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v3.23.3

Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | 6 Months Ended | 12 Months Ended
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Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023
Table Text Block Supplement [Abstract] |  |  |  |  |
Consolidated Balance Sheet by Industry Segment |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |
Cash and cash equivalents | $ | 2,068,790 | $ | 44,272 | $ | 32,069 | $ | – |  | $ | 2,145,131
Reinsurance recoverables and trade receivables, net |  | 130,372 |  | 50,525 |  | 31,668 |  | – |  |  | 212,565
Inventories and parts |  | 161,535 |  | – |  | – |  | – |  |  | 161,535
Prepaid expenses |  | 263,541 |  | – |  | – |  | – |  |  | 263,541
Investments, fixed maturities and marketable equities |  | 97,372 |  | 268,769 |  | 2,168,023 |  | – |  |  | 2,534,164
Investments, other |  | 23,330 |  | 115,583 |  | 511,238 |  | – |  |  | 650,151
Deferred policy acquisition costs, net |  | – |  | – |  | 121,365 |  | – |  |  | 121,365
Other assets |  | 46,667 |  | 800 |  | 5,302 |  | – |  |  | 52,769
Right of use assets - financing, net |  | 377,733 |  | – |  | – |  | – |  |  | 377,733
Right of use assets - operating, net |  | 64,378 |  | 785 |  | 153 |  | – |  |  | 65,316
Related party assets |  | 62,931 |  | 1,223 |  | 11,808 |  | (35,822) | (c) |  | 40,140
|  | 3,296,649 |  | 481,957 |  | 2,881,626 |  | (35,822) |  |  | 6,624,410
Investment in subsidiaries |  | 462,493 |  | – |  | – |  | (462,493) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 1,613,871 |  | – |  | – |  | – |  |  | 1,613,871
Buildings and improvements |  | 7,649,849 |  | – |  | – |  | – |  |  | 7,649,849
Furniture and equipment |  | 966,211 |  | – |  | – |  | – |  |  | 966,211
Rental trailers and other rental equipment |  | 912,046 |  | – |  | – |  | – |  |  | 912,046
Rental trucks |  | 5,921,507 |  | – |  | – |  | – |  |  | 5,921,507
|  | 17,063,484 |  | – |  | – |  | – |  |  | 17,063,484
Less: Accumulated depreciation |  | (4,666,444) |  | – |  | – |  | – |  |  | (4,666,444)
Total property, plant and equipment, net |  | 12,397,040 |  | – |  | – |  | – |  |  | 12,397,040
Total assets | $ | 16,156,182 | $ | 481,957 | $ | 2,881,626 | $ | (498,315) |  | $ | 19,021,450
(a) Balances as of June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by operating segment as of September 30, 2023, continued:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 745,606 | $ | 4,472 | $ | 7,910 | $ | – |  | $ | 757,988
Notes, loans and finance leases payable, net |  | 6,400,899 |  | – |  | – |  | – |  |  | 6,400,899
Operating lease liabilities |  | 63,627 |  | 800 |  | 153 |  | – |  |  | 64,580
Policy benefits and losses, claims and loss expenses payable |  | 324,642 |  | 150,148 |  | 390,607 |  | – |  |  | 865,397
Liabilities from investment contracts |  | – |  | – |  | 2,393,590 |  | – |  |  | 2,393,590
Other policyholders' funds and liabilities |  | – |  | 2,126 |  | 5,551 |  | – |  |  | 7,677
Deferred income |  | 56,821 |  | – |  | – |  | – |  |  | 56,821
Deferred income taxes, net |  | 1,514,732 |  | 3,973 |  | (74,585) |  | – |  |  | 1,444,120
Related party liabilities |  | 25,754 |  | 2,969 |  | 13,376 |  | (42,099) | (c) |  | –
Total liabilities |  | 9,132,081 |  | 164,488 |  | 2,736,602 |  | (42,099) |  |  | 11,991,072
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |
Series preferred stock: |  |  |  |  |  |  |  |  |  |  |
Series A preferred stock |  | – |  | – |  | – |  | – |  |  | –
Series B preferred stock |  | – |  | – |  | – |  | – |  |  | –
