0000004457falseQ3--03-3120240000004457uhal:BlackwaterMemberus-gaap:SellingAndMarketingExpenseMember2024-07-012024-09-300000004457uhal:MercuryMemberuhal:CommissionExpenseMember2024-07-012024-09-300000004457us-gaap:CommonStockMember2024-03-310000004457uhal:BlackwaterMember2024-03-310000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-07-012024-09-300000004457country:CA2024-07-012024-09-300000004457us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-04-012024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputExpectedTermMember2024-09-300000004457us-gaap:CommonStockMember2024-04-012024-09-300000004457us-gaap:LongTermContractWithCustomerMember2024-04-012024-09-300000004457us-gaap:TreasuryStockPreferredMember2024-09-300000004457srt:MinimumMemberus-gaap:NotesPayableOtherPayablesMember2024-09-300000004457us-gaap:EquipmentTrustCertificateMembersrt:MaximumMember2024-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2023-07-012023-09-300000004457uhal:PreferredStockInTreasuryMember2024-03-310000004457us-gaap:MortgagesMember2024-03-310000004457us-gaap:SeriesBPreferredStockMember2024-09-300000004457us-gaap:TreasuryStockCommonMember2024-06-300000004457uhal:MovingAndStorageConsolidationsMemberus-gaap:OperatingSegmentsMember2024-03-310000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000004457us-gaap:AllowanceForLossesOnFinanceReceivablesMember2023-03-310000004457us-gaap:NonvotingCommonStockMember2023-07-012023-09-300000004457srt:MinimumMemberus-gaap:MediumTermNotesMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2024-09-300000004457us-gaap:CommonStockMember2024-03-310000004457us-gaap:CommonClassAMember2024-03-310000004457us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000004457us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000004457us-gaap:SeriesAPreferredStockMember2024-03-310000004457country:US2024-04-012024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMember2023-04-012023-09-300000004457uhal:SerialCommonStockWithOrWithoutParValueMember2024-03-310000004457uhal:FleetLoansRevolvingCreditMember2024-09-300000004457uhal:CommonStockInTreasuryMember2024-03-310000004457us-gaap:EquipmentTrustCertificateMember2024-03-310000004457uhal:RentalTrailersAndOtherRentalEquipmentMember2024-09-300000004457country:US2023-04-012023-09-300000004457uhal:MovingAndStorageConsolidationsMemberus-gaap:OperatingSegmentsMember2024-07-012024-09-300000004457us-gaap:DebtInstrumentRedemptionPeriodThreeMembersrt:ParentCompanyMemberus-gaap:UnsecuredDebtMember2024-09-300000004457us-gaap:HealthInsuranceProductLineMember2024-03-310000004457us-gaap:RetainedEarningsMember2024-06-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2024-07-012024-09-300000004457us-gaap:LifeInsuranceSegmentMember2023-09-300000004457uhal:BlackwaterMemberuhal:LeaseExpenseMember2023-04-012023-09-300000004457us-gaap:CommonClassAMember2024-09-300000004457us-gaap:CommonStockMember2023-06-300000004457us-gaap:TransportationEquipmentMember2023-04-012023-09-300000004457uhal:MercuryMemberuhal:CommissionExpenseMember2024-04-012024-09-300000004457us-gaap:TreasuryStockCommonMember2023-06-300000004457us-gaap:IntersegmentEliminationMember2023-04-012023-09-300000004457srt:MaximumMemberus-gaap:ParticipatingMortgagesMember2024-03-310000004457us-gaap:AdditionalPaidInCapitalMember2024-09-300000004457us-gaap:NotesPayableOtherPayablesMember2024-04-012024-09-300000004457us-gaap:MortgageBackedSecuritiesMember2024-09-300000004457uhal:OperatingLeaseMember2024-09-300000004457us-gaap:CommonStockMember2023-04-012023-09-300000004457uhal:MercuryMember2024-04-012024-09-300000004457us-gaap:TreasuryStockPreferredMember2023-06-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberuhal:MeasurementInputActualMortalityRateMember2023-09-300000004457us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-04-012023-09-300000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2024-04-012024-09-300000004457us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300000004457us-gaap:SeniorNotesMember2024-03-310000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMember2023-09-300000004457us-gaap:AllowanceForCreditLossMember2023-03-310000004457us-gaap:SeniorNotesMembersrt:MaximumMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:MovingAndStorageConsolidationsMember2023-07-012023-09-300000004457us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-09-300000004457us-gaap:AdditionalPaidInCapitalMember2023-09-300000004457us-gaap:FairValueInputsLevel2Member2024-03-310000004457uhal:MovingAndStorageConsolidationsMemberus-gaap:OperatingSegmentsMember2024-04-012024-09-300000004457uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMembersrt:MaximumMember2024-04-012024-09-300000004457us-gaap:CorporateDebtSecuritiesMember2024-04-012024-09-300000004457us-gaap:NotesPayableOtherPayablesMember2024-03-310000004457us-gaap:RetainedEarningsMember2023-07-012023-09-300000004457us-gaap:FairValueInputsLevel3Member2024-03-310000004457us-gaap:SeriesBPreferredStockMember2024-03-310000004457us-gaap:AssetBackedSecuritiesMember2024-04-012024-09-300000004457uhal:MercuryMemberuhal:LeaseExpenseMember2024-04-012024-09-300000004457us-gaap:InvestmentsSegmentMember2023-09-300000004457us-gaap:AdditionalPaidInCapitalMember2023-06-300000004457us-gaap:RetainedEarningsMember2024-03-310000004457us-gaap:SeniorNotesMember2024-04-012024-09-300000004457