PART I [Business Overview](index=2&type=section&id=Item%201.%20Business) AMERCO operates North America's largest 'do-it-yourself' moving and storage business through U-Haul, complemented by property, casualty, and life insurance services - AMERCO is North America's largest 'do-it-yourself' moving and storage operator, providing services through U-Haul[12](index=12&type=chunk) - Founded in 1945, the company initially leased trailers and later expanded into truck rentals, self-storage, and a retail store network[13](index=13&type=chunk) - As of March 31, 2022, the rental fleet comprised approximately **186,000 trucks**, **128,000 trailers**, and **46,000 towing devices**[20](index=20&type=chunk) - As of March 31, 2022, the company operated **1,844 self-storage locations** with nearly **876,000 rentable storage units**, totaling **75.1 million square feet**[30](index=30&type=chunk) Proportion of Consolidated Net Income by Business Segment (FY2022) | Business Segment | FY2022 Share of Consolidated Net Income | | :------------------------- | :-------------------------------------- | | Moving and Storage | 94.0% | | Property and Casualty Insurance | 1.9% | | Life Insurance | 4.1% | - As of March 31, 2022, the company employed approximately **32,200 employees in the U.S.** and **1,900 in Canada**, with about **99%** working in the Moving and Storage segment[55](index=55&type=chunk) [Risk Factors](index=5&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse business, industry, financing, organizational, legal, regulatory, and compliance risks, including fleet rotation, manufacturer reliance, and economic conditions - Fleet rotation plans may be affected by financial market conditions, potentially leading to extended operating periods for trucks, reduced fleet size, and lower resale values for used equipment[74](index=74&type=chunk)[75](index=75&type=chunk) - The company relies on a few truck manufacturers, whose supply chain issues or financial difficulties could increase new truck procurement costs or disrupt supply[76](index=76&type=chunk) - As of March 31, 2022, the company had approximately **21,100 independent equipment rental dealers**, and maintaining this network and its cost structure is crucial to operations[77](index=77&type=chunk)[78](index=78&type=chunk) - The introduction or expansion of electric, autonomous, and connected vehicles could negatively impact the company's business model, including infrastructure upgrade costs and limitations on long-distance rental services[79](index=79&type=chunk)[81](index=81&type=chunk) - The company heavily relies on internet and automated systems, facing risks like natural disasters, cyberattacks, and data breaches, which could lead to operational disruptions, reputational damage, and legal liabilities[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - As of March 31, 2022, the company's total debt was **$6.0225 billion** and operating lease liabilities were **$74.2 million**, with high leverage potentially impacting debt servicing ability and business flexibility[100](index=100&type=chunk) - The phase-out of LIBOR may affect borrowing costs under the company's credit and loan facilities[101](index=101&type=chunk) - Willow Grove Holdings LP and its affiliates hold approximately **43.2%** of AMERCO's common stock, potentially exerting significant influence over the company's business and policies[102](index=102&type=chunk) - The company's operations are subject to extensive federal, state, and local environmental regulations, as well as oversight by the Department of Transportation and Canadian agencies, with compliance costs and future environmental liabilities potentially having a material adverse effect on financial condition[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The Tax Cuts and Jobs Act and the Coronavirus Aid, Relief, and Economic Security Act significantly modified U.S. tax law, potentially impacting the company's financial condition and operating results, including deferred tax asset values, interest expense deductions, net operating loss utilization, and capital expenditure expensing[109](index=109&type=chunk) [Unresolved Staff Comments](index=8&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments in this report - There are no unresolved staff comments in this report[112](index=112&type=chunk) [Properties](index=8&type=section&id=Item%202.%20Properties) The company owns and operates properties for manufacturing, repairing, and leasing U-Haul equipment and storage spaces, including over 2,100 retail centers and 11 manufacturing facilities - The company owns and operates over **2,100 U-Haul retail centers**, with **495** managed by subsidiaries[113](index=113&type=chunk) - The company operates **11 manufacturing and assembly facilities** and over **145 fixed repair facilities**, primarily for its moving and storage business[113](index=113&type=chunk) [Legal Proceedings](index=8&type=section&id=Item%203.%20Legal%20Proceedings) For detailed information on legal proceedings, refer to Note 18, 'Contingencies,' in the consolidated financial statements - Detailed information on legal proceedings can be found in Note 18, 'Contingencies,' to the consolidated financial statements[114](index=114&type=chunk) [Mine Safety Disclosures](index=8&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company's operations - Mine safety disclosures are not applicable[115](index=115&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=8&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AMERCO's common stock is listed on the Nasdaq Global Select Market under 'UHAL', with approximately 3,100 stockholders as of March 31, 2022, and no formal dividend policy - AMERCO common stock is listed on the Nasdaq Global Select Market under the ticker symbol **'UHAL'**[3](index=3&type=chunk) - As of March 31, 2022, there were approximately **3,100 holders** of common stock[117](index=117&type=chunk) - The company has no formal dividend policy, with the Board of Directors regularly considering dividend declarations and payments[118](index=118&type=chunk) Common Stock Dividends (FY2020-FY2022) | Declaration Date | Amount Per Share | Record Date | Payment Date | | :--------------- | :--------------- | :------------- | :------------- | | October 6, 2021 | $0.50 | October 18, 2021 | October 29, 2021 | | August 19, 2021 | $0.50 | September 7, 2021 | September 21, 2021 | | June 9, 2021 | $0.50 | June 24, 2021 | July 8, 2021 | | December 9, 2020 | $2.00 | December 21, 2020 | December 30, 2020 | | August 20, 2020 | $0.50 | September 7, 2020 | September 21, 2020 | Cumulative Total Shareholder Return (FY2017-FY2022) | Fiscal Year End | AMERCO | Dow Jones US Total Market | Dow Jones US Transportation Average | | :-------------- | :----- | :------------------------ | :---------------------------------- | | March 31, 2017 | $100 | $100 | $100 | | March 31, 2018 | $93 | $117 | $114 | | March 31, 2019 | $100 | $126 | $115 | | March 31, 2020 | $79 | $106 | $85 | | March 31, 2021 | $167 | $160 | $161 | | March 31, 2022 | $165 | $171 | $182 | [Reserved](index=9&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no specific information - This item is reserved and contains no specific information[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=9&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section details AMERCO's strategy, operating segments, accounting policies, FY2022 results, liquidity, and FY2023 outlook, highlighting significant revenue and operating income growth from moving and storage [Overall Strategy](index=9&type=section&id=Overall%20Strategy) The company's strategy focuses on maintaining leadership in the North American 'do-it-yourself' moving and storage industry, supported by its property and casualty, and life insurance segments - The company's overall strategy is to maintain leadership in the North American 'do-it-yourself' moving and storage industry by providing a seamlessly integrated supply chain, leveraging U-Haul brand recognition, expanding geographic reach, and increasing equipment and storage unit availability[126](index=126&type=chunk)[127](index=127&type=chunk) - The Property and Casualty Insurance segment focuses on providing and managing insurance for U-Haul, its customers, independent dealers, and affiliates[128](index=128&type=chunk) - The Life Insurance segment focuses on achieving long-term capital growth through direct underwriting and reinsurance of life, Medicare supplement, and annuity products[128](index=128&type=chunk) [Description of Operating Segments](index=9&type=section&id=Description%20of%20Operating%20Segments) AMERCO operates three reporting segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance, each with distinct service offerings - AMERCO's three reporting segments are Moving and Storage, Property and Casualty Insurance, and Life Insurance[130](index=130&type=chunk) - The Moving and Storage segment primarily includes the rental of trucks, trailers, portable moving and storage units, and self-storage spaces, along with the sale of moving supplies, towing accessories, and propane[131](index=131&type=chunk) - The Property and Casualty Insurance segment provides loss adjustment and claims handling for U-Haul and underwrites Safemove®, Safetow®, Safemove Plus®, Safestor®, and Safestor Mobile® protection packages[137](index=137&type=chunk) - The Life Insurance segment primarily offers life and health insurance products to the senior market through direct underwriting and reinsurance of life, Medicare supplement, and annuity policies[138](index=138&type=chunk) [Critical Accounting Policies and Estimates](index=10&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies and estimates involve the recoverability of property, plant, and equipment, insurance reserves, investment impairment, and income taxes, which require significant judgment - Critical accounting policies and estimates include the recoverability of property, plant, and equipment (salvage value and useful lives), insurance reserves (future policy benefits and claims for life, Medicare supplement, annuity, property, and casualty insurance), investment impairment (expected credit loss model), and income taxes[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) - Determining insurance reserves involves high uncertainty, especially for long-tail casualty insurance, where actual payments may differ significantly from estimates[144](index=144&type=chunk) [Recent Accounting Pronouncements](index=11&type=section&id=Recent%20Accounting%20Pronouncements) Recent accounting pronouncements include ASUs 2020-08, 2020-04, 2021-01, and 2018-12, with most having no significant impact, except ASU 2018-12 which is expected to affect the income statement - On April 1, 2021, the company adopted ASU 2020-08 (clarifying amortization guidance for certain redeemable debt securities where the cost basis exceeds the amount repayable), with no material impact on consolidated financial statements[347](index=347&type=chunk) - On April 1, 2021, the company adopted ASU 2020-04 (reference rate reform), providing temporary optional expedients for contract modifications and hedge accounting in response to the LIBOR transition to alternative reference rates, with no impact on consolidated financial statements[348](index=348&type=chunk) - In January 2021, the FASB issued ASU 2021-01 (reference rate reform), offering optional expedients for applying GAAP to contract modifications and hedging relationships, with no impact on consolidated financial statements[349](index=349&type=chunk) - In August 2018, the FASB issued ASU 2018-12 (targeted improvements to the accounting for long-duration contracts), requiring insurers to update assumptions for long-duration contract liabilities annually, effective for fiscal years beginning after December 15, 2022, which is expected to impact the income statement[350](index=350&type=chunk) [Results of Operations - Consolidated](index=11&type=section&id=Results%20of%20Operations%20-%20Consolidated) Consolidated results for FY2022 show significant revenue growth, primarily from moving and storage, leading to increased operating earnings despite higher interest and tax expenses Consolidated Revenue (FY2022 vs. FY2021) | Revenue Item | FY2022 ($ thousand) | FY2021 ($ thousand) | Change ($ thousand) | | :------------------------------------------ | :------------------ | :------------------ | :------------------ | | Self-Moving Equipment Rentals | 3,958,807 | 3,083,317 | 875,490 | | Self-Storage Revenue | 617,120 | 477,262 | 139,858 | | Sales of Self-Moving and Storage Products and Services | 351,447 | 344,929 | 6,518 | | Property Management Fees | 35,194 | 31,603 | 3,591 | | Life Insurance Premiums | 111,027 | 121,609 | (10,582) | | Property and Casualty Insurance Premiums | 86,518 | 68,779 | 17,739 | | Net Investment and Interest Income | 148,261 | 122,938 | 25,323 | | Other Income | 431,373 | 291,548 | 139,825 | | **Total Consolidated Revenue** | **5,739,747** | **4,541,985** | **1,197,762** | - In FY2022, self-moving equipment rental revenue increased by **$875.5 million**, primarily due to higher transaction volumes and increased average revenue per transaction[152](index=152&type=chunk) - In FY2022, self-storage revenue increased by **$139.9 million**, with average monthly occupied units growing by **25% (95,000 units)** and approximately **4.6 million square feet** of new rentable space added[153](index=153&type=chunk) - In FY2022, total costs and expenses increased by **$514 million**, with moving and storage operating expenses rising by **$483.9 million**, primarily due to personnel, fleet repair and maintenance, property taxes, payment processing fees, and U-Box