Uホールホールディングの四半期報告

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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, 2023


☐	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 Identification No.

Nevada		88-0106815

	U-Haul Holding Company (A Nevada Corporation)
	5555 Kietzke Lane Suite 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of February 2, 2024.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 2, 2024.

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	a) Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 (unaudited)	1

	b) Consolidated Statements of Operations for the Quarters Ended December 31, 2023 and 2022 (unaudited)	2

	c) Consolidated Statements of Operations for the Nine Months Ended December 31, 2023 and 2022 (unaudited)	3

	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2023 and 2022 (unaudited)	4

	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2023 and 2022 (unaudited)	5

	f) Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months Ended December 31, 2023 and 2022 (unaudited)	6

	g) Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022 (unaudited)	7

	h) Notes to Consolidated Financial Statements (unaudited)	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	74

Item 4.	Controls and Procedures	76

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	77

Item 1A.	Risk Factors	77

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78

Item 3.	Defaults Upon Senior Securities	78

Item 4.	Mine Safety Disclosures	78

Item 5.	Other Information	78

Item 6.	Exhibits	78

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	December 31,			March 31,
	2023			2023
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,805,976		$	2,060,524
Trade receivables and reinsurance recoverables, net		195,930			189,498
Inventories and parts		155,161			151,474
Prepaid expenses		240,525			241,711
Fixed maturity securities available-for-sale (net of allowance for credit loss of $1,704 and $2,101, respectively) at fair market value and amortized cost ($2,816,481 and $3,006,587, respectively)		2,474,624			2,709,037
Equity securities, at estimated fair value		59,675			61,357
Investments, other		660,253			575,540
Deferred policy acquisition costs, net		120,834			128,463
Other assets		52,807			51,052
Right of use assets - financing, net		326,244			474,765
Right of use assets - operating, net		65,361			58,917
Related party assets		48,766			48,308
		6,206,156			6,750,646
Property, plant and equipment, at cost:
Land		1,649,346			1,537,206
Buildings and improvements		7,943,232			7,088,810
Furniture and equipment		983,683			928,241
Rental trailers and other rental equipment		927,038			827,696
Rental trucks		6,183,293			5,278,340
		17,686,592			15,660,293
Less: Accumulated depreciation		(4,890,172	)		(4,310,205	)
Total property, plant and equipment, net		12,796,420			11,350,088
Total assets	$	19,002,576		$	18,100,734
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	729,344		$	761,039
Notes, loans and finance leases payable, net		6,437,309			6,108,042
Operating lease liabilities		64,542			58,373
Policy benefits and losses, claims and loss expenses payable		838,945			880,202
Liabilities from investment contracts		2,363,143			2,398,884
Other policyholders' funds and liabilities		8,012			8,232
Deferred income		45,711			52,282
Deferred income taxes, net		1,427,769			1,329,489
Total liabilities		11,914,775			11,596,543

Commitments and contingencies (notes 4 and 9)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding		176			176
Additional paid-in capital		453,643			453,643
Accumulated other comprehensive loss		(308,642	)		(285,623	)
Retained earnings		7,609,777			7,003,148
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,087,801			6,504,191
Total liabilities and stockholders' equity	$	19,002,576		$	18,100,734

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


	Quarter ended December 31,
	2023			2022
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	839,801		$	898,819
Self-storage revenues		210,517			190,483
Self-moving and self-storage products and service sales		70,344			74,851
Property management fees		10,138			10,080
Life insurance premiums		22,574			24,399
Property and casualty insurance premiums		26,490			26,852
Net investment and interest income		57,457			52,294
Other revenue		102,193			97,558
Total revenues		1,339,514			1,375,336

Costs and expenses:
Operating expenses		770,405			733,469
Commission expenses		87,955			95,980
Cost of sales		51,536			54,616
Benefits and losses		42,495			41,764
Amortization of deferred policy acquisition costs		4,155			6,979
Lease expense		9,148			7,792
Depreciation, net of gains on disposal ($36,189 and $70,506, respectively)		173,648			113,866
Net losses on disposal of real estate		2,584			859
Total costs and expenses		1,141,926			1,055,325

Earnings from operations		197,588			320,011
Other components of net periodic benefit costs		(365	)		(304	)
Interest expense		(67,450	)		(59,041	)
Fees on early extinguishment of debt		—			(50	)
Pretax earnings		129,773			260,616
Income tax expense		(30,549	)		(61,764	)
Net earnings available to common stockholders	$	99,224		$	198,852
Basic and diluted earnings per share of Common Stock	$	0.46		$	0.98
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	0.51		$	1.02
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the third quarter of fiscal 2024 and 2023, net of eliminations, were $10.1 million and $10.1 million, respectively.

Related party costs and expenses for the third quarter of fiscal 2024 and 2023, net of eliminations, were $20.4 million and $20.6 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


	Nine months ended December 31,
	2023			2022
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	2,908,412		$	3,151,619
Self-storage revenues		618,368			549,246
Self-moving and self-storage products and service sales		262,787			281,066
Property management fees		28,582			28,496
Life insurance premiums		68,203			75,636
Property and casualty insurance premiums		72,383			72,542
Net investment and interest income		186,787			116,376
Other revenue		384,160			401,059
Total revenues		4,529,682			4,676,040

Costs and expenses:
Operating expenses		2,368,904			2,278,230
Commission expenses		306,843			339,814
Cost of sales		188,831			206,912
Benefits and losses		130,392			121,033
Amortization of deferred policy acquisition costs		19,026			21,623
Lease expense		25,181			22,951
Depreciation, net of gains on disposal ($138,653 and $199,196, respectively)		465,584			344,980
Net losses on disposal of real estate		5,320			5,038
Total costs and expenses		3,510,081			3,340,581

Earnings from operations		1,019,601			1,335,459
Other components of net periodic benefit costs		(1,094	)		(912	)
Interest expense		(191,991	)		(166,033	)
Fees on early extinguishment of debt		—			(1,009	)
Pretax earnings		826,516			1,167,505
Income tax expense		(196,946	)		(280,442	)
Net earnings available to common stockholders	$	629,570		$	887,063
Basic and diluted earnings per common share	$	3.09		$	5.39
Weighted average common shares outstanding: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	3.22		$	4.43
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the first nine months of fiscal 2024 and 2023, net of eliminations, were $28.6 million and $28.5 million, respectively.

Related party costs and expenses for the first nine months of fiscal 2024 and 2023, net of eliminations, were $69.7 million and $73.1 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


Quarter ended December 31, 2023	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	129,773		$	(30,549	)	$	99,224
Other comprehensive income (loss):
Foreign currency translation		5,268			—			5,268
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(41,618	)		8,833			(32,785	)
Change in fair value of cash flow hedges		(5,769	)		1,417			(4,352	)
Amounts reclassified into earnings on hedging activities		(1,471	)		362			(1,109	)
Total other comprehensive income (loss)		(43,590	)		10,612			(32,978	)

Total comprehensive income (loss)	$	86,183		$	(19,937	)	$	66,246

Quarter ended December 31, 2022	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	260,616		$	(61,764	)	$	198,852
Other comprehensive income (loss):
Foreign currency translation		(215	)		—			(215	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(75,876	)		16,082			(59,794	)
Change in fair value of cash flow hedges		153			(38	)		115
Amounts reclassified into earnings on hedging activities		(456	)		111			(345	)
Total other comprehensive income (loss)		(76,394	)		16,155			(60,239	)

Total comprehensive income (loss)	$	184,222		$	(45,609	)	$	138,613


Nine months ended December 31, 2023	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	826,516		$	(196,946	)	$	629,570
Other comprehensive income (loss):
Foreign currency translation		2,888			—			2,888
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(32,942	)		7,204			(25,738	)
Change in fair value of cash flow hedges		3,742			(919	)		2,823
Amounts reclassified into earnings on hedging activities		(3,966	)		974			(2,992	)
Total other comprehensive income (loss)		(30,278	)		7,259			(23,019	)

Total comprehensive income (loss)	$	796,238		$	(189,687	)	$	606,551

Nine months ended December 31, 2022	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	1,167,505		$	(280,442	)	$	887,063
Other comprehensive income (loss):
Foreign currency translation		(757	)		—			(757	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses)		(386,758	)		82,138			(304,620	)
Change in fair value of cash flow hedges		8,659			(2,127	)		6,532
Amounts reclassified into earnings on hedging activities		134			(33	)		101
Total other comprehensive income (loss)		(378,722	)		79,978			(298,744	)

Total comprehensive income (loss)	$	788,783		$	(200,464	)	$	588,319

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY


		Common Stock		Series N Non-Voting Common Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of September 30, 2023		$	10,497	$	176		$	453,643		$	(275,664	)	$	7,519,376		$	(525,653	)	$	(151,997	)	$	7,030,378
Foreign currency translation			—		—			—			5,268			—			—			—			5,268
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—			(32,785	)		—			—			—			(32,785	)
Change in fair value of cash flow hedges, net of tax			—		—			—			(4,352	)		—			—			—			(4,352	)
Amounts reclassified into earnings on hedging activities			—		—			—			(1,109	)		—			—			—			(1,109	)
Net earnings			—		—			—			—			99,224			—			—			99,224
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—			—			—			(8,823	)		—			—			(8,823	)
Net activity			—		—			—			(32,978	)		90,401			—			—			57,423
Balance as of December 31, 2023		$	10,497	$	176		$	453,643		$	(308,642	)	$	7,609,777		$	(525,653	)		(151,997	)	$	7,087,801

Balance as of September 30, 2022		$	10,497	$	—		$	453,819		$	(243,497	)	$	6,781,004		$	(525,653	)	$	(151,997	)	$	6,324,173
Common stock dividend			—		176			(176	)		—			—			—			—			—
Foreign currency translation			—		—			—			(215	)		—			—			—			(215	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—			(59,794	)		—			—			—			(59,794	)
Change in fair value of cash flow hedges, net of tax			—		—			—			115			—			—			—			115
Amounts reclassified into earnings on hedging activities			—		—			—			(345	)		—			—			—			(345	)
Net earnings			—		—			—			—			198,852			—			—			198,852
Series N Non-Voting Common stock dividends: ($0.04 per share)			—		—			—			—			(7,059	)		—			—			(7,059	)
Net activity			—		176			(176	)		(60,239	)		191,793			—			—			131,554
Balance as of December 31, 2022		$	10,497	$	176	$	$	453,643		$	(303,736	)	$	6,972,797		$	(525,653	)	$	(151,997	)	$	6,455,727

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY


		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2023		$	10,497	$	176	$	453,643		$	(285,623	)	$	7,003,148		$	(525,653	)	$	(151,997	)	$	6,504,191
Foreign currency translation			—		—		—			2,888			—			—			—			2,888
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—			(25,738	)		—			—			—			(25,738	)
Change in fair value of cash flow hedges, net of tax			—		—		—			2,823			—			—			—			2,823
Amounts reclassified into earnings on hedging activities			—		—		—			(2,992	)		—			—			—			(2,992	)
Net earnings			—		—		—			—			629,570			—			—			629,570
Series N Non-Voting Common Stock dividends: ($0.13)			—		—		—			—			(22,941	)		—			—			(22,941	)
Net activity			—		—		—			(23,019	)		606,629			—			—			583,610
Balance as of December 31, 2023		$	10,497	$	176		453,643		$	(308,642	)	$	7,609,777		$	(525,653	)		(151,997	)	$	7,087,801

Balance as of March 31, 2022		$	10,497	$	—	$	453,819		$	(4,992	)	$	6,112,401		$	(525,653	)	$	(151,997	)	$	5,894,075
Common stock dividend			—		176		(176	)		—			—			—			—			—
Foreign currency translation			—		—		—			(757	)		—			—			—			(757	)
Unrealized net loss on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—			(304,620	)		—			—			—			(304,620	)
Change in fair value of cash flow hedges, net of tax			—		—		—			6,532			—			—			—			6,532
Amounts reclassified into earnings on hedging activities			—		—		—			101			—			—			—			101
Net earnings			—		—		—			—			887,063			—			—			887,063
Common stock dividends: ($1.00 per share)			—		—		—			—			(19,608	)		—			—			(19,608	)
Series N Non-Voting Common stock dividends: ($0.04 per share)			—		—		—			—			(7,059	)		—			—			(7,059	)
Net activity			—		176		(176	)		(298,744	)		860,396			—			—			561,652
Balance as of December 31, 2022		$	10,497	$	176	$	453,643		$	(303,736	)	$	6,972,797		$	(525,653	)	$	(151,997	)	$	6,455,727

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine months ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net earnings	$	629,570		$	887,063
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		604,237			544,176
Amortization of premiums and accretion of discounts related to investments, net		12,905			15,232
Amortization of debt issuance costs		5,295			5,694
Interest credited to policyholders		52,099			39,048
Provision for allowance (recoveries) for losses on trade receivables, net		1,155			(4,617	)
Non cash lease expense		11,338			16,417
Net gains on disposal of personal property		(138,653	)		(199,196	)
Net losses on disposal of real estate		5,320			5,038
Net (gains) losses on sales of investments		(662	)		8,695
Net (gains) losses on equity securities		(174	)		10,906
Deferred income taxes		101,999			121,707
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		(7,217	)		25,853
Inventories and parts, net		(3,698	)		8,673
Prepaid expenses		1,509			7,867
Deferred policy acquisition costs, net		7,629			1,217
Other assets		(20,627	)		(13,734	)
Related party assets		(1,073	)		(26,775	)
Accounts payable and accrued expenses and operating lease liabilities		14,216			62,430
Policy benefits and losses, claims and loss expenses payable		(29,719	)		1,688
Other policyholders' funds and liabilities		866			1,767
Deferred income		(7,046	)		(2,168	)
Related party liabilities		774			(1,301	)
Net cash provided by operating activities		1,240,043			1,515,680

Cash flows from investing activities:
Escrow deposits		1,045			159
Purchases of:
Property, plant and equipment		(2,400,949	)		(2,076,424	)
Fixed maturity securities available-for-sale		(270,383	)		(491,431	)
Equity securities		(519	)		(4,828	)
Investments, other		(132,963	)		(205,672	)
Proceeds from sales and paydowns of:
Property, plant and equipment		598,170			533,595
Fixed maturity securities available-for-sale		447,489			148,290
Equity securities		1,417			1,187
Investments, other		46,800			223,354
Net cash used in investing activities		(1,709,893	)		(1,871,770	)

Cash flows from financing activities:
Borrowings from credit facilities		1,037,082			975,966
Principal repayments on credit facilities		(625,067	)		(695,321	)
Payment of debt issuance costs		(4,072	)		(4,962	)
Finance lease payments		(86,166	)		(95,290	)
Securitization deposits		236			137
Common Stock dividends paid		—			(19,608	)
Series N Non-Voting Common Stock dividends paid		(22,941	)		(7,059	)
Investment contract deposits		214,312			258,157
Investment contract withdrawals		(302,150	)		(236,742	)
Net cash provided by financing activities		211,234			175,278

Effects of exchange rate on cash		4,068			(12,706	)

Decrease in cash and cash equivalents		(254,548	)		(193,518	)
Cash and cash equivalents at the beginning of period		2,060,524			2,704,137
Cash and cash equivalents at the end of period	$	1,805,976		$	2,510,619

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. Except for balances affected by the adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) noted below, the year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Balance Sheets related to equity securities, at estimated fair value and fixed maturity securities available-for-sale net of allowance for credit loss, at estimated fair market value and amortized cost which was previously reported in investments, fixed maturities and marketable equities. The Company has reclassified certain prior period amounts to conform with the current period presentation on the Consolidated Statements of Cash Flows related to (1) amortization of deferred policy acquisition costs which was previously reported separately and is now included in deferred policy acquisition costs, net, (2) provision for allowance for inventories and parts reserves which was previously reported separately and is now included in inventories and parts, net, (3) purchases of short term investments, real estate, and mortgage loans which were previously reported separately and are now included in investments, other, (4) non-cash lease expense which was previously reported in other assets.

Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the nine months ended December 31, 2023 and 2022 was a provision of 23.8% and 24.1%, respectively.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods. Income taxes paid in cash was $51.6 million for the nine months ended December 31, 2023.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating Segments

U-Haul Holding Company has three (3) reportable segments. They are Moving and Storage, Property and Casualty Insurance and Life Insurance.

The Moving and Storage operating segment (“Moving and Storage”) includes U-Haul Holding Company, U-Haul and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate. 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.

The Property and Casualty Insurance operating segment (“Property and Casualty Insurance”) includes Repwest and its wholly owned subsidiaries and ARCOA Risk Retention Group (“ARCOA”). 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 Safestor Mobile® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA is a group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

The Life Insurance operating segment (“Life Insurance”) includes Oxford and its wholly owned subsidiaries. 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.

Accounting Policy Updates:

The following accounting policies were updated since the filing of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 due to the adoption of ASU 2018-12. Please refer to Note 17, Accounting Pronouncements for additional information on the financial statement impacts related to the adoption of this standard.

Deferred Policy Acquisition Costs

Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts and are essential for the acquisition of new insurance business. These costs are not capitalized until they are incurred. Deferred acquisition costs (“DAC“) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Also recorded within DAC are sales inducements credited to policyholder account balances. Additionally, DAC includes the value of business acquired (“VOBA“), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.

Policy Benefits and Losses, Claims and Loss Expenses Payable

The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately $373.1 million of the total liability for future policy benefits of consolidated Policy Benefits and Losses, Claims and Loss Expenses Payable. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date of April 1, 2021 and expected future experience. The liability is accrued as premium revenue and is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.

Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of stockholders’ equity. In addition, the Company recognizes a liability remeasurement gain or using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period expected cash flows.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in Accounting Standards Codification (“ASC“) 820, Fair Value Measurement.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in-force.

Liability from Investment Contracts

Liability from Investment Contracts represents the amount held by the Company on behalf of the policyholder at each reporting date. This amount includes deposits received from the policyholder, interest credited to the policyholder's account balance, net of charges assessed against the account balance and any policyholder withdrawals. This balance also includes liabilities for annuities and certain other contracts that do not contain significant insurance risk, as well as the estimated fair value of embedded derivatives associated with indexed annuity products.

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	For the Quarters Ended
	December 31,
	2023			2022
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	99,224		$	198,852
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,823	)		(7,059	)
Undistributed earnings available to common stockholders	$	90,401		$	191,793
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	9,040		$	19,179

Undistributed earnings per share of Voting Common Stock	$	0.46		$	0.98
Dividends declared per share of Voting Common Stock	$	—		$	—
Basic and diluted earnings per share of Voting Common Stock	$	0.46		$	0.98


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	99,224		$	198,852
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,823	)		(7,059	)
Undistributed earnings available to common stockholders	$	90,401		$	191,793
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	81,361		$	172,614

Undistributed earnings per share of Non-Voting Common Stock	$	0.46		$	0.98
Dividends declared per share of Non-Voting Common Stock	$	0.05		$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.51		$	1.02

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:


	Nine months ended
	December 31,
	2023			2022
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	629,570		$	887,063
Voting Common Stock dividends declared and paid		—			(19,608	)
Non-Voting Common Stock dividends declared and paid		(22,941	)		(7,059	)
Undistributed earnings available to common stockholders	$	606,629		$	860,396
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	60,663		$	86,040

Undistributed earnings per share of Voting Common Stock	$	3.09		$	4.39
Dividends declared per share of Voting Common Stock	$	—		$	1.00
Basic and diluted earnings per share of Voting Common Stock	$	3.09		$	5.39


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	629,570		$	887,063
Voting Common Stock dividends declared and paid		—			(19,608	)
Non-Voting Common Stock dividends declared and paid		(22,941	)		(7,059	)
Undistributed earnings available to common stockholders	$	606,629		$	860,396
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	545,966		$	774,356

Undistributed earnings per share of Non-Voting Common Stock	$	3.09		$	4.39
Dividends declared per share of Non-Voting Common Stock	$	0.13		$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock	$	3.22		$	4.43

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $22.5 million and $23.4 million as of December 31, 2023 and March 31, 2023, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2023 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	319,497	$	2,471	$	(13,023	)	$	—		$	308,945
U.S. government agency mortgage-backed securities		68,501		149		(8,353	)		—		$	60,297
Obligations of states and political subdivisions		154,660		102		(16,060	)		—		$	138,702
Corporate securities		1,943,321		524		(247,483	)		(1,704	)	$	1,694,658
Mortgage-backed securities		330,502		12		(58,492	)		—		$	272,022
	$	2,816,481	$	3,258	$	(343,411	)	$	(1,704	)	$	2,474,624

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Available-for-sale investments as of March 31, 2023 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(In thousands)
U.S. treasury securities and government obligations	$	353,189	$	3,061	$	(11,574	)	$	—		$	344,676
U.S. government agency mortgage-backed securities		34,126		40		(6,935	)		—		$	27,231
Obligations of states and political subdivisions		161,960		649		(12,104	)		—		$	150,505
Corporate securities		2,086,432		1,491		(216,589	)		(2,101	)	$	1,869,233
Mortgage-backed securities		370,880		78		(53,566	)		—		$	317,392
	$	3,006,587	$	5,319	$	(300,768	)	$	(2,101	)	$	2,709,037

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2023 and March 31, 2023 are as follows:


	December 31, 2023
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	6,825	$	(66	)	$	122,372	$	(12,957	)	$	129,197	$	(13,023	)
U.S. government agency mortgage-backed securities		6,009		(52	)		31,756		(8,301	)		37,765		(8,353	)
Obligations of states and political subdivisions		59,216		(3,367	)		82,845		(12,693	)		142,061		(16,060	)
Corporate securities		213,617		(9,277	)		1,682,378		(238,206	)		1,895,995		(247,483	)
Mortgage-backed securities		16,987		(486	)		310,288		(58,006	)		327,275		(58,492	)
	$	302,654	$	(13,248	)	$	2,229,639	$	(330,163	)	$	2,532,293	$	(343,411	)


	March 31, 2023
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	79,846	$	(3,935	)	$	44,374	$	(7,639	)	$	124,220	$	(11,574	)
U.S. government agency mortgage-backed securities		2,246		(228	)		30,670		(6,707	)		32,916		(6,935	)
Obligations of states and political subdivisions		108,192		(8,090	)		17,079		(4,014	)		125,271		(12,104	)
Corporate securities		1,697,611		(158,038	)		272,256		(58,551	)		1,969,867		(216,589	)
Mortgage-backed securities		201,962		(13,207	)		158,899		(40,359	)		360,861		(53,566	)
	$	2,089,857	$	(183,498	)	$	523,278	$	(117,270	)	$	2,613,135	$	(300,768	)

Gross proceeds from matured or redeemed securities were $58.5 million and $448.9 million for the three and nine months ended December 31, 2023, respectively, and $42.1 million and $147.6 million for the three and nine months ended December 31, 2022. Included in the December 31, 2023 proceeds was $225.0 from the Moving and Storage Treasuries that matured. The gross realized gains on these sales totaled $1.5 million and $1.1 million during the first nine months of fiscal 2024 and 2023, respectively. The gross realized losses on these sales totaled $1.1 million and $0.5 million during the first nine months of fiscal 2024 and 2023, respectively.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.4 million and $2.2 million net impairment charge recorded in the first nine months ended December 31, 2023 and 2022, respectively.

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The adjusted cost and fair value of available-for-sale investments by contractual maturity were as follows:


	December 31, 2023				March 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	323,343	$	323,638	$	354,875	$	354,184
Due after one year through five years		744,486		705,900		754,175		717,552
Due after five years through ten years		650,412		566,624		736,089		665,708
Due after ten years		767,738		606,440		790,568		654,201
		2,485,979		2,202,602		2,635,707		2,391,645

Mortgage-backed securities		330,502		272,022		370,880		317,392
	$	2,816,481	$	2,474,624	$	3,006,587	$	2,709,037

Equity investments of common stock and non-redeemable preferred stock were as follows:


	December 31, 2023				March 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	29,594	$	39,534	$	29,577	$	39,375
Non-redeemable preferred stocks		25,144		20,141		26,054		21,982
	$	54,738	$	59,675	$	55,631	$	61,357

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Investments, other

The carrying value of the other investments was as follows:


	December 31,		March 31,
	2023		2023
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	567,784	$	466,531
Short-term investments		993		15,921
Real estate		65,836		72,178
Policy loans		11,155		10,921
Other equity investments		14,485		9,989
	$	660,253	$	575,540

4. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:


	Fiscal Year 2024 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			December 31, 2023			March 31, 2023
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	6.82	%	2027		-	2037		5.90	%	$	280,737		$	289,647
Senior mortgages		2.70	%	-	5.66	%	2024		-	2042		4.19	%		2,435,443			2,371,231
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	5.68	%	2024		-	2029		3.79	%		79,874			111,856
Fleet loans (revolving credit) (b)		2.36	%	-	6.70	%	2026		-	2028		6.24	%		605,000			615,000
Finance leases (rental equipment)		2.49	%	-	5.01	%	2024		-	2026		4.06	%		137,039			223,205
Finance liabilities (rental equipment)		1.60	%	-	6.48	%	2024		-	2031		4.60	%		1,660,443			1,255,763
Private placements		2.43	%	-	2.88	%	2029		-	2035		2.65	%		1,200,000			1,200,000
Other obligations		1.50	%	-	8.00	%	2024		-	2049		6.16	%		72,869			76,648
Notes, loans and finance leases payable															6,471,405			6,143,350
Less: Debt issuance costs															(34,096	)		(35,308	)
Total notes, loans and finance leases payable, net														$	6,437,309		$	6,108,042

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.13% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2023.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows:


	Year Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	666,155	$	546,192	$	941,575	$	955,008	$	500,139	$	2,862,336	$	6,471,405

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest on Borrowings

Interest Expense

Components of interest expense included the following:


	Quarter ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Interest expense	$	71,061		$	60,978
Capitalized interest		(4,006	)		(3,818	)
Amortization of transaction costs		1,868			2,336
Interest expense resulting from cash flow hedges		(1,473	)		(455	)
Total interest expense	$	67,450		$	59,041


	Nine months ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Interest expense	$	202,985		$	168,987
Capitalized interest		(11,738	)		(8,684	)
Amortization of transaction costs		4,711			5,596
Interest expense resulting from cash flow hedges		(3,967	)		134
Total interest expense	$	191,991		$	166,033

Interest paid in cash was $61.8 million and $51.3 million for the third quarter of fiscal 2024 and 2023, respectively, and $191.4 million and $156.8 million for the first nine months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and $0.0 million for the third quarter of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($3.8) million and $0.6 million for the first nine months of fiscal 2024 and 2023, respectively.

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:


	Revolving Credit Activity
	Quarter ended December 31,
		2023			2022
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.64	%		4.68	%
Interest rate at the end of the quarter		6.63	%		5.28	%
Maximum amount outstanding during the quarter	$	710,000		$	765,000
Average amount outstanding during the quarter	$	669,372		$	710,109
Facility fees	$	259		$	270

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Revolving Credit Activity
	Nine months ended December 31,
		2023			2022
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		6.47	%		3.34	%
Interest rate at the end of the period		6.63	%		5.28	%
Maximum amount outstanding during the period	$	715,000		$	1,105,000
Average amount outstanding during the period	$	641,941		$	892,680
Facility fees	$	830		$	439

5. Derivatives

Cash Flow Hedges

We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense in the consolidated balance sheet were as follows:


	Derivatives Fair Values as of
	December 31, 2023		March 31, 2023
	(Unaudited)
	(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	5,086	$	5,311
Notional amount	$	299,987	$	206,347

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2024 and 2023, we recognized an increase in the fair value of our cash flow hedges of $2.8 million and $6.5 million, respectively, net of taxes. During the first nine months of fiscal 2024 and 2023, we reclassified ($3.0) million and $0.1 million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2023, we expect to reclassify $5.7 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next twelve months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2023 and 2022 were ($4.6) million and $9.2 million, respectively.


