U-Haul 2007 Annual Report Download - page 102

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 16: Contingent Liabilities and Commitments
The Company leases a portion of its rental equipment and certain of its facilities under operating leases with terms that
expire at various dates substantially through 2012, with the exception of one land lease expiring in 2034. At March 31,
2007, AMERCO has guaranteed $172.3 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, the Company has 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:
2007 2006 2005
Lease expense $ 149,044 $ 142,781 $ 151,354
Year Ended March 31,
(In thousands)
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:
2008 $ 12,414 $ 108,614 $ 121,028
2009 12,204 91,355 103,559
2010 11,790 79,346 91,136
2011 11,567 57,233 68,800
2012 11,325 39,847 51,172
Thereafter 27,879 36,804 64,683
Total $ 87,179 $ 413,199 $ 500,378
F-37