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v3.25.1

Reportable Segment Information | 12 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Note 21. Reportable Segment Information Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting process and as a basis for making decisions about allocating capital and other resources to each segment. U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows: • Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada. • Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers. • Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies. The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial. We track revenues separately, but do not report any separate measure of the profitability for rental equipment rentals, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment. Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2025 were as follows:
|  | Moving & Storage Consolidated |  |  | Property & Casualty Insurance (a) |  |  | Life Insurance (a) |  |  | Eliminations |  |  |  | U-Haul Holding Company Consolidated |
|  | (In thousands) |
Revenues | $ |  | 5,492,774 |  | $ |  | 125,164 |  | $ |  | 221,869 |  | $ |  | (11,142 | ) | (b,c) | $ |  | 5,828,665 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expenses |  |  | 1,191,084 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 1,191,084 |
Equipment maintenance and repair expenses |  |  | 785,592 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 785,592 |
Other operating expenses |  |  | 278,450 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 278,450 |
Other segment items |  |  | 953,514 |  |  |  | 47,729 |  |  |  | 26,331 |  |  |  | (7,229 | ) | (b,c) |  |  | 1,020,345 |
Operating expenses |  |  | 3,208,640 |  |  |  | 47,729 |  |  |  | 26,331 |  |  |  | (7,229 | ) |  |  |  | 3,275,471 |
Commission expenses |  |  | 407,368 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 407,368 |
Cost of product sales |  |  | 234,145 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 234,145 |
Benefits and losses |  |  | — |  |  |  | 22,313 |  |  |  | 160,436 |  |  |  | — |  |  |  |  | 182,749 |
Amortization of deferred policy acquisition costs |  |  | — |  |  |  | — |  |  |  | 18,333 |  |  |  | — |  |  |  |  | 18,333 |
Lease expense |  |  | 22,907 |  |  |  | 377 |  |  |  | 127 |  |  |  | (2,908 | ) | (b) |  |  | 20,503 |
Depreciation, net of (gains) losses on disposal |  |  | 958,184 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 958,184 |
Net (gains) losses on disposal of real estate |  |  | 15,758 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 15,758 |
Total costs and expenses |  |  | 4,847,002 |  |  |  | 70,419 |  |  |  | 205,227 |  |  |  | (10,137 | ) |  |  |  | 5,112,511 |
Earnings from operations before equity in earnings of subsidiaries |  |  | 645,772 |  |  |  | 54,745 |  |  |  | 16,642 |  |  |  | (1,005 | ) |  |  |  | 716,154 |
Equity in earnings of subsidiaries |  |  | 55,280 |  |  |  | — |  |  |  | — |  |  |  | (55,280 | ) | (d) |  |  | — |
Earnings from operations |  |  | 701,052 |  |  |  | 54,745 |  |  |  | 16,642 |  |  |  | (56,285 | ) |  |  |  | 716,154 |
Other components of net periodic benefit costs |  |  | (1,488 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (1,488 | )
Other interest income |  |  | 59,489 |  |  |  | — |  |  |  | — |  |  |  | (432 | ) | (b) |  |  | 59,057 |
Interest expense |  |  | (296,721 | ) |  |  | — |  |  |  | (432 | ) |  |  | 1,437 |  | (b) |  |  | (295,716 | )
Fees on early extinguishment of debt and costs of defeasance |  |  | (495 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (495 | )
Pretax earnings |  |  | 461,837 |  |  |  | 54,745 |  |  |  | 16,210 |  |  |  | (55,280 | ) |  |  |  | 477,512 |
Income tax expense |  |  | (94,747 | ) |  |  | (11,693 | ) |  |  | (3,982 | ) |  |  | — |  |  |  |  | (110,422 | )
Net earnings available to common stockholders | $ |  | 367,090 |  | $ |  | 43,052 |  | $ |  | 12,228 |  | $ |  | (55,280 | ) |  | $ |  | 367,090 |