	Derivatives Fair Values as of
	December 31, 2023		March 31, 2023
	(Unaudited)
	(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	8,795	$	4,295
Notional amount	$	535,537	$	465,701

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

6. Accumulated Other Comprehensive Loss

The following provides the details and changes in AOCI:


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2023	$	(58,919	)	$	(225,693	)	$	9,299		$	(351	)	$	(275,664	)
Foreign currency translation		5,268			—			—			—			5,268
Unrealized net loss on investments and impact of LFBP discount rates		—			(32,785	)		—			—			(32,785	)
Change in fair value of cash flow hedges		—			—			(4,352	)		—			(4,352	)
Amounts reclassified into earnings on hedging activities		—			—			(1,109	)		—			(1,109	)
Other comprehensive income (loss)		5,268			(32,785	)		(5,461	)		—			(32,978	)
Balance as of December 31, 2023	$	(53,651	)	$	(258,478	)	$	3,838		$	(351	)	$	(308,642	)


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2023	$	(56,539	)	$	(232,740	)	$	4,007		$	(351	)	$	(285,623	)
Foreign currency translation		2,888			—			—			—			2,888
Unrealized net loss on investments and impact of LFBP discount rates		—			(25,738	)		—			—			(25,738	)
Change in fair value of cash flow hedges		—			—			2,823			—			2,823
Amounts reclassified into earnings on hedging activities		—			—			(2,992	)		—			(2,992	)
Other comprehensive income (loss)		2,888			(25,738	)		(169	)		—			(23,019	)
Balance as of December 31, 2023	$	(53,651	)	$	(258,478	)	$	3,838		$	(351	)	$	(308,642	)

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2022	$	(56,299	)	$	(191,175	)	$	6,419		$	(2,442	)	$	(243,497	)
Foreign currency translation		(215	)		—			—			—			(215	)
Unrealized net loss on investments and impact of LFBP discount rates		—			(59,794	)		—			—			(59,794	)
Change in fair value of cash flow hedges		—			—			115			—			115
Amounts reclassified into earnings on hedging activities		—			—			(345	)		—			(345	)
Other comprehensive income (loss)		(215	)		(59,794	)		(230	)		—			(60,239	)
Balance as of December 31, 2022	$	(56,514	)	$	(250,969	)	$	6,189		$	(2,442	)	$	(303,736	)


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2022	$	(55,757	)	$	53,651		$	(444	)	$	(2,442	)	$	(4,992	)
Foreign currency translation		(757	)		—			—			—			(757	)
Unrealized net loss on investments and impact of LFBP discount rates		—			(304,620	)		—			—			(304,620	)
Change in fair value of cash flow hedges		—			—			6,532			—			6,532
Amounts reclassified into earnings on hedging activities		—			—			101			—			101
Other comprehensive income (loss)		(757	)		(304,620	)		6,633			—			(298,744	)
Balance as of December 31, 2022	$	(56,514	)	$	(250,969	)	$	6,189		$	(2,442	)	$	(303,736	)

7. Stockholders’ Equity

The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2024 and 2023:


Non-Voting Common Stock Dividends
Declared Date	Per Share Amount		Record Date	Dividend Date

December 6, 2023	$	0.05	December 18, 2023	December 29, 2023
August 17, 2023		0.04	September 19, 2023	September 29, 2023
June 7, 2023		0.04	June 20, 2023	June 30, 2023
December 7, 2022		0.04	December 19, 2022	December 30, 2022


Common Stock Dividends
Declared Date	Per Share Amount		Record Date	Dividend Date

August 18, 2022	$	0.50	September 6, 2022	September 20, 2022
April 6, 2022		0.50	April 18, 2022	April 29, 2022

As of December 31, 2023, no awards had been issued under the 2016 AMERCO Stock Option Plan.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Leases

The following tables show the components of our right-of-use (“ROU“) assets, net:


	As of December 31, 2023
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	145,958		$	145,958
Furniture and equipment		1,693			—			1,693
Rental trailers and other rental equipment		114,884			—			114,884
Rental trucks		692,955			—			692,955
Right-of-use assets, gross		809,532			145,958			955,490
Less: Accumulated depreciation		(483,288	)		(80,597	)		(563,885	)
Right-of-use assets, net	$	326,244		$	65,361		$	391,605


	As of March 31, 2023
	Finance			Operating			Total
				(In thousands)

Buildings and improvements	$	—		$	128,221		$	128,221
Furniture and equipment		9,687			—			9,687
Rental trailers and other rental equipment		152,294			—			152,294
Rental trucks		949,838			—			949,838
Right-of-use assets, gross		1,111,819			128,221			1,240,040
Less: Accumulated depreciation		(637,054	)		(69,304	)		(706,358	)
Right-of-use assets, net	$	474,765		$	58,917		$	533,682

As of December 31, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $137.0 million and $223.2 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.


	Finance leases
	December 31,			March 31,
	2023			2023
	(Unaudited)
Weighted average remaining lease term (years)	1			2
Weighted average discount rate		4.1	%		3.8	%


	Operating leases
	December 31,			March 31,
	2023			2023
	(Unaudited)
Weighted average remaining lease term (years)	19.1			19.2
Weighted average discount rate		4.6	%		4.7	%

For the nine months ended December 31, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $17.5 million and $24.0 million, respectively, and our financing cash flow activities were $86.2 million and $95.3 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $17.9 million and $5.1 million for the first nine months of fiscal 2024 and 2023, respectively.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The components of lease costs, including leases of less than 12 months, were as follows:


	Nine months ended
	December 31, 2023		December 31, 2022
	(Unaudited)
	(In thousands)

Operating lease costs	$	25,181	$	24,483

Finance lease cost:
Amortization of right-of-use assets	$	44,220	$	62,782
Interest on lease liabilities		5,600		8,799
Total finance lease cost	$	49,820	$	71,581

The short-term lease costs for the first nine months of fiscal 2024 and 2023 were not material.

Maturities of lease liabilities were as follows:


	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)

2024 (3 months)	$	20,502		$	6,880
2025		76,714			16,232
2026		46,107			9,527
2027		—			7,455
2028		—			6,501
Thereafter		—			66,126
Total lease payments		143,323			112,721
Less: imputed interest		(6,284	)		(48,179	)
Present value of lease liabilities	$	137,039		$	64,542

9. Contingencies

Cybersecurity Incident

On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.

Several class action lawsuits related to the incident have been filed against U-Haul. The lawsuits have been consolidated into one action in the U.S. District Court for the District of Arizona. On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The remaining claims will be vigorously defended by the Company; however, the outcome of such lawsuits cannot be predicted or guaranteed with any certainty.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to Real Estate, compliance with the environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other litigation and claims arising out of the normal course of business. In our opinion, none of these other matters will have a material effect on our financial position and results of operations.

10. Related Party Transactions

U-Haul Holding Company 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.

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. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue


	Quarter ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	7,135	$	7,170
U-Haul management fee revenue from Mercury		3,003		2,910
	$	10,138	$	10,080


	Nine months ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	22,585	$	22,726
U-Haul management fee revenue from Mercury		5,997		5,770
	$	28,582	$	28,496

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 $25.0 million and $24.9 million from the above-mentioned entities during the first nine months of fiscal 2024 and 2023, 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.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants. Mercury holds the option to purchase a portfolio of properties currently leased by Mercury and a U-Haul subsidiary; Mercury has notified W.P. Carey, the lessor, of its intent to purchase the properties.

Related Party Costs and Expenses


	Quarter ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	604	$	604
U-Haul printing expenses to Blackwater		877		—
U-Haul commission expenses to Blackwater		18,946		20,016
	$	20,427	$	20,620


	Nine months ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	1,812	$	1,812
U-Haul printing expenses to Blackwater		2,194		—
U-Haul commission expenses to Blackwater		65,684		71,283
	$	69,690	$	73,095

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.

On May 15, 2023, SAC Holdings began providing ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of December 31, 2023, subsidiaries of Blackwater acted as independent dealers. The financial and other terms of the dealership contracts 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 with subsidiaries of Blackwater, excluding Dealer Agreements, provided revenues of $22.6 million and $22.7 million, expenses of $1.8 million and $1.8 million and cash flows of $20.9 million and $21.0 million, respectively, during the first nine months of fiscal 2024 and 2023. Revenues were $305.2 million and $339.5 million and commission expenses were $65.7 million and $71.3 million, respectively, related to the Dealer Agreements, during the first nine months of fiscal 2024 and 2023.

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater.

Related Party Assets


	December 31,			March 31,
	2023			2023
	(Unaudited)
	(In thousands)
U-Haul receivable from Blackwater	$	41,674		$	42,141
U-Haul receivable from Mercury		13,711			8,402
Other (a)		(6,619	)		(2,235	)
	$	48,766		$	48,308

(a)

Timing differences for intercompany balances with insurance subsidiaries resulting from the three-month difference in reporting periods.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Reportable Segment Information:

U-Haul Holding Company’s three reportable segments are:

•

Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,

•

Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

•

Life Insurance, comprised of Oxford and its subsidiaries.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments.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 earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2023 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total revenues	$	1,260,677	$	29,303	$	52,715	$	(3,181	)	$	1,339,514
Total earnings from operations before equity in earnings of subsidiaries	$	180,467	$	9,421	$	8,075	$	(375	)	$	197,588

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the quarter ended December 31, 2022 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total revenues	$	1,296,407	$	28,466	$	52,962	$	(2,499	)	$	1,375,336
Total earnings from operations before equity in earnings of subsidiaries	$	304,717	$	10,846	$	4,821	$	(373	)	$	320,011

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2023 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total revenues	$	4,285,768	$	88,994	$	163,918	$	(8,998	)	$	4,529,682
Total earnings from operations before equity in earnings of subsidiaries	$	968,862	$	36,822	$	15,039	$	(1,122	)	$	1,019,601

Revenues and earnings from operations before equity in earnings of subsidiaries by operating segment for the nine months ended December 31, 2022 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total revenues	$	4,456,863	$	74,911	$	152,761	$	(8,495	)	$	4,676,040
Total earnings from operations before equity in earnings of subsidiaries	$	1,301,277	$	24,883	$	10,440	$	(1,141	)	$	1,335,459

Total assets by operating segment as of December 31, 2023 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total assets	$	16,193,912	$	480,429	$	2,806,247	$	(478,012	)	$	19,002,576

Total assets by operating segment as of March 31, 2023 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated

	(In thousands)

Total assets	$	15,211,493	$	459,897	$	2,891,574	$	(462,230	)	$	18,100,734

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Geographic Area Data


	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended December 31, 2023
Total revenues	$	1,273,821	$	65,693	$	1,339,514
Depreciation and amortization, net of (gains) on disposals		176,864		3,523		180,387
Interest expense		66,772		678		67,450
Pretax earnings		125,531		4,242		129,773
Income tax expense		29,172		1,377		30,549
Identifiable assets		18,225,204		777,372		19,002,576

Quarter ended December 31, 2022
Total revenues	$	1,311,117	$	64,219	$	1,375,336
Depreciation and amortization, net of (gains) on disposals		119,864		1,840		121,704
Interest expense		58,367		674		59,041
Pretax earnings		253,386		7,230		260,616
Income tax expense		59,774		1,990		61,764
Identifiable assets		17,447,581		642,543		18,090,124


	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Nine Months Ended December 31, 2023
Total revenues	$	4,294,310	$	235,372	$	4,529,682
Depreciation and amortization, net of (gains) on disposals		486,262		3,668		489,930
Interest expense		189,900		2,091		191,991
Pretax earnings		801,045		25,471		826,516
Income tax expense		189,802		7,144		196,946
Identifiable assets		18,225,204		777,372		19,002,576

Nine Months Ended December 31, 2022
Total revenues	$	4,431,570	$	244,470	$	4,676,040
Depreciation and amortization, net of (gains) on disposals		365,585		6,056		371,641
Interest expense		163,792		2,241		166,033
Pretax earnings		1,129,487		38,018		1,167,505
Income tax expense		270,641		9,801		280,442
Identifiable assets		17,447,581		642,543		18,090,124

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:


	Quarter ended December 31,
		2023			2022
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	297		$	332
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		367			287
Other components		(2	)		17
Total other components of net periodic benefit costs		365			304
Net periodic postretirement benefit cost	$	662		$	636


	Nine months ended December 31,
		2023			2022
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	891		$	995
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		1,102			861
Other components		(8	)		51
Total other components of net periodic benefit costs		1,094			912
Net periodic postretirement benefit cost	$	1,985		$	1,907

14. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2023 and March 31, 2023, that are measured at fair value on a recurring basis and the level within the fair value hierarchy.


As of December 31, 2023	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,474,624	$	217,917	$	2,256,648	$	59
Preferred stock		20,141		20,141		—		—
Common stock		39,534		39,534		—		—
Derivatives		13,881		8,795		5,086		—
Total	$	2,548,180	$	286,387	$	2,261,734	$	59


Liabilities
Embedded derivatives	$	9,645	$	—	$	—	$	9,645
Total	$	9,645	$	—	$	—	$	9,645


As of March 31, 2023	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Fixed maturities - available for sale	$	2,709,037	$	251,832	$	2,457,146	$	59
Preferred stock		21,982		21,982		—		—
Common stock		39,375		39,375		—		—
Derivatives		9,606		4,295		5,311		—
Total	$	2,780,000	$	317,484	$	2,462,457	$	59

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents include $1,520.0 million and $1,809.4 million as of December 31, 2023 and March 31, 2023, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables, and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following represents our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Fair Value Hierarchy
	Carrying								Total
As of December 31, 2023	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	154,846	$	—	$	—	$	154,846	$	154,846
Mortgage loans, net		567,784		—		—		531,880		531,880
Other investments		83,674		—		—		83,674		83,674
Total	$	806,304	$	—	$	—	$	770,400	$	770,400


Liabilities
Notes, loans and finance leases payable	$	6,471,405	$	—	$	6,051,219	$	—	$	6,051,219
Total	$	6,471,405	$	—	$	6,051,219	$	—	$	6,051,219


	Fair Value Hierarchy
	Carrying								Total
As of March 31, 2023	Value		Level 1		Level 2		Level 3		Fair Value
	(In thousands)
Assets
Trade receivables, net	$	146,736	$	—	$	—	$	146,736	$	146,736
Mortgage loans, net		466,531		—		—		444,957		444,957
Other investments		109,009		—		—		109,009		109,009
Total	$	722,276	$	—	$	—	$	700,702	$	700,702


Liabilities
Notes, loans and finance leases payable		6,143,350		—		5,710,735		—		5,710,735
Total	$	6,143,350	$	—	$	5,710,735	$	—	$	5,710,735

15. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers (Topic 606), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2023 and March 31, 2023.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 2024 did not have a material effect on our financial statements.

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box containers to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842, while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2023, $0.9 million and $50.6 million, respectively, was recognized as revenue for the quarter and nine months ended December 31, 2023.

