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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Basis of Presentation
AMERCO has a Ñscal year that ends on the 31st of March for each year that is referenced. Our
Insurance company subsidiaries have Ñscal years that end on the 31st of December for each year that is
referenced. They have been consolidated on that basis. Consequently, all references to our insurance
subsidiaries' years 2003, 2002 and 2001 correspond to 2004, 2003 and 2002 for AMERCO. The operating
results and Ñnancial position of AMERCO's consolidated insurance operations are determined as of
December 31 of each year.
Accounts denominated in non-U.S. currencies have been re-measured using the U.S. dollar as the
functional currency. Certain amounts reported in previous years have been reclassiÑed to conform to the 2004
presentation. There were no eÅects related to intervening events between January 1 and March 31 of 2004,
2003, or 2002 that would materially aÅect the consolidated Ñnancial position or results of operations for the
Ñnancial statements presented herein.
Note 2: Principles of Consolidation
The 2004 balance sheet includes the accounts of AMERCO, its wholly owned subsidiaries, and SAC
Holding II Corporation and its subsidiaries. The 2003 balance sheet and the 2004 statements of operations,
comprehensive income, and cash Öows, and the consolidated Ñnancial statements for Ñscal 2003 and 2002,
include all of those entities plus SAC Holding Corporation and its subsidiaries. In Ñscal 2003 and 2002,
SAC Holding Corporation and SAC Holding II Corporation (the SAC entities) were considered special
purpose entities and were consolidated based on the provision of Emerging Issues Task Force (EITF) Issue
No. 90-15. In Ñscal 2004, the Company applied FASB Interpretation No. 46 to its interests in the
SAC Entities. Initially, the Company concluded that the SAC entities were variable interest entities and that
the Company was the primary beneÑciary. Accordingly, the Company continued to include the SAC entities
in the consolidated Ñnancial statements. In February 2004, SAC Holding Corporation restructured the
Ñnancing of three subsidiaries and then distributed its interest in those subsidiaries to its sole shareholder. This
triggered a requirement to reassess the Company's involvement with those subsidiaries, which led to a
conclusion that the Company ceased to be the primary beneÑciary of those three subsidiaries at that date. In
March 2004, SAC Holding Corporation restructured its Ñnancing, triggering a similar reassessment that led to
a conclusion that the Company ceased to be the primary beneÑciary of SAC Holding Corporation and its
remaining subsidiaries. Accordingly, at the dates the Company ceased to be the primary beneÑciary, it
deconsolidated those entities. The deconsolidation was accounted for as a distribution of the Company's
interests to the sole shareholder of the SAC entities. Because of the Company's continuing involvement with
SAC Holding Corporation and its current and former subsidiaries, the distributions do not qualify as
discontinued operations as deÑned by SFAS No. 144.
Inter-company accounts and transactions have been eliminated.
Description of Legal Entities
AMERCO, a Nevada corporation (""AMERCO''), is the holding company for:
U-Haul International, Inc. (""U-Haul''),
Amerco Real Estate Company (""Real Estate''),
Republic Western Insurance Company (""RepWest'') and its wholly-owned subsidiary
North American Fire & Casualty Insurance Company (""NAFCIC''),
F-7