Note 17. 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 2019. As of March 31, 2016, we have guaranteed $22.3 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, 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,
		2016		2015		2014
		(In thousands)
Lease expense	$	49,780	$	79,798	$	100,466

Operating 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:
2017	$	16,360	$	14,433	$	30,793
2018		15,457		10,989		26,446
2019		14,313		9,058		23,371
2020		14,132		1,310		15,442
2021		14,029		–		14,029
Thereafter		47,473		–		47,473
Total	$	121,764	$	35,790	$	157,554