Revenue Recognized in Accordance with Topic 842

ASC Topic 842, Leases (Topic 842), the Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in Topic 842 because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 8, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. The contract price is estimated at the initiation of the contract, as there is variable consideration associated with ratable fees incurred based on the number of days the equipment is rented and the number of miles driven.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Variable consideration is estimated using the most likely amount method which is based on the intended use of the rental equipment by the customer at the initiation of the contract. Historically, the variability in estimated transaction pricing compared to actual is not significant due to the relatively short duration of rental contracts. Each performance obligation has an observable stand-alone selling price. The input method of passage of time is appropriate as there is a direct relationship between our inputs and the transfer of benefit to the customer over the life of the contract. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:


	Year Ending December 31,
	2024		2025		2026		2027		2028		Thereafter
	(Unaudited)
	(In thousands)

Self-moving equipment rental revenues	$	5,674	$	—	$	—	$	—	$	—	$	—
Property lease revenues		21,494		15,040		12,112		8,653		5,666		33,059
Total	$	27,168	$	15,040	$	12,112	$	8,653	$	5,666	$	33,059

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In the following tables, revenue is disaggregated by timing of revenue recognition:


	Quarter ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)

Revenues recognized over time:	$	73,785	$	69,797
Revenues recognized at a point in time:		85,732		92,698
Total revenues recognized under ASC 606		159,517		162,495

Revenues recognized under ASC 842		1,072,028		1,110,247
Revenues recognized under ASC 944		50,512		50,300
Revenues recognized under ASC 320		57,457		52,294
Total revenues	$	1,339,514	$	1,375,336


	Nine months ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)

Revenues recognized over time:	$	283,468	$	300,082
Revenues recognized at a point in time:		315,084		338,019
Total revenues recognized under ASC 606		598,552		638,101

Revenues recognized under ASC 842		3,599,867		3,772,203
Revenues recognized under ASC 944		144,476		149,360
Revenues recognized under ASC 320		186,787		116,376
Total revenues	$	4,529,682	$	4,676,040

In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving equipment rentals, self-moving and self-storage products and service sales and a portion of other revenues.

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

16. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two (2) primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. For credit card receivables, the Company uses a trailing 13 month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. The Company rents equipment to corporate customers in which payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

Management believes that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed signiﬁcantly over time). To adjust the historical loss rates to reﬂect the eﬀects of these diﬀerences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% as of December 31, 2023 and March 31, 2023, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of December 31, 2023 and March 31, 2023 was $4.3 million and $3.8 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $30.8 million and $29.6 million as of December 31, 2023 and March 31, 2023, respectively, and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance in a timely manner. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts.

When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of December 31, 2023 which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $7.2 million and $4.1 million as of December 31, 2023 and March 31, 2023, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:


	Allowance for Credit Losses
	Trade Receivables			Investments, Fixed Maturities			Investments, other		Total
	(Unaudited)
	(in thousands)
Balance as of March 31, 2022	$	8,649		$	60		$	501	$	9,210
Provision for (reversal of) credit losses		(4,860	)		2,041			16		(2,803	)
Write-offs against allowance		—			—			—		—
Recoveries		—			—			—		—
Balance as of March 31, 2023	$	3,789		$	2,101		$	517	$	6,407
Provision for (reversal of) credit losses		556			(397	)		300		459
Write-offs against allowance		—			—			—		—
Recoveries		—			—			—		—
Balance as of December 31, 2023	$	4,345		$	1,704		$	817	$	6,866

17. Accounting Pronouncements

Adoption of new Accounting Pronouncements

On April 1, 2023, the Company adopted ASU 2018-12 which is applicable to Oxford. The Company adopted ASU 2018-12 effective April 1, 2023 and used the modified retrospective method with a transition date of April 1, 2021.

The updated accounting guidance required changes to the measurement and disclosure of long-duration contracts. For the Company, this includes all life insurance products, annuities, Medicare supplement products and our long-term care business. Entities were required to review, and update if there is a change to cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions were recorded in the Company's results of operations and the effect of changes in discount rate assumptions were recorded in other comprehensive income.

The most significant impact will be the effect of updating the discount rate assumption quarterly to reflect an upper-medium grade fixed-income instrument yield, rather than Oxford Life’s expected investment portfolio yield. This will be partially offset by the de-recognition of cumulative adjustments to DAC associated with unrealized gains and losses associated with long-duration contracts. The Company uses a published spot rate curve constructed from “A”-rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company groups its long-duration contracts into calendar year cohorts based on the contract issue date.

DAC and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Under ASU 2018-12, the annual amortization of DAC in our Consolidated Statements of Operations will differ from previous trends due to: (1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, (2) the requirement to no longer accrue and amortize interest on our DAC balances, and (3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our final expense life insurance policies, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business.

Upon adoption, the Company adjusted AOCI for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in AOCI. In total, we expect the impact on net earnings, largely from the decrease in amortization, to be immaterial during fiscal 2024, but could become material with a large increase in sales.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. Market risk benefits are contracts or contract features that guarantee benefits, such as guaranteed life withdrawal benefits, in addition to an account balance which expose insurance companies to other than nominal capital market risk and protect the contract holder from the same risk. Certain contracts or contract features to be identified as market risk benefits were accounted for as embedded derivatives and measured at fair value, while others transitioned to fair value measurement upon the adoption of ASU 2018-12.

Also in consideration of market risk benefits, upon adoption, there were impacts to (1) AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption significantly expanded the Company’s disclosures and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the accounting adoption had no economic impact on the cash flows of our business nor influence on our business model of providing basic mortality and longevity protection-oriented products to the underserved senior market. In addition, it did not impact our statutory earnings, statutory capital, or capital management philosophies.

The following tables present the effect of the adoption of ASU 2018-12 on selected consolidated balance sheet data for the fiscal years ended March 31, 2023 and 2022.


	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Assets
Prior to adoption	$	18,124,648		$	17,299,581
Effect of adoption:
Derecognition of shadow DAC		(25,141	)		26,131
Re-measurement due to discount rate		—			—
Other adjustments		1,227			1,471
Subtotal	$	(23,914	)	$	27,602

After adoption	$	18,100,734		$	17,327,183


	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Liabilities
Prior to adoption	$	11,596,313		$	11,347,089
Effect of adoption:
Deferred income tax adjustment on Shadow removal		(5,280	)		5,488
Re-measurement due to discount rate		(1,626	)		87,258
Deferred income tax adjustment on discount rate		342			(18,324	)
Other adjustments		6,794			8,511
Subtotal	$	230		$	82,933

After adoption	$	11,596,543		$	11,430,022

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Accumulated other comprehensive income (loss)
Prior to adoption	$	(267,046	)	$	46,384
Effect of adoption:
Derecognition on shadow DAC		(19,861	)		20,644
Re-measurement due to discount rate		1,626			(87,258	)
Re-measurement due to discount rate (tax effect)		(342	)		18,324
Other adjustments		—			—
Subtotal	$	(18,577	)	$	(48,290	)

After adoption	$	(285,623	)	$	(1,906	)


	Year ended March 31,
	2023			2022
	(Unaudited)
	(In thousands)
Total Stockholders' equity
Prior to adoption	$	6,528,335		$	5,952,492
Effect of adoption:
Derecognition on shadow DAC		(19,861	)		20,644
Re-measurement due to discount rate (tax effect)		1,284			(68,934	)
Other adjustments		(5,567	)		(7,042	)
Subtotal	$	(24,144	)	$	(55,332	)

After adoption	$	6,504,191		$	5,897,160


	Year ended March 31, 2023
	As previously reported			Adoption impact			As adjusted
	(Unaudited)
	(In thousands)
Deferred policy acquisition costs, net	$	152,377			(23,914	)	$	128,463
Total assets		18,124,648			(23,914	)		18,100,734
Policy benefits and losses, claims and loss expenses payable		875,034			5,168			880,202
Deferred income taxes, net		1,334,427			(4,938	)		1,329,489
Total liabilities		11,596,313			230			11,596,543
Accumulated other comprehensive loss		(267,046	)		(18,577	)		(285,623	)
Retained earnings		7,008,715			(5,567	)		7,003,148
Total stockholders' equity		6,528,335			(24,144	)		6,504,191
Total liabilities and stockholders' equity		18,124,648			(23,914	)		18,100,734

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	April 1, 2021		March 31, 2021
	(Unaudited)
	(In thousands)
Deferred policy acquisition costs, net	$	131,187	$	89,749
Total assets		14,693,044		14,651,606
Policy benefits and losses, claims and loss expenses payable		1,040,951		909,701
Deferred income taxes, net		1,182,123		1,199,280
Total liabilities		9,846,608		9,732,515
Accumulated other comprehensive income		42,319		106,857
Retained earnings		5,017,451		5,025,568
Total stockholders' equity		4,846,436		4,919,091
Total liabilities and stockholders' equity		14,693,044		14,651,606

The following tables present the balances of and changes in deferred acquisition costs, future policy benefits and market risk benefits and balances amortized on a basis consistent with DAC on April 1, 2021 due to the adoption of ASU 2018-12 by Oxford.


Deferred Policy Acquisition Costs	Payout Annuities		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	15,654	$	64,552	$	9,543	$	89,749
Adjustments for removal of related balances in accumulated other comprehensive income		41,438		—		—		41,438
Adjusted balance, beginning of year April 1, 2021	$	57,092	$	64,552	$	9,543	$	131,187


Future Policy Benefit	Payout Annuities		Life Insurance		Health Insurance		Total
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	8,370	$	310,311	$	18,341	$	337,022
Change in discount rate assumptions		2,307		115,978		4,847		123,132
Change in cash flow assumptions, effect of net premiums exceeding gross premiums		—		1,747		—		1,747
Change in cash flow assumptions, effect of decrease of the deferred profit liability		—		2,580		—		2,580
Adjusted balance, beginning of year April 1, 2021	$	10,677	$	430,616	$	23,188	$	464,481


Market Risk Benefits	Deferred Annuities
	(Unaudited)
	(In thousands)
Balance, end of year March 31, 2021	$	7,339
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk		3,791
Adjusted balance, beginning of year April 1, 2021	$	11,130

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the effect of transition adjustments on stockholders' equity as of April 1, 2021 due to the adoption of ASU 2018-12.


	Retained Earnings			Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Liability for future policy benefits	$	(4,327	)	$	(123,132	)
Market risk benefits		(3,791	)		—
Deferred acquisition costs and related asset balances		—			41,438
Tax effect		—			17,156
Total	$	(8,118	)	$	(64,538	)

Recent Accounting Pronouncements

In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842 – Common Control Arrangements (“ASU 2023-01”). ASU 2023-01, accounting for leasehold improvements, requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. The amendment is effective for fiscal years beginning after December 15, 2023. We are currently in the process of evaluating the impact if any of the adoption of ASU 2023-01 on our financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment is effective retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of adopting ASU 2023-07 on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

18. Deferred Policy Acquisition Costs, Net

The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the nine-month periods ended December 31, 2023 and 2022.


	Nine Months Ended December 31, 2023
	Payout Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	55,396		$	66,954		$	6,113		$	128,463
Capitalization		8,007			3,213			177			11,397
Amortization expense		(11,461	)		(6,586	)		(979	)		(19,026	)
Balance, end of period	$	51,942		$	63,581		$	5,311		$	120,834

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine Months Ended December 31, 2022
	Payout Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	55,261		$	67,573		$	8,596		$	131,430
Capitalization		14,403			5,667			336			20,406
Amortization expense		(11,972	)		(4,722	)		(1,422	)		(18,116	)
Balance, end of period	$	57,692		$	68,518		$	7,510		$	133,720

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Policy Benefits and Losses, Claims and Loss Expenses Payable

The following tables present the balances and changes in the policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits for Oxford.


	Nine Months Ended December 31, 2023
	Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums

Balance, beginning of year	$	223,118		$	196,569		$	419,687
Beginning balance at original discount rate	$	225,071		$	212,454		$	437,525
Effect of changes in cash flow assumptions		—			—			—
Effect of actual variances from expected experience		(584	)		(9,565	)		(10,149	)
Adjusted beginning of year balance	$	224,487		$	202,889		$	427,376
Issuances		6,692			78			6,770
Interest accrual		8,367			6,072			14,439
Net premium collected		(29,812	)		(19,787	)		(49,599	)
Other		—			—			—
Ending balance at original discount rate	$	209,734		$	189,252		$	398,986
Effect of changes in discount rate assumptions (AOCI)		(6,878	)		(19,722	)		(26,600	)
Balance, end of period	$	202,856		$	169,530		$	372,386

Present value of expected future policy benefits

Balance, beginning of year	$	530,983		$	210,054		$	741,037
Beginning balance at original discount rate	$	533,688		$	226,510		$	760,198
Effect of changes in cash flow assumptions		—			—			—
Effect of actual variances from expected experiences		(1,621	)		(8,650	)		(10,271	)
Adjusted beginning of year balance	$	532,067		$	217,860		$	749,927
Issuances		6,746			78			6,824
Interest accrual		19,830			6,520			26,350
Benefit payments		(39,544	)		(22,857	)		(62,401	)
Other		—			—			—
Ending balance at original discount rate	$	519,099		$	201,601		$	720,700
Effect of changes in discount rate assumptions (AOCI)		(19,397	)		(20,450	)		(39,847	)
Balance, end of period	$	499,702		$	181,151		$	680,853
End of period, LFPB net								308,467
Payout annuities and market risk benefits								31,048
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable								9,556
Life DPL / Other life and health								23,724
LFPB flooring effect								274
Oxford end of period balance								373,069
Moving and Storage balance								317,409
Property and Casualty balance								148,467
Policy benefit and losses, claims and loss expense balance, end of period							$	838,945

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine Months Ended December 31, 2022
	Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)
Present value of expected net premiums

Balance, beginning of year	$	280,371		$	280,732		$	561,103
Beginning balance at original discount rate	$	242,741		$	253,307		$	496,048
Effect of changes in cash flow assumptions		—			—			—
Effect of actual variances from expected experience		(1,259	)		1,257			(2	)
Adjusted beginning of year balance	$	241,482		$	254,564		$	496,046
Issuances		14,101			2,455			16,556
Interest accrual		9,036			7,637			16,673
Net premium collected		(32,270	)		(22,466	)		(54,736	)
Other		0			0			0
Ending balance at original discount rate	$	232,349		$	242,190		$	474,539
Effect of changes in discount rate assumptions (AOCI)		(3,811	)		(21,059	)		(24,870	)
Balance, end of period	$	228,538		$	221,131		$	449,669