Series A common stock |  | – |  | – |  | – |  | – |  |  | –
Voting Common stock |  | 10,497 |  | 3,301 |  | 2,500 |  | (5,801) | (b) |  | 10,497
Non-Voting Common stock |  | 176 |  | – |  | – |  | – |  |  | 176
Additional paid-in capital |  | 453,853 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 453,643
Accumulated other comprehensive income (loss) |  | (281,941) |  | (13,532) |  | (218,470) |  | 238,279 | (b) |  | (275,664)
Retained earnings |  | 7,519,166 |  | 236,580 |  | 334,723 |  | (571,093) | (b) |  | 7,519,376
Cost of common stock in treasury, net |  | (525,653) |  | – |  | – |  | – |  |  | (525,653)
Cost of preferred stock in treasury, net |  | (151,997) |  | – |  | – |  | – |  |  | (151,997)
Total stockholders' equity |  | 7,024,101 |  | 317,469 |  | 145,024 |  | (456,216) |  |  | 7,030,378
Total liabilities and stockholders' equity | $ | 16,156,182 | $ | 481,957 | $ | 2,881,626 | $ | (498,315) |  | $ | 19,021,450
(a) Balances as of June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
Assets: |  | (In thousands)
Cash and cash equivalents | $ | 2,034,242 | $ | 11,276 | $ | 15,006 | $ | – |  | $ | 2,060,524
Reinsurance recoverables and trade receivables, net |  | 107,823 |  | 48,344 |  | 33,331 |  | – |  |  | 189,498
Inventories and parts |  | 151,474 |  | – |  | – |  | – |  |  | 151,474
Prepaid expenses |  | 241,711 |  | – |  | – |  | – |  |  | 241,711
Investments, fixed maturities and marketable equities |  | 227,737 |  | 271,156 |  | 2,271,501 |  | – |  |  | 2,770,394
Investments, other |  | 23,314 |  | 125,130 |  | 427,096 |  | – |  |  | 575,540
Deferred policy acquisition costs, net |  | – |  | – |  | 128,463 |  | – |  |  | 128,463
Other assets |  | 46,438 |  | 730 |  | 3,884 |  | – |  |  | 51,052
Right of use assets - financing, net |  | 474,765 |  | – |  | – |  | – |  |  | 474,765
Right of use assets - operating, net |  | 57,978 |  | 914 |  | 25 |  | – |  |  | 58,917
Related party assets |  | 69,144 |  | 2,347 |  | 12,268 |  | (35,451) | (c) |  | 48,308
|  | 3,434,626 |  | 459,897 |  | 2,891,574 |  | (35,451) |  |  | 6,750,646
Investment in subsidiaries |  | 426,779 |  | – |  | – |  | (426,779) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 1,537,206 |  | – |  | – |  | – |  |  | 1,537,206
Buildings and improvements |  | 7,088,810 |  | – |  | – |  | – |  |  | 7,088,810
Furniture and equipment |  | 928,241 |  | – |  | – |  | – |  |  | 928,241
Rental trailers and other rental equipment |  | 827,696 |  | – |  | – |  | – |  |  | 827,696
Rental trucks |  | 5,278,340 |  | – |  | – |  | – |  |  | 5,278,340
|  | 15,660,293 |  | – |  | – |  | – |  |  | 15,660,293
Less: Accumulated depreciation |  | (4,310,205) |  | – |  | – |  | – |  |  | (4,310,205)
Total property, plant and equipment, net |  | 11,350,088 |  | – |  | – |  | – |  |  | 11,350,088
Total assets | $ | 15,211,493 | $ | 459,897 | $ | 2,891,574 | $ | (462,230) |  | $ | 18,100,734
(a) Balances as of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by operating segment as of March 31, 2023, continued:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 729,679 | $ | 4,470 | $ | 26,890 | $ | – |  | $ | 761,039
Notes, loans and finance leases payable, net |  | 6,108,042 |  | – |  | – |  | – |  |  | 6,108,042
Operating lease liabilities |  | 57,418 |  | 928 |  | 27 |  | – |  |  | 58,373
Policy benefits and losses, claims and loss expenses payable |  | 335,227 |  | 153,007 |  | 391,968 |  | – |  |  | 880,202
Liabilities from investment contracts |  | – |  | – |  | 2,398,884 |  | – |  |  | 2,398,884
