Guarantees (Tables)

12 Months Ended

Dec. 31, 2014

Maximum determinable exposure of each type of guarantee and the corresponding liability

At December 31, 2014 and 2013, the maximum determinable exposure of each type of guarantee and the corresponding liability, if any, recorded on the Consolidated Balance Sheets were as follows:



	December 31, 2014				December 31, 2013
Guarantee	Maximum Exposure of Guarantee		Carrying Amount of Liability		Maximum Exposure of Guarantee	Carrying Amount of Liability
	(In thousands)
Vehicle residual value guarantees (end of lease term) — operating leases ⁽¹⁾	$	50,615	$	—	24,059	—
Standby letters of credit	—		—		6,234	6,234
Total	$	50,615	$	—	30,293	6,234

________________

(1)

Amounts exclude contingent rentals associated with residual value guarantees on certain vehicles held under operating leases for which the guarantees are conditioned upon disposal of the leased vehicles prior to the end of their lease term. At December 31, 2014 and 2013, our maximum exposure for such guarantees was approximately $225 million and $120 million, respectively, with $0.2 million recorded as a liability at December 31, 2014 and 2013.

Letters of credit and surety bonds outstanding

At December 31, 2014 and 2013, we had letters of credit and surety bonds outstanding, which primarily guarantee various insurance activities as noted in the following table:



	December 31,
	2014		2013
	(In thousands)
Letters of credit	$	234,482	210,995
Surety bonds	99,831		99,486