us-gaap:DeferredFixedAnnuityMember2023-09-300000004457us-gaap:CorporateDebtSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-09-300000004457us-gaap:UnsecuredDebtMembersrt:ParentCompanyMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2024-09-300000004457us-gaap:HealthInsuranceProductLineMember2023-04-012023-09-300000004457uhal:BlackwaterMemberus-gaap:SellingAndMarketingExpenseMember2024-04-012024-09-300000004457us-gaap:SeriesAPreferredStockMember2024-09-300000004457uhal:FinanceLeaseMember2024-03-310000004457us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000004457us-gaap:LongTermContractWithCustomerMember2024-07-012024-09-300000004457us-gaap:RetainedEarningsMember2024-07-012024-09-300000004457us-gaap:TransferredOverTimeMember2024-04-012024-09-300000004457uhal:RentalTrucksMember2024-09-300000004457us-gaap:AllowanceForCreditLossMember2023-04-012024-03-310000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2024-09-300000004457us-gaap:NonredeemablePreferredStockMember2024-09-300000004457us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000004457us-gaap:USTreasuryAndGovernmentMember2024-09-300000004457uhal:SeriesPreferredStockWithOrWithoutParValueMember2024-03-310000004457uhal:SacHoldingsFourSacFiveSacGalaxyAndPrivateMiniMember2024-04-012024-09-300000004457us-gaap:RetainedEarningsMember2023-04-012023-09-300000004457us-gaap:SalesChannelDirectlyToConsumerMember2023-04-012023-09-300000004457us-gaap:RetainedEarningsMember2023-06-300000004457us-gaap:EquitySwapMember2024-04-012024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputLapseRateMember2024-09-300000004457us-gaap:NonvotingCommonStockMember2023-09-300000004457srt:MinimumMemberus-gaap:ParticipatingMortgagesMember2024-03-310000004457uhal:FinanceLeaseMember2024-04-012024-09-300000004457us-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457us-gaap:AllowanceForLoanAndLeaseLossesRealEstateMember2024-03-310000004457uhal:BlackwaterMemberuhal:LeaseExpenseMember2024-04-012024-09-300000004457srt:ParentCompanyMemberus-gaap:UnsecuredDebtMembersrt:MinimumMember2024-04-012024-09-300000004457us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:UnsecuredDebtMembersrt:ParentCompanyMember2024-09-300000004457us-gaap:InterestRateSwapMember2024-04-012024-09-300000004457us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457us-gaap:NotesPayableOtherPayablesMembersrt:MaximumMember2024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000004457us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000004457srt:ParentCompanyMemberus-gaap:UnsecuredDebtMember2024-04-012024-09-300000004457us-gaap:DebtInstrumentRedemptionPeriodTwoMembersrt:ParentCompanyMemberus-gaap:UnsecuredDebtMember2024-04-012024-09-300000004457us-gaap:CapitalLeaseObligationsMember2024-03-310000004457us-gaap:HealthInsuranceProductLineMember2023-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2023-04-012023-09-300000004457srt:MaximumMemberus-gaap:ParticipatingMortgagesMember2024-09-300000004457country:CA2023-07-012023-09-3000000044572023-04-012023-09-300000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-04-012024-09-300000004457us-gaap:AllowanceForCreditLossMember2024-04-012024-09-300000004457uhal:MercuryMember2023-04-012023-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberuhal:MeasurementInputActualMortalityRateMember2024-09-300000004457us-gaap:OtherInsuranceProductLineMember2023-09-300000004457uhal:AmercoCommonStockMember2024-03-310000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-06-300000004457us-gaap:OtherInsuranceProductLineMember2024-09-300000004457country:CA2023-04-012023-09-300000004457us-gaap:InvestmentsSegmentMember2023-04-012023-09-300000004457country:US2023-09-300000004457us-gaap:AllowanceForLoanAndLeaseLossesRealEstateMember2023-04-012024-03-310000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-09-300000004457uhal:SacHoldingsMember2024-04-012024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputLapseRateMember2023-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberuhal:MeasurementInputActualLapseRateMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:MovingAndStorageConsolidationsMember2023-04-012023-09-300000004457us-gaap:TreasuryStockCommonMember2023-03-310000004457srt:MaximumMemberuhal:FleetLoansRevolvingCreditMember2024-09-300000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2023-04-012023-09-3000000044572023-07-012023-09-300000004457uhal:BlackwaterMemberuhal:CommissionExpenseMember2024-04-012024-09-300000004457us-gaap:IndividualPoliciesMember2023-09-300000004457us-gaap:InvestmentsSegmentMember2024-07-012024-09-300000004457us-gaap:IndexedAnnuityMember2024-09-300000004457us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000004457us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457us-gaap:LongTermContractWithCustomerMember2023-07-012023-09-300000004457uhal:AmercoCommonStockMember2024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMember2024-09-300000004457us-gaap:AssetBackedSecuritiesMember2023-04-012023-09-300000004457us-gaap:CommonStockMember2023-07-012023-09-3000000044572023-06-300000004457us-gaap:LifeInsuranceSegmentMember2024-04-012024-09-300000004457us-gaap:USTreasuryAndGovernmentMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457uhal:BlackwaterMemberuhal:CommissionExpenseMember2024-07-012024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