Note 15. Long-term Obligations

On January 1, 2015, the Company entered into a capital lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing. The capital asset and obligation are recorded at the present value of the minimum lease payments. The asset is included in Property, plant and equipment, net on the Consolidated Balance Sheet and is depreciated over the 20-year lease term. The long-term component of the capital lease obligation is included in Long-term obligations.

The Company entered into a twenty-year “build-to-suit” lease for a building that houses the assets and operations of the service center located in LaPorte, Indiana that was relocated from Lebanon, Indiana. During the first quarter of fiscal 2017, the Company took occupancy of the building. The Company retained substantially all of the construction risk and was deemed to be the owner of the facility for accounting purposes, even though it is not the legal owner. Construction costs incurred relative to the buildout of the facility of approximately $4,100 are included in Property, plant and equipment, net on the Consolidated Balance Sheet and are depreciated over the 20-year lease term. The Company accounts for the related build-to-suit liability as a financing obligation.

As of March 31, 2019, future minimum lease rental payments during each fiscal year applicable to the lease obligations were as follows.


2019	$	495
2020		995
2021		1,000
2022		1,012
2023		1,024
Thereafter		12,572
Total minimum lease payments		17,098
Less amounts representing interest		(9,044)
Present value of net minimum lease payments		8,054
Less current obligation		(157)
Total long-term lease obligation	$	7,897

The lease obligations are included in Long-term obligations (less current portion) on the Consolidated Balance Sheet.


	September 30,		March 31,
	2018		2019
Capital lease rental payments	$	4,207	$	4,168
Finance lease rental payments		3,920		3,887
Environmental post-closure monitoring and maintenance activities		504		504
Deferred dividends		14		27
Less amounts due within one year		(202)		(214)
Long-term obligations (less current portion)	$	8,443	$	8,372