COMMITMENTS AND CONTINGENCIES:

12 Months Ended

Mar. 31, 2016

COMMITMENTS AND CONTINGENCIES:

COMMITMENTS AND CONTINGENCIES:

11.COMMITMENTS AND CONTINGENCIES:

Legal Matters

The Company is involved in various claims and legal proceedings. Management routinely assesses the likelihood of adverse judgments or outcomes to these matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. The Company records accruals for these matters to the extent that management concludes a loss is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. These accruals are reflected in the Company’s consolidated financial statements. In management’s opinion, the Company has made appropriate and adequate accruals for these matters and management believes the probability of a material loss beyond the amounts accrued to be remote.  However, the ultimate liability for these matters is uncertain, and if accruals are not adequate, an adverse outcome could have a material effect on the Company’s consolidated financial condition or results of operations.  The Company maintains insurance coverage above certain limits.  There are currently no matters pending against the Company or its subsidiaries for which the potential exposure is considered material to the Company’s consolidated financial statements.

Commitments

The Company leases data processing equipment, office furniture and equipment, land and office space under noncancellable operating leases.  The Company has a future commitment for lease payments over the next 24 years of $83.5 million.

Total rental expense on operating leases was $17.1 million, $14.7 million and $16.3 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively.  Future minimum lease payments under all noncancellable operating leases for the five years ending March 31, 2021, are as follows: 2017, $15.5 million; 2018, $12.6 million; 2019, $11.1 million; 2020, $10.1 million; and 2021, $9.6 million.

In connection with the disposal of certain assets, the Company guaranteed a lease for the buyer of the assets.  This guarantee was made by the Company primarily to facilitate favorable financing terms for the third party.  Should the third party default, the Company would be required to perform under this guarantee.  At March 31, 2016 the Company’s maximum potential future payments under this guarantee were $0.5 million.