2024-03-310000004457us-gaap:EquitySwapMember2024-03-310000004457us-gaap:NonvotingCommonStockMemberuhal:O2025Q1DividendsMember2024-04-012024-09-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300000004457us-gaap:MortgageBackedSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-04-012023-09-300000004457uhal:BlackwaterMember2023-07-012023-09-300000004457us-gaap:CommonStockMember2024-09-300000004457uhal:OperatingLeaseMember2024-03-310000004457uhal:BlackwaterMember2023-04-012023-09-300000004457uhal:RentalTrucksMember2024-03-310000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMember2024-04-012024-09-300000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2024-03-310000004457us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000004457us-gaap:MortgagesMembersrt:MaximumMember2024-09-300000004457us-gaap:CommonStockMember2024-07-012024-09-300000004457country:US2024-07-012024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000004457us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-09-300000004457us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-09-300000004457us-gaap:IndividualPoliciesMember2024-09-3000000044572023-04-012023-12-310000004457us-gaap:DebtInstrumentRedemptionPeriodThreeMembersrt:ParentCompanyMemberus-gaap:UnsecuredDebtMember2024-04-012024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000004457us-gaap:TransferredOverTimeMember2024-07-012024-09-300000004457us-gaap:IntersegmentEliminationMember2024-09-300000004457us-gaap:FairValueInputsLevel3Member2024-09-300000004457us-gaap:USTreasuryAndGovernmentMember2024-03-310000004457us-gaap:ParticipatingMortgagesMember2024-09-300000004457uhal:RentalTrailersAndOtherRentalEquipmentMember2024-03-310000004457us-gaap:EquipmentTrustCertificateMembersrt:MinimumMember2024-09-300000004457uhal:SerialCommonStockWithOrWithoutParValueMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2024-07-012024-09-300000004457us-gaap:HealthInsuranceProductLineMember2024-04-012024-09-300000004457us-gaap:SettledLitigationMemberus-gaap:InsuranceClaimsMember2024-04-012024-09-300000004457country:US2023-07-012023-09-300000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2024-03-310000004457us-gaap:CommonStockMember2023-03-310000004457us-gaap:HealthInsuranceProductLineMember2024-09-300000004457us-gaap:CommonStockMember2024-03-310000004457us-gaap:AllowanceForLoanAndLeaseLossesRealEstateMember2023-03-310000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-03-310000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputExpectedTermMember2023-09-300000004457us-gaap:RetainedEarningsMember2023-09-300000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2023-09-300000004457us-gaap:CreditCardReceivablesMember2024-04-012024-09-300000004457us-gaap:CapitalLeaseObligationsMember2024-09-300000004457us-gaap:AdditionalPaidInCapitalMember2024-06-300000004457us-gaap:MediumTermNotesMember2024-09-300000004457srt:MinimumMemberus-gaap:CapitalLeaseObligationsMember2024-09-300000004457us-gaap:TransferredAtPointInTimeMember2024-04-012024-09-300000004457us-gaap:DeferredFixedAnnuityMember2023-04-012023-09-300000004457us-gaap:IntersegmentEliminationMember2024-04-012024-09-300000004457us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310000004457us-gaap:LineOfCreditMember2024-04-012024-09-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-04-012024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2023-04-012023-09-300000004457us-gaap:AllowanceForLoanAndLeaseLossesRealEstateMember2024-04-012024-09-300000004457us-gaap:DeferredFixedAnnuityMember2024-04-012024-09-300000004457country:CA2023-09-300000004457us-gaap:InterestRateSwapMember2024-03-310000004457us-gaap:AllowanceForLoanAndLeaseLossesRealEstateMember2024-09-300000004457us-gaap:UnsecuredDebtMember2024-09-300000004457us-gaap:OtherInvestmentsMember2024-03-310000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-09-300000004457us-gaap:UnsecuredDebtMember2024-03-310000004457us-gaap:SalesChannelDirectlyToConsumerMember2024-04-012024-09-300000004457srt:MaximumMemberus-gaap:CapitalLeaseObligationsMember2024-09-3000000044572023-12-310000004457us-gaap:DeferredFixedAnnuityMember2023-03-310000004457us-gaap:HealthInsuranceProductLineMember2023-03-310000004457uhal:FleetLoansRevolvingCreditMember2024-04-012024-09-300000004457uhal:FleetLoansRevolvingCreditMember2024-03-310000004457us-gaap:MortgagesMembersrt:MinimumMember2024-09-300000004457us-gaap:AccumulatedTranslationAdjustmentMember2023-04-012023-09-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000004457us-gaap:LifeAndAnnuityInsuranceProductLineMember2023-03-310000004457us-gaap:CorporateDebtSecuritiesMember2024-03-310000004457us-gaap:LeaseholdsAndLeaseholdImprovementsMember2024-09-300000004457uhal:CommonStockInTreasuryMember2024-09-300000004457us-gaap:TreasuryStockPreferredMember2024-06-300000004457us-gaap:CapitalLeaseObligationsMember2024-04-012024-09-300000004457us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-09-300000004457uhal:SacHoldingsMercuryFourSacFiveSacGalaxyAndPrivateMiniMembersrt:MinimumMember2024-04-012024-09-300000004457us-gaap:EquitySwapMember2024-09-300000004457us-gaap:EquipmentTrustCertificateMembersrt:MaximumMember2024-03-310000004457us-gaap:SeniorNotesMembersrt:MinimumMember2024-09-300000004457us-gaap:TreasuryStockPreferredMember2023-03-310000004457us-gaap:UnsecuredDebtMembersrt:MaximumMember2024-09-300000004457us-gaap:UnsecuredDebtMember2024-04-012024-09-300000004457us-gaap:AllowanceForLossesOnFinanceReceivablesMember2023-04-012024-03-310000004457us-gaap:MediumTermNotesMembersrt:MaximumMember2024-09-300000004457us-gaap:IntersegmentEliminationMember2024-07-012024-09-300000004457uhal:MovingAndStorageConsolidationsMemberus-gaap:OperatingSegmentsMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2024-04-012024-09-300000004457uhal:InsuranceGroupMember2024-03-310000004457uhal:BlackwaterMember2024-04-012024-09-300000004457us-gaap:TransportationEquipmentMember2024-09-300000004457us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-04-012023-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputMortalityRateMember2024-09-300000004457us-gaap:BuildingMember2024-09-300000004457us-gaap:InterestRateSwapMember2024-09-300000004457us-gaap:LifeInsuranceSegmentMember2023-04-012023-09-300000004457us-gaap:MortgagesMember2024-04-012024-09-300000004457country:CA2024-09-300000004457us-gaap:AllowanceForLossesOnFinanceReceivablesMember2024-09-300000004457uhal:SacHoldingsMember2023-04-012023-09-300000004457us-gaap:SeniorNotesMember2024-09-300000004457us-gaap:CommonStockMember2024-09-3000000044572024-04-012024-09-300000004457us-gaap:AccumulatedGainLossFinancialLiabilityFairValueOptionAttributableToParentMember2024-04-012024-09-300000004457uhal:InsuranceGroupMember2024-09-300000004457us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2024-04-012024-09-300000004457us-gaap:SellingAndMarketingExpenseMemberuhal:BlackwaterMember2023-07-012023-09-300000004457us-gaap:LifeInsuranceSegmentMember2023-03-310000004457us-gaap:TransferredAtPointInTimeMember2024-07-012024-09-300000004457uhal:MovingAndStorageConsolidationsMember2024-09-300000004457us-gaap:TransportationEquipmentMember2024-07-012024-09-300000004457us-gaap:IntersegmentEliminationMember2023-07-012023-09-300000004457us-gaap:AdditionalPaidInCapitalMember2024-03-310000004457us-gaap:NonvotingCommonStockMember2023-04-012023-09-3000000044572023-09-300000004457us-gaap:AllowanceForCreditLossMember2024-09-300000004457us-gaap:RetainedEarningsMember2023-03-310000004457us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-04-012024-09-300000004457uhal:PreferredStockInTreasuryMember2024-09-300000004457uhal:PropertyAndCasualtyInsuranceMember2024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputUtilizationRateMember2024-09-300000004457us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300000004457us-gaap:UnfundedLoanCommitmentMember2024-04-012024-09-300000004457us-gaap:MortgageBackedSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-09-300000004457uhal:MercuryMember2024-03-310000004457us-gaap:SalesChannelDirectlyToConsumerMember2024-07-012024-09-300000004457us-gaap:EquipmentTrustCertificateMembersrt:MinimumMember2024-03-310000004457srt:MinimumMemberuhal:FinanceLeaseMember2024-09-3000000044572023-04-012024-03-310000004457us-gaap:DeferredFixedAnnuityMember2024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:LifeInsuranceMember2023-07-012023-09-300000004457us-gaap:MediumTermNotesMember2024-04-012024-09-300000004457us-gaap:CommonStockMember2023-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-04-012024-09-300000004457us-gaap:USTreasurySecuritiesMember2024-03-3100000044572024-04-012024-06-300000004457srt:MaximumMemberuhal:FinanceLeaseMember2024-09-300000004457us-gaap:TreasuryStockCommonMember2024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000004457us-gaap:SeniorDebtObligationsMember2024-04-012024-09-300000004457us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000004457us-gaap:CommonStockMember2024-07-012024-09-300000004457us-gaap:MortgageBackedSecuritiesMember2024-03-310000004457us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-04-012023-09-300000004457us-gaap:NonvotingCommonStockMember2024-03-310000004457us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-3000000044572023-03-310000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-03-310000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberuhal:MeasurementInputActualLapseRateMember2023-09-300000004457uhal:BlackwaterMemberuhal:CommissionExpenseMember2023-04-012023-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2023-06-300000004457uhal:FinanceLeaseMember2024-03-310000004457us-gaap:TransferredOverTimeMember2023-04-012023-09-300000004457uhal:BlackwaterMemberuhal:LeaseExpenseMember2023-07-012023-09-300000004457us-gaap:CommonStockMember2024-06-300000004457uhal:MercuryMemberuhal:LeaseExpenseMember2024-07-012024-09-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2023-04-012023-09-300000004457uhal:MercuryMember2024-07-012024-09-300000004457us-gaap:NonvotingCommonStockMember2024-07-012024-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputUtilizationRateMember2023-09-300000004457us-gaap:OperatingSegmentsMemberuhal:PropertyAndCasualtyInsuranceMember2023-07-012023-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000004457uhal:BlackwaterMemberus-gaap:SellingAndMarketingExpenseMember2023-04-012023-09-300000004457us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-07-012024-09-3000000044572024-03-310000004457us-gaap:InvestmentsSegmentMember2024-04-012024-09-300000004457uhal:SeriesPreferredStockWithOrWithoutParValueMember2024-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2023-09-300000004457us-gaap:AllowanceForLossesOnFinanceReceivablesMember2024-03-310000004457us-gaap:RetainedEarningsMember2024-04-012024-09-300000004457us-gaap:InvestmentsSegmentMember2023-07-012023-09-300000004457us-gaap:TransportationEquipmentMember2024-04-012024-09-300000004457us-gaap:NonvotingCommonStockMemberuhal:O2025Q2DividendsMember2024-04-012024-09-300000004457us-gaap:CorporateDebtSecuritiesMember2024-09-300000004457us-gaap:DeferredFixedAnnuityMember2024-03-310000004457srt:ParentCompanyMemberus-gaap:UnsecuredDebtMembersrt:MaximumMember2024-04-012024-09-300000004457us-gaap:UnsecuredDebtMembersrt:ParentCompanyMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-04-012024-09-300000004457us-gaap:LifeInsuranceSegmentMember2024-03-310000004457us-gaap:MediumTermNotesMember2024-03-310000004457us-gaap:FairValueInputsLevel2Member2024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000004457us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000004457us-gaap:RetainedEarningsMember2024-09-300000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-03-310000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2023-03-310000004457uhal:BlackwaterMember2024-07-012024-09-300000004457uhal:BlackwaterMemberuhal:LeaseExpenseMember2024-07-012024-09-300000004457us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300000004457us-gaap:NonvotingCommonStockMember2024-09-300000004457us-gaap:TreasuryStockPreferredMember2024-03-310000004457srt:MinimumMemberus-gaap:ParticipatingMortgagesMember2024-09-300000004457us-gaap:TransferredAtPointInTimeMember2023-04-012023-09-300000004457us-gaap:OtherInvestmentsMember2024-09-300000004457us-gaap:TreasuryStockCommonMember2023-09-300000004457us-gaap:AdditionalPaidInCapitalMember2023-03-310000004457us-gaap:TreasuryStockCommonMember2024-03-310000004457uhal:MovingAndStorageConsolidationsMember2023-09-300000004457uhal:PropertyAndCasualtyInsuranceMember2023-09-300000004457us-gaap:AllowanceForLossesOnFinanceReceivablesMember2024-04-012024-09-300000004457us-gaap:NonvotingCommonStockMemberus-gaap:CommonStockMember2024-09-300000004457us-gaap:NonvotingCommonStockMemberuhal:O2024Q1DividendsMember2024-04-012024-09-300000004457us-gaap:MortgagesMember2024-09-3000000044572024-09-300000004457us-gaap:USTreasuryAndGovernmentMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-09-300000004457us-gaap:TransferredOverTimeMember2023-07-012023-09-300000004457us-gaap:NonvotingCommonStockMember2024-04-012024-09-300000004457uhal:FinanceLeaseMember2024-09-300000004457us-gaap:NotesPayableOtherPayablesMember2024-09-300000004457us-gaap:InvestmentsSegmentMember2024-09-300000004457us-gaap:CommonStockMember2024-09-300000004457us-gaap:NonvotingCommonStockMemberuhal:O2024Q2DividendsMember2024-04-012024-09-300000004457us-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310000004457us-gaap:LifeInsuranceSegmentMember2024-09-300000004457us-gaap:CorporateDebtSecuritiesMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-310000004457us-gaap:UnsecuredDebtMembersrt:MinimumMember2024-09-300000004457us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000004457us-gaap:ParticipatingMortgagesMember2024-03-310000004457uhal:BlackwaterMemberuhal:CommissionExpenseMember2023-07-012023-09-300000004457us-gaap:AllowanceForCreditLossMember2024-03-310000004457us-gaap:EquipmentTrustCertificateMember2024-09-300000004457us-gaap:FairValueInputsLevel1Member2024-03-310000004457uhal:BlackwaterMember2024-09-300000004457us-gaap:CorporateDebtSecuritiesMember2023-04-012023-09-3000000044572024-06-300000004457us-gaap:AccumulatedTranslationAdjustmentMember2024-04-012024-09-300000004457uhal:MercuryMember2023-07-012023-09-300000004457us-gaap:FairValueInputsLevel1Member2024-09-300000004457srt:ParentCompanyMemberus-gaap:UnsecuredDebtMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-09-300000004457srt:MinimumMemberuhal:FleetLoansRevolvingCreditMember2024-09-300000004457us-gaap:LeaseholdImprovementsMember2024-09-300000004457us-gaap:SeniorDebtObligationsMember2023-04-012023-09-300000004457us-gaap:USTreasurySecuritiesMember2024-09-300000004457us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-07-012023-09-300000004457us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-09-300000004457country:US2024-09-300000004457us-gaap:IntersegmentEliminationMember2024-03-310000004457us-gaap:SalesChannelDirectlyToConsumerMember2023-07-012023-09-300000004457us-gaap:CorporateMemberus-gaap:LifeInsuranceSegmentMemberus-gaap:MeasurementInputMortalityRateMember2023-09-3000000044572024-07-012024-09-300000004457us-gaap:UnsecuredDebtMembersrt:ParentCompanyMember2024-09-300000004457us-gaap:TransportationEquipmentMember2023-07-012023-09-300000004457us-gaap:LongTermContractWithCustomerMember2023-04-012023-09-300000004457country:CA2024-04-012024-09-300000004457us-gaap:UnsecuredDebtMembersrt:ParentCompanyMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2024-04-012024-09-300000004457us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-04-012023-09-300000004457uhal:FinanceLeaseMember2024-09-300000004457us-gaap:NonredeemablePreferredStockMember2024-03-310000004457uhal:SacHoldingsFourSacFiveSacGalaxyAndPrivateMiniMember2023-04-012023-09-300000004457uhal:MercuryMember2024-09-300000004457us-gaap:TreasuryStockPreferredMember2023-09-30uhal:Segmentxbrli:purexbrli:sharesiso4217:USDiso4217:USDxbrli:shares

