U-Haul 2005 Annual Report Download - page 80

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79 I AMERCO ANNUAL REPORT
Amerco and Consolidated Entities
Notes to Consolidated Financial Statements, continued
Note 21A: Consolidating Financial Information by Industry Segment
AMERCO฀ has฀ five฀ operating฀ segments฀ and฀ four฀
reportable฀ segments.฀ Our฀ reportable฀ segments฀ are฀
Moving฀ and฀ Storage฀ operations฀ (AMERCO,฀ U-Haul฀
and฀ Real฀ Estate),฀ Property฀ and฀ Casualty฀ Insurance,฀
Life฀ Insurance฀ and฀ SAC฀ Holdings.฀ Management฀ tracks฀
revenues฀ separately,฀ but฀ does฀ not฀ report฀ any฀ separate฀
measure฀of฀the฀profitability฀for฀rental฀vehicles,฀rentals฀of฀
self-storage฀spaces฀and฀sales฀of฀products฀that฀are฀required฀
to฀ be฀ classified฀ as฀ a฀ separate฀ operating฀ segment฀ and฀
accordingly฀does฀not฀present฀these฀as฀separate฀reportable฀
segments.฀Deferred฀income฀taxes฀are฀shown฀as฀liabilities฀
on฀the฀consolidating฀statements.
The฀notes฀of฀the฀Company฀are฀fully฀and฀unconditionally฀
guaranteed,฀jointly฀and฀ severally,฀by฀all฀of฀AMERCO’s฀
legal฀ subsidiaries,฀ except฀ for฀ our฀ insurance฀ company฀
subsidiaries฀ and฀ except฀ for฀ SAC฀ Holdings฀ on฀ a฀
consolidated฀ basis.฀ Footnote฀ 21A฀ includes฀ condensed฀
consolidating฀ financial฀ information฀ which฀ presents฀ the฀
condensed฀consolidating฀balance฀sheets฀as฀of฀March฀31,฀
2005฀and฀2004฀and฀the฀related฀condensed฀consolidating฀
statements฀of฀earnings฀and฀condensed฀consolidating฀cash฀
flow฀ statements฀ for฀ the฀ years฀ ended฀ March฀ 31,฀ 2005,฀
2004,฀and฀2003฀for:
฀ (a)฀ ฀Moving฀and฀Storage฀Operations฀(the฀guarantor฀
subsidiaries)฀comprised฀of฀AMERCO,฀U-Haul,฀
and฀Amerco฀Real฀Estate฀Company฀and฀each฀of฀
their฀respective฀subsidiaries;
฀ (b)฀ ฀the฀ nonguarantor฀ subsidiaries฀ (comprised฀ of฀
Oxford฀and฀RepWest฀and฀each฀of฀their฀respective฀
subsidiaries);฀and
฀ (c)฀ SAC฀Holdings.฀
The฀ information฀ includes฀ elimination฀ entries฀ necessary฀
to฀consolidate฀AMERCO,฀the฀parent,฀with฀the฀guarantor฀
and฀nonguarantor฀subsidiaries.
Investments฀ in฀ subsidiaries฀ are฀ accounted฀ for฀ by฀ the฀
parent฀ using฀ the฀ equity฀ method฀ of฀ accounting.฀ The฀
guarantor฀ and฀ nonguarantor฀ subsidiaries฀ are฀ presented฀
on฀a฀combined฀basis.