Other policyholders' funds and liabilities |  | – |  | 2,702 |  | 5,530 |  | – |  |  | 8,232
Deferred income |  | 52,282 |  | – |  | – |  | – |  |  | 52,282
Deferred income taxes, net |  | 1,405,391 |  | 1,713 |  | (77,615) |  | – |  |  | 1,329,489
Related party liabilities |  | 25,082 |  | 2,544 |  | 13,644 |  | (41,270) | (c) |  | –
Total liabilities |  | 8,713,121 |  | 165,364 |  | 2,759,328 |  | (41,270) |  |  | 11,596,543
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |
Series preferred stock: |  |  |  |  |  |  |  |  |  |  |
Series A preferred stock |  | – |  | – |  | – |  | – |  |  | –
Series B preferred stock |  | – |  | – |  | – |  | – |  |  | –
Series A common stock |  | – |  | – |  | – |  | – |  |  | –
Voting Common stock |  | 10,497 |  | 3,301 |  | 2,500 |  | (5,801) | (b) |  | 10,497
Non-Voting Common Stock |  | 176 |  | – |  | – |  | – |  |  | 176
Additional paid-in capital |  | 453,853 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 453,643
Accumulated other comprehensive income (loss) |  | (291,442) |  | (14,720) |  | (225,904) |  | 246,443 | (b) |  | (285,623)
Retained earnings |  | 7,002,938 |  | 214,832 |  | 329,379 |  | (544,001) | (b) |  | 7,003,148
Cost of common shares in treasury, net |  | (525,653) |  | – |  | – |  | – |  |  | (525,653)
Cost of preferred shares in treasury, net |  | (151,997) |  | – |  | – |  | – |  |  | (151,997)
Total stockholders' equity |  | 6,498,372 |  | 294,533 |  | 132,246 |  | (420,960) |  |  | 6,504,191
Total liabilities and stockholders' equity | $ | 15,211,493 | $ | 459,897 | $ | 2,891,574 | $ | (462,230) |  | $ | 18,100,734
(a) Balances as of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations by Industry Segment |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,070,688 | $ | – | $ | – | $ | (1,283) | (c) | $ | 1,069,405
Self-storage revenues |  | 208,890 |  | – |  | – |  | – |  |  | 208,890
Self-moving and self-storage products and service sales |  | 91,571 |  | – |  | – |  | – |  |  | 91,571
Property management fees |  | 9,267 |  | – |  | – |  | – |  |  | 9,267
Life insurance premiums |  | – |  | – |  | 22,498 |  | – |  |  | 22,498
Property and casualty insurance premiums |  | – |  | 26,371 |  | – |  | (800) | (c) |  | 25,571
Net investment and interest income |  | 28,520 |  | 5,481 |  | 31,621 |  | (884) | (b) |  | 64,738
Other revenue |  | 156,642 |  | – |  | 1,403 |  | (125) | (b) |  | 157,920
Total revenues |  | 1,565,578 |  | 31,852 |  | 55,522 |  | (3,092) |  |  | 1,649,860
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 820,617 |  | 12,113 |  | 4,731 |  | (2,203) | (b,c) |  | 835,258
Commission expenses |  | 111,961 |  | – |  | – |  | – |  |  | 111,961
Cost of sales |  | 66,620 |  | – |  | – |  | – |  |  | 66,620
Benefits and losses |  | – |  | 4,229 |  | 38,324 |  | – |  |  | 42,553
Amortization of deferred policy acquisition costs |  | – |  | – |  | 6,826 |  | – |  |  | 6,826
Lease expense |  | 8,839 |  | 91 |  | 33 |  | (513) | (b) |  | 8,450
Depreciation, net of gains on disposals |  | 154,122 |  | – |  | – |  | – |  |  | 154,122
Net losses on disposal of real estate |  | 1,715 |  | – |  | – |  | – |  |  | 1,715
Total costs and expenses |  | 1,163,874 |  | 16,433 |  | 49,914 |  | (2,716) |  |  | 1,227,505
Earnings from operations before equity in earnings of subsidiaries |  | 401,704 |  | 15,419 |  | 5,608 |  | (376) |  |  | 422,355
Equity in earnings of subsidiaries |  | 16,862 |  | – |  | – |  | (16,862) | (d) |  | –
Earnings from operations |  | 418,566 |  | 15,419 |  | 5,608 |  | (17,238) |  |  | 422,355