 

 

 

 

 

 

 

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, 2024

 

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

 

img153338389_0.jpg

 

88-0106815

 

 

 

 

 

 

 

U-Haul Holding Company

(A Nevada Corporation)

 

 

 

 

5555 Kietzke Lane Ste 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 7, 2024.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 7, 2024.

 

 

 

 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

PART I FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

a) Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (unaudited)

1

 

 

 

 

b) Consolidated Statements of Operations for the Quarters Ended September 30, 2024 and 2023 (unaudited)

2

 

 

 

 

c) Consolidated Statements of Operations for the Six Months ended September 30, 2024 and 2023 (unaudited)

3

 

 

 

 

d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2024 and 2023 (unaudited)

4

 

 

 

 

e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2024 and 2023 (unaudited)

5

 

 

 

 

f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2024 and 2023 (unaudited)

6

 

 

 

 

g) Consolidated Statements of Cash Flows for the Six months ended September 30, 2024 and 2023 (unaudited)

7

 

 

 

 

h) Notes to Consolidated Financial Statements (unaudited)

8

 

 

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

70

 

 

 

Item 4.

Controls and Procedures

73

 

 

 

 

PART II OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

73

 

 

 

Item 1A.

Risk Factors

73

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

73

 

 

 

Item 3.

Defaults Upon Senior Securities

73

 

 

 

Item 4.

Mine Safety Disclosures

73

 

 

 

Item 5.

Other Information

73

 

 

 

Item 6.

Exhibits

74

 

 

 

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

 

 

 

September 30,

 

 

March 31,

 

 

 

2024

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except share data)

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,435,639

 

 

$

1,534,544

 

Trade receivables and reinsurance recoverables, net

 

 

217,556

 

 

 

215,908

 

Inventories and parts

 

 

157,592

 

 

 

150,940

 

Prepaid expenses

 

 

279,539

 

 

 

246,082

 

Fixed maturity securities available-for-sale (net of allowance for credit loss of $2,814 and $1,052, respectively) at fair value and amortized cost ($2,682,830 and $2,660,093, respectively)

 

 

2,437,923

 

 

 

2,442,504

 

Equity securities, at fair value

 

 

63,295

 

 

 

66,274

 

Investments, other

 

 

643,893

 

 

 

633,936

 

Deferred policy acquisition costs, net

 

 

121,329

 

 

 

121,224

 

Other assets

 

 

130,071

 

 

 

111,743

 

Right of use assets - financing, net

 

 

208,804

 

 

 

289,305

 

Right of use assets - operating, net

 

 

51,308

 

 

 

53,712

 

Related party assets

 

 

54,288

 

 

 

57,934

 

 

 

 

5,801,237

 

 

 

5,924,106

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

Land

 

 

1,739,422

 

 

 

1,670,033

 

Buildings and improvements

 

 

8,915,534

 

 

 

8,237,354

 

Furniture and equipment

 

 

1,022,945

 

 

 

1,003,770

 

Rental trailers and other rental equipment

 

 

989,672

 

 

 

936,303

 

Rental trucks

 

 

7,123,968

 

 

 

6,338,324

 

 

 

 

19,791,541

 

 

 

18,185,784

 

Less: Accumulated depreciation

 

 

(5,466,227

)

 

 

(5,051,132

)

Total property, plant and equipment, net

 

 

14,325,314

 

 

 

13,134,652

 

Total assets

 

$

20,126,551

 

 

$

19,058,758

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

896,811

 

 

$

783,084

 

Notes, loans and finance leases payable, net

 

 

6,760,781

 

 

 

6,271,362

 

Operating lease liabilities

 

 

52,471

 

 

 

55,032

 

Policy benefits and losses, claims and loss expenses payable

 

 

833,632

 

 

 

849,113

 

Liabilities from investment contracts

 

 

2,497,031

 

 

 

2,411,352

 

Other policyholders' funds and liabilities

 

 

8,045

 

 

 

18,070

 

Deferred income

 

 

54,026

 

 

