Reportable Segment Information

12 Months Ended

Mar. 31, 2025

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