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, 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.

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

		Property, Plant and Equipment				Rental Equipment
		Ground		Operating		Operating		Total
		(Unaudited)
		(In thousands)
Year ended June 30:
2018	$	957	$	16,616	$	10,808	$	28,381
2019		1,008		15,235		7,315		23,558
2020		1,024		15,873		429		17,326
2021		1,025		15,216		–		16,241
2022		1,030		14,963		–		15,993
Thereafter		46,653		30,640		–		77,293
Total	$	51,697	$	108,543	$	18,552	$	178,792