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, 2015, we have guaranteed $39.1 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)
Twelve Months Ended December 31:
2016	$	16,159	$	16,531	$	32,690
2017		15,450		11,241		26,691
2018		14,485		9,929		24,414
2019		14,170		3,100		17,270
2020		14,087		–		14,087
Thereafter		50,929		–		50,929
Total	$	125,280	$	40,801	$	166,081