Contingent Liabilities and Commitments

3 Months Ended

Jun. 30, 2014

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, 2014, we have guaranteed $83.7 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 have 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:
2015	$	15,172	$	55,487	$	70,659
2016		14,730		22,977		37,707
2017		14,639		13,261		27,900
2018		14,156		10,892		25,048
2019		13,321		7,310		20,631
Thereafter		68,383		434		68,817
Total	$	140,401	$	110,361	$	250,762