freight costs[161](index=161&type=chunk) - In FY2022, operating earnings increased to **$1.645 billion** from **$961.1 million** in FY2021[162](index=162&type=chunk) - In FY2022, interest expense was **$167.4 million**, an increase from **$163.5 million** in FY2021, primarily due to a **$1.3536 billion** increase in outstanding debt[162](index=162&type=chunk) - In FY2022, income tax expense was **$352.2 million**, compared to **$185.8 million** in FY2021[163](index=163&type=chunk) [Results of Operations - Moving and Storage Segment](index=12&type=section&id=Results%20of%20Operations%20-%20Moving%20and%20Storage%20Segment) The Moving and Storage segment experienced substantial revenue growth in FY2022, driven by increased self-moving equipment rentals and self-storage income, alongside higher operating expenses Moving and Storage Segment Revenue (FY2022 vs. FY2021) | Revenue Item | FY2022 ($ thousand) | FY2021 ($ thousand) | Change ($ thousand) | | :------------------------------------------ | :------------------ | :------------------ | :------------------ | | Self-Moving Equipment Rentals | 3,963,535 | 3,086,824 | 876,711 | | Self-Storage Revenue | 617,120 | 477,262 | 139,858 | | Sales of Self-Moving and Storage Products and Services | 351,447 | 344,929 | 6,518 | | Property Management Fees | 35,194 | 31,603 | 3,591 | | Net Investment and Interest Income | 3,135 | 2,259 | 876 | | Other Income | 427,836 | 288,797 | 139,039 | | **Total Moving and Storage Revenue** | **5,398,267** | **4,231,674** | **1,166,593** | - In FY2022, self-moving equipment rental revenue increased by **$876.7 million**, primarily from growth in transaction volumes and average revenue per transaction in both in-town and one-way markets[164](index=164&type=chunk) - In FY2022, self-storage revenue increased by **$139.9 million**, with average monthly occupied units growing by **25% (95,000 units)** and improved average revenue per occupied square foot[165](index=165&type=chunk) Owned Storage Location Data (FY2022 vs. FY2021) | Metric | FY2022 | FY2021 | | :-------------------------------- | :------ | :------ | | Units as of March 31 | 601 | 539 | | Square Feet as of March 31 | 50,366 | 45,746 | | Average Monthly Occupied Units | 471 | 376 | | Average Monthly Occupancy Rate (based on units) | 82.6% | 71.8% | | Average Monthly Occupied Square Feet | 41,379 | 33,700 | - In FY2022, approximately **4.6 million net rentable square feet** were added, representing a **10% increase**, with about **1.5 million square feet** added in the fourth quarter[166](index=166&type=chunk) - In FY2022, total costs and expenses increased by **$496.2 million**, with operating expenses rising by **$483.9 million**, primarily due to personnel, fleet repair and maintenance, property taxes, payment processing fees, and U-Box freight costs[168](index=168&type=chunk) [Results of Operations - Property and Casualty Insurance Segment](index=12&type=section&id=Results%20of%20Operations%20-%20Property%20and%20Casualty%20Insurance%20Segment) The Property and Casualty Insurance segment saw increased net premiums and net investment income in 2021, driven by higher U-Haul transaction volumes and equity valuation gains, alongside rising operating and claims expenses - In 2021, net premiums were **$89.7 million**, an increase from **$70.3 million** in 2020, primarily related to increased U-Haul moving and storage transaction volumes[169](index=169&type=chunk) - In 2021, net investment and interest income was **$25.4 million**, an increase from **$16.5 million** in 2020, primarily driven by a **$7.4 million** increase in the valuation of unaffiliated common stock[170](index=170&type=chunk) - In 2021, net operating expenses were **$42.5 million**, an increase from **$35.5 million** in 2020, primarily due to higher commissions, partially offset by increased loss adjustment expenses and subrogation income[170](index=170&type=chunk) - In 2021, benefits and losses expense was **$22.4 million**, an increase from **$18.6 million** in 2020, consistent with premium growth[171](index=171&type=chunk) [Results of Operations - Life Insurance Segment](index=13&type=section&id=Results%20of%20Operations%20-%20Life%20Insurance%20Segment) The Life Insurance segment experienced a decrease in net premiums and deferred annuity deposits in 2021, influenced by competitive rates and reduced sales, while net investment income and benefits and losses expenses increased - In 2021, net premiums were **$111 million**, a **$10.6 million decrease** from **$121.6 million** in 2020, primarily due to lower Medicare supplement premiums and reduced single premium life insurance sales[173](index=173&type=chunk) - In 2021, deferred annuity deposits were **$332.5 million**, a **$138.8 million decrease** from the prior year, primarily due to competitive interest rates and high sales in the previous year[173](index=173&type=chunk) - In 2021, net investment and interest income was **$123.8 million**, an increase from **$107.7 million** in 2020, primarily from a **$14.2 million increase** in fixed income and mortgage loan investment income[174](index=174&type=chunk) - In 2021, benefits and losses expense was **$164.2 million**, an increase from **$161 million** in 2020, primarily due to an **$8.8 million increase** in interest paid to policyholders[176](index=176&type=chunk) - In 2021, amortization of deferred policy acquisition costs (DAC), sales inducement assets (SIA), and value of acquired business (VOBA) was **$33.9 million**, an increase from **$28.3 million** in 2020[177](index=177&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved in FY2022, with increased cash and cash equivalents, driven by strong operating cash flow and substantial financing activities, despite higher investment outflows - As of March 31, 2022, cash and cash equivalents totaled **$2.7041 billion**, compared to **$1.194 billion** as of March 31, 2021[179](index=179&type=chunk) Cash and Financial Assets by Operating Segment (As of December 31, 2021 / March 31, 2022) | Metric | Moving and Storage ($ thousand) | Property and Casualty Insurance ($ thousand) | Life Insurance ($ thousand) | | :--------------------------- | :------------------------------ | :------------------------------------------- | :-------------------------- | | Cash and Cash Equivalents | 2,643,213 | 10,800 | 50,124 | | Other Financial Assets | 228,159 | 468,705 | 3,057,868 | | Debt Obligations | 6,022,497 | – | – | - As of March 31, 2022, the Moving and Storage segment had **$80 million** in available borrowing capacity under existing credit facilities[180](index=180&type=chunk) Consolidated Cash Flow Summary (FY2020-FY2022) | Cash Flow Item | FY2022 ($ thousand) | FY2021 ($ thousand) | FY2020 ($ thousand) | | :--------------------------------- | :------------------ | :------------------ | :------------------ | | Net Cash Provided