Thermon Group Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Mar. 31, 2021


Lease Term and Discount Rate	March 31, 2021		March 31, 2020
Weighted average remaining lease term
Operating	6.0		6.2
Finance	3.1		3.4

Weighted average discount rate
Operating	4.81	%	4.82	%
Finance	6.56	%	6.98	%

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


Cash paid for amounts included in the measurement of lease liabilities	Twelve Months Ended March 31, 2021		Twelve Months Ended March 31, 2020
Operating cash used for operating leases	$	4,566	$	3,523
Operating cash flows used for finance leases	39		41
Financing cash flows used for finance leases	276		259

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	March 31, 2021		March 31, 2020
Operating	Operating lease right-of-use assets	$	12,619	$	16,637
Finance	Property, plant and equipment	426		695
Total right-of-use assets		$	13,045	$	17,332

Liabilities
Current
Operating	Lease liabilities	$	3,383	$	3,352
Finance	Lease liabilities	128		201
Non-current
Operating	Non-current lease liabilities	12,027		15,060
Finance	Non-current lease liabilities	346		511
Total lease liabilities		$	15,884	$	19,124

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


Lease expense	Classification	Twelve Months Ended March 31, 2021		Twelve Months Ended March 31, 2020
Operating lease expense	Marketing, general, administrative, and engineering	$	4,697	$	3,835

Finance lease expense:
Amortization of ROU assets	Marketing, general, administrative, and engineering	266		266
Interest expense on finance lease liabilities	Interest expense	21		41

Short-term lease expense	Marketing, general, administrative, and engineering	240		1,117
Net lease expense		$	5,224	$	5,259

Future lease payments under non-cancellable leases as of March 31, 2021 were as follows: