U-Haul 2011 Annual Report Download - page 114

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CONDENSED FINANCIAL INFORMATION OF AMERCO
NOTES TO CONDENSED FINANCIAL INFORMATION
MARCH 31, 2011, 2010, AND 2009
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, Repwest 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
Dallas General Life 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. The interest in AMERCO’s majority owned subsidiaries is accounted for on the equity
method. 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 18,
Contingent Liabilities and Commitments and Note 20, Related Party Transactions of the Notes to Consolidated
Financial Statements.
F-58