Present value of expected future policy benefits

Balance, beginning of year	$	672,254		$	299,628		$	971,882
Beginning balance at original discount rate	$	552,109		$	269,177		$	821,286
Effect of changes in cash flow assumptions		—			—			—
Effect of actual variances from expected experiences		(150	)		2,051			1,901
Adjusted beginning of year balance	$	551,959		$	271,228		$	823,187
Issuances		14,101			2,454			16,555
Interest accrual		20,654			8,137			28,791
Benefit payments		(43,602	)		(25,873	)		(69,475	)
Other		—			—			—
Ending balance at original discount rate	$	543,112		$	255,946		$	799,058
Effect of changes in discount rate assumptions (AOCI)		(9,514	)		(21,872	)		(31,386	)
Balance, end of period	$	533,598		$	234,074		$	767,672
End of period, LFPB net								318,003
Payout annuities and market risk benefits								33,049
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable								10,387
Life DPL / Other life and health								35,276
LFPB flooring effect								451
Oxford end of period balance								397,166
Moving and Storage balance								342,645
Property and Casualty balance								156,259
Policy benefit and losses, claims and loss expense balance, end of period							$	896,070

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Nine Months Ended December 31, 2023
		Life Insurance			Health Insurance			Total
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	377,068		$	319,922		$	696,990
Discounted balance at original discount rate		$	291,900		$	248,221		$	540,121
Discounted balance at current discount rate		$	281,927		$	224,406		$	506,333

Expected policy benefits
Undiscounted balance		$	752,194		$	260,683		$	1,012,877
Discounted balance at original discount rate		$	519,099		$	201,601		$	720,700
Discounted balance at current discount rate		$	499,702		$	181,151		$	680,853

Mortality, lapses and morbidity
Mortality actual experience			4.57	%		0.00	%
Mortality expected experience			5.07	%		0.00	%
Lapses actual experience			2.18	%		0.00	%
Lapses expected experience			2.64	%		0.00	%
Morbidity actual experience			0.00	%		81.17	%
Morbidity expected experience			0.00	%		73.65	%

Premiums and interest expense
Gross premiums		$	39,979		$	27,397		$	67,376
Other premiums									—
Total premiums								$	67,376
Interest expense		$	11,463		$	448		$	11,911

Expected duration (persistency) of policies in-force (years)			6.9			6.5

Weighted average original interest rate of the liability for future policy benefits			5.00	%		4.01	%

Weighted average current interest rate of the liability for future policy benefits			4.80	%		4.80	%

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Nine Months Ended December 31, 2022
		Life Insurance			Health Insurance			Total
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	413,315		$	423,366		$	836,681
Discounted balance at original discount rate		$	318,749		$	325,605		$	644,354
Discounted balance at current discount rate		$	313,083		$	300,463		$	613,546

Expected policy benefits
Undiscounted balance		$	793,511		$	334,704		$	1,128,215
Discounted balance at original discount rate		$	543,111		$	255,947		$	799,058
Discounted balance at current discount rate		$	533,597		$	234,075		$	767,672

Mortality, lapses and morbidity
Mortality actual experience			4.85	%		0.00	%
Mortality expected experience			4.80	%		0.00	%
Lapses actual experience			2.08	%		0.00	%
Lapses expected experience			2.52	%		0.00	%
Morbidity actual experience			0.00	%		77.94	%
Morbidity expected experience			0.00	%		71.41	%

Premiums and interest expense
Gross premiums		$	42,977		$	32,108		$	75,085
Other premiums									—
Total premiums								$	75,085
Interest expense		$	11,618		$	500		$	12,118

Expected duration (persistency) of policies in-force (years)			7.0			6.7

Weighted average original interest rate of the liability for future policy benefits			5.02	%		4.02	%

Weighted average current interest rate of the liability for future policy benefits			1.52	%		1.51	%

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the balances and changes in Liabilities from investment contracts account balances:


	Nine Months Ended December 31, 2023
	Deferred Annuities
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,398,884
Deposits received		206,800
Surrenders and withdrawals		(265,999	)
Benefit payments		(29,136	)
Interest credited		52,594
Other		—
End of period	$	2,363,143
Weighted average credited rate		2.96
Cash surrender value	$	2,025,409


	Nine Months Ended December 31, 2022
	Deferred Annuities
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,336,238
Deposits received		243,144
Surrenders and withdrawals		(195,801	)
Benefit payments		(27,207	)
Interest credited		40,328
Other		—
End of period	$	2,396,702
Weighted average credited rate		2.27
Cash surrender value	$	2,062,711

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2024, compared with the third quarter and first nine months of fiscal 2023, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources - Summary and Disclosures about Contractual Obligations and Commercial Commitments. We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2024.

This MD&A should be read in conjunction with the other sections of this Quarterly Report, including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2023 and 2022 correspond to fiscal 2024 and 2023 for U-Haul Holding Company.

Overall Strategy

Our overall strategy is to maintain our leadership position in the United States and Canada “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and company operated locations in our network.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.

Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

Description of Operating and Reportable Segments

U-Haul Holding Company’s three operating and reportable segments are:

•

Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate; Property and Casualty Insurance, comprised of Repwest and its wholly owned subsidiaries and ARCOA; and

•

Life Insurance, comprised of Oxford and its wholly owned subsidiaries.

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.

Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

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.

Cybersecurity Incident

None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations

U-Haul Holding Company and Consolidated Entities

Quarter Ended December 31, 2023 compared with the Quarter Ended December 31, 2022

Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2024 and the third quarter of fiscal 2023:


	Quarter Ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	839,801	$	898,819
Self-storage revenues		210,517		190,483
Self-moving and self-storage products and service sales		70,344		74,851
Property management fees		10,138		10,080
Life insurance premiums		22,574		24,399
Property and casualty insurance premiums		26,490		26,852
Net investment and interest income		57,457		52,294
Other revenue		102,193		97,558
Consolidated revenue	$	1,339,514	$	1,375,336

Self-moving equipment rental revenues decreased $59.0 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

Self-storage revenues increased $20.0 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. The average monthly number of occupied units increased by 5.7%, or 30,542 units, during the third quarter of fiscal 2024 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.8% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million new net rentable square feet.

Sales of self-moving and self-storage products and services decreased $4.5 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Life insurance premiums decreased $1.8 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums decreased $0.4 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023.

Net investment and interest income increased $5.2 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Moving and Storage accounted for $3.3 million of the improvement due to an increase in interest rates on short-term deposits. Changes in the market value of common stock investments held at our Property and Casualty Insurance subsidiary accounted for $0.4 million of the increase. Our Life Insurance subsidiaries investment income increased $1.5 million primarily from gains on derivatives used as hedges to fixed indexed annuities.

Other revenue increased $4.6 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023, caused primarily by decreases in our U-Box® program.

Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2024 and the third quarter of fiscal 2023. The insurance companies’ third quarters ended September 30, 2023 and 2022.


	Quarter Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	1,260,677		$	1,296,407
Earnings from operations before equity in earnings of subsidiaries		180,467			304,717
Property and casualty insurance
Revenues		29,303			28,466
Earnings from operations		9,421			10,846
Life insurance
Revenues		52,715			52,962
Earnings (losses) from operations		8,075			4,821
Eliminations
Revenues		(3,181	)		(2,499	)
Earnings from operations before equity in earnings of subsidiaries		(375	)		(373	)
Consolidated results
Revenues		1,339,514			1,375,336
Earnings from operations		197,588			320,011

Total costs and expenses increased $86.6 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Operating expenses for Moving and Storage increased $36.8 million. Repair expenses associated with the rental fleet experienced a $2.9 million decrease during the quarter while we experienced increases in personnel, property taxes and building maintenance.

Depreciation expense associated with our rental fleet increased $12.6 million for the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $34.3 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same quarter last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $12.9 million. Net losses on the disposal or retirement of land and buildings increased $1.7 million. Additional details are available in the following Moving and Storage section.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $122.4 million to $197.6 million for the third quarter of fiscal 2024, compared with $320.0 million for the third quarter of fiscal 2023.

Interest expense for the third quarter of fiscal 2024 was $67.5 million, compared with $59.0 million for the third quarter of fiscal 2023, due to an increase in our average cost of debt.

Income tax expense was $30.5 million for the third quarter of fiscal 2024, compared with $61.8 million for the third quarter of fiscal 2023.

As a result of the above-mentioned items, earnings available to common stockholders were $99.2 million for the third quarter of fiscal 2024, compared with $198.9 million for the third quarter of fiscal 2023.

Moving and Storage

Quarter Ended December 31, 2023 compared with the Quarter Ended December 31, 2022

Listed below are revenues for our major product lines at Moving and Storage for the third quarter of fiscal 2024 and the third quarter of fiscal 2023:


	Quarter Ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	841,136	$	900,209
Self-storage revenues		210,517		190,483
Self-moving and self-storage products and service sales		70,344		74,851
Property management fees		10,138		10,080
Net investment and interest income		27,723		24,450
Other revenue		100,819		96,334
Moving and Storage revenue	$	1,260,677	$	1,296,407

Self-moving equipment rental revenues decreased $59.1 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:


	Quarter Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31		701			659
Square footage as of December 31		59,433			55,004
Average monthly number of units occupied		571			540
Average monthly occupancy rate based on unit count		81.8	%		82.9	%
End of December occupancy rate based on unit count		81.0	%		81.9	%
Average monthly square footage occupied		49,515			46,651

Over the last twelve months we added approximately 4.4 million net rentable square feet of new storage to the system. This was a mix of approximately 1.2 million square feet of existing storage locations we acquired and 3.2 million square feet of new development.

Net investment and interest income increased $3.3 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023, due to higher interest rates on short-term deposits.

Other revenue increased $4.5 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023, caused primarily by increases in our U-Box® program.

Total costs and expenses increased $88.5 million during the third quarter of fiscal 2024, compared with the third quarter of fiscal 2023. Operating expenses increased $36.8 million. Repair costs associated with the rental fleet experienced a $2.9 million decrease during the quarter. Other increases included personnel, property taxes and building maintenance.

The components of depreciation, net of gains on disposals were as follows:


	Quarter Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	143,757		$	131,144
Depreciation expense - non rental equipment		24,820			21,291
Depreciation expense - real estate		41,260			31,935
Total depreciation expense	$	209,837		$	184,370

Gains on disposals of rental equipment		(36,441	)	$	(70,641	)
Loss on disposals of non-rental equipment		252			137
Total gains on disposals equipment	$	(36,189	)	$	(70,504	)

Depreciation, net of gains on disposals	$	173,648		$	113,866

Losses on disposals of real estate	$	2,584		$	859

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased $124.3 million to $180.5 million for the third quarter of fiscal 2024, compared with $304.7 million for the third quarter of fiscal 2023.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $14.2 million for the third quarter of fiscal 2024, compared with $13.1 million for the third quarter of fiscal 2023.

As a result of the above-mentioned changes in revenues and expenses, consolidated earnings from operations for Moving and Storage decreased to $194.7 million for the third quarter of fiscal 2024, compared with $317.8 million for the third quarter of fiscal 2023.

Property and Casualty Insurance

Quarter Ended September 30, 2023 compared with the Quarter Ended September 30, 2022

Net premiums were $27.3 million and $26.9 million for the quarters ended September 30, 2023 and 2022, respectively. A significant portion of Repwest’s premiums were from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with improvements in storage and U-Box transactions at U-Haul during the same period.

Net investment and interest income was $2.0 million and $1.6 million for the quarters ended September 30, 2023 and 2022, respectively. The main driver of the change in net investment income was the increase in the market value of unaffiliated common stocks.

Operating expenses were $13.1 million and $11.8 million for the quarters ended September 30, 2023 and 2022, respectively. The change was due to an increase in commissions and personnel.

Benefits and losses incurred were $6.7 million and $5.7 million for the quarters ended September 30, 2023 and 2022, respectively. Benefits and losses incurred corresponded with the change in moving and storage transactions at U-Haul during the same period.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $9.4 million and $10.8 million for the quarters ended September 30, 2023 and 2022, respectively.

Life Insurance

Quarter Ended September 30, 2023 compared with the Quarter Ended September 30, 2022

Net premiums were $22.6 million and $24.4 million for the quarters ended September 30, 2023 and 2022, respectively. Medicare Supplement premiums decreased $1.8 million from the policy decrements offset by premium rate increases. Life premiums decreased $0.4 million primarily from the decrease in sales of single premium life and final expense. Both decreases were due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $81.6 million or $7.5 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $28.7 million and $27.2 million for the quarters ended September 30, 2023 and 2022, respectively. Realized gain on derivatives used as hedges to fixed indexed annuities was $1.1 million. Net interest income and other realized gains increased $0.4 million.

Operating expenses were $4.7 million and $5.1 million for the quarters ended September 30, 2023 and 2022, respectively. As sales of new final expense life insurance policies have declined, the associated administrative costs have also decreased.

Benefits and losses incurred were $35.8 million and $36.0 million for the quarters ended September 30, 2023 and 2022, respectively.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired (“VOBA”) was $4.2 million and $7.0 million for the quarters ended September 30, 2023 and 2022, respectively. The decrease in DAC amortization is primarily due to a lower amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings (losses) from operations were $8.0 million and $4.7 million for the quarters ended September 30, 2023 and 2022, respectively.

U-Haul Holding Company and Consolidated Entities

Nine Months Ended December 31, 2023 compared with the Nine Months Ended December 31, 2022

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2024 and the first nine months of fiscal 2023:


	Nine Months Ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	2,908,412	$	3,151,619
Self-storage revenues		618,368		549,246
Self-moving and self-storage products and service sales		262,787		281,066
Property management fees		28,582		28,496
Life insurance premiums		68,203		75,636
Property and casualty insurance premiums		72,383		72,542
Net investment and interest income		186,787		116,376
Other revenue		384,160		401,059
Consolidated revenue	$	4,529,682	$	4,676,040

Self-moving equipment rental revenues decreased $243.2 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.

Self-storage revenues increased $69.1 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. The average monthly number of occupied units increased by 7.9%, or 41,501 units, during the first nine months of fiscal 2024 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 4.7% improvement in average revenue per occupied foot. During the first nine months, we added approximately 3.1 million of new net rentable square feet.

