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Related Party Transactions | 12 Months Ended
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Mar. 31, 2019
Related Party Transactions [Abstract] |
Related Party Transactions | As set forth in the Company’s Audit Committee Charter and consistent with NASDAQ Listing Rules, our Audit Committee (the “Audit Committee”) reviews and maintains oversight over related party transactions which are required to be disclosed under the Securities and Exchange Commission (“SEC”) rules and regulations and in accordance with GAAP. Accordingly, all such related party transactions are submitted to the Audit Committee for ongoing review and oversight. Our internal processes are designed to ensure that our legal and finance departments identify and monitor potential related party transactions that may require disclosure and Audit Committee oversight. AMERCO has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group as disclosed below. Management believes that the transactions described below and in the related notes were completed on terms substantially equivalent to those that would prevail in arm’s-length transactions. SAC Holding Corporation and SAC Holding II Corporation (collectively “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. In the past, we sold real estate and various self-storage properties to SAC Holdings, and such sales provided significant cash flows to us. SAC Holdings, Four SAC Self-Storage Corporation (“4 SAC”), Five SAC Self-Storage Corporation (“5 SAC”), Galaxy Investments, L.P. (“Galaxy”) and Private Mini Storage Realty, L.P. (“Private Mini”) are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly-owned by Willow Grove Holdings LP (“WGHLP”), which is owned by Mark V. Shoen, and various trusts associated with Edward J. Shoen and Mark V. Shoen. Related Party Revenues
|  | Years Ended March 31,
|  | 2019 |  | 2018 |  | 2017
|  | (In thousands)
U-Haul interest income revenue from Blackwater | $ | – | $ | 3,326 | $ | 4,880
U-Haul management fee revenue from Blackwater |  | 23,986 |  | 23,577 |  | 23,130
U-Haul management fee revenue from Mercury |  | 5,162 |  | 6,025 |  | 5,945
| $ | 29,148 | $ | 32,928 | $ | 33,955
We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $30.0 million, $29.5 million and $27.8 million from the above-mentioned entities during fiscal 2019, 2018 and 2017, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are indirectly owned by Mark V. Shoen, James P. Shoen, and a trust benefitting the children and grandchildren of Edward J. Shoen. Related Party Costs and Expenses
|  | Years Ended March 31,
|  | 2019 |  | 2018 |  | 2017
|  | (In thousands)
U-Haul lease expenses to Blackwater | $ | 2,678 | $ | 2,684 | $ | 2,740
U-Haul commission expenses to Blackwater |  | 61,434 |  | 58,595 |  | 57,113
| $ | 64,112 | $ | 61,279 | $ | 59,853
We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us. At March 31, 2019, subsidiaries of Blackwater acted as U-Haul independent dealers. The financial and other terms of the dealership contracts with the aforementioned companies and their subsidiaries are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues. These agreements and notes with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $24.0 million, expenses of $2.7 million and cash flows of $21.3 million during fiscal 2019. Revenues and commission expenses related to the Dealer Agreements were $288.2 million and $61.4 million, respectively for fiscal 2019. Management determined that management agreements with subsidiaries of Blackwater represent potential variable interests for us. Management evaluated whether it should be identified as the primary beneficiary of one or more of these VIEs using a two-step approach in which management (i) identified all other parties that hold interests in the VIEs, and (ii) determined if any variable interest holder has the power to direct the activities of the VIEs that most significantly impact their economic performance. Management determined that we do not have a variable interest in the holding entities of Blackwater based upon management agreements which are with the individual operating entities; therefore, we are precluded from consolidating these entities. We do not have the power to direct the activities that most significantly impact the economic performance of the individual operating entities which have management agreements with U-Haul. There are no fees or penalties disclosed in the management agreement for termination of the agreement. Through control of the holding entities' assets, and its ability and history of making key decisions relating to the entity and its assets, Blackwater, and its owner, are the variable interest holder with the power to direct the activities that most significantly impact each of the individual holding entities and the individual operating entities’ performance. As a result, we have no basis to consolidate these entities. We have not provided financial or other support explicitly or implicitly during the fiscal years ended March 31, 2019 and 2018, respectively to any of these entities that it was not previously contractually required to provide. In addition, we currently have no plan to provide any financial support to any of these entities in the future. The carrying amount and classification of the assets and liabilities in our balance sheets that relate to our variable interests in the aforementioned entities are as follows, which approximate the maximum exposure to loss as a result of our involvement with these entities: Related Party Assets
|  | March 31,
|  | 2019 |  | 2018
|  | (In thousands)
U-Haul receivable from Blackwater |  | 25,158 |  | 24,034
U-Haul receivable from Mercury |  | 7,234 |  | 10,357
Other (a) |  | (1,503) |  | (1,115)
| $ | 30,889 | $ | 33,276
(a) Timing differences for intercompany balances with insurance subsidiaries resulting from the three month difference in reporting periods.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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