect of changes in discount rate assumptions (AOCI)		(15,987)	(145)
Balance, end of period		397,316	488,325
Life Insurance Segment [Member] | Oxford
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]
Balance, beginning of the year		214,027	249,477	223,118	280,371
Beginning balance at original discount rate		215,677	241,663	225,071	242,741
Effect of changes in cash flow assumptions				0	0
Effect of actual variances from expected variances				(187)	748
Adjust beginning of year balance				224,884	243,489
Issuances		5,072	14,083
Interest accrual		5,554	6,037
Net premium collected		(19,833)	(21,946)
Other		0	0
Ending balance at original discount rate		215,677	241,663
Effect of changes in discount rate assumptions (AOCI)		(1,650)	7,814
Balance, end of period		214,027	249,477
Health Insurance Product Line [Member]
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]
Balance, beginning of the year						4,847
Effect of actual variances from expected variances						0
Other	$ 23,188
Effect of changes in discount rate assumptions (AOCI)						$ 18,341
Health Insurance Product Line [Member] | Oxford
Liability For Future Policy Benefit Expected Net Premium [Roll Forward]
Balance, beginning of the year		183,289	238,848	196,569	280,732
Beginning balance at original discount rate		197,626	246,807	212,454	253,307
Effect of changes in cash flow assumptions				0	0
Effect of actual variances from expected variances				(5,644)	1,026
Adjust beginning of year balance				$ 206,810	$ 254,333
Issuances		77	2,453
Interest accrual		4,096	5,062
Net premium collected		(13,357)	(15,041)
Other		0	0
Ending balance at original discount rate		197,626	246,807
Effect of changes in discount rate assumptions (AOCI)		(14,337)	(7,959)
Balance, end of period		$ 183,289	$ 238,848

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Policy Benefits And Losses Claims And Loss Expenses Payable (Present Value Expected Future Policy Benefits) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]
Payout annuities and market risk benefits	$ 2,393,590		$ 2,398,884
Life and annuity ICOS and IBNR / Reinsurance losses payable					$ 41,438
Policy benefit and losses, claims and loss expense balance, end of period	865,397		880,202
Oxford
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	720,581	$ 830,363	740,992	$ 971,882
Beginning balance at original discount rate	734,392	812,235	760,198	821,286
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(4,780)	2,744
Adjusted beginning of year balance			755,418	824,030
Issuances	5,288	16,536
Interest accrual	17,568	19,105
Net premium collected	(43,882)	(47,436)
Other	0	0
Ending balance at original discount rate	734,392	812,235
Effect of changes in discount rate assumptions (AOCI)	(13,811)	18,128
Balance, end of the year	720,581	830,363
End of period, LFPB, net	323,265	342,038
Payout annuities and market risk benefits	30,685	33,157
Life and annuity ICOS and IBNR / Reinsurance losses payable	10,101	11,226
Life DPL/Other life and health	26,556	37,130
End of period balance, Oxford	390,607	423,551
Balance, Moving and Storage	324,642	348,854
Balance, Property and Casualty	150,148	156,998
Policy benefit and losses, claims and loss expense balance, end of period	865,397	929,403
Life Insurance Segment [Member] | Oxford
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	524,729	577,061	530,938	672,254
Beginning balance at original discount rate	523,780	551,154	533,688	552,109
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(565)	1,031
Adjusted beginning of year balance			533,123	553,140
Issuances	5,211	14,083
Interest accrual	13,166	13,714
Net premium collected	(27,720)	(29,783)
Other	0	0
Ending balance at original discount rate	523,780	551,154
Effect of changes in discount rate assumptions (AOCI)	949	25,907
Balance, end of the year	524,729	577,061
Health Insurance Product Line [Member]
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]
Life and annuity ICOS and IBNR / Reinsurance losses payable					$ 0
Health Insurance Product Line [Member] | Oxford
Liability For Future Policy Benefit Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	195,852	253,302	210,054	299,628
Beginning balance at original discount rate	210,612	261,081	226,510	269,177
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(4,215)	1,713
Adjusted beginning of year balance			$ 222,295	$ 270,890
Issuances	77	2,453
Interest accrual	4,402	5,391
Net premium collected	(16,162)	(17,653)
Other	0	0
Ending balance at original discount rate	210,612	261,081
Effect of changes in discount rate assumptions (AOCI)	(14,760)	(7,779)
Balance, end of the year	$ 195,852	$ 253,302

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Policy Benefits And Losses Claims And Loss Expenses Payable (Sensitive Life Insurance Type Products) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Liability For Future Policy Benefits [Abstract]
Gross premiums	$ 45,099	$ 50,861	$ 45,099	$ 50,861
Other premiums	0	0	0	0
Gross premiums	45,099	50,861	45,099	50,861
Interest expense	63,943	57,193	124,541	106,992
Expected gross premiums:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	718,993	861,520	718,993	861,520
Discounted balance at original discount rate	555,819	662,234	555,819	662,234
Discounted balance at current discount rate	536,444	664,757	536,444	664,757
Expected policy benefits:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	1,034,340	1,150,096	1,034,340	1,150,096
Discounted balance at original discount rate	734,389	812,234	734,389	812,234
Discounted balance at current discount rate	720,578	830,362	720,578	830,362
Oxford
Liability For Future Policy Benefits [Abstract]
Interest expense			7,918	8,006
Life Insurance Segment [Member]
Liability For Future Policy Benefits [Abstract]
Gross premiums	$ 26,667	$ 29,158	$ 26,667	$ 29,158
Expected future lifetime (persistency) of policies in force (years)	6 years 10 months 24 days	7 years 1 month 6 days	6 years 10 months 24 days	7 years 1 month 6 days
Weighted average original interest rate of the liability for future policy benefits	5.00%	5.00%	5.00%	5.00%
Weighted average current interest rate of the liability for future policy benefits	5.00%	1.00%	5.00%	1.00%
Life Insurance Segment [Member] | Expected gross premiums:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	$ 387,141	$ 427,457	$ 387,141	$ 427,457
Discounted balance at original discount rate	299,161	329,233	299,161	329,233
Discounted balance at current discount rate	296,505	339,434	296,505	339,434
Life Insurance Segment [Member] | Expected policy benefits:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	761,261	807,725	761,261	807,725
Discounted balance at original discount rate	523,777	551,153	523,777	551,153
Discounted balance at current discount rate	$ 524,726	$ 577,060	$ 524,726	$ 577,060
Life Insurance Segment [Member] | Lapses actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.0502	0.0507	0.0502	0.0507
Life Insurance Segment [Member] | Mortality expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.0506	0.0478	0.0506	0.0478
Life Insurance Segment [Member] | Lapses actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.0187	0.0204	0.0187	0.0204
Life Insurance Segment [Member] | Lapses expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.0265	0.0253	0.0265	0.0253
Life Insurance Segment [Member] | Morbidity actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Life Insurance Segment [Member] | Morbidity expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Life Insurance Segment [Member] | Oxford
Liability For Future Policy Benefits [Abstract]
Interest expense			$ 7,612	$ 7,677
Health Insurance Product Line [Member]
Liability For Future Policy Benefits [Abstract]
Gross premiums	$ 18,432	$ 21,703	$ 18,432	$ 21,703
Expected future lifetime (persistency) of policies in force (years)	6 years 6 months	6 years 9 months 18 days	6 years 6 months	6 years 9 months 18 days
Weighted average original interest rate of the liability for future policy benefits	4.00%	4.00%	4.00%	4.00%
Weighted average current interest rate of the liability for future policy benefits	5.00%	1.00%	5.00%	1.00%
Health Insurance Product Line [Member] | Expected gross premiums:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	$ 331,852	$ 434,063	$ 331,852	$ 434,063
Discounted balance at original discount rate	256,658	333,001	256,658	333,001
Discounted balance at current discount rate	239,939	325,323	239,939	325,323
Health Insurance Product Line [Member] | Expected policy benefits:
Liability For Future Policy Benefits [Abstract]
Undiscounted balance	273,079	342,371	273,079	342,371
Discounted balance at original discount rate	210,612	261,081	210,612	261,081
Discounted balance at current discount rate	$ 195,852	$ 253,302	$ 195,852	$ 253,302
Health Insurance Product Line [Member] | Lapses actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Health Insurance Product Line [Member] | Mortality expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Health Insurance Product Line [Member] | Lapses actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Health Insurance Product Line [Member] | Lapses expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0	0	0	0
Health Insurance Product Line [Member] | Morbidity actual experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.8553	0.7925	0.8553	0.7925
Health Insurance Product Line [Member] | Morbidity expected experience
Liability For Future Policy Benefits [Abstract]
Market Risk Benefit Measurement Input	0.7350	0.7130	0.7350	0.7130
Health Insurance Product Line [Member] | Oxford
Liability For Future Policy Benefits [Abstract]
Interest expense			$ 306	$ 329

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Policy Benefits And Losses Claims And Loss Expenses Payable (Balance Changes Liabilities Investment Contracts) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance Beginning of year	$ 8,232
End of period	7,677
Deferred Fixed Annuity [Member]
Policyholder Account Balance [Roll Forward]
Policyholder contract deposits account balance Beginning of year	2,398,884	$ 2,336,238
Deposits received	125,122	169,008
Surrenders and withdrawals	(146,647)	(122,450)
Benefit payments	(20,761)	(18,334)
Interest credited	36,992	25,566
Other	0	0
End of period	$ 2,393,590	$ 2,390,028
Weighted average credited rate	3.09%	2.16%
Cash surrender value	$ 2,062,233	$ 2,082,936