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, 2017, we have guaranteed $16.5 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,
		2017		2016		2015
		(In thousands)
Lease expense	$	37,343	$	49,780	$	79,798

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

		Property, Plant and Equipment				Rental Equipment
		Ground		Operating		Operating		Total
		(In thousands)
Year-ended March 31:
2018	$	957	$	15,214	$	10,967	$	27,138
2019		991		13,923		9,040		23,954
2020		1,024		14,854		1,308		17,186
2021		1,024		14,966		–		15,990
2022		1,030		14,814		–		15,844
Thereafter		46,911		34,350		–		81,261
Total	$	51,937	$	108,121	$	21,315	$	181,373