Contingent Liabilities and Commitments

9 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

7. 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 December 31, 2014, we have guaranteed $72.3 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. 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 December 31:
2015	$	15,712	$	40,933	$	56,645
2016		15,064		16,568		31,632
2017		14,917		11,257		26,174
2018		13,959		9,943		23,902
2019		13,684		3,107		16,791
Thereafter		64,209		-		64,209
Total	$	137,545	$	81,808	$	219,353