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Commitments | 12 Months Ended
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Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
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 2024. As of March 31, 2019, we have guaranteed $5.2 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 expenses were as follows:
|  |  |  | Years Ended March 31,
|  |  |  | 2019 |  | 2018 |  | 2017
|  |  |  | (In thousands)
Lease expense |  |  | $ | 33,158 | $ | 33,960 | $ | 37,343
Operating and ground lease commitments for leases having terms of more than one year were as follows:
|  | Property, Plant and Equipment |  | Rental Equipment |  |
|  | Ground |  | Operating |  | Operating |  | Total
|  | (In thousands)
Year-ended March 31: |  |  |  |  |  |  |  |
2020 | $ | 1,024 | $ | 18,536 | $ | 1,292 | $ | 20,852
2021 |  | 1,024 |  | 17,471 |  | – |  | 18,495
2022 |  | 1,030 |  | 15,720 |  | – |  | 16,750
2023 |  | 1,030 |  | 15,287 |  | – |  | 16,317
2024 |  | 1,031 |  | 14,705 |  | – |  | 15,736
Thereafter |  | 48,619 |  | 6,064 |  | – |  | 54,683
Total | $ | 53,758 | $ | 87,783 | $ | 1,292 | $ | 142,833

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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