Contingent Liabilities and Commitments

12 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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 2020. As of March 31, 2014, we have guaranteed $95.0 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. We have been leasing equipment since 1987 and has experienced no material losses relating to these types of residual value guarantees.

Lease expenses were as follows:

Operating 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:
2015	$	4,750	$	60,062	$	64,812
2016		2,152		32,396		34,548
2017		2,067		14,518		16,585
2018		1,811		11,053		12,864
2019		769		9,046		9,815
Thereafter		5,532		1,323		6,855
Total	$	17,081	$	128,398	$	145,479

- 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

Years Ended March 31,

(In thousands)

Lease expense