Note 9: Rentals Under Noncancellable Operating Leases
We rent equipment on a short-term basis and lease equipment for periods of typically one to three years. Such leases provide the lessee with the option to renew the lease term, purchase the equipment at fair market value, or continue to rent on a month-to-month basis. Our operating leases do not provide for contingent rentals.
Our cost of equipment under operating leases at May 31, 2013, with remaining noncancellable lease terms of more than one year, was $15,215, before accumulated depreciation of $4,242, and the net book value was $10,973.
The following sets forth a schedule of minimum future rentals to be received on noncancellable operating leases with remaining lease terms of more than one year as of May 31, 2013:
|
2014 |
$ | 4,747 | ||
|
2015 |
2,943 | |||
|
2016 |
647 | |||
|
2017 |
34 | |||
|
2018 |
15 | |||
|
|
|
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| $ | 8,386 | |||
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