Sales of self-moving and self-storage products and services decreased $18.3 million for the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. This was due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively impacted the sales of moving supplies.

Life insurance premiums decreased $7.4 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023 due primarily to decreased Medicare supplement premiums.

Property and casualty insurance premiums decreased $0.2 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023.

Net investment and interest income increased $70.4 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. Moving and Storage accounted for $39.1 million of the improvement due to an increase in interest rates on short-term deposits. Changes in the market value of common stocks held at our Property and Casualty Insurance subsidiary accounted for $11.1 million of the increase. Our Life Insurance subsidiaries investment income increased $18.2 million primarily from gains on derivatives used as hedges to fixed indexed annuities.

Other revenue decreased $16.9 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023, caused primarily by decreases in our U-Box® program.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2024 and the first nine months of fiscal 2023. The insurance companies’ first nine months ended September 30, 2023 and 2022.


	Nine Months Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	4,285,768		$	4,456,863
Earnings from operations before equity in earnings of subsidiaries		968,862			1,301,277
Property and casualty insurance
Revenues		88,994			74,911
Earnings from operations		36,822			24,883
Life insurance
Revenues		163,918			152,761
Earnings from operations		15,039			10,440
Eliminations
Revenues		(8,998	)		(8,495	)
Earnings from operations before equity in earnings of subsidiaries		(1,122	)		(1,141	)
Consolidated results
Revenues		4,529,682			4,676,040
Earnings from operations		1,019,601			1,335,459

Total costs and expenses increased $169.5 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. Operating expenses for Moving and Storage increased $89.4 million. Repair costs associated with the rental fleet experienced a $44.0 million increase during the first nine months of fiscal 2024 due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks. Other increases included personnel, property taxes, utilities and building maintenance. Conversely, during the first nine months, we had $28.6 million of decreases for freight and payment processing costs.

Depreciation expense associated with our rental fleet increased $32.4 million for the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $60.5 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $27.7 million. Net losses on the disposal or retirement of land and buildings increased $0.3 million. Additional details are available in the following Moving and Storage section.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $315.9 million to $1,019.6 million for the first nine months of fiscal 2024, as compared with $1,335.5 million for the first nine months of fiscal 2023.

Interest expense for the first nine months of fiscal 2024 was $192.0 million, compared with $166.0 million for the first nine months of fiscal 2023, due to an increase in our average cost of debt.

Income tax expense was $196.9 million for the first nine months of fiscal 2024, compared with $280.4 million for the first nine months of fiscal 2023.

As a result of the above-mentioned items, earnings available to common stockholders were $629.6 million for the first nine months of fiscal 2024, compared with $887.1 million for the first nine months of fiscal 2023.

Moving and Storage

Nine Months Ended December 31, 2023 compared with the Nine Months Ended December 31, 2022

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2024 and the first nine months of fiscal 2023:


	Nine Months Ended December 31,
	2023		2022
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	2,911,903	$	3,155,295
Self-storage revenues		618,368		549,246
Self-moving and self-storage products and service sales		262,787		281,066
Property management fees		28,582		28,496
Net investment and interest income		83,538		44,467
Other revenue		380,590		398,293
Moving and Storage revenue	$	4,285,768	$	4,456,863

Self-moving equipment rental revenues decreased $243.4 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. The declines were more pronounced for our one-way business. Compared to the same period last year, we increased the number of Company operated retail locations as well as the number of box trucks, and trailers in the rental fleet.


	Nine Months Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31		701			659
Square footage as of December 31		59,433			55,004
Average monthly number of units occupied		571			533
Average monthly occupancy rate based on unit count		82.9	%		84.2	%
End of December occupancy rate based on unit count		81.0	%		81.9	%
Average monthly square footage occupied		49,358			46,012

Net investment and interest income increased $39.1 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023, due to higher interest rates on short-term deposits.

Other revenue decreased $17.7 million during the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023, caused primarily by decreases in our U-Box® program.

Total costs and expenses increased $161.3 million during the first nine months of fiscal 2024, compared with the nine months of fiscal 2023. Operating expenses increased $89.4 million. Repair costs associated with the rental fleet experienced a $44.0 million increase during the first nine months of fiscal 2024 due to the higher cost of preventative maintenance along with the costs associated with selling more retired trucks. Other increases included personnel, property taxes, utilities and building maintenance. Conversely, during the first nine months we had $28.6 million of decreases for freight and payment processing costs.

Depreciation expense associated with our rental fleet increased $32.4 million for the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $60.5 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same quarter last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $27.7 million. Net losses on the disposal or retirement of land and buildings increased $0.3 million. Additional details are available in the following Moving and Storage section.

The components of depreciation, net of gains on disposals for the first nine months of fiscal 2024 were as follows:


	Nine Months Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	419,290		$	386,885
Depreciation expense - non rental equipment		70,514			64,458
Depreciation expense - real estate		114,433			92,832
Total depreciation expense	$	604,237		$	544,175

Gains on disposals of rental equipment	$	(139,176	)	$	(198,954	)
(Gain) loss on disposals of non-rental equipment		523			(241	)
Total gains on disposals equipment	$	(138,653	)	$	(199,195	)

Depreciation, net of gains on disposals	$	465,584		$	344,980

Losses on disposals of real estate	$	5,320		$	5,038

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries decreased to $968.9 million for the first nine months of fiscal 2024, compared with $1,301.3 million for the first nine months of fiscal 2023.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $41.3 million for the first nine months of fiscal 2024, compared with $24.6 million for the first nine months of fiscal 2023.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $1,010.2 million for the first nine months of fiscal 2024, compared with $1,325.9 million for the first nine months of fiscal 2023.

Property and Casualty Insurance

Nine Months Ended September 30, 2023 compared with the Nine Months Ended September 30, 2022

Net premiums were $74.7 million and $73.6 million for the nine months ended September 30, 2023 and 2022, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with improvements in storage and U-Box transactions at U-Haul during the same period.

Net investment and interest income was $14.3 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. The main driver of the change in net investment income was the increase in the market value of investments in common stock.

Operating expenses were $36.5 million and $33.6 million for the nine months ended September 30, 2023 and 2022, respectively. The change was due to an increase in commissions and personnel.

Benefits and losses incurred were $15.4 million and $16.2 million for the nine months ended September 30, 2023 and 2022, respectively. Benefits and losses incurred corresponded with the change in moving and storage transactions at U-Haul during the same period.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $36.8 million and $24.9 million for the nine months ended September 30, 2023 and 2022, respectively.

Life Insurance

Nine Months Ended September 30, 2023 compared with the Nine Months Ended September 30, 2022

Net premiums were $68.2 million and $75.6 million for the nine months ended September 30, 2023 and 2022, respectively. Medicare Supplement premiums decreased $4.7 million. Life premiums decreased $2.6 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $206.8 million or $36.3 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $91.8 million and $73.7 million for the nine months ended September 30, 2023 and 2022, respectively. Realized gain on derivatives used as hedges to fixed indexed annuities was $13.0 million current year-to-date. The change in the provision for expected credit losses resulted in a $2.1 million decrease to investment income. Net interest income and other realized gains increased $3.1 million.

Operating expenses were $14.8 million and $15.8 million for the nine months ended September 30, 2023 and 2022, respectively.

Benefits and losses incurred were $115.0 million and $104.8 million for the nine months ended September 30, 2023 and 2022, respectively. Interest credited to policyholders increased $15.1 million due to an increase in the interest credited rates on equity - indexed annuities. Life benefits decreased $2.9 million due to lower death claims related to COVID-19 and lower sales. Medicare supplement benefits decreased by $3.6 million from the declined policies in force.

Amortization of DAC, SIA and VOBA were $19.0 million and $21.6 million for the nine months ended September 30, 2023 and 2022, respectively.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $14.7 million and $10.3 million for the nine months ended September 30, 2023 and 2022, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

As of December 31, 2023, cash and cash equivalents totaled $1,806.0 million, compared with $2,060.5 million as of March 31, 2023. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 31, 2023 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, and related party assets) and debt obligations of each operating segment were:


	Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
	(Unaudited)
	(In thousands)
Cash and cash equivalents	$	1,736,295	$	36,951	$	32,730
Other financial assets		386,384		401,829		2,627,129
Debt obligations (b)		6,471,405		—		—

(a) As of September 30, 2023
(b) Excludes ($34,096) of debt issuance costs

As of December 31, 2023, Moving and Storage had additional cash available under existing credit facilities of $475.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities decreased $275.6 million in the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to a decrease in operating profits combined with an increase in claim payments at Moving and Storage.

Net cash used in investing activities decreased $161.9 million in the first nine months of fiscal 2024, compared with the first nine months of fiscal 2023. Purchases of property, plant and equipment increased $321.5 million. Fleet related spending increased $334.4 million while investment spending on real estate and development decreased $34.6 million. Cash from the sales of property, plant and equipment increased $64.6 million largely due to fleet sales. For our insurance subsidiaries, net cash provided in investing activities increased $136.6 million due to a decrease in purchases in fixed maturity investments and net cash provided by investing activities for Moving and Storage increased $278.7 million on short-term Treasury notes.

Net cash provided by financing activities increased $36.0 million in the first nine months of fiscal 2024, as compared with the first nine months of fiscal 2023. This was due to a combination of decreased debt payments of $70.3 million, decreased finance lease repayments of $9.1 million, an increase in cash from borrowings of $61.1 million, a decrease in dividend payments of $3.7 million and an increase in net annuity withdrawals from Life Insurance of $109.3 million.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2024, the Company will reinvest in its rental equipment fleet approximately $930 million, net of equipment sales and excluding any lease buyouts. Through the first nine months of fiscal 2024, the Company invested, net of sales, approximately $755 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2024 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2024 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first nine months of fiscal 2024, the Company invested $969 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2024, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures in fiscal 2024. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $1,802.8 million and $1,545.9 million for the first nine months of fiscal 2024 and 2023, respectively. The components of our net capital expenditures are provided in the following table:


	Nine Months Ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Purchases of rental equipment	$	1,350,024		$	1,015,634
Purchases of real estate, construction and renovations		968,543			1,003,187
Other capital expenditures		82,382			60,669
Gross capital expenditures		2,400,949			2,079,490
Less: Sales of property, plant and equipment		(598,170	)		(533,595	)
Net capital expenditures	$	1,802,779		$	1,545,895

Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $319.8 million and $294.5 million as of September 30, 2023 and December 31, 2022, respectively. The increase resulted from net earnings of $29.3 million and a decrease in other comprehensive income of $4.0 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of September 30, 2023 were $87.8 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $122.5 million and $132.2 million as of September 30, 2023 and December 31, 2022, respectively. The decrease resulted from net earnings of $12.1 million and a decrease in other comprehensive income of $21.8 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of September 30, 2023, Oxford had outstanding deposits of $60.0 million in the FHLB with an availability of $82.8 million, for which Oxford pays fixed interest rates between 0.49% and 4.30% with maturities between March 29, 2024 and September 30, 2027. As of September 30, 2023, available-for-sale-investments held with the FHLB totaled $93.5 million, of which $62.8 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.

Cash Flows by Operating Segments

Moving and Storage

Net cash provided from operating activities were $1,147.0 million and $1,419.0 million for the first nine months of fiscal 2024 and 2023, respectively, due to a decrease in operating profits combined with an increase in claim payments.

Property and Casualty Insurance

Net cash provided by operating activities were $27.4 million and $30.2 million for the first nine months ended September 30, 2023 and 2022, respectively. The decrease was due to the timing of payables activity within the normal course of business.

Property and Casualty Insurance’s cash and cash equivalents amounted to $37.0 million and $11.3 million as of September 30, 2023 and December 31, 2022, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $65.6 million and $66.5 million for the first nine months ended September 30, 2023 and 2022, respectively. The decrease in operating cash flows was primarily due to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of September 30, 2023 and December 31, 2022, cash and cash equivalents amounted to $32.7 million and $15.0 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

As a result of the federal income tax provisions of the Coronavirus Aid, Relief and Economic Security Act, we have filed applicable forms with the Internal Revenue Service to carryback net operating losses. These refund claims total approximately $366 million, of which we have received approximately $243 million with the remaining amount reflected in prepaid expense. These amounts are expected to provide us additional liquidity whenever received. It is possible future legislation could negatively impact our ability to receive these tax refunds.

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of December 31, 2023, we had available borrowing capacity under existing credit facilities of $475.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long term debt and borrowing capacity, please see Note 4, Notes, Loans and Finance Lease Payable, net, of the Notes to Consolidated Financial Statements.

Disclosures about Contractual Obligations and Commercial Commitments

Our estimates as to future contractual obligations have not materially changed from the disclosure included under the subheading Disclosures about Contractual Obligations and Commercial Commitments in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.

Fiscal 2024 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2024. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2024, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2024. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2024.

Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

Consolidating Schedules by Operating and Reporting Segment (Unaudited)

This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries.

