Financing Arrangements

12 Months Ended

Mar. 31, 2016

The following is a summary of long-term obligations at March 31, 2016, and 2015:



(In thousands)	2016			2015
Capital lease obligations	$	333		$	189
Less: current maturities	(118		)	(142		)
Long -term capital lease obligations	$	215		$	47

Capital Leases

Agilysys leases certain equipment under capital leases expiring in various years through fiscal 2020. The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are depreciated over the shorter of their related lease terms or their estimated productive lives. Assets recorded under capital leases were $0.8 million and $0.5 million, as of March 31, 2016 and 2015, respectively. Accumulated depreciation related to assets recorded under capital leases was $0.3 million and $0.2 million as of March 31, 2016 and 2015, respectively. Depreciation of assets under capital leases is included in depreciation expense.

Minimum future lease payments under capital leases as of March 31, 2016, are as follows:



(In thousands)	Amount
Fiscal year ending March 31,
2017	$	132
2018	121
2019-2020	106
Total minimum lease payments	$	359
Less: amount representing interest	(26		)
Present value of minimum lease payments	$	333

Interest rates on capitalized leases vary from 3.4% to 3.5% and are imputed based on the lower of our incremental borrowing rate at the inception of each lease or the lessor's implicit rate of return.