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, 2016, we have guaranteed $17.6 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)
Twelve Months Ended December 31:
2017	$	16,445	$	11,215	$	27,660
2018		14,592		9,968		24,560
2019		15,063		3,099		18,162
2020		15,543		–		15,543
2021		15,315		–		15,315
Thereafter		41,320		–		41,320
Total	$	118,278	$	24,282	$	142,560