Contingent Liabilities and Commitments

3 Months Ended

Jun. 30, 2011

Commitments and Contingencies Disclosure [Abstract]

8. Contingent Liabilities and Commitments

The Company leases a portion of its rental equipment and certain of its facilities under operating leases with terms that expire at various dates through 2018, with the exception of one land lease expiring in 2034. As of June 30, 2011, AMERCO has guaranteed $153.5 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, the Company has 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 commitments for leases having terms of more than one year were as follows:

	Property, Plant and Equipment		Rental Equipment		Total
	(Unaudited)
	(In thousands)
Year-ended June 30:
2012	$	14,630	$	104,348	$	118,978
2013		13,735		87,404		101,139
2014		11,840		70,403		82,243
2015		728		46,729		47,457
2016		585		13,834		14,419
Thereafter		5,250		5,554		10,804
Total	$	46,768	$	328,272	$	375,040

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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