Financing Arrangements

12 Months Ended

Mar. 31, 2018

The following is a summary of long-term obligations at March 31, 2018, and 2017:



(In thousands)	2018			2017
Capital lease obligations	$	177		$	237
Less: current maturities	(120		)	(121		)
Long -term capital lease obligations	$	57		$	116

Capital Leases

Agilysys leases certain equipment under capital leases expiring in various years through fiscal 2021. 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 $0.7 million as of March 31, 2018 and 2017. Accumulated depreciation related to assets recorded under capital leases was $0.5 million as of March 31, 2018 and 2017. Depreciation of assets under capital leases is included in depreciation expense.

Minimum future lease payments under capital leases as of March 31, 2018, are as follows:



(In thousands)	Amount
Fiscal year ending March 31,
2019	$	129
2020	27
2021	37
Total minimum lease payments	$	193
Less: amount representing interest	(16		)
Present value of minimum lease payments	$	177

Interest rates on capitalized leases of 4.5% 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.