Note 19. 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 (LCMP). 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 depreciated over the 20-year lease term. The Company accounts for the related build-to-suit liability as a financing obligation.

As of September 30, 2019, future minimum lease rental payments applicable to the lease obligations were as follows.


2020	$	995
2021		1,000
2022		1,012
2023		1,024
2024		1,032
Thereafter		11,540
Total minimum lease payments		16,603
Less amounts representing interest		(8,624)
Present value of net minimum lease payments		7,979
Less current obligation		(170)
Total long-term lease obligation	$	7,809

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


	September 30,		September 30,
	2018		2019
Capital lease rental payments	$	4,207	$	4,126
Finance lease rental payments		3,920		3,853
Environmental post-closure monitoring and maintenance activities		504		606
Long-term disability		—		251
Deferred dividends		14		40
Less amounts due within one year		(202)		(267)
Long-term obligations (less current portion)	$	8,443	$	8,609