Other components of net periodic benefit costs |  | (364) |  | – |  | – |  | – |  |  | (364)
Interest expense |  | (64,199) |  | – |  | (120) |  | 376 | (b) |  | (63,943)
Pretax earnings |  | 354,003 |  | 15,419 |  | 5,488 |  | (16,862) |  |  | 358,048
Income tax expense |  | (80,495) |  | (3,181) |  | (864) |  | – |  |  | (84,540)
Net earnings available to common stockholders | $ | 273,508 | $ | 12,238 | $ | 4,624 | $ | (16,862) |  | $ | 273,508
(a) Balances for the quarter ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,163,376 | $ | – | $ | – | $ | (1,351) | (c) | $ | 1,162,025
Self-storage revenues |  | 185,586 |  | – |  | – |  | – |  |  | 185,586
Self-moving and self-storage products and service sales |  | 96,864 |  | – |  | – |  | – |  |  | 96,864
Property management fees |  | 9,277 |  | – |  | – |  | – |  |  | 9,277
Life insurance premiums |  | – |  | – |  | 25,456 |  | – |  |  | 25,456
Property and casualty insurance premiums |  | – |  | 25,960 |  | – |  | (242) | (c) |  | 25,718
Net investment and interest income (loss) |  | 15,077 |  | (2,597) |  | 19,041 |  | (1,012) | (b) |  | 30,509
Other revenue |  | 166,678 |  | – |  | 1,199 |  | (448) | (b) |  | 167,429
Total revenues |  | 1,636,858 |  | 23,363 |  | 45,696 |  | (3,053) |  |  | 1,702,864
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 796,498 |  | 11,576 |  | 5,558 |  | (2,038) | (b,c) |  | 811,594
Commission expenses |  | 125,341 |  | – |  | – |  | – |  |  | 125,341
Cost of sales |  | 72,625 |  | – |  | – |  | – |  |  | 72,625
Benefits and losses |  | – |  | 6,075 |  | 33,437 |  | – |  |  | 39,512
Amortization of deferred policy acquisition costs |  | – |  | – |  | 6,972 |  | – |  |  | 6,972
Lease expense |  | 8,261 |  | 26 |  | 26 |  | (629) | (b) |  | 7,684
Depreciation, net of gains on disposals |  | 117,318 |  | – |  | – |  | – |  |  | 117,318
Net losses on disposal of real estate |  | 1,872 |  | – |  | – |  | – |  |  | 1,872
Total costs and expenses |  | 1,121,915 |  | 17,677 |  | 45,993 |  | (2,667) |  |  | 1,182,918
Earnings from operations before equity in earnings of subsidiaries |  | 514,943 |  | 5,686 |  | (297) |  | (386) |  |  | 519,946
Equity in earnings of subsidiaries |  | 3,906 |  | – |  | – |  | (3,906) | (d) |  | –
Earnings (losses) from operations |  | 518,849 |  | 5,686 |  | (297) |  | (4,292) |  |  | 519,946
Other components of net periodic benefit costs |  | (304) |  | – |  | – |  | – |  |  | (304)
Interest expense |  | (57,459) |  | – |  | (120) |  | 386 | (b) |  | (57,193)
Fees on early extinguishment of debt |  | (959) |  | – |  | – |  | – |  |  | (959)
Pretax earnings (losses) |  | 460,127 |  | 5,686 |  | (417) |  | (3,906) |  |  | 461,490
Income tax expense |  | (110,261) |  | (1,167) |  | (196) |  | – |  |  | (111,624)
Net earnings (losses) available to common stockholders | $ | 349,866 | $ | 4,519 | $ | (613) | $ | (3,906) |  | $ | 349,866
(a) Balances for the quarter ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 2,070,767 | $ | – | $ | – | $ | (2,156) | (c) | $ | 2,068,611
Self-storage revenues |  | 407,851 |  | – |  | – |  | – |  |  | 407,851
Self-moving and self-storage products and service sales |  | 192,443 |  | – |  | – |  | – |  |  | 192,443
Property management fees |  | 18,444 |  | – |  | – |  | – |  |  | 18,444
Life insurance premiums |  | – |  | – |  | 45,629 |  | – |  |  | 45,629
Property and casualty insurance premiums |  | – |  | 47,418 |  | – |  | (1,525) | (c) |  | 45,893
Net investment and interest income |  | 55,815 |  | 12,273 |  | 63,132 |  | (1,890) | (b) |  | 129,330