by Operating Activities | 1,946,235 | 1,535,395 | 1,075,513 | | Net Cash Used in Investing Activities | (1,867,176) | (1,129,529) | (1,766,649) | | Net Cash Provided by Financing Activities | 1,433,155 | 287,353 | 512,320 | | Effect of Exchange Rate on Cash | (2,089) | 6,441 | (533) | | Net Increase (Decrease) in Cash | 1,510,125 | 699,660 | (179,349) | | Cash at Beginning of Period | 1,194,012 | 494,352 | 673,701 | | Cash at End of Period | 2,704,137 | 1,194,012 | 494,352 | - In FY2022, net cash provided by operating activities increased by **$410.8 million**, primarily due to increased revenue and profitability, and the receipt of **$47.6 million** in federal income tax refunds[181](index=181&type=chunk) - In FY2022, net cash used in investing activities increased by **$737.6 million**, primarily due to a **$695.1 million increase** in purchases of property, plant, and equipment, and increased investments in new self-storage acquisitions and development[182](index=182&type=chunk) - In FY2022, net cash provided by financing activities increased by **$1.1458 billion**, primarily due to a **$1.0475 billion increase** in cash from borrowings[183](index=183&type=chunk) - In FY2022, the Moving and Storage segment invested **$1.0042 billion** in real estate acquisitions, new construction, and renovation repairs, compared to **$505.1 million** in FY2021[186](index=186&type=chunk) Net Capital Expenditures (FY2020-FY2022) | Capital Expenditure Item | FY2022 ($ thousand) | FY2021 ($ thousand) | FY2020 ($ thousand) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Rental Equipment Purchases | 1,061,439 | 870,106 | 1,374,141 | | Equipment Lease Buybacks | – | 11,477 | 63,973 | | Real Estate, Construction, and Renovation Purchases | 1,004,192 | 505,112 | 751,395 | | Other Capital Expenditures | 70,906 | 54,780 | 119,897 | | **Total Capital Expenditures** | **2,136,537** | **1,441,475** | **2,309,406** | | Less: Sales of Property, Plant, and Equipment | (623,235) | (537,484) | (687,375) | | **Net Capital Expenditures** | **1,513,302** | **903,991** | **1,622,031** | - For calendar year 2022, the Property and Casualty Insurance segment could pay **$26.7 million** in ordinary dividends to AMERCO[187](index=187&type=chunk) - For calendar year 2022, the Life Insurance segment could pay **$23 million** in ordinary dividends to AMERCO[189](index=189&type=chunk) - The company filed for net operating loss carryback refunds totaling approximately **$366 million** under the CARES Act, with approximately **$243 million** received in FY2022[197](index=197&type=chunk) - As of March 31, 2022, the company had **$80 million** in available borrowing capacity under existing credit facilities[198](index=198&type=chunk) [Contractual Obligations and Commercial Commitments](index=15&type=section&id=Contractual%20Obligations%20and%20Commercial%20Commitments) The company's contractual obligations and commercial commitments as of March 31, 2022, include significant notes, loans, financing leases, and insurance liabilities, totaling over $12 billion Contractual Obligations and Commercial Commitments (As of March 31, 2022) | Contractual Obligation | Total ($ thousand) | FY2023 ($ thousand) | FY2024-FY2025 ($ thousand) | FY2026-FY2027 ($ thousand) | Thereafter ($ thousand) | | :------------------------------------- | :----------------- | :------------------ | :------------------------- | :------------------------- | :---------------------- | | Notes and Loans Payable - Principal | 3,667,384 | 177,890 | 480,307 | 591,213 | 2,417,974 | | Notes and Loans Payable - Interest | 1,314,997 | 161,579 | 294,759 | 257,838 | 600,821 | | Revolving Credit Agreements - Principal | 1,095,000 | – | 878,889 | 216,111 | – | | Revolving Credit Agreements - Interest | 38,638 | 16,308 | 20,554 | 1,776 | – | | Financing Leases - Principal | 347,393 | 122,350 | 179,213 | 45,830 | – | | Financing Leases - Interest | 23,309 | 11,227 | 10,848 | 1,234 | – | | Financing Liabilities - Principal | 949,936 | 178,714 | 297,873 | 276,934 | 196,415 | | Financing Liabilities - Interest | 91,971 | 26,368 | 38,204 | 20,843 | 6,556 | | Operating Lease Liabilities | 122,415 | 23,311 | 32,533 | 7,223 | 59,348 | | Property and Casualty Obligations | 111,768 | 19,212 | 20,473 | 6,675 | 65,408 | | Life, Health, and Annuity Obligations | 3,966,709 | 584,069 | 804,639 | 572,699 | 2,005,302 | | Self-Insurance Accruals | 418,890 | 130,973 | 165,177 | 72,421 | 50,319 | | Postretirement Benefit Liabilities | 20,870 | 1,369 | 3,269 | 4,120 | 12,112 | | **Total Contractual Obligations** | **12,169,280** | **1,453,370** | **3,226,738** | **2,074,917** | **5,414,255** | - Unrecognized income tax liabilities and interest of **$64.6 million** are not included due to uncertainty regarding their ultimate settlement[204](index=204&type=chunk) [Fiscal 2023 Outlook](index=15&type=section&id=Fiscal%202023%20Outlook) For FY2023, the company plans continued investment in its fleet and storage business, focusing on transaction volume, pricing, and occupancy, while expanding its life insurance segment and managing inflationary pressures - In FY2023, the company will continue to focus on increasing transaction volumes, improving pricing, product offerings, and utilization for self-moving equipment rentals, and maintaining adequate investment in its truck fleet[205](index=205&type=chunk) - For the storage business, the company plans to complete existing projects, increase occupancy at existing properties, and acquire new properties, with real estate capital expenditures expected to increase in FY2023[206](index=206&type=chunk) - The company will continue to invest in the U-Box® program[206](index=206&type=chunk) - Inflationary pressures may challenge the company's ability to maintain or improve operating margins[207](index=207&type=chunk) - The Life Insurance segment will continue to expand its presence in the senior market by growing its agency force, increasing new product offerings, and pursuing business acquisition opportunities[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=15&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk through swaps and forward swaps, and uses derivatives to hedge equity market risk for indexed annuity products, while generally not hedging foreign currency risk due to its limited impact - The company manages interest rate risk through interest rate swap agreements and forward swaps to hedge cash flow changes on LIBOR-indexed floating-rate debt[209](index=209&type=chunk)[210](index=210&type=chunk) - As of March 31, 2022, the company had **$1.1453 billion** in floating-rate debt; a **100 basis point increase** in LIBOR would decrease annual interest expense by **$9.1 million**[211](index=211&type=chunk) - The company uses derivatives to hedge equity market risk for indexed annuity products sold by its life insurance