 

51,175

 

Deferred income taxes, net

 

 

1,504,356

 

 

 

1,447,125

 

Total liabilities

 

 

12,607,153

 

 

 

11,886,313

 

 

 

 

 

 

 

 

Commitments and contingencies (notes 5 and 10)

 

 

 

 

 

 

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

 

 

462,548

 

 

 

462,548

 

Accumulated other comprehensive loss

 

 

(240,831

)

 

 

(223,216

)

Retained earnings

 

 

7,964,658

 

 

 

7,600,090

 

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

 

 

7,519,398

 

 

 

7,172,445

 

Total liabilities and stockholders' equity

 

$

20,126,551

 

 

$

19,058,758

 

 

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,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

Revenues:

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

1,087,348

 

 

$

1,069,405

 

Self-storage revenues

 

 

224,519

 

 

 

208,890

 

Self-moving and self-storage products and service sales

 

 

87,763

 

 

 

91,571

 

Property management fees

 

 

9,586

 

 

 

9,267

 

Life insurance premiums

 

 

20,488

 

 

 

22,498

 

Property and casualty insurance premiums

 

 

25,767

 

 

 

25,571

 

Net investment and interest income

 

 

37,794

 

 

 

64,738

 

Other revenue

 

 

164,843

 

 

 

157,920

 

Total revenues

 

 

1,658,108

 

 

 

1,649,860

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Operating expenses

 

 

891,073

 

 

 

835,258

 

Commission expenses

 

 

119,008

 

 

 

111,961

 

Cost of product sales

 

 

62,250

 

 

 

66,620

 

Benefits and losses

 

 

44,392

 

 

 

42,553

 

Amortization of deferred policy acquisition costs

 

 

4,439

 

 

 

6,826

 

Lease expense

 

 

4,729

 

 

 

8,450

 

Depreciation, net of gains on disposals of ($17,555 and $46,803, respectively)

 

 

227,270

 

 

 

154,122

 

Net losses on disposal of real estate

 

 

2,991

 

 

 

1,715

 

Total costs and expenses

 

 

1,356,152

 

 

 

1,227,505

 

 

 

 

 

 

 

 

Earnings from operations

 

 

301,956

 

 

 

422,355

 

Other components of net periodic benefit costs

 

 

(372

)

 

 

(364

)

Other interest income

 

 

16,131

 

 

 

—

 

Interest expense

 

 

(71,498

)

 

 

(63,943

)

Pretax earnings

 

 

246,217

 

 

 

358,048

 

Income tax expense

 

 

(59,419

)

 

 

(84,540

)

Net earnings available to common stockholders

 

$

186,798

 

 

$

273,508

 

Basic and diluted earnings per share of Common Stock

 

$

0.91

 

 

$

1.36

 

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

 

$

0.96

 

 

$

1.40

 

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 quarters ended September 30, 2024 and 2023, net of eliminations, were $9.6 million and $9.3 million, respectively.

Related party costs and expenses for the second quarters ended September 30, 2024 and 2023, net of eliminations, were $32.9 million and $25.6 million, respectively.

Please see Note 11, 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,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands, except share
and per share amounts)

 

Revenues:

 

 

 

 

 

 

Self-moving equipment rental revenues

 

$

2,101,680

 

 

$

2,068,611

 

Self-storage revenues

 

 

440,256

 

 

 

407,851

 

Self-moving and self-storage products and service sales

 

 

184,354

 

 

 

192,443

 

Property management fees

 

 

19,081

 

 

 

18,444

 

Life insurance premiums

 

 

41,228

 

 

 

45,629

 

Property and casualty insurance premiums

 

 

46,996

 

 

 

45,893

 

Net investment and interest income

 

 

74,919

 

 

 

129,330

 

Other revenue

 

 

298,084

 

 

 

281,967

 

Total revenues

 

 

3,206,598

 

 

 

3,190,168

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Operating expenses

 

 

1,680,830

 

 

 

1,598,499

 

Commission expenses

 

 

231,579

 

 

 

218,888

 

Cost of product sales

 

 

128,264

 

 

 

137,295

 

Benefits and losses

 

 

88,398

 

 

 

87,897

 

Amortization of deferred policy acquisition costs

 

 

9,085

 

 

 

14,871

 

Lease expense

 

 

10,334

 

 

 

16,033

 

Depreciation, net of gains on disposal ($25,323 and $102,464, respectively)

 

 

443,815

 

 

 

291,936

 

Net losses on disposal of real estate

 

 

6,095

 

 

 

2,736

 

Total costs and expenses

 

 

2,598,400

 

 

 

2,368,155

 

 

 

 

 

 

 

 

Earnings from operations

 

 

608,198

 

 

 

822,013

 

Other components of net periodic benefit costs

 

 

(744

)

 

 

(729

)

Other interest income

 

 

34,366

 

 

 

—

 

Interest expense

 

 

(138,716

)

 

 

(124,541

)

Fees on early extinguishment of debt and costs of defeasance

 

 

(495

)

 

 

—

 

Pretax earnings

 

 

502,609

 

 

 

696,743

 

Income tax expense

 

 

(120,394

)

 

 

(166,397

)

Net earnings available to common stockholders

 

$

382,215

 

 

$

530,346

 

Basic and diluted earnings per common share

 

$

1.86

 

 

$

2.63

 

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

 

$

1.96

 

 

$

2.71

 

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 ended September 30, 2024 and 2023, net of eliminations, were $19.1 million and $18.4 million, respectively.

