U-Haul 2009 Annual Report Download - page 91

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 18: 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 2016, with the exception of one land lease expiring in 2034. At March 31,
2009, AMERCO has guaranteed $183.4 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, 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:
2009 2008 2007
Lease expense $ 152,424 $ 133,931 $ 147,659
Years Ended March 31,
(In thousands)
Lease commitments for leases having terms of more than one year were as follows:
Propert
y
,
Plant and
Equipment
Rental
Equipment Total
(In thousands)
Year-ended March 31:
2010 $ 13,168 $ 134,090 $ 147,258
2011 12,915 113,446 126,361
2012 12,676 97,725 110,401
2013 12,335 84,285 96,620
2014 11,323 66,266 77,589
Thereafter 7,859 59,118 66,977
Total $ 70,276 $ 554,930 $ 625,206
F-36