Contingent Liabilities and Commitments

12 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Note 19: Contingent Liabilities and Commitments

Note 19.  Contingent Liabilities and Commitments

We lease a portion of its rental equipment and certain of its facilities under operating leases with terms that expire at various dates substantially through 2018. As of March 31, 2012, AMERCO has guaranteed $145.3 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. 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	$	131,215	$	150,809	$	156,951

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:
2012	$	14,435	$	98,068	$	112,503
2013		12,991		80,399		93,390
2014		2,818		56,868		59,686
2015		645		28,993		29,638
2016		542		10,993		11,535
Thereafter		5,612		13,019		18,631
Total	$	37,043	$	288,340	$	325,383