NOTE 8. COMMITMENTS AND CONTINGENCIES Operating Lease Commitments We lease certain facilities and equipment under non-cancelable operating lease agreements that expire at various dates through fiscal 2018. Some leases include renewal options, which would permit extensions of the expiration dates at rates approximating fair market rental values at the time of the extension. As of April 1, 2012, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal Year (In thousands) 2012 (remaining nine months) $ 5,195 2013 4,875 2014 4,297 2015 3,590 2016 2,396 2017 and thereafter 3,369 Total $ 23,722 Capital Lease On July 19, 2011, we entered into a capital lease agreement which allows us to borrow up to $ 35.0 million to finance the acquisition of certain manufacturing equipment. We have the option of purchasing the tools from the lessor at specified intervals during the lease term. The master lease contains standard covenants requiring us to insure and maintain the equipment in accordance with the manufacturers  recommendations and comply with other customary terms to protect the leased assets. In addition, the master lease agreement contains provisions in the event of default. Assets purchased under the capital lease are included in  Property, plant and equipment, net  as manufacturing equipment and the amortization is included in depreciation. As of April 1, 2012, the gross value and net book value of manufacturing equipment purchased under a capital lease was approximately $ 17.8 million and $ 16.7 million, respectively. As of April 1, 2012, the total minimum lease payments under our capital leases amounted to approximately $16.6 million. Future minimum payments, by year and in the aggregate, under the capitalized lease consist of the following: Fiscal Year (In thousands) 2012 (remaining 9 months) $ 2,011 2013 2,681 2014 2,681 2015 2,681 2016 and thereafter 6,524 Total minimum lease payments 16,578 Less: amount representing interest 1,126 Present value of net minimum lease payments $ 1