U-Haul 2006 Annual Report Download - page 68

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CONDENSED FINANCIAL INFORMATION OF AMERCO
NOTES TO CONDENSED FINANCIAL INFORMATION
MARCH 31, 2006, 2005, AND 2004
1. Summary of Significant Accounting Policies
AMERCO, a Nevada corporation, was incorporated in April, 1969, and is the holding Company for
U-Haul International, Inc., Amerco Real Estate Company, Republic Western Insurance Company and Oxford Life
Insurance Company. The financial statements of the Registrant should be read in conjunction with the Consolidated
Financial Statements and notes thereto included in this Form 10-K.
AMERCO is included in a consolidated Federal income tax return with all of its U.S. subsidiaries excluding Christian
Fidelity Insurance Company, a subsidiary of Oxford. Accordingly, the provision for income taxes has been calculated for
Federal income taxes of AMERCO and subsidiaries included in the consolidated return of the Registrant. State taxes for all
subsidiaries are allocated to the respective subsidiaries.
The financial statements include only the accounts of AMERCO, which include certain of the corporate operations of
AMERCO (excluding SAC Holdings). The interest in AMERCO’ s majority owned subsidiaries is accounted for on the
equity method. The debt and related interest expense of AMERCO have been allocated to the consolidated subsidiaries. The
intercompany interest income and expenses are eliminated in the consolidated financial statements.
2. Guarantees
AMERCO has guaranteed performance of certain long-term leases and other obligations. See Note 16 and Note 19 of
Notes to the Consolidated Financial Statements.
3. Notes and Loans Payable
Notes and loans payable consist of the following:
2006 Rate (a) Maturities 2006 2005
Revolving credit facility - - $ - $ 84,862
S
en
i
or amort
i
z
i
ng notes
(
secure
d)
- - -
346
,5
00
Senior notes, second lien (secured) - - - 200,000
Senior notes, subordinated (secured) - - - 148,646
$- $ 780,008
(a) Interest rate as of March 31, 2006
March 31,
(In thousands)
For additional information, see Note 9 of Notes to Consolidated Financial Statements on Page F-20.
F-61