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, 2015, we have guaranteed $72.3 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 has experienced no material losses relating to these types of residual value guarantees.

Lease expenses were as follows:

		Years Ended March 31,
		2015		2014		2013
		(In thousands)
Lease expense	$	79,798	$	100,466	$	117,448

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:
2016	$	15,388	$	32,265	$	47,653
2017		15,039		14,462		29,501
2018		14,787		11,007		25,794
2019		13,772		9,004		22,776
2020		13,658		1,312		14,970
Thereafter		60,811		–		60,811
Total	$	133,455	$	68,050	$	201,505