company, with these derivatives measured at fair value on the balance sheet[213](index=213&type=chunk) - In FY2022, Canadian operations accounted for approximately **5.1%** of the company's revenue, and exchange rate changes did not materially impact net income, so the company generally does not hedge foreign currency risk[215](index=215&type=chunk) [Financial Statements and Supplementary Data](index=16&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents AMERCO's audited consolidated financial statements, including balance sheets, statements of operations, comprehensive income, stockholders' equity, and cash flows, along with related notes and schedules, all receiving an unqualified opinion from BDO USA, LLP - BDO USA, LLP issued an unqualified opinion on AMERCO's consolidated financial statements and the effectiveness of internal control over financial reporting as of March 31, 2022[226](index=226&type=chunk)[227](index=227&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) - Key audit matters include the valuation of U-Haul's self-insurance reserves, Oxford's future policy benefits, and Repwest's property and casualty losses and loss adjustment expense reserves[258](index=258&type=chunk)[260](index=260&type=chunk)[262](index=262&type=chunk) [Report of Independent Registered Public Accounting Firm](index=23&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This report provides the independent auditor's opinion on the consolidated financial statements and internal control over financial reporting [Consolidated Balance Sheets](index=25&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present the company's financial position, including assets, liabilities, and stockholders' equity, as of March 31, 2022, and 2021 Consolidated Balance Sheets Summary (As of March 31, 2022 vs. March 31, 2021) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | | :----------------------------------------- | :------------- | :------------- | | **Assets:** | | | | Cash and Cash Equivalents | 2,704,137 | 1,194,012 | | Reinsurance Recoverables and Trade Receivables, Net | 229,343 | 224,426 | | Inventories and Parts, Net | 158,888 | 105,577 | | Prepaid Expenses | 236,915 | 469,144 | | Investments, Fixed Maturity and Equity Securities | 2,893,399 | 2,695,656 | | Investments, Other | 543,755 | 489,759 | | Deferred Policy Acquisition Costs, Net | 103,828 | 89,749 | | Other Assets | 60,409 | 47,730 | | Right-of-Use Assets - Finance, Net | 620,824 | 877,038 | | Right-of-Use Assets - Operating, Net | 74,382 | 92,505 | | Related Party Assets | 47,851 | 35,395 | | Property, Plant, and Equipment, Net | 9,625,850 | 8,330,615 | | **Total Assets** | **17,299,581** | **14,651,606** | | **Liabilities:** | | | | Accounts Payable and Accrued Expenses | 677,785 | 645,575 | | Notes, Loans, and Finance Leases Payable, Net | 6,022,497 | 4,668,907 | | Operating Lease Liabilities | 74,197 | 92,510 | | Policy Benefits and Losses, Claims and Loss Expenses Payable | 978,254 | 997,701 | | Investment Contract Liabilities | 2,336,238 | 2,161,530 | | Other Policyholder Funds and Liabilities | 10,812 | 12,420 | | Deferred Revenue | 49,157 | 42,592 | | Deferred Income Taxes, Net | 1,265,358 | 1,178,489 | | **Total Liabilities** | **11,414,298** | **9,799,724** | | **Stockholders' Equity:** | | | | Common Stock | 10,497 | 10,497 | | Additional Paid-in Capital | 453,819 | 453,819 | | Accumulated Other Comprehensive Income | 46,384 | 106,857 | | Retained Earnings | 6,052,233 | 4,958,359 | | Cost of Common Stock in Treasury, Net | (525,653) | (525,653) | | Cost of Preferred Stock in Treasury, Net | (151,997) | (151,997) | | **Total Stockholders' Equity** | **5,885,283** | **4,851,882** | | **Total Liabilities and Stockholders' Equity** | **17,299,581** | **14,651,606** | [Consolidated Statements of Operations](index=25&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations detail the company's revenues, costs, and expenses, leading to net income for fiscal years 2022, 2021, and 2020 Consolidated Statements of Operations Summary (FY2022 vs. FY2021 vs. FY2020) | Item ($ thousand) | FY2022 | FY2021 | FY2020 | | :---------------------------------------------- | :------------ | :------------ | :------------ | | **Revenue:** | | | | | Self-Moving Equipment Rentals | 3,958,807 | 3,083,317 | 2,692,413 | | Self-Storage Revenue | 617,120 | 477,262 | 418,741 | | Sales of Self-Moving and Storage Products and Services | 351,447 | 344,929 | 265,091 | | Property Management Fees | 35,194 | 31,603 | 30,406 | | Life Insurance Premiums | 111,027 | 121,609 | 127,976 | | Property and Casualty Insurance Premiums | 86,518 | 68,779 | 66,053 | | Net Investment and Interest Income | 148,261 | 122,938 | 137,829 | | Other Income | 431,373 | 291,548 | 240,359 | | **Total Revenue** | **5,739,747** | **4,541,985** | **3,978,868** | | **Costs and Expenses:** | | | | | Operating Expenses | 2,676,541 | 2,187,684 | 2,117,148 | | Commission Expense | 429,581 | 329,609 | 288,332 | | Cost of Sales | 259,585 | 214,059 | 164,018 | | Benefits and Losses | 186,647 | 179,512 | 174,836 | | Amortization of Deferred Policy Acquisition Costs | 33,854 | 28,293 | 31,219 | | Rental Expense | 29,910 | 28,470 | 26,882 | | Depreciation, Net Gain on Disposals | 482,752 | 609,930 | 637,063 | | Net (Gain) Loss on Disposal of Real Estate | (4,120) | 3,281 | (758) | | **Total Costs and Expenses** | **4,094,750** | **3,580,838** | **3,438,740** | | **Operating Earnings** | **1,644,997** | **961,147** | **540,128** | | Other Net Periodic Benefit Cost Components | (1,120) | (987) | (1,054) | | Interest Expense | (167,424) | (163,502) | (160,950) | | Early Debt Extinguishment Expense | (956) | – | – | | **Earnings Before Income Taxes** | **1,475,497** | **796,658** | **378,124** | | Income Tax (Expense) Benefit | (352,211) | (185,802) | 63,924 | | **Net Earnings Attributable to Common Stockholders** | **1,123,286** | **610,856** | **442,048** | | Basic and Diluted Earnings Per Share | $57.29 | $31.15 | $22.55 | | Weighted Average Common Shares Outstanding: Basic and Diluted | 19,607,788 | 19,607,788 | 19,603,708 | [Consolidated Statements of Comprehensive Income (Loss)](index=26&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The consolidated statements of comprehensive income (loss) present net income and other comprehensive income (loss) components for fiscal years 2022, 2021, and 2020 Consolidated Statements of Comprehensive Income (Loss) Summary (FY2022 vs. FY2021 vs. FY2020) | Item ($ thousand) | FY2022 | FY2021 | FY2020 | | :---------------------------------------------- | :------------ | :------------ | :------------ | | Net Earnings | 1,123,286 | 610,856 | 442,048 | | Other Comprehensive Income (Loss): | | | | | Foreign Currency Translation | (2,828) | (5,694) | 9,377 | | Net Unrealized (Loss) Gain on Investments | (62,626) | 76,969 | 97,943 | | Fair Value