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, 2015, we have guaranteed $52.0 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 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:
2016	$	15,219	$	22,886	$	38,105
2017		15,004		13,212		28,216
2018		14,524		10,854		25,378
2019		13,732		7,279		21,011
2020		13,658		431		14,089
Thereafter		57,388		–		57,388
Total	$	129,525	$	54,662	$	184,187