U-Haul 2016 Annual Report Download - page 112

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F-56
CONDENSED FINANCIAL INFORMATION OF AMERCO
NOTES TO CONDENSED FINANCIAL INFORMATION
MARCH 31, 2016, 2015, AND 2014
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 Annual Report.
AMERCO is included in a consolidated Federal income tax return with all of its U.S. subsidiaries.
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
17, Contingent Liabilities and Commitments and Note 19, Related Party Transactions of the Notes to
Consolidated Financial Statements.