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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Basis of Presentation
AMERCO, a Nevada Corporation (“AMERCO”) has a fiscal year that ends on the 31st of March for each year that is
referenced. Our insurance company subsidiaries have fiscal years that end on the 31st of December 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 financial position or results of operations. The
Company discloses any material events occurring during the intervening period. Consequently, all references to our
insurance subsidiaries’ years 2008, 2007 and 2006 correspond to fiscal 2009, 2008 and 2007 for AMERCO.
Accounts denominated in non-U.S. currencies have been translated into U.S. dollars. Certain amounts reported in
previous years have been reclassified to conform to the current presentation.
Note 2: Principles of Consolidation
The consolidated balance sheets as of March 31, 2009 and 2008 include the accounts of AMERCO and its wholly-
owned subsidiaries. The March 31, 2009 statements of operations and cash flows include AMERCO and its wholly-owned
subsidiaries. The March 31, 2008 statements of operations and cash flows include AMERCO and its wholly-owned
subsidiaries for the entire year, and reflect SAC Holding II and its subsidiaries (“SAC Holding II”) for the seven months
ended October 31, 2007. The March 31, 2007 statements of operations and cash flows include the accounts of AMERCO
and its wholly-owned subsidiaries and SAC Holding II.
In fiscal 2003 and fiscal 2002, SAC Holding Corporation and its subsidiaries (“SAC Holding Corporation”) and SAC
Holding II (collectively, “SAC Holdings”) were considered special purpose entities and were consolidated based on the
provisions of Emerging Issues Task Force Issue No. 90-15. In fiscal 2004, the Company evaluated its interests in SAC
Holdings utilizing the guidance promulgated in Financial Accounting Standards Board (“FASB”) Interpretation No. 46(R)
(“FIN 46(R)”) Consolidation of Variable Interest Entities. The Company concluded that SAC Holdings were variable
interest entities (“VIE’s”) and that the Company was the primary beneficiary. Accordingly, the Company continued to
include SAC Holdings in its consolidated financial statements.
In February and March 2004, SAC Holding Corporation triggered a requirement to reassess AMERCO’s involvement in
it, which led to the conclusion that SAC Holding Corporation was not a VIE and AMERCO ceased to be the primary
beneficiary and the Company no longer includes SAC Holding Corporation in its consolidated financial statements.
In November 2007, Blackwater Investments, Inc. (“Blackwater”) contributed additional capital to its wholly-owned
subsidiary, SAC Holding II. This contribution was determined by us to be material with respect to the capitalization of SAC
Holding II; therefore, triggering a requirement under FIN 46(R) for us to reassess the Company’s involvement with those
subsidiaries. This required reassessment led to the conclusion that SAC Holding II had the ability to fund its own operations
and execute its business plan without any future subordinated financial support; therefore, the Company was no longer the
primary beneficiary of SAC Holding II as of the date of Blackwater’s contribution.
Accordingly, at the date AMERCO ceased to have a variable interest and ceased to be the primary beneficiary of SAC
Holding II, it deconsolidated those entities. The deconsolidation was accounted for as a distribution of SAC Holding II’s
interests to the sole shareholder of the SAC entities. Because of AMERCO’s continuing involvement with SAC Holding II,
the distribution does not qualify as discontinued operations as defined by Statement of Financial Accounting Standards
(“SFAS”) 144, Accounting for the Impairment or Disposal of Long-Lived Assets.
It is possible that SAC Holdings could take actions that would require us to re-determine whether SAC Holdings has
become a VIE or whether we have become the primary beneficiary of SAC Holdings. Should this occur, we could be
required to consolidate some or all of SAC Holdings with our financial statements.
Intercompany accounts and transactions have been eliminated.
F-8