U-Haul Holding Co 2024年度报告

UnitedStatesSecuritiesandExchangeCommission Washington,D.C.20549 Form10-K (MarkOne) ☒ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934. ForthefiscalyearendedMarch31,2025or ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934.Forthetransitionperiodfromto CommissionFileNumber001-11255 Stateorotherjurisdictionof incorporationororganization Registrant,StateofIncorporation AddressandTelephoneNumber I.R.S.Employer IdentificationNo. Nevada88-0106815 U-HaulHoldingCompany(ANevadaCorporation)5555KietzkeLane,Ste.100 Reno,Nevada89511 Telephone(775)688-6300 SecuritiesregisteredpursuanttoSection12(b)oftheAct: Commonstock,$0.25parvalueUHALNewYorkStockExchange TitleofeachclassTradingSymbolNameofeachexchangeonwhichregistered SeriesNNon-VotingCommonStock,$0.001parvalueUHAL.BNewYorkStockExchange SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☒No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheSecuritiesAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompanyoranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. LargeAcceleratedFiler☒AcceleratedFiler☐ Non-acceleratedFiler☐SmallerReportingCompany☐ EmergingGrowthCompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes☐No☒ TheaggregatemarketvalueofU-HaulHoldingCompanycommonstockheldbynon-affiliatesonSeptember30,2024was$6,465,575,520.The aggregatemarketvaluewascomputedusingtheclosingpriceforthecommonstocktradingonNYSEonsuchdate.Sharesheldbyexecutiveofficers,directorsandpersonsowningdirectlyorindirectlymorethan5%oftheoutstandingcommonstockhavebeenexcludedfromtheprecedingnumberbecausesuchpersonsmaybedeemedtobeaffiliatesoftheregistrant.Thisdeterminationofaffiliatestatusisnotnecessarilyaconclusivedeterminationforotherpurposes. 19,607,788sharesofCommonStock,$0.25parvalue,wereoutstandingasofMay28,2025. 176,470,092sharesofSeriesNNon-VotingCommonStock,$0.001parvalue,wereoutstandingasofMay28,2025. Documentsincorporatedbyreference:portionsofU-HaulHoldingCompany’sdefinitiveproxystatementforthe2024annualmeetingofstockholders,tobefiledwithin120daysafterU-HaulHoldingCompany’sfiscalyearendedMarch31,2025,areincorporatedbyreferenceintoPartIIIofthisreport. TABLEOFCONTENTS Page PARTI Item1. Business 2 Item RiskFactors 1A. 8 Item UnresolvedStaffComments 1B. 15 Item Cybersecurity 1C. 15 Item2. Properties 16 Item3. LegalProceedings 16 Item4. MineSafetyDisclosures 16 PARTII Item5.MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchases ofEquitySecurities16 Item6.[Reserved]18 Item7.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations19 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk 45 Item8.ConsolidatedFinancialStatementsandSupplementaryData46 Item9.ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure46 Item9A. Item9B. Item9C. ControlsandProcedures 46 OtherInformation 49 DisclosureRegardingForeignJurisdictionsthatPreventInspections 49 PARTIII Item10.Item11.Item Directors,ExecutiveOfficersandCorporateGovernanceExecutiveCompensationSecurityOwnershipofCertainBeneficialOwnersandManagementandRelated 4949 12.Item13.Ite