Other revenue |  | 279,771 |  | – |  | 2,442 |  | (246) | (b) |  | 281,967
Total revenues |  | 3,025,091 |  | 59,691 |  | 111,203 |  | (5,817) |  |  | 3,190,168
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,568,900 |  | 23,420 |  | 10,097 |  | (3,918) | (b,c) |  | 1,598,499
Commission expenses |  | 218,888 |  | – |  | – |  | – |  |  | 218,888
Cost of sales |  | 137,295 |  | – |  | – |  | – |  |  | 137,295
Benefits and losses |  | – |  | 8,687 |  | 79,210 |  | – |  |  | 87,897
Amortization of deferred policy acquisition costs |  | – |  | – |  | 14,871 |  | – |  |  | 14,871
Lease expense |  | 16,941 |  | 183 |  | 61 |  | (1,152) | (b) |  | 16,033
Depreciation, net of gains on disposals |  | 291,936 |  | – |  | – |  | – |  |  | 291,936
Net losses on disposal of real estate |  | 2,736 |  | – |  | – |  | – |  |  | 2,736
Total costs and expenses |  | 2,236,696 |  | 32,290 |  | 104,239 |  | (5,070) |  |  | 2,368,155
Earnings from operations before equity in earnings of subsidiaries |  | 788,395 |  | 27,401 |  | 6,964 |  | (747) |  |  | 822,013
Equity in earnings of subsidiaries |  | 27,092 |  | – |  | – |  | (27,092) | (d) |  | –
Earnings from operations |  | 815,487 |  | 27,401 |  | 6,964 |  | (27,839) |  |  | 822,013
Other components of net periodic benefit costs |  | (729) |  | – |  | – |  | – |  |  | (729)
Interest expense |  | (125,048) |  | – |  | (240) |  | 747 | (b) |  | (124,541)
Pretax earnings |  | 689,710 |  | 27,401 |  | 6,724 |  | (27,092) |  |  | 696,743
Income tax expense |  | (159,364) |  | (5,653) |  | (1,380) |  | – |  |  | (166,397)
Net earnings available to common stockholders | $ | 530,346 | $ | 21,748 | $ | 5,344 | $ | (27,092) |  | $ | 530,346
(a) Balances for the six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 2,255,086 | $ | – | $ | – | $ | (2,286) | (c) | $ | 2,252,800
Self-storage revenues |  | 358,763 |  | – |  | – |  | – |  |  | 358,763
Self-moving and self-storage products and service sales |  | 206,215 |  | – |  | – |  | – |  |  | 206,215
Property management fees |  | 18,416 |  | – |  | – |  | – |  |  | 18,416
Life insurance premiums |  | – |  | – |  | 51,237 |  | – |  |  | 51,237
Property and casualty insurance premiums |  | – |  | 46,790 |  | – |  | (1,100) | (c) |  | 45,690
Net investment and interest income (loss) |  | 20,017 |  | (345) |  | 46,429 |  | (2,019) | (b) |  | 64,082
Other revenue |  | 301,959 |  | – |  | 2,133 |  | (591) | (b) |  | 303,501
Total revenues |  | 3,160,456 |  | 46,445 |  | 99,799 |  | (5,996) |  |  | 3,300,704
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,516,292 |  | 21,770 |  | 10,667 |  | (3,968) | (b,c) |  | 1,544,761
Commission expenses |  | 243,834 |  | – |  | – |  | – |  |  | 243,834
Cost of sales |  | 152,296 |  | – |  | – |  | – |  |  | 152,296
Benefits and losses |  | – |  | 10,454 |  | 68,815 |  | – |  |  | 79,269
Amortization of deferred policy acquisition costs |  | – |  | – |  | 14,644 |  | – |  |  | 14,644
Lease expense |  | 16,181 |  | 184 |  | 54 |  | (1,260) | (b) |  | 15,159
Depreciation, net of gains on disposals |  | 231,114 |  | – |  | – |  | – |  |  | 231,114
Net gains on disposal of real estate |  | 4,179 |  | – |  | – |  | – |  |  | 4,179
Total costs and expenses |  | 2,163,896 |  | 32,408 |  | 94,180 |  | (5,228) |  |  | 2,285,256
Earnings from operations before equity in earnings of subsidiaries |  | 996,560 |  | 14,037 |  | 5,619 |  | (768) |  |  | 1,015,448
Equity in earnings of subsidiaries |  | 15,915 |  | – |  | – |  | (15,915) | (d) |  | –