Changes on Cash Flow Hedges | 457 | (429) | (6,301) | | Amounts Reclassified from AOCI to Earnings | 2,978 | 2,746 | (2) | | Changes in Postretirement Benefit Obligations | 1,546 | (1,387) | 333 | | **Total Other Comprehensive (Loss) Income** | **(60,473)** | **72,205** | **101,350** | | **Total Comprehensive Income** | **1,062,813** | **683,061** | **543,398** | [Consolidated Statements of Changes in Stockholders' Equity](index=26&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) The consolidated statements of changes in stockholders' equity outline the movements in equity balances, including net earnings, other comprehensive income, and dividends, for fiscal years 2020-2022 Consolidated Statements of Changes in Stockholders' Equity Summary (FY2020-FY2022) | Item ($ thousand) | FY2022 | FY2021 | FY2020 | | :----------------------------------------- | :------------ | :------------ | :------------ | | Beginning Balance | 4,851,882 | 4,220,720 | 3,692,389 | | Net Earnings | 1,123,286 | 610,856 | 442,048 | | Other Comprehensive Income (Loss) | (60,473) | 72,205 | 101,350 | | Common Stock Dividends | (29,412) | (49,019) | (19,608) | | **Ending Balance** | **5,885,283** | **4,851,882** | **4,220,720** | [Consolidated Statements of Cash Flows](index=27&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows present the net cash flows from operating, investing, and financing activities, and the impact of exchange rates on cash, for fiscal years 2020-2022 Consolidated Statements of Cash Flows Summary (FY2020-FY2022) | Cash Flow Item | FY2022 ($ thousand) | FY2021 ($ thousand) | FY2020 ($ thousand) | | :--------------------------------- | :------------------ | :------------------ | :------------------ | | Net Cash Provided by Operating Activities | 1,946,235 | 1,535,395 | 1,075,513 | | Net Cash Used in Investing Activities | (1,867,176) | (1,129,529) | (1,766,649) | | Net Cash Provided by Financing Activities | 1,433,155 | 287,353 | 512,320 | | Effect of Exchange Rate on Cash | (2,089) | 6,441 | (533) | | Net Increase (Decrease) in Cash | 1,510,125 | 699,660 | (179,349) | | Cash at Beginning of Period | 1,194,012 | 494,352 | 673,701 | | Cash at End of Period | 2,704,137 | 1,194,012 | 494,352 | [Notes to Consolidated Financial Statements](index=27&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and additional information supporting the consolidated financial statements, covering accounting policies, investments, debt, and other financial disclosures [Note 1. Basis of Presentation](index=27&type=section&id=Note%201.%20Basis%20of%20Presentation) This note outlines the basis for presenting AMERCO's consolidated financial statements, including the fiscal year ends for the parent company and its insurance subsidiaries - AMERCO's fiscal year ends on March 31, while its insurance subsidiaries' fiscal years end on December 31, with consolidation performed on this basis[283](index=283&type=chunk)[285](index=285&type=chunk) [Note 2. Principles of Consolidation](index=28&type=section&id=Note%202.%20Principles%20of%20Consolidation) This note describes the principles of consolidation applied by the company, including the treatment of variable interest entities and the identification of reporting segments - The company applies consolidation principles under ASC 810 (Consolidation), evaluating variable interest entities (VIEs) and consolidating subsidiaries where it holds a controlling financial interest or effective control[287](index=287&type=chunk)[288](index=288&type=chunk)[290](index=290&type=chunk) - AMERCO is the holding company for U-Haul International, Inc., Amerco Real Estate Company, Repwest Insurance Company, and Oxford Life Insurance Company[291](index=291&type=chunk) - AMERCO has three reporting segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance[293](index=293&type=chunk) [Note 3. Accounting Policies](index=28&type=section&id=Note%203.%20Accounting%20Policies) This note details the company's significant accounting policies, including those for cash equivalents, investments, inventory, property, plant and equipment, receivables, insurance reserves, revenue recognition, and income taxes - Key accounting policies include principles of consolidation, recoverability of property, plant, and equipment, adequacy of insurance reserves, recognition and measurement of investment impairments, and recognition and measurement of income tax assets and liabilities[297](index=297&type=chunk) - Cash equivalents are highly liquid debt securities with insignificant interest rate risk and original maturities of three months or less at the time of purchase[298](index=298&type=chunk) - Fixed maturity investments and equity securities are reported at fair value, with unrealized gains and losses recorded in stockholders' equity[300](index=300&type=chunk) - The company applies an expected credit loss model to recognize allowances for credit losses on available-for-sale debt securities[300](index=300&type=chunk)[359](index=359&type=chunk) - Derivative financial instruments are used to manage interest rate risk and are recognized at fair value on the balance sheet[306](index=306&type=chunk) - Inventories primarily consist of truck and trailer parts for manufacturing and repairing rental equipment, and retail products, measured at the lower of cost or net realizable value, primarily using the last-in, first-out (LIFO) method[307](index=307&type=chunk)[309](index=309&type=chunk) - Property, plant, and equipment are stated at cost, depreciated using straight-line or accelerated methods, and regularly assessed for asset recoverability and salvage value[310](index=310&type=chunk)[311](index=311&type=chunk) - Receivables include trade receivables, insurance premiums, and reinsurance recoverables, net of management's estimate for expected losses[316](index=316&type=chunk) - Insurance reserves (life, Medicare supplement, annuity, property, and casualty) are determined based on actuarial estimates and historical experience, and their adequacy is regularly reviewed[324](index=324&type=chunk)[326](index=326&type=chunk)[328](index=328&type=chunk) - U-Haul's self-insurance accrual was **$418.9 million** as of March 31, 2022, covering public liability and property damage risks related to rental equipment[330](index=330&type=chunk) - Revenue recognition occurs over the lease term (self-moving rentals, self-storage income) or when ownership transfers (product sales), with insurance premiums recognized over the policy period[333](index=333&type=chunk) - Deferred policy acquisition costs (DAC) and sales inducement assets (SIA) are amortized in proportion to related premium revenue or the present value of expected gross profits[337](index=337&type=chunk)[338](index=338&type=chunk) - Income taxes are calculated on a consolidated tax return basis, with deferred income taxes reflecting temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements[340](index=340&type=chunk)[341](index=341&type=chunk) [Note 4. Reinsurance Recoverables and Trade Receivables, Net](index=31&type=section&id=Note%204.