Contingent Liabilities and Commitments

12 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Note 18. Contingent Liabilities and Commitments

Note 18.  Contingent Liabilities and Commitments

We lease a portion of our rental equipment and certain of our facilities under operating leases with terms that expire at various dates substantially through 2019. As of March 31, 2013, AMERCO has guaranteed $117.9 million of residual values for these rental equipment assets at the end of the respective lease terms. Certain leases contain renewal and fair market value purchase options as well as mileage and other restrictions. At the expiration of the lease, we have the option to renew the lease, purchase the asset for fair market value, or sell the asset to a third party on behalf of the lessor. AMERCO has been leasing equipment since 1987 and has experienced no material losses relating to these types of residual value guarantees.

Lease expenses were as follows:

		Years Ended March 31,
		2012		2011		2010
		(In thousands)
Lease expense	$	117,448	$	131,215	$	150,809

Lease commitments for leases having terms of more than one year were as follows:

		Property, Plant and Equipment		Rental Equipment		Total
		(In thousands)
Year-ended March 31:
2014	$	13,691	$	83,667	$	97,358
2015		3,121		60,216		63,337
2016		940		32,455		33,395
2017		838		14,530		15,368
2018		663		11,061		11,724
Thereafter		5,051		10,376		15,427
Total	$	24,304	$	212,305	$	236,609