(a) Balances for the year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2024 were as follows:
|  | Moving & Storage Consolidated |  |  | Property & Casualty Insurance (a) |  |  | Life Insurance (a) |  |  | Eliminations |  |  |  | U-Haul Holding Company Consolidated |
|  | (In thousands) |
Revenues | $ |  | 5,294,928 |  | $ |  | 123,085 |  | $ |  | 219,202 |  | $ |  | (11,541 | ) | (b,c) | $ |  | 5,625,674 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expenses |  |  | 1,134,334 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 1,134,334 |
Equipment maintenance and repair expenses |  |  | 828,725 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 828,725 |
Other operating expenses |  |  | 213,423 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 213,423 |
Other segment items |  |  | 890,210 |  |  |  | 48,332 |  |  |  | 19,594 |  |  |  | (8,147 | ) | (b,c) |  |  | 949,989 |
Operating expenses |  |  | 3,066,692 |  |  |  | 48,332 |  |  |  | 19,594 |  |  |  | (8,147 | ) |  |  |  | 3,126,471 |
Commission expenses |  |  | 384,079 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 384,079 |
Cost of product sales |  |  | 241,563 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 241,563 |
Benefits and losses |  |  | — |  |  |  | 11,878 |  |  |  | 155,157 |  |  |  | — |  |  |  |  | 167,035 |
Amortization of deferred policy acquisition costs |  |  | — |  |  |  | — |  |  |  | 24,238 |  |  |  | — |  |  |  |  | 24,238 |
Lease expense |  |  | 34,609 |  |  |  | 366 |  |  |  | 61 |  |  |  | (2,382 | ) | (b) |  |  | 32,654 |
Depreciation, net of (gains) losses on disposal |  |  | 663,931 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 663,931 |
Net (gains) losses on disposal of real estate |  |  | 7,914 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 7,914 |
Total costs and expenses |  |  | 4,398,788 |  |  |  | 60,576 |  |  |  | 199,050 |  |  |  | (10,529 | ) |  |  |  | 4,647,885 |
Earnings from operations before equity in earnings of subsidiaries |  |  | 896,140 |  |  |  | 62,509 |  |  |  | 20,152 |  |  |  | (1,012 | ) |  |  |  | 977,789 |
Equity in earnings of subsidiaries |  |  | 65,109 |  |  |  | — |  |  |  | — |  |  |  | (65,109 | ) | (d) |  |  | — |
Earnings from operations |  |  | 961,249 |  |  |  | 62,509 |  |  |  | 20,152 |  |  |  | (66,121 | ) |  |  |  | 977,789 |
Other components of net periodic benefit costs |  |  | (1,458 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (1,458 | )
Other interest income |  |  | 120,501 |  |  |  | — |  |  |  | — |  |  |  | (480 | ) | (b) |  |  | 120,021 |
Interest expense |  |  | (257,187 | ) |  |  | — |  |  |  | (480 | ) |  |  | 1,492 |  | (b) |  |  | (256,175 | )
Pretax earnings |  |  | 823,105 |  |  |  | 62,509 |  |  |  | 19,672 |  |  |  | (65,109 | ) |  |  |  | 840,177 |
Income tax expense |  |  | (194,398 | ) |  |  | (12,931 | ) |  |  | (4,141 | ) |  |  | — |  |  |  |  | (211,470 | )
Net earnings available to common stockholders | $ |  | 628,707 |  | $ |  | 49,578 |  | $ |  | 15,531 |  | $ |  | (65,109 | ) |  | $ |  | 628,707 |
(a) Balances for the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and net earnings available to common stockholders by reportable segment for the year ended March 31, 2023 were as follows:
|  | Moving & Storage Consolidated |  |  | Property & Casualty Insurance (a) |  |  | Life Insurance (a) |  |  | Eliminations |  |  |  | U-Haul Holding Company Consolidated |
|  | (In thousands) |
Revenues | $ |  | 5,567,714 |  | $ |  | 103,512 |  | $ |  | 206,100 |  | $ |  | (12,635 | ) | (b,c) | $ |  | 5,864,691 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expenses |  |  | 1,084,220 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 1,084,220 |
Equipment maintenance and repair expenses |  |  | 795,758 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 795,758 |
Other operating expenses |  |  | 196,522 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 196,522 |
