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 June 30, 2016, we have guaranteed $21.6 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.

Operating lease commitments for leases having terms of more than one year were as follows:

		Property, Plant and Equipment		Rental Equipment		Total
		(Unaudited)
		(In thousands)
Year-ended June 30:
2017	$	16,187	$	13,181	$	29,368
2018		15,147		10,829		25,976
2019		14,444		7,329		21,773
2020		15,494		430		15,924
2021		15,346		–		15,346
Thereafter		48,897		–		48,897
Total	$	125,515	$	31,769	$	157,284