Contingent Liabilities and Commitments

6 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

8. Contingent Liabilities and Commitments

7. 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 September 30, 2014, we have guaranteed $72.3 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. We have been leasing equipment since 1987 and have experienced no material losses relating to these types of residual value guarantees.  

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

		Property, Plant and Equipment		Rental Equipment		Total
		(Unaudited)
				(In thousands)
Twelve Months Ended:
2015	$	15,016	$	48,701	$	63,717
2016		14,711		18,888		33,599
2017		14,594		12,177		26,771
2018		13,856		10,452		24,308
2019		13,283		5,396		18,679
Thereafter		65,091		-		65,091
Total	$	136,551	$	95,614	$	232,165