Consolidating balance sheets as of December 31, 2023 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Assets:
Cash and cash equivalents	$	1,736,295		$	36,951	$	32,730	$	—			$	1,805,976
Trade receivables and reinsurance recoverables, net		118,805			49,951		27,174		—				195,930
Inventories and parts		155,161			—		—		—				155,161
Prepaid expenses		240,525			—		—		—				240,525
Fixed maturity securities available-for-sale, net, at estimated fair value		173,601			233,863		2,067,160		—				2,474,624
Equity securities, at estimated fair value		0			40,254		19,421		—				59,675
Investments, other		22,058			117,204		520,991		—				660,253
Deferred policy acquisition costs, net		—			—		120,834		—				120,834
Other assets		46,132			675		6,000		—				52,807
Right of use assets - financing, net		326,244			—		—		—				326,244
Right of use assets - operating, net		64,508			720		133		—				65,361
Related party assets		71,920			811		11,804		(35,769	)	(c)		48,766
		2,955,249			480,429		2,806,247		(35,769	)			6,206,156

Investment in subsidiaries		442,243			—		—		(442,243	)	(b)		—

Property, plant and equipment, at cost:
Land		1,649,346			—		—		—				1,649,346
Buildings and improvements		7,943,232			—		—		—				7,943,232
Furniture and equipment		983,683			—		—		—				983,683
Rental trailers and other rental equipment		927,038			—		—		—				927,038
Rental trucks		6,183,293			—		—		—				6,183,293
		17,686,592			—		—		—				17,686,592
Less: Accumulated depreciation		(4,890,172	)		—		—		—				(4,890,172	)
Total property, plant and equipment, net		12,796,420			—		—		—				12,796,420
Total assets	$	16,193,912		$	480,429	$	2,806,247	$	(478,012	)		$	19,002,576

(a) Balances as of September 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets as of December 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	$	715,532		$	4,243		$	9,569		$	—			$	729,344
Notes, loans and finance leases payable, net		6,437,309			—			—			—				6,437,309
Operating lease liabilities		63,673			736			133			—				64,542
Policy benefits and losses, claims and loss expenses payable		317,409			148,467			373,069			—				838,945
Liabilities from investment contracts		—			—			2,363,143			—				2,363,143
Other policyholders' funds and liabilities		—			545			7,467			—				8,012
Deferred income		45,711			—			—			—				45,711
Deferred income taxes, net		1,508,199			2,098			(82,528	)		—				1,427,769
Related party liabilities		24,555			4,568			12,923			(42,046	)	(c)		—
Total liabilities		9,112,388			160,657			2,683,776			(42,046	)			11,914,775

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)		(314,919	)		(18,736	)		(247,742	)		272,755		(b)		(308,642	)
Retained earnings		7,609,567			244,087			341,442			(585,319	)	(b)		7,609,777
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		7,081,524			319,772			122,471			(435,966	)			7,087,801
Total liabilities and stockholders' equity	$	16,193,912		$	480,429		$	2,806,247		$	(478,012	)		$	19,002,576

(a) Balances as of September 30, 2023
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets as of March 31, 2023 are as follows:


	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
Trade receivables and reinsurance recoverables, net		107,823			48,344		33,331		—				189,498
Inventories and parts		151,474			—		—		—				151,474
Prepaid expenses		241,711			—		—		—				241,711
Fixed maturity securities available-for-sale, net, at estimated fair value		227,737			230,182		2,251,118		—				2,709,037
Equity securities, at estimated fair value		—			40,974		20,383		—				61,357
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 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

Consolidating statement of operations by operating segment for the quarter ended December 31, 2023 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	841,136		$	—		$	—		$	(1,335	)	(c)	$	839,801
Self-storage revenues		210,517			—			—			—				210,517
Self-moving and self-storage products and service sales		70,344			—			—			—				70,344
Property management fees		10,138			—			—			—				10,138
Life insurance premiums		—			—			22,574			—				22,574
Property and casualty insurance premiums		—			27,290			—			(800	)	(c)		26,490
Net investment and interest income		27,723			2,013			28,693			(972	)	(b)		57,457
Other revenue		100,819			—			1,448			(74	)	(b)		102,193
Total revenues		1,260,677			29,303			52,715			(3,181	)			1,339,514

Costs and expenses:
Operating expenses		754,859			13,117			4,633			(2,204	)	(b,c)		770,405
Commission expenses		87,955			—			—			—				87,955
Cost of sales		51,536			—			—			—				51,536
Benefits and losses		—			6,673			35,822			—				42,495
Amortization of deferred policy acquisition costs		—			—			4,155			—				4,155
Lease expense		9,628			92			30			(602	)	(b)		9,148
Depreciation, net of gains on disposals		173,648			—			—			—				173,648
Net losses on disposal of real estate		2,584			—			—			—				2,584
Total costs and expenses		1,080,210			19,882			44,640			(2,806	)			1,141,926

Earnings from operations before equity in earnings of subsidiaries		180,467			9,421			8,075			(375	)			197,588

Equity in earnings of subsidiaries		14,226			—			—			(14,226	)	(d)		—

Earnings from operations		194,693			9,421			8,075			(14,601	)			197,588
Other components of net periodic benefit costs		(365	)		—			—			—				(365	)
Interest expense		(67,705	)		—			(120	)		375		(b)		(67,450	)
Pretax earnings		126,623			9,421			7,955			(14,226	)			129,773
Income tax expense		(27,399	)		(1,914	)		(1,236	)		—				(30,549	)
Net earnings available to common stockholders	$	99,224		$	7,507		$	6,719		$	(14,226	)		$	99,224

(a) Balances for the quarter ended September 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by operating segment for the quarter ended December 31, 2022 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	900,209		$	—		$	—		$	(1,390	)	(c)	$	898,819
Self-storage revenues		190,483			—			—			—				190,483
Self-moving and self-storage products and service sales		74,851			—			—			—				74,851
Property management fees		10,080			—			—			—				10,080
Life insurance premiums		—			—			24,399			—				24,399
Property and casualty insurance premiums		—			26,852			—			—		(c)		26,852
Net investment and interest income		24,450			1,614			27,230			(1,000	)	(b)		52,294
Other revenue		96,334			—			1,333			(109	)	(b)		97,558
Total revenues		1,296,407			28,466			52,962			(2,499	)			1,375,336

Costs and expenses:
Operating expenses		718,067			11,790			5,109			(1,497	)	(b,c)		733,469
Commission expenses		95,980			—			—			—				95,980
Cost of sales		54,616			—			—			—				54,616
Benefits and losses		—			5,737			36,027			—				41,764
Amortization of deferred policy acquisition costs		—			—			6,979			—				6,979
Lease expense		8,302			93			26			(629	)	(b)		7,792
Depreciation, net of gains on disposals		113,866			—			—			—				113,866
Net losses on disposal of real estate		859			—			—			—				859
Total costs and expenses		991,690			17,620			48,141			(2,126	)			1,055,325

Earnings from operations before equity in earnings of subsidiaries		304,717			10,846			4,821			(373	)			320,011

Equity in earnings of subsidiaries		13,091			—			—			(13,091	)	(d)		—

Earnings from operations		317,808			10,846			4,821			(13,464	)			320,011
Other components of net periodic benefit costs		(304	)		—			—			—				(304	)
Interest expense		(59,294	)		—			(120	)		373		(b)		(59,041	)
Fees on early extinguishment of debt		(50	)		—			—			—				(50	)
Pretax earnings		258,160			10,846			4,701			(13,091	)			260,616
Income tax expense		(58,524	)		(2,167	)		(1,073	)		—				(61,764	)
Net earnings available to common stockholders	$	199,636		$	8,679		$	3,628		$	(13,091	)		$	198,852

(a) Balances for the quarter ended September 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by operating segment for the nine months ended December 31, 2023 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	2,911,903		$	—		$	—		$	(3,491	)	(c)	$	2,908,412
Self-storage revenues		618,368			—			—			—				618,368
Self-moving and self-storage products and service sales		262,787			—			—			—				262,787
Property management fees		28,582			—			—			—				28,582
Life insurance premiums		—			—			68,203			—				68,203
Property and casualty insurance premiums		—			74,708			—			(2,325	)	(c)		72,383
Net investment and interest income		83,538			14,286			91,825			(2,862	)	(b)		186,787
Other revenue		380,590			—			3,890			(320	)	(b)		384,160
Total revenues		4,285,768			88,994			163,918			(8,998	)			4,529,682

Costs and expenses:
Operating expenses		2,323,759			36,537			14,730			(6,122	)	(b,c)		2,368,904
Commission expenses		306,843			—			—			—				306,843
Cost of sales		188,831			—			—			—				188,831
Benefits and losses		—			15,360			115,032			—				130,392
Amortization of deferred policy acquisition costs		—			—			19,026			—				19,026
Lease expense		26,569			275			91			(1,754	)	(b)		25,181
Depreciation, net of gains on disposals		465,584			—			—			—				465,584
Net losses on disposal of real estate		5,320			—			—			—				5,320
Total costs and expenses		3,316,906			52,172			148,879			(7,876	)			3,510,081

Earnings from operations before equity in earnings of subsidiaries		968,862			36,822			15,039			(1,122	)			1,019,601

Equity in earnings of subsidiaries		41,318			—			—			(41,318	)	(d)		—

Earnings from operations		1,010,180			36,822			15,039			(42,440	)			1,019,601
Other components of net periodic benefit costs		(1,094	)		—			—			—				(1,094	)
Interest expense		(192,753	)		—			(360	)		1,122		(b)		(191,991	)
Pretax earnings		816,333			36,822			14,679			(41,318	)			826,516
Income tax expense		(186,763	)		(7,567	)		(2,616	)		—				(196,946	)
Net earnings available to common stockholders	$	629,570		$	29,255		$	12,063		$	(41,318	)		$	629,570

(a) Balances for the nine months ended September 30, 2023
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by operating segment for the nine months ended December 31, 2022 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	3,155,295		$	—		$	—		$	(3,676	)	(c)	$	3,151,619
Self-storage revenues		549,246			—			—			—				549,246
Self-moving and self-storage products and service sales		281,066			—			—			—				281,066
Property management fees		28,496			—			—			—				28,496
Life insurance premiums		—			—			75,636			—				75,636
Property and casualty insurance premiums		—			73,642			—			(1,100	)	(c)		72,542
Net investment and interest income		44,467			1,269			73,659			(3,019	)	(b)		116,376
Other revenue		398,293			—			3,466			(700	)	(b)		401,059
Total revenues		4,456,863			74,911			152,761			(8,495	)			4,676,040

Costs and expenses:
Operating expenses		2,234,359			33,560			15,776			(5,465	)	(b,c)		2,278,230
Commission expenses		339,814			—			—			—				339,814
Cost of sales		206,912			—			—			—				206,912
Benefits and losses		—			16,191			104,842			—				121,033
Amortization of deferred policy acquisition costs		—			—			21,623			—				21,623
Lease expense		24,483			277			80			(1,889	)	(b)		22,951
Depreciation, net of gains on disposals		344,980			—			—			—				344,980
Net gains on disposal of real estate		5,038			—			—			—				5,038
Total costs and expenses		3,155,586			50,028			142,321			(7,354	)			3,340,581

Earnings from operations before equity in earnings of subsidiaries		1,301,277			24,883			10,440			(1,141	)			1,335,459

Equity in earnings of subsidiaries		24,618			—			—			(24,618	)	(d)		—

Earnings from operations		1,325,895			24,883			10,440			(25,759	)			1,335,459
Other components of net periodic benefit costs		(912	)		—			—			—				(912	)
Interest expense		(166,814	)		—			(360	)		1,141		(b)		(166,033	)
Fees on early extinguishment of debt		(1,009	)		—			—			—				(1,009	)
Pretax earnings		1,157,160			24,883			10,080			(24,618	)			1,167,505
Income tax expense		(273,701	)		(5,089	)		(1,652	)		—				(280,442	)
Net earnings available to common stockholders	$	883,459		$	19,794		$	8,428		$	(24,618	)		$	887,063

(a) Balances for the nine months ended September 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by operating segment for the nine months ended December 31, 2023 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			U-Haul Holding Company Consolidated

Cash flows from operating activities:	(In thousands)
Net earnings	$	629,570		$	29,255		$	12,063		$	(41,318	)	$	629,570
Earnings from consolidated entities		(41,318	)		—			—			41,318			—
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		604,237			—			—			—			604,237
Amortization of premiums and accretion of discounts related to investments, net		—			1,187			11,718			—			12,905
Amortization of debt issuance costs		5,295			—			—			—			5,295
Interest credited to policyholders		—			—			52,099			—			52,099
Provision for allowance (recoveries) for losses on trade receivables, net		1,241			(86	)		—			—			1,155
Non cash lease expense		11,338			—			—			—			11,338
Net gains on disposal of personal property		(138,653	)		—			—			—			(138,653	)
Net losses on disposal of real estate		5,320			—			—			—			5,320
Net gains on sales of investments		—			2			(664	)		—			(662	)
Net gains on equity securities		—			(174	)		—			—			(174	)
Deferred income taxes		102,974			8			(983	)		—			101,999
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		(12,171	)		(1,203	)		6,157			—			(7,217	)
Inventories and parts, net		(3,698	)		—			—			—			(3,698	)
Prepaid expenses		1,509			—			—			—			1,509
Deferred policy acquisition costs, net		—			—			7,629			—			7,629
Other assets		(18,764	)		360			(2,223	)		—			(20,627	)
Related party assets		(2,609	)		1,536			—			—			(1,073	)
Accounts payable and accrued expenses and operating lease liabilities		28,117			1,219			(15,120	)		—			14,216
Policy benefits and losses, claims and loss expenses payable		(18,250	)		(4,540	)		(6,929	)		—			(29,719	)
Other policyholders' funds and liabilities		—			(2,157	)		3,023			—			866
Deferred income		(6,629	)		—			(417	)		—			(7,046	)
Related party liabilities		(529	)		2,024			(721	)		—			774
Net cash provided by operating activities		1,146,980			27,431			65,632			—			1,240,043

Cash flows from investing activities:
Escrow deposits		1,045			—			—			—			1,045
Purchases of:
Property, plant and equipment		(2,400,949	)		—			—			—			(2,400,949	)
Fixed maturity securities available-for-sale		(171,317	)		(22,144	)		(76,922	)		—			(270,383	)
Equity securities		—			(518	)		(1	)		—			(519	)
Investments, other		(16	)		(9,276	)		(123,671	)		—			(132,963	)
Proceeds from sales and paydowns of:
Property, plant and equipment		598,170			—			—			—			598,170
Fixed maturity securities available-for-sale		225,000			12,173			210,316			—			447,489
Equity securities		—			1,413			4			—			1,417
Investments, other		—			16,596			30,204			—			46,800
Net cash used by investing activities		(1,748,067	)		(1,756	)		39,930			—			(1,709,893	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2023

Consolidating cash flow statements by operating segment for the nine months ended December 31, 2023 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)			Elimination		U-Haul Holding Company Consolidated

Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		1,037,082			—		—			—		1,037,082
Principal repayments on credit facilities		(625,067	)		—		—			—		(625,067	)
Payments of debt issuance costs		(4,072	)		—		—			—		(4,072	)
Finance lease payments		(86,166	)		—		—			—		(86,166	)
Securitization deposits		236			—		—			—		236
Series N Non-Voting Common Stock dividends paid		(22,941	)		—		—			—		(22,941	)
Investment contract deposits		—			—		214,312			—		214,312
Investment contract withdrawals		—			—		(302,150	)		—		(302,150	)
Net cash provided by financing activities		299,072			—		(87,838	)		—		211,234

Effects of exchange rate on cash		4,068			—		—			—		4,068

Increase (decrease) in cash and cash equivalents		(297,947	)		25,675		17,724			—		(254,548	)
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	$	1,736,295		$	36,951	$	32,730		$	—	$	1,805,976
	(page 2 of 2)
(a) Balance for the period ended September 30, 2023

