5. Leases

The Company had a new capital lease in fiscal 2016 and no capital leases as of March 31, 2015. The new capital lease is a building lease that bears an interest rate of 5.2%. The cost is $5.3 million and the accumulated amortization is $0.1 million.

Leased assets under capital leases consist of the following:

The Company has operating leases expiring at various dates through 2030. Operating leases generally provide for early purchase options one year prior to expiration.

The following is a schedule, by year, of minimum operating and capital lease payments due as of March 31, 2016 (in thousands):

Years ending March 31:		Operating		Capital
2017	$	43,392	$	507
2018		38,649		507
2019		33,746		507
2020		28,784		507
2021		22,379		507
2022-2030		28,918		4,943
Total minimum payment required	$	195,868	$	7,478
Less interest				2,247
Present value of minimum lease payments				5,231
Amount due within one year				243
Long-term capital lease obligation			$	4,988

Lease expense in fiscal 2016, 2015 and 2014 was $51.4 million, $49.6 million and $43.9 million, respectively.