Related party costs and expenses for the first six months ended September 30, 2024 and 2023, net of eliminations, were $63.4 million and $49.3 million, respectively.

Please see Note 11, 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, 2024

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

246,217

 

 

$

(59,419

)

 

$

186,798

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

421

 

 

 

—

 

 

 

421

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(4,014

)

 

 

(18

)

 

 

(4,032

)

Change in fair value of cash flow hedges

 

 

2,312

 

 

 

(616

)

 

 

1,696

 

Amounts reclassified into earnings on hedging activities

 

 

(9,479

)

 

 

2,376

 

 

 

(7,103

)

Total other comprehensive income (loss)

 

 

(10,760

)

 

 

1,742

 

 

 

(9,018

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

235,457

 

 

$

(57,677

)

 

$

177,780

 

 

 

 

 

 

 

 

 

 

 

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 future policy benefits discount rate remeasurement gains (losses)

 

 

(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 (loss)

 

$

341,405

 

 

$

(81,725

)

 

$

259,680

 

 

 

 

Six months ended September 30, 2024

 

Pre-tax

 

 

Tax

 

 

Net

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

Net earnings

 

$

502,609

 

 

$

(120,394

)

 

$

382,215

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

217

 

 

 

—

 

 

 

217

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)

 

 

(11,479

)

 

 

2,034

 

 

 

(9,445

)

Change in fair value of cash flow hedges

 

 

(214

)

 

 

5

 

 

 

(209

)

Amounts reclassified into earnings on hedging activities

 

 

(10,904

)

 

 

2,726

 

 

 

(8,178

)

Total other comprehensive income (loss)

 

 

(22,380

)

 

 

4,765

 

 

 

(17,615

)

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

480,229

 

 

$

(115,629

)

 

$

364,600

 

 

 

 

 

 

 

 

 

 

 

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 future policy benefits discount rate remeasurement gains (losses)

 

 

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 (loss)

 

$

710,055

 

 

$

(169,750

)

 

$

540,305

 

 

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, 2024

 

$

10,497

 

 

$

176

 

 

$

462,548

 

 

$

(231,813

)

 

$

7,786,683

 

 

$

(525,653

)

 

$

(151,997

)

 

$

7,350,441

 

Foreign currency translation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

421

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

421

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,032

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,032

)

Change in fair value of cash flow hedges, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,696

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,696

 

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,103

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,103

)

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

186,798

 

 

 

—

 

 

 

—

 

 

 

186,798

 

Series N Non-Voting Common Stock dividends: ($0.05 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,823

)

 

 

—

 

 

 

—

 

 

 

(8,823

)

Net activity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,018

)

 

 

177,975

 

 

 

—

 

 

 

—

 

 

 

168,957

 

Balance as of September 30, 2024

 

$

10,497

 

 

$

176

 

 

$

462,548

 

 

$

(240,831

)

 

$

7,964,658

 

 

$

(525,653

)

 

 

(151,997

)

 

$

7,519,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 future policy benefits discount rate remeasurement gains (losses), 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

 

 

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, 2024

 

$

10,497

 

 

$

176

 

 

$

462,548

 

 

$

(223,216

)

 

$

7,600,090

 

 

$

(525,653

)

 

$

(151,997

)

 

$

7,172,445

 

Foreign currency translation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217

 

Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,445

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,445

)

Change in fair value of cash flow hedges, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(209

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(209

)

Amounts reclassified into earnings on hedging activities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,178

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,178

)

Net earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

382,215

 

 

 

—

 

 

 

—

 

 

 

382,215

 

Series N Non-Voting Common Stock dividends: ($0.10 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,647

)

 

 

—

 

 

 

—

 

 

 

(17,647

)

Net activity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,615

)

 

 

364,568

 

 

 

—

 

 

 

—

 

 

 

346,953

 

Balance as of September 30, 2024

 

$

10,497

 

 

$

176

 

 

 

462,548

 

 

$

(240,831

)

 

$

7,964,658

 

 

$

(525,653

)

 

 

(151,997

)

 

$

7,519,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 future policy benefits discount rate remeasurement gains (losses), 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 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(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

 

 

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,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

382,215

 

 

$

530,346

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

Depreciation

 

 

469,138

 

 

 

394,400

 

Amortization of premiums and accretion of discounts related to investments, net

 

 

7,073

 

 

 

8,441

 

Amortization of debt issuance costs

 

 

2,880

 

 

 

3,427

 

Interest credited to policyholders

 

 

37,584

 

 

 

36,329

 

Provision for allowance for losses on trade receivables, net

 

 

1,811

 

 

 

578

 

Operating lease right-of-use asset amortization

 

 

5,297

 

 

 

7,979

 

Net gains on disposal of personal property

 

 

(25,323

)

 

 

(102,464

)

Net losses on disposal of real estate

 

 

6,095

 

 

 

2,736

 

Net (gains) losses on sales of fixed maturity securities

 

 

84

 

 

 

(917

)

Net gains on equity securities and investments other

 

 

(3,069

)

 

 

(2,745

)

Deferred income taxes, net

 

 

60,089