%20Reinsurance%20Recoverables%20and%20Trade%20Receivables,%20Net) This note provides a breakdown of reinsurance recoverables and trade receivables, net of credit loss allowances, as of March 31, 2022, and 2021 Reinsurance Recoverables and Trade Receivables, Net (As of March 31, 2022 vs. March 31, 2021) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | | :----------------------------------------- | :------------- | :------------- | | Reinsurance Recoverables | 50,586 | 66,386 | | Trade Receivables | 150,285 | 121,251 | | Paid Loss Recoverables | 345 | 276 | | Accrued Investment Income | 28,689 | 27,883 | | Premiums and Agents' Balances | 1,650 | 2,546 | | Independent Dealer Receivables | 73 | 258 | | Other Receivables | 6,364 | 10,247 | | **Subtotal** | **237,992** | **228,847** | | Less: Allowance for Credit Losses | (8,649) | (4,421) | | **Total** | **229,343** | **224,426** | - As of March 31, 2022, the allowance for credit losses on trade receivables was **$8.6 million**[323](index=323&type=chunk) [Note 5. Investments](index=32&type=section&id=Note%205.%20Investments) This note details the company's investment portfolio, including available-for-sale securities, equity investments, and other investments, with fair value disclosures as of March 31, 2022, and 2021 Available-for-Sale Investments (As of March 31, 2022) | Item | Amortized Cost ($ thousand) | Fair Value ($ thousand) | | :--------------------------------- | :-------------------------- | :---------------------- | | U.S. Treasury and Government Bonds | 128,078 | 135,093 | | U.S. Government Agency Mortgage-Backed Securities | 44,678 | 41,805 | | State and Political Subdivision Bonds | 178,040 | 192,982 | | Corporate Securities | 1,989,212 | 2,121,055 | | Mortgage-Backed Securities | 324,029 | 330,157 | | **Total** | **2,664,037** | **2,821,092** | Available-for-Sale Investments (As of March 31, 2021) | Item | Amortized Cost ($ thousand) | Fair Value ($ thousand) | | :--------------------------------- | :-------------------------- | :---------------------- | | U.S. Treasury and Government Bonds | 92,429 | 105,370 | | U.S. Government Agency Mortgage-Backed Securities | 61,427 | 62,205 | | State and Political Subdivision Bonds | 230,521 | 255,708 | | Corporate Securities | 1,846,507 | 2,043,831 | | Mortgage-Backed Securities | 174,728 | 186,425 | | **Total** | **2,405,612** | **2,653,539** | - In FY2022, the company sold available-for-sale securities with a fair value of **$352.3 million**, realizing gross gains of **$9.5 million** and gross losses of **$1.4 million**[358](index=358&type=chunk) - No incremental impairment charges were recorded in FY2022[361](index=361&type=chunk) Equity Investments (As of March 31, 2022 vs. March 31, 2021) | Item | March 31, 2022 Cost ($ thousand) | March 31, 2022 Fair Value ($ thousand) | March 31, 2021 Cost ($ thousand) | March 31, 2021 Fair Value ($ thousand) | | :------------------------- | :------------------------------- | :------------------------------------- | :------------------------------- | :------------------------------------- | | Common Stock | 27,674 | 46,212 | 9,775 | 20,440 | | Non-Redeemable Preferred Stock | 26,054 | 26,095 | 20,034 | 21,677 | | **Total** | **53,728** | **72,307** | **29,809** | **42,117** | Other Investments (As of March 31, 2022 vs. March 31, 2021) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | | :------------------------- | :------------- | :------------- | | Mortgage Loans, Net | 423,163 | 391,230 | | Short-Term Investments | 30,916 | 7,234 | | Real Estate | 67,824 | 68,813 | | Policy Loans | 10,309 | 11,163 | | Other Equity Investments | 11,543 | 11,319 | | **Total** | **543,755** | **489,759** | [Note 6. Other Assets](index=33&type=section&id=Note%206.%20Other%20Assets) This note provides a breakdown of other assets, including debt-related and real estate-related deposits, as of March 31, 2022, and 2021 Other Assets (As of March 31, 2022 vs. March 31, 2021) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | | :------------------------- | :------------- | :------------- | | Deposits (Debt Related) | 37,588 | 33,952 | | Life Insurance Cash Surrender Value | – | 567 | | Deposits (Real Estate Related) | 22,821 | 13,211 | | **Total** | **60,409** | **47,730** | [Note 7. Net Investment and Interest Income](index=33&type=section&id=Note%207.%20Net%20Investment%20and%20Interest%20Income) This note details the components of net investment and interest income for fiscal years 2022, 2021, and 2020, including contributions from fixed income, real estate, and mortgage loans Net Investment and Interest Income (FY2022 vs. FY2021 vs. FY2020) | Item ($ thousand) | FY2022 | FY2021 | FY2020 | | :---------------------------------------------- | :------------ | :------------ | :------------ | | Fixed Maturity | 111,625 | 102,021 | 107,434 | | Real Estate | 5,648 | 5,769 | 7,304 | | Policy Loans | 705 | 829 | 974 | | Mortgage Loans | 25,850 | 18,248 | 17,164 | | Short-Term, Amounts Held by Reinsurers, Net and Other Investments | 11,713 | 3,103 | 9,807 | | **Investment Income** | **155,541** | **129,970** | **142,683** | | Less: Investment Expenses | (7,280) | (7,032) | (4,854) | | **Net Investment and Interest Income** | **148,261** | **122,938** | **137,829** | [Note 8. Borrowings](index=34&type=section&id=Note%208.%20Borrowings) This note provides a detailed breakdown of the company's long-term debt, including notes, loans, and finance leases payable, as of March 31, 2022, and 2021, and their annual maturities Long-Term Debt (As of March 31, 2022 vs. March 31, 2021) | Debt Type | March 31, 2022 ($ thousand) | March 31, 2021 ($ thousand) | | :----------------------------------------- | :-------------------------- | :-------------------------- | | Real Estate Loans (Amortizing) | 50,259 | 82,913 | | Senior Mortgage Loans | 2,206,268 | 2,125,324 | | Real Estate Loans (Revolving Credit) | 535,000 | 535,000 | | Fleet Loans (Amortizing) | 124,651 | 176,295 | | Fleet Loans (Revolving Credit) | 560,000 | 535,000 | | Finance Leases (Rental Equipment) | 347,393 | 513,623 | | Financing Liabilities (Rental Equipment) | 949,936 | 644,375 | | Private Placements | 1,200,000 | – | | Other Obligations | 86,206 | 86,085 | | **Notes, Loans, and Finance Leases Payable** | **6,059,713** | **4,698,615** | | Less: Debt Issuance Costs | (37,216) | (29,708) | | **Total Notes, Loans, and Finance Leases Payable, Net** | **6,022,497** | **4,668,907** | - In September and December 2021, AMERCO issued **$1.2 billion** in fixed-rate unsecured senior notes through private placements, with maturities ranging from 2029 to 2035[386](index=386&type=chunk)[387](index=387&type=chunk) - As of March 31, 2022, U-Notes® (issued through uhaulinvestorsclub.com) had an aggregate principal amount outstanding of **$88.5 million**, with interest rates ranging from **1.50% to 8.00%** and maturities between 2022 and 2049[388](index=388&type=chunk)[389](index=389&type=chunk) - As of December 31, 2021, Oxford had **$60 million** in outstanding advances through the Federal Home Loan Bank (FHLB)[390](index=390&type=chunk) Annual Maturities of Notes, Loans, and Finance Leases Payable (As of March 31, 2022) | Fiscal Year End | 2023 ($ thousand) | 2024 ($ thousand) | 2025 ($ thousand) | 2026 ($ thousand) | 2027 ($ thousand) | Thereafter ($ thousand) | Total ($ thousand) | | :-------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------------- | :----------------- | | Principal | 478,954 | 937,542 | 898,740 | 570,127 | 559,961 | 2,614,389 | 6,059,713 | [Note 9. Interest on Borrowings](index=35&type=section&id=Note%209.