Earnings from operations |  | 1,012,475 |  | 14,037 |  | 5,619 |  | (16,683) |  |  | 1,015,448
Other components of net periodic benefit costs |  | (608) |  | – |  | – |  | – |  |  | (608)
Interest expense |  | (107,520) |  | – |  | (240) |  | 768 | (b) |  | (106,992)
Fees on early extinguishment of debt |  | (959) |  | – |  | – |  | – |  |  | (959)
Pretax earnings |  | 903,388 |  | 14,037 |  | 5,379 |  | (15,915) |  |  | 906,889
Income tax expense |  | (215,177) |  | (2,922) |  | (579) |  | – |  |  | (218,678)
Net earnings available to common stockholders | $ | 688,211 | $ | 11,115 | $ | 4,800 | $ | (15,915) |  | $ | 688,211
(a) Balances for the six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 530,346 | $ | 21,748 | $ | 5,344 | $ | (27,092) |  | $ | 530,346
Earnings from consolidated entities |  | (27,092) |  | – |  | – |  | 27,092 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 394,400 |  | – |  | – |  | – |  |  | 394,400
Amortization of deferred policy acquisition costs |  | – |  | – |  | 14,871 |  | – |  |  | 14,871
Amortization of premiums and accretion of discounts related to investments, net |  | – |  | 794 |  | 7,647 |  | – |  |  | 8,441
Amortization of debt issuance costs |  | 3,427 |  | – |  | – |  | – |  |  | 3,427
Interest credited to policyholders |  | – |  | – |  | 36,329 |  | – |  |  | 36,329
Provision for allowance (recoveries) for losses on trade receivables, net |  | 646 |  | (68) |  | – |  | – |  |  | 578
Provision for allowance for inventories and parts reserve |  | 3,461 |  | – |  | – |  | – |  |  | 3,461
Net gains on disposal of personal property |  | (102,464) |  | – |  | – |  | – |  |  | (102,464)
Net losses on disposal of real estate |  | 2,736 |  | – |  | – |  | – |  |  | 2,736
Net gains on sales of investments |  | – |  | (9) |  | (908) |  | – |  |  | (917)
Net gains on equity securities |  | – |  | (2,745) |  | – |  | – |  |  | (2,745)
Deferred income taxes |  | 108,291 |  | 501 |  | (1,041) |  | – |  |  | 107,751
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (23,200) |  | (1,865) |  | 1,663 |  | – |  |  | (23,402)
Inventories and parts |  | (13,520) |  | – |  | – |  | – |  |  | (13,520)
Prepaid expenses |  | (21,824) |  | – |  | – |  | – |  |  | (21,824)
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (7,773) |  | – |  |  | (7,773)
Other assets and right of use assets - operating, net |  | (7,339) |  | 134 |  | (1,546) |  | – |  |  | (8,751)
Related party assets |  | 6,279 |  | 1,124 |  | – |  | – |  |  | 7,403
Accounts payable and accrued expenses and operating lease liabilities |  | 38,562 |  | 1,446 |  | (16,760) |  | – |  |  | 23,248
Policy benefits and losses, claims and loss expenses payable |  | (10,609) |  | (2,859) |  | (5,085) |  | – |  |  | (18,553)
Other policyholders' funds and liabilities |  | – |  | (576) |  | 22 |  | – |  |  | (554)
Deferred income |  | 4,532 |  | – |  | (417) |  | – |  |  | 4,115
Related party liabilities |  | 671 |  | 425 |  | (268) |  | – |  |  | 828
Net cash provided by operating activities |  | 887,303 |  | 18,050 |  | 32,078 |  | – |  |  | 937,431
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Escrow deposits |  | 573 |  | – |  | – |  | – |  |  | 573
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,664,387) |  | – |  | – |  | – |  |  | (1,664,387)
Short term investments |  | – |  | – |  | (44,903) |  | – |  |  | (44,903)
Fixed maturities investments |  | (97,331) |  | (2,216) |  | (7,230) |  | – |  |  | (106,777)
Equity securities |  | – |  | (308) |  | (1) |  | – |  |  | (309)
