Contingent Liabilities and Commitments

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

8. 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 June 30, 2012, AMERCO has guaranteed $132.4 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 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:
2013	$	14,235	$	94,511	$	108,746
2014		12,109		77,638		89,747
2015		969		54,068		55,037
2016		808		21,317		22,125
2017		714		11,552		12,266
Thereafter		5,461		14,759		20,220
Total	$	34,296	$	273,845	$	308,141

- 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.

+ References+ Details