%20Interest%20on%20Borrowings) This note details the components of interest expense on borrowings, including capitalized interest, transaction cost amortization, and cash flow hedge impacts, for fiscal years 2020-2022 Components of Interest Expense (FY2022 vs. FY2021 vs. FY2020) | Item ($ thousand) | FY2022 | FY2021 | FY2020 | | :----------------------------------------- | :------------ | :------------ | :------------ | | Interest Expense | 167,618 | 165,484 | 180,444 | | Capitalized Interest | (9,700) | (11,573) | (23,517) | | Amortization of Transaction Costs | 5,556 | 5,949 | 4,427 | | Interest Expense from Cash Flow Hedges | 3,950 | 3,642 | (404) | | **Total Interest Expense** | **167,424** | **163,502** | **160,950** | - In FY2022, cash interest paid (including payments related to derivative contracts) was **$147.9 million**[393](index=393&type=chunk) Revolving Credit Activity (FY2020-FY2022) | Metric | FY2022 | FY2021 | FY2020 | | :----------------------------------- | :---------- | :---------- | :---------- | | Weighted Average Interest Rate During Year | 1.40% | 1.40% | 3.31% | | Interest Rate at Year-End | 1.49% | 1.40% | 2.86% | | Maximum Amount Outstanding During Year ($ thousand) | 1,105,000 | 1,175,000 | 1,086,000 | | Average Amount Outstanding During Year ($ thousand) | 1,085,074 | 1,088,293 | 1,002,081 | | Facility Fees ($ thousand) | 253 | 261 | 193 | [Note 10. Derivatives](index=35&type=section&id=Note%2010.%20Derivatives) This note describes the company's use of interest rate swaps to hedge LIBOR risk and derivatives to hedge equity market risk for indexed annuity products, with fair value disclosures - The company uses interest rate swap agreements to hedge LIBOR interest rate risk, with these swaps recognized at fair value on the balance sheet as prepaid expenses (assets) or accrued expenses (liabilities)[395](index=395&type=chunk)[396](index=396&type=chunk) Fair Value of Derivatives (As of March 31, 2022 vs. March 31, 2021) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | | :----------------------------------------- | :------------- | :------------- | | Assets | – | – | | Liabilities | 587 | 5,141 | | Notional Amount (Debt) | 235,000 | 235,000 | - In FY2022, the fair value of the company's cash flow hedges increased by **$0.5 million** (net of tax), and **$3.9 million** was reclassified from accumulated other comprehensive income (AOCI) to interest expense[398](index=398&type=chunk) - The company uses derivatives to hedge equity market risk for indexed annuity products sold by its life insurance company, with these derivatives measured at fair value on the balance sheet[399](index=399&type=chunk) - As of December 31, 2021, the net market value of these derivative hedging instruments was **$7.5 million**, with a notional amount of **$416.7 million**[399](index=399&type=chunk) [Note 11. Accumulated Other Comprehensive Income (Loss)](index=36&type=section&id=Note%2011.%20Accumulated%20Other%20Comprehensive%20Income%20(Loss)) This note presents the components of accumulated other comprehensive income (loss), including foreign currency translation adjustments, unrealized investment gains/losses, and cash flow hedge fair value changes, as of March 31, 2022, 2021, and 2020 Components of Accumulated Other Comprehensive Income (Loss) (As of March 31, 2022 vs. March 31, 2021 vs. March 31, 2020) | Item ($ thousand) | March 31, 2022 | March 31, 2021 | March 31, 2020 | | :---------------------------------------------- | :------------- | :------------- | :------------- | | Foreign Currency Translation | (55,757) | (52,929) | (47,235) | | Net Unrealized Gain on Investments | 105,027 | 167,653 | 90,684 | | Fair Value of Cash Flow Hedges | (444) | (3,879) | (6,196) | | Net Loss on Postretirement Benefit Obligations | (2,442) | (3,988) | (2,601) | | **Total Accumulated Other Comprehensive Income (Loss)** | **46,384** | **106,857** | **34,652** | [Note 12. Stockholders' Equity](index=37&type=section&id=Note%2012.%20Stockholders'%20Equity) This note provides information on stockholders' equity, including common stock dividends declared for fiscal years 2020-2022 Common Stock Dividends (FY2020-FY2022) | Declaration Date | Amount Per Share | Record Date | Payment Date | | :--------------- | :--------------- | :------------- | :------------- | | October 6, 2021 | $0.50 | October 18, 2021 | October 29, 2021 | | August 19, 2021 | $0.50 | September 7, 2021 | September 21, 2021 | | June 9, 2021 | $0.50

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 December 31, 2021 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 ...

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, 2021 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 ...

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 June 30, 2021 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 I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended March 31, 2021 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 Nevada 88-0106815 Registra ...

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 December 31, 2020 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 ...

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, 2020 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 ...

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 June 30, 2020 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 Identificatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended March 31, 2020 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 Nevada 88-0106815 Registra ...

For the quarterly period ended December 31, 2019 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 Registrant, State of Incorporation, Address and Telephone Number I.R.S. Employer Identification No. 001-11255 AMERCO 88-0106815 (A Nevada Corporation) 5555 Kietzke Lane Suite 100 Reno NV 89511 Telephone 775 688-6300 N/A (Former Name, Former Address and Former Fiscal Year, ...