Real estate investments |  | (16) |  | – |  | (521) |  | – |  |  | (537)
Mortgage loans |  | – |  | (7,300) |  | (90,402) |  | – |  |  | (97,702)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 408,279 |  | – |  | – |  | – |  |  | 408,279
Short term investments |  | – |  | 15,959 |  | – |  | – |  |  | 15,959
Fixed maturities investments |  | 224,999 |  | 7,180 |  | 157,037 |  | – |  |  | 389,216
Equity securities |  | – |  | 296 |  | 4 |  | – |  |  | 300
Preferred stock |  | – |  | 913 |  | – |  | – |  |  | 913
Mortgage loans |  | – |  | 422 |  | 12,627 |  | – |  |  | 13,049
Net cash used by investing activities |  | (1,127,883) |  | 14,946 |  | 26,611 |  | – |  |  | (1,086,326)
|  | (page 1 of 2)
(a) Balance for the period ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
Cash flows from financing activities: |  | (In thousands)
Borrowings from credit facilities |  | 704,960 |  | – |  | – |  | – |  |  | 704,960
Principal repayments on credit facilities |  | (351,893) |  | – |  | – |  | – |  |  | (351,893)
Payments of debt issuance costs |  | (4,018) |  | – |  | – |  | – |  |  | (4,018)
Finance lease payments |  | (59,752) |  | – |  | – |  | – |  |  | (59,752)
Securitization deposits |  | 151 |  | – |  | – |  | – |  |  | 151
Series N Non-Voting Common Stock dividends paid |  | (14,118) |  | – |  | – |  | – |  |  | (14,118)
Investment contract deposits |  | – |  | – |  | 132,630 |  | – |  |  | 132,630
Investment contract withdrawals |  | – |  | – |  | (174,256) |  | – |  |  | (174,256)
Net cash provided by financing activities |  | 275,330 |  | – |  | (41,626) |  | – |  |  | 233,704
Effects of exchange rate on cash |  | (202) |  | – |  | – |  | – |  |  | (202)
Increase (decrease) in cash and cash equivalents |  | 34,548 |  | 32,996 |  | 17,063 |  | – |  |  | 84,607
Cash and cash equivalents at beginning of period |  | 2,034,242 |  | 11,276 |  | 15,006 |  | – |  |  | 2,060,524
Cash and cash equivalents at end of period | $ | 2,068,790 | $ | 44,272 | $ | 32,069 | $ | – |  | $ | 2,145,131
|  | (page 2 of 2)
(a) Balance for the period ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 688,211 | $ | 11,115 | $ | 4,800 | $ | (15,915) |  | $ | 688,211
Earnings from consolidated entities |  | (15,915) |  | – |  | – |  | 15,915 |  |  | –
Adjustments to reconcile net earnings to cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 359,804 |  | – |  | – |  | – |  |  | 359,804
Amortization of deferred policy acquisition costs |  | – |  | – |  | 14,644 |  | – |  |  | 14,644
Amortization of premiums and accretion of discounts related to investments, net |  | – |  | 857 |  | 9,392 |  | – |  |  | 10,249
Amortization of debt issuance costs |  | 3,356 |  | – |  | – |  | – |  |  | 3,356
Interest credited to policyholders |  | – |  | – |  | 24,690 |  | – |  |  | 24,690
Provision for allowance (recoveries) for losses on trade receivables, net |  | (5,404) |  | (90) |  | – |  | – |  |  | (5,494)
Provision for allowance for inventories and parts reserve |  | 7,125 |  | – |  | – |  | – |  |  | 7,125
Net gains on disposal of personal property |  | (128,690) |  | – |  | – |  | – |  |  | (128,690)
Net losses on disposal of real estate |  | 4,179 |  | – |  | – |  | – |  |  | 4,179
Net (gains) losses on sales of investments |  | – |  | (58) |  | 7,265 |  | – |  |  | 7,207
Net gains on equity securities |  | – |  | 7,963 |  | – |  | – |  |  | 7,963
Deferred income taxes |  | 107,281 |  | (1,119) |  | (2,334) |  | – |  |  | 103,828
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | 30,678 |  | (1,088) |  | 2,752 |  | – |  |  | 32,342
