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

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2023


	March 31, 2023		March 31, 2022		March 31, 2021
Cash and cash equivalents	$	35,635	$	41,445	$	40,124
Restricted cash included in prepaid expenses and other current assets	2,859		2,486		1,962
Restricted cash included in other long-term assets	26		—		364
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	38,520	$	43,931	$	42,450

The following table summarizes the annual changes in our allowance for doubtful accounts:


Balance at March 31, 2020		$	834
	Additions to