Consolidating cash flow statements by operating segment for the nine months ended December 31, 2022 are as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			U-Haul Holding Company Consolidated

Cash flows from operating activities:	(In thousands)
Net earnings	$	887,063		$	19,794		$	8,428		$	(28,222	)	$	887,063
Earnings from consolidated entities		(28,222	)		—			—			28,222			—
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		544,176			—			—			—			544,176
Amortization of premiums and accretion of discounts related to investments, net		—			1,285			13,947			—			15,232
Amortization of debt issuance costs		5,694			—			—			—			5,694
Interest credited to policyholders		—			—			39,048			—			39,048
Provision for allowance (recoveries) for losses on trade receivables, net		(4,470	)		(147	)		—			—			(4,617	)
Non cash lease expense		16,417			—			—			—			16,417
Net gains on disposal of personal property		(199,196	)		—			—			—			(199,196	)
Net losses on disposal of real estate		5,038			—			—			—			5,038
Net (gains) losses on sales of investments		—			(75	)		8,770			—			8,695
Net losses on equity securities		—			10,906			—			—			10,906
Deferred income taxes		125,717			(1,594	)		(2,416	)		—			121,707
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		23,092			(752	)		3,513			—			25,853
Inventories and parts, net		8,673			—			—			—			8,673
Prepaid expenses		7,867			—			—			—			7,867
Deferred policy acquisition costs, net		—			—			1,217			—			1,217
Other assets		(13,126	)		122			(730	)		—			(13,734	)
Related party assets		(29,478	)		2,703			—			—			(26,775	)
Accounts payable and accrued expenses		61,253			2,096			(919	)		—			62,430
Policy benefits and losses, claims and loss expenses payable		13,299			(4,120	)		(7,491	)		—			1,688
Other policyholders' funds and liabilities		—			633			1,134			—			1,767
Deferred income		(4,013	)		—			1,845			—			(2,168	)
Related party liabilities		(799	)		(617	)		115			—			(1,301	)
Net cash provided by operating activities		1,418,985			30,234			66,461			—			1,515,680

Cash flows from investing activities:
Escrow deposits		159			—			—			—			159
Purchases of:
Property, plant and equipment		(2,079,490	)		—			—			3,066			(2,076,424	)
Fixed maturity securities available-for-sale		(224,999	)		(42,039	)		(224,393	)		—			(491,431	)
Equity securities		—			(3,177	)		(1,651	)		—			(4,828	)
Investments, other		(2,677	)		(77,686	)		(125,309	)		—			(205,672	)
Proceeds from sales and paydowns of:
Property, plant and equipment		533,595			—			—			—			533,595
Fixed maturity securities available-for-sale		—			17,938			130,352			—			148,290
Equity securities		—			1,181			6			—			1,187
Investments, other		—			83,254			143,166			(3,066	)		223,354
Net cash used by investing activities		(1,773,412	)		(20,529	)		(77,829	)		—			(1,871,770	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2022

Consolidating cash flow statements by operating segment for the nine months ended December 31, 2022 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)			Elimination		U-Haul Holding Company Consolidated

Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		975,966			—		—			—		975,966
Principal repayments on credit facilities		(695,321	)		—		—			—		(695,321	)
Payment of debt issuance costs		(4,962	)		—		—			—		(4,962	)
Finance lease payments		(95,290	)		—		—			—		(95,290	)
Securitization deposits		137			—		—			—		137
Voting Common Stock dividends paid		(19,608	)		—		—			—		(19,608	)
Non-Voting Common Stock dividends paid		(7,059	)		—		—			—		(7,059	)
Investment contract deposits		—			—		258,157			—		258,157
Investment contract withdrawals		—			—		(236,742	)		—		(236,742	)
Net cash provided by financing activities		153,863			—		21,415			—		175,278

Effects of exchange rate on cash		(12,706	)		—		—			—		(12,706	)

Increase (decrease) in cash and cash equivalents		(213,270	)		9,705		10,047			—		(193,518	)
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	$	2,429,943		$	20,505	$	60,171		$	—	$	2,510,619
	(page 2 of 2)
(a) Balance for the period ended September 30, 2022

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform their obligations. Following is a summary of our interest rate swap agreements as of December 31, 2023:


Notional Amount		Fair Value			Effective Date	Expiration Date	Fixed Rate			Floating Rate
(Unaudited)
(In thousands)
$	58,487	$	2,234		7/15/2022	7/15/2032		2.86	%	1 Month SOFR
	71,000		1,905		8/1/2022	8/1/2026		2.72	%	1 Month SOFR
	70,500		1,770		8/1/2022	8/31/2026		2.75	%	1 Month SOFR
	100,000		(823	)	8/31/2023	8/31/2025		4.71	%	1 Month SOFR

As of December 31, 2023, we had $749.4 million of variable rate debt obligations, of this amount, $449.4 million is not fixed through interest rate swaps. If Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $4.5 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of December 31, 2023 and March 31, 2023, these derivative hedges had a net market value of $8.8 million and $4.3 million, with notional amounts of $535.5 million and $465.7 million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.2% of our revenue was generated in Canada during both the first nine months of fiscal 2024 and 2023. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to, the risk associated with COVID-19 or similar events on system members or customers; the impact of the economic environment on demand for our products and the cost and availability of debt and capital; estimates of capital expenditures; plans for future operations, products or services, financing needs, and strategies; our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us; liquidity and the availability of financial resources to meet our needs, goals and strategies; plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets; the impact of our compliance with environmental laws and cleanup costs; our beliefs regarding our sustainability practices; our used vehicle disposition strategy; the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans; our plan to expand our U-Haul® storage affiliate program; that additional leverage can be supported by our operations and business; the availability of alternative vehicle manufacturers; the availability and economics of electric vehicles for our rental fleet; our estimates of the residual values of our equipment fleet; our plans with respect to off-balance sheet arrangements; our plans to continue to invest in the U-Box® program; the impact of interest rate and foreign currency exchange rate changes on our operations; the sufficiency of our capital resources; the sufficiency of capital of our insurance subsidiaries; inflationary pressures that may challenge our ability to maintain or improve upon our operating margin; and expectations regarding the potential impact to our information technology infrastructure and on our financial performance and business operations of technology, cybersecurity or data security breaches, including any related costs, fines or lawsuits, and our ability to continue ongoing operations and safeguard the integrity of our information technology infrastructure, data, and employee, customer and vendor information, as well as assumptions relating to the foregoing. The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the degree and nature of our competition; our leverage; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities; the limited number of manufacturers that supply our rental trucks; our ability to effectively hedge our variable interest rate debt; that we are controlled by a small contingent of stockholders; fluctuations in quarterly results and seasonality; changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations; outcomes of litigation; our reliance on our third party dealer network; liability claims relating to our rental vehicles and equipment; our ability to attract, motivate and retain key employees; reliance on our automated systems and the internet; our credit ratings; our ability to recover under reinsurance arrangements and other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC. The above factors, as well as other statements in this Quarterly Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of the CEO and CFO, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2023. Based upon that evaluation, our CEO and CFO have concluded that as of December 31, 2023, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.

Previously Disclosed Material Weaknesses and Remediation Plan

Two-Class Method of Earnings per Share. As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, we implemented a plan to address the material weakness related to the accounting for the two-class method of earnings per share associated with the recently issued UHAL.B common stock, including:

•

Redesigning the related control

•

Conducting relevant training for personnel involved in the process and control functions

•

Enhancing the procedures and control activity documentation

These actions were completed in advance of our year end close process as of March 31, 2023, and the redesigned control operated as planned as part of our March 31, 2023, year-end close process.

In conjunction with our interim period close process as of September 30, 2023, the redesigned control again operated as designed. Therefore, based upon our testing of the redesigned control over these instances, we have concluded that the material weakness related to the calculation of earnings per share using the two-class method associated with the recently issued UHAL.B common stock, has been remediated.

General Information Technology Controls. As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, we determined a material weakness existed as management did not fully design, implement and monitor general information technology controls in the areas of program change management, user access, segregation of duties, and cyber security for systems supporting substantially all of the Company’s internal control processes. A substantial portion of the Company’s controls are dependent upon the information derived from the information technology systems and therefore the dependent controls were concluded to be ineffective. Our management, under the oversight of our Audit Committee, has begun evaluating and implementing new controls or redesigning controls to remediate the control deficiencies giving rise to this material weakness. These remediations measures have included:

•

Assessing and formalizing the design of certain information technology policies

•

Implementing controls and procedures relating to program change management, user access, segregation of duties and cyber security for systems supporting substantially all of the Company’s internal control processes

•

Developing monitoring controls and protocols that will allow us to timely assess the design and operating effectiveness of the new and redesigned controls

•

Strengthening of password policies

•

Conducting more frequent end-user access reviews

•

Enhancing the process for timely review of program management changes We are committed to maintaining a strong internal control environment, and believe that these remediation actions represent significant improvements in our controls under the Internal Control – Integrated Framework Issued by the Committee of Sponsoring Organizations of the Treadway Commission. As we continue to evaluate and work to improve our internal control over financial reporting, additional remediation measures may be required, which may require additional implementation time, or we may modify certain of our remediation measures. The material weakness related to the general information technology controls will not be considered remediated, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control Over Financial Reporting

Other than the material weakness described above, there have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 9, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.

Item 1A. Risk Factors

The following discussion of potential risks under the caption ‘We are highly dependent upon our automated systems and the Internet for managing our business’ contains material updates to the risk factor described under the same heading in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Other than the following updated risk factor, we are not aware of any material updates to the risk factors described in that Annual Report.

We are highly dependent upon our automated systems and the Internet for managing our business.

Our information systems are largely Internet-based, including our point-of-sale reservation system, payment processing and telephone systems. While our reliance on this technology lowers our cost of providing service and expands our abilities to better serve customers, it exposes us to various risks, including natural and man-made disasters, terrorist attacks and cyber-attacks. We have put into place extensive security protocols, backup systems and alternative procedures to mitigate these risks. However, disruptions or breaches, detected or undetected by us, for any period of time in any portion of these systems could adversely affect our results of operations and financial condition and inflict reputational damage.

In addition, the provision of service to our customers and the operation of our networks and systems involve the storage and transmission of proprietary information and sensitive or confidential data, including personal information of customers, system members and others. Our information technology systems may be susceptible to computer viruses, attacks by computer hackers, malicious insiders or catastrophic events. Hackers, acting individually or in coordinated groups, may also launch distributed denial of service attacks or ransom or other coordinated attacks that may cause service outages or other interruptions in our business and access to our data. In addition, breaches in security could expose us, our customers, or the individuals affected, to a risk of loss or misuse of proprietary information and sensitive or confidential data.

In 2022 and 2021, we experienced a cybersecurity incident, which is described in this Form 10-Q under the heading “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operation – Cybersecurity Incident”. We have also experienced and continue to experience a significant increase in the number of attempted attacks on our technology systems, which could increase the likelihood that any of the risks described in this risk factor may be realized. The techniques used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently, may be difficult to detect for a long time and often are not recognized until launched against a target.

As a result, we may be unable to anticipate these techniques or to implement adequate preventative or remedial measures.

Any of these occurrences could result in disruptions in our operations, the loss of existing or potential customers, damage to our brand and reputation, and litigation and potential liability for the Company. In addition, the cost and operational consequences of implementing further data or system protection measures could be significant, and our efforts to deter, identify, mitigate and/or eliminate any security breaches may not be successful.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended December 31, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The following documents are filed as part of this report:


Exhibit Number	Description	Page or Method of Filing
3.1	Amended and Restated Articles of Incorporation of U-Haul Holding Company	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K, filed on June 9, 2016, file no. 1-11255
3.2	U-Haul Holding Company Certificate of Designation of Series N Non-Voting Common Stock	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-A, filed on October 24, 2022, file no. 1-11255
3.3	Restated Bylaws of U-Haul Holding Company	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K filed on December 19, 2022, file no. 1-11255
3.4	Articles of Conversion/Exchange/Merger	Incorporated by reference to U-Haul Holding Company’s Current Report on Form 8-K filed on December 19, 2022, file no. 1-11255
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith



32.2	Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL Document	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents	Filed herewith
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)	Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

U-Haul Holding Company


Date: February 7, 2024		/s/ Edward J. Shoen
		Edward J. Shoen
		President and Chairman of the Board
		(Principal Executive Officer)



Date: February 7, 2024		/s/ Jason A. Berg
		Jason A. Berg
		Chief Financial Officer
		(Principal Financial Officer)



Date: February 7, 2024		/s/ Maria L. Bell
		Maria L. Bell
		Chief Accounting Officer
		(Principal Accounting Officer)

EX-31.1 2 uhal-ex31_1.htm EX-31.1 EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Edward J. Shoen, certify that:

I have reviewed this quarterly report on Form 10-Q of U-Haul Holding Company;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(e)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


		/s/ Edward J. Shoen
		Edward J. Shoen
Date: February 7, 2024		President and Chairman of the Board

EX-31.2 3 uhal-ex31_2.htm EX-31.2 EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Jason A. Berg, certify that:

I have reviewed this quarterly report on Form 10-Q of U-Haul Holding Company;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


		/s/ Jason A. Berg
		Jason A. Berg
Date: February 7, 2024		Chief Financial Officer

EX-32.1 4 uhal-ex32_1.htm EX-32.1 EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended December 31, 2023 of U-Haul Holding Company (the “Company”), as filed with the Securities and Exchange Commission on February 7, 2024 (the “Report”), I, Edward J. Shoen, President and Chairman of the Board of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


		U-Haul Holding Company
		a Nevada corporation

		/s/ Edward J. Shoen

		Edward J. Shoen
Date: February 7, 2024		President and Chairman of the Board

This certification accompanies the Quarterly Report on Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission, and is not to be incorporated by reference into any filing of U-Haul Holding Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

EX-32.2 5 uhal-ex32_2.htm EX-32.2 EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarter ended December 31, 2023 of U-Haul Holding Company (the “Company”), as filed with the Securities and Exchange Commission on February 7, 2024 (the “Report”), I, Jason A. Berg, Chief Financial Officer of the Company, certify, to the best of my knowledge and belief, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


		U-Haul Holding Company
		a Nevada corporation

		/s/ Jason A. Berg

		Jason A. Berg
Date: February 7, 2024		Chief Financial Officer