U-Haul 2011 Annual Report Download - page 23

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See Note 1, Basis of Presentation, Note 22, Financial Information by Geographic Area and Note 22A,
Consolidating Financial Information by Industry Segment of the Notes to Consolidated Financial
Statements included in this Form 10-K.
Moving and Storage Operating Segment
Our Moving and Storage operating segment consists of the rental of trucks, trailers, portable storage
boxes, specialty rental items and self-storage spaces primarily to the household mover as well as sales of
moving supplies, towing accessories and propane. Operations are conducted under the registered trade
name U-Haul® throughout the United States and Canada.
With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused
on expanding our dealer network, which provides added convenience for our customers and expanding
the selection and availability of rental equipment to satisfy the needs of our customers.
U-Haul brand self-moving related products and services, such as boxes, pads and tape allow our
customers to, among other things, protect their belongings from potential damage during the moving
process. We are committed to providing a complete line of products selected with the “do-it-yourself”
moving and storage customer in mind.
eMove® is an online marketplace that connects consumers to independent Moving Help™ service
providers and over 5,500 independent Self-Storage Affiliates. Our network of customer rated affiliates and
service providers furnish pack and load help, cleaning help, self-storage and similar services, all over
North America. Our goal is to further utilize our web-based technology platform to increase service to
consumers and businesses in the moving and storage market.
Since 1945 U-Haul has incorporated sustainable practices into its everyday operations. We believe that
our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces
the need for total large capacity vehicles. We remain focused on reducing waste and are dedicated to
manufacturing reusable components and recyclable products. We believe that our commitment to
sustainability, through our products and services and everyday operations has helped us to reduce our
impact on the environment.
Property and Casualty Insurance Operating Segment
Our Property and Casualty Insurance operating segment provides loss adjusting and claims handling
for U-Haul through regional offices across North America. Property and Casualty Insurance also
underwrites components of the Safemove, Safetow, Super Safemove and Safestor protection packages
to U-Haul customers. We continue to focus on increasing the penetration of these products into the
moving and storage market. The business plan for Property and Casualty Insurance includes offering
property and casualty products in other U-Haul related programs.
Life Insurance Operating Segment
Our Life Insurance operating segment provides life and health insurance products primarily to the
senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity
policies.
Critical Accounting Policies and Estimates
The Company’s financial statements have been prepared in accordance with the generally accepted
accounting principles (“GAAP”) in the United States. The methods, estimates and judgments we use in
applying our accounting policies can have a significant impact on the results we report in our financial
statements. Note 3, Accounting Policies of the Notes to Consolidated Financial Statements in Item 8:
Financial Statements and Supplementary Data of this Form 10-K summarizes the significant accounting
policies and methods used in the preparation of our consolidated financial statements and related
disclosures. Certain accounting policies require us to make difficult and subjective judgments and
assumptions, often as a result of the need to estimate matters that are inherently uncertain.
In the following pages we have set forth, with a detailed description, the accounting policies that we
deem most critical to us and that require management’s most difficult and subjective judgments. These
estimates are based on historical experience, observance of trends in particular areas, information and
valuations available from outside sources and on various other assumptions that are believed to be