U-Haul 2016 Annual Report Download - page 24

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Moving and Storage Operating Segment
Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units,
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.
uhaul.com is an online marketplace that connects consumers to our operations as well as independent
Moving Help® service providers and thousands of 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 inventory of total large capacity vehicles. We continue to look for ways to reduce waste within
our business 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
Property and Casualty Insurance 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, Safemove Plus, Safestor and Safestor Mobile 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
Life Insurance 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
Our 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 in this Annual Report 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.
Following is a detailed description of 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 reasonable under the circumstances
and which form the basis for making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources. Actual amounts may differ from these estimates under different
assumptions and conditions; such differences may be material.