Other segment items |  |  | 890,482 |  |  |  | 45,035 |  |  |  | 21,115 |  |  |  | (8,585 | ) | (b,c) |  |  | 948,047 |
Operating expenses |  |  | 2,966,982 |  |  |  | 45,035 |  |  |  | 21,115 |  |  |  | (8,585 | ) |  |  |  | 3,024,547 |
Commission expenses |  |  | 416,315 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 416,315 |
Cost of product sales |  |  | 263,026 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 263,026 |
Benefits and losses |  |  | — |  |  |  | 21,535 |  |  |  | 142,544 |  |  |  | — |  |  |  |  | 164,079 |
Amortization of deferred policy acquisition costs |  |  | — |  |  |  | — |  |  |  | 27,924 |  |  |  | — |  |  |  |  | 27,924 |
Lease expense |  |  | 32,878 |  |  |  | 372 |  |  |  | 108 |  |  |  | (2,529 | ) | (b) |  |  | 30,829 |
Depreciation, net of (gains) losses on disposal |  |  | 486,795 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 486,795 |
Net (gains) losses on disposal of real estate |  |  | 5,596 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | 5,596 |
Total costs and expenses |  |  | 4,171,592 |  |  |  | 66,942 |  |  |  | 191,691 |  |  |  | (11,114 | ) |  |  |  | 4,419,111 |
Earnings from operations before equity in earnings of subsidiaries |  |  | 1,396,122 |  |  |  | 36,570 |  |  |  | 14,409 |  |  |  | (1,521 | ) |  |  |  | 1,445,580 |
Equity in earnings of subsidiaries |  |  | 41,201 |  |  |  | — |  |  |  | — |  |  |  | (41,201 | ) | (d) |  |  | — |
Earnings from operations |  |  | 1,437,323 |  |  |  | 36,570 |  |  |  | 14,409 |  |  |  | (42,722 | ) |  |  |  | 1,445,580 |
Other components of net periodic benefit costs |  |  | (1,216 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (1,216 | )
Other interest income |  |  | (224,999 | ) |  |  | — |  |  |  | (480 | ) |  |  | 1,521 |  | (b) |  |  | (223,958 | )
Fees on early extinguishment of debt and costs of defeasance |  |  | (1,009 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (1,009 | )
Pretax earnings |  |  | 1,210,099 |  |  |  | 36,570 |  |  |  | 13,929 |  |  |  | (41,201 | ) |  |  |  | 1,219,397 |
Income tax expense |  |  | (285,627 | ) |  |  | (6,815 | ) |  |  | (2,483 | ) |  |  | — |  |  |  |  | (294,925 | )
Net earnings available to common stockholders | $ |  | 924,472 |  | $ |  | 29,755 |  | $ |  | 11,446 |  | $ |  | (41,201 | ) |  | $ |  | 924,472 |
(a) Balances for the year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The significant segment expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations. Gross capital expenditures by reportable segment as of March 31, 2025, 2024 and 2023 were as follows:
|  | Moving & Storage Consolidated |  |  | Property & Casualty Insurance |  |  | Life Insurance |  |  | Eliminations |  |  | U-Haul Holding Company Consolidated |
|  | (In thousands) |
Gross capital expenditures as of March 31, 2025 |  | $ | 3,457,124 |  |  | $ | - |  |  | $ | - |  |  | $ | (4,643 | ) |  | $ | 3,452,481 |
Gross capital expenditures as of March 31, 2024 |  | $ | 2,992,898 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,992,898 |
Gross capital expenditures as of March 31, 2023 |  | $ | 2,726,967 |  |  | $ | - |  |  | $ | - |  |  | $ | (3,066 | ) |  | $ | 2,723,901 |
Total assets by reportable segment as of March 31, 2025, 2024 and 2023 were as follows:
|  | Moving & Storage Consolidated |  |  | Property & Casualty Insurance |  |  | Life Insurance |  |  | Eliminations |  |  | U-Haul Holding Company Consolidated |
|  | (In thousands) |
Total assets as of March 31, 2025 |  | $ | 17,522,952 |  |  | $ | 535,032 |  |  | $ | 3,066,907 |  |  | $ | (645,721 | ) |  | $ | 20,479,170 |
Total assets as of March 31, 2024 |  | $ | 16,149,748 |  |  | $ | 501,566 |  |  | $ | 2,990,903 |  |  | $ | (583,459 | ) |  | $ | 19,058,758 |
Total assets as of March 31, 2023 |  | $ | 15,211,493 |  |  | $ | 459,897 |  |  | $ | 2,891,574 |  |  | $ | (462,230 | ) |  | $ | 18,100,734 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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