Thermon Group Holdings, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Leases (Tables)

12 Months Ended

Mar. 31, 2025


Lease Term and Discount Rate	March 31, 2025		March 31, 2024
Weighted average remaining lease term (in years):
Operating	4.4		5.3
Finance	4.8		3.9

Weighted average discount rate:
Operating	4.29	%	4.26	%
Finance	4.27	%	7.56	%

Supplemental statement of cash flows information related to leases was as follows:


Cash paid for amounts included in the measurement of lease liabilities	Year-Ended March 31, 2025		Year-Ended March 31, 2024		Year-Ended March 31, 2023
Operating cash used for operating leases	$	4,574	$	4,231	$	4,603
Operating cash flows used for finance leases	165		149		12
Financing cash flows used for finance leases	58		28		142

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	March 31, 2025		March 31, 2024
Operating	Operating lease right-of-use assets	$	11,192	$	13,613
Finance	Property, plant and equipment	545		437
Total right-of-use assets		$	11,737	$	14,050

Liabilities
Current:
Operating	Lease liabilities	$	3,793	$	3,136
Finance	Lease liabilities	230		137
Non-current:
Operating	Non-current lease liabilities	8,931		12,313
Finance	Non-current lease liabilities	368		322
Total lease liabilities		$	13,322	$	15,908

Supplemental statement of operations information related to leases was as follows:


Lease expense	Classification	Year-Ended March 31, 2025		Year-Ended March 31, 2024		Year-Ended March 31, 2023
Operating lease expense	Selling, general, and administrative expenses	$	4,239	$	3,953	$	4,382

Finance lease expense:
Amortization of ROU assets	Selling, general, and administrative expenses	165		149		134
Interest expense on finance lease liabilities	Interest expense	58		28		15

Short-term lease expense	Selling, general, and administrative expenses	14		2		250
Net lease expense		$	4,476	$	4,132	$	4,781

Future lease payments under non-cancellable leases as of March 31, 2025 were as follows: