Schedule I - Condensed Financial Information of U-Haul Holding Company Parent Company Only

12 Months Ended

Mar. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of U-Haul Holding Company Parent Company Only

SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF U-Haul Holding Company

(Parent Company Only)

BALANCE SHEETS

		March 31,
		2024				2023
		(In thousands)
ASSETS
Cash and cash equivalents	$		975,109		$		1,662,790
Investment in subsidiaries			4,784,174				4,551,742
Related party assets			3,856,766				2,482,280
Other assets			253,133				403,191
Total assets	$		9,869,182		$		9,100,003
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other liabilities	$		2,702,780		$		2,601,631
			2,702,780				2,601,631
Stockholders' equity:
Preferred stock			—				—
Voting Common stock			10,497				10,497
Non-Voting Common Stock			176				176
Additional paid-in capital			462,758				453,853
Accumulated other comprehensive income (loss)			(229,259	)			(291,442	)
Retained earnings:
Beginning of period			7,002,938				6,112,191
Net earnings			628,707				924,472
Common Stock Dividends			—				(19,608	)
Non-Voting Common Stock dividends			(31,765	)			(14,117	)
End of period			7,599,880				7,002,938
Cost of common shares in treasury			(525,653	)			(525,653	)
Cost of preferred shares in treasury			(151,997	)			(151,997	)
Total stockholders' equity			7,166,402				6,498,372
Total liabilities and stockholders' equity	$		9,869,182		$		9,100,003

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

CONDENSED FINANCIAL INFORMATION OF U-Haul Holding Company

(Parent Company Only)

STATEMENTS OF OPERATIONS

		Years Ended March 31,
		2024				2023				2022
		(In thousands, except share and per share data)
Revenues:
Net interest income and other revenues	$		105,624		$		54,823		$		1,516
Expenses:
Operating expenses			12,834				13,937				5,517
Other expenses			125				127				115
Total expenses			12,959				14,064				5,632
Equity in earnings of subsidiaries			160,302				582,517				1,012,917
Interest income			519,070				413,170				131,400
Pretax earnings			772,037				1,036,446				1,140,201
Income tax expense			(143,330	)			(111,974	)			(15,839	)
Net earnings available to common shareholders	$		628,707		$		924,472		$		1,124,362
Basic and diluted earnings per share of Common Stock	$		3.04		$		5.54		$		7.08
Weighted average shares outstanding of Common Stock: Basic and diluted			19,607,788				19,607,788				19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$		3.22		$		4.62		$		5.58
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted			176,470,092				176,470,092				176,470,092

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

CONDENSED FINANCIAL INFORMATION OF U-Haul Holding Company

(Parent Company Only)

STATEMENTS OF comprehensive income

		Years Ended March 31,
		2024			2023				2022
		(In thousands)
Net earnings	$		628,707	$		924,472		$		1,124,362
Other comprehensive income (loss)			62,183			(288,339	)			(41,133	)
Total comprehensive income	$		690,890	$		636,133		$		1,083,229

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

CONDENSED FINANCIAL INFORMATION OF U-Haul Holding Company

(Parent Company Only)

STATEMENTS OF CASH FLOW

		Years Ended March 31,
		2024				2023				2022
		(In thousands)
Cash flows from operating activities:
Net earnings	$		628,707		$		924,472		$		1,124,362
Change in investments in subsidiaries			(160,302	)			(582,517	)			(1,012,917	)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation			4				3				1
Amortization of debt issuance costs			859				859				292
Deferred income taxes			98,823				137,159				106,869
Net change in other operating assets and liabilities:
Prepaid expenses			8,888				6,120				234,490
Other assets			(10,753	)			(2,884	)			(4	)
Related party assets			—				(120	)			(240	)
Accounts payable and accrued expenses			479				(2,499	)			5,461
Net cash provided by operating activities			566,705				480,593				458,314
Cash flows from investing activities:
Purchases of property, plant and equipment			(3	)			(1	)			(11	)
Purchase of fixed maturities securities available-for-sale			(170,317	)			(224,999	)			—
Purchase of investments, other			(1,000	)			—				—
Proceeds from fixed maturities securities available-for-sale			322,330				—				—
Net cash provided (used) by investing activities			151,010				(225,000	)			(11	)
Cash flows from financing activities:
Borrowings from credit facilities			—				—				1,200,000
Principal repayments on credit facilities			—				—				—
Debt issuance costs			—				—				(8,468	)
Proceeds from (repayments) of intercompany loans			(1,373,275	)			(637,585	)			(284,438	)
Common stock dividends paid			—				(19,608	)			(29,412	)
Non-Voting Common Stock dividends paid			(31,765	)			(14,117	)			—
Net contribution from related party			—				—				—
Net cash provided (used) by financing activities			(1,405,040	)			(671,310	)			877,682
Effects of exchange rate on cash			(356	)			(6,940	)			(1,591	)
Increase (decrease) in cash and cash equivalents			(687,681	)			(422,657	)			1,334,394
Cash and cash equivalents at beginning of period			1,662,790				2,085,447				751,053
Cash and cash equivalents at end of period	$		975,109		$		1,662,790		$		2,085,447

Income taxes paid (received) amounted to $68.6 million, $145.7 million and $(4.5) million for fiscal 2024, 2023 and 2022, respectively.

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