Lease Obligations and

Long-Term Debt

Lease Obligations

We lease certain revenue and service equipment under long-term lease agreements, payable in monthly installments.

Equipment obtained under capital leases is reflected on our condensed consolidated balance sheet as owned and the related leases bear interest rates ranging from 1.6% to 3.6% per annum maturing at various dates through 2022.

Assets held under operating leases are not recorded on our condensed consolidated balance sheet. We lease revenue and service equipment under non-cancellable operating leases expiring at various dates through 2023.

Future minimum lease payments relating to capital leases and operating leases as of March 31, 2016 follow (in thousands):

	Capital Leases		Operating Leases
2016	$	67,620	$	17,723
2017		124,058		15,577
2018		92,042		6,738
2019		37,429		3,557
2020		19,974		2,755
Thereafter		68,206		5,334
Total minimum lease payments	$	409,329	$	51,684
Less amounts representing interest		26,374
Present value of minimum lease payments		382,955
Less current maturities		59,156
Non-current portion	$	323,799

Long-Term Debt

We had debt, excluding capital leases, of $152.6 million at March 31, 2016, of which $151.9 million relates to our credit facility. Debt includes revenue equipment installment notes of $0.7 million with an average interest rate of approximately 6.2 percent at March 31, 2016, due in monthly installments with final maturities at various dates through June 2019.