Inventories and parts |  | (14,416) |  | – |  | – |  | – |  |  | (14,416)
Prepaid expenses |  | 3 |  | – |  | – |  | – |  |  | 3
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (14,900) |  | – |  |  | (14,900)
Other assets |  | 2,877 |  | (169) |  | (276) |  | – |  |  | 2,432
Related party assets |  | (2,479) |  | 839 |  | – |  | – |  |  | (1,640)
Accounts payable and accrued expenses |  | 65,366 |  | 1,396 |  | (2,465) |  | – |  |  | 64,297
Policy benefits and losses, claims and loss expenses payable |  | 19,640 |  | (3,381) |  | (4,799) |  | – |  |  | 11,460
Other policyholders' funds and liabilities |  | – |  | 112 |  | 1,202 |  | – |  |  | 1,314
Deferred income |  | 7,809 |  | – |  | 1,649 |  | – |  |  | 9,458
Related party liabilities |  | 460 |  | (183) |  | 465 |  | – |  |  | 742
Net cash provided by operating activities |  | 1,129,885 |  | 16,194 |  | 42,085 |  | – |  |  | 1,188,164
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Escrow deposits |  | 9,688 |  | – |  | – |  | – |  |  | 9,688
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,335,528) |  | – |  | – |  | – |  |  | (1,335,528)
Short term investments |  | – |  | (35,975) |  | (198) |  | – |  |  | (36,173)
Fixed maturities investments |  | – |  | (18,573) |  | (183,692) |  | – |  |  | (202,265)
Equity securities |  | – |  | (2,705) |  | (1,651) |  | – |  |  | (4,356)
Real estate investments |  | – |  | (4,920) |  | (11) |  | – |  |  | (4,931)
Mortgage loans |  | – |  | (12,715) |  | (62,920) |  | – |  |  | (75,635)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 329,611 |  | – |  | – |  | – |  |  | 329,611
Short term investments |  | – |  | 33,373 |  | – |  | – |  |  | 33,373
Fixed maturities investments |  | – |  | 10,587 |  | 95,940 |  | – |  |  | 106,527
Equity securities |  | – |  | 711 |  | 6 |  | – |  |  | 717
Mortgage loans |  | – |  | 14,419 |  | 59,746 |  | – |  |  | 74,165
Net cash used by investing activities |  | (996,229) |  | (15,798) |  | (92,780) |  | – |  |  | (1,104,807)
|  | (page 1 of 2)
(a) Balance for the period ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | U-Haul Holding Company Consolidated
|  | (Unaudited)
Cash flows from financing activities: |  | (In thousands)
Borrowings from credit facilities |  | 792,654 |  | – |  | – |  | – |  |  | 792,654
Principal repayments on credit facilities |  | (441,019) |  | – |  | – |  | – |  |  | (441,019)
Payment of debt issuance costs |  | (3,942) |  | – |  | – |  | – |  |  | (3,942)
Finance lease payments |  | (65,831) |  | – |  | – |  | – |  |  | (65,831)
Securitization deposits |  | 49 |  | – |  | – |  | – |  |  | 49
Common stock dividends paid |  | (19,608) |  | – |  | – |  | – |  |  | (19,608)
Investment contract deposits |  | – |  | – |  | 169,017 |  | – |  |  | 169,017
Investment contract withdrawals |  | – |  | – |  | (139,917) |  | – |  |  | (139,917)
Net cash provided by financing activities |  | 262,303 |  | – |  | 29,100 |  | – |  |  | 291,403
Effects of exchange rate on cash |  | (13,782) |  | – |  | – |  | – |  |  | (13,782)
Increase (decrease) in cash and cash equivalents |  | 382,177 |  | 396 |  | (21,595) |  | – |  |  | 360,978
Cash and cash equivalents at beginning of period |  | 2,643,213 |  | 10,800 |  | 50,124 |  | – |  |  | 2,704,137
Cash and cash equivalents at end of period | $ | 3,025,390 | $ | 11,196 | $ | 28,529 | $ | – |  | $ | 3,065,115
|  | (page 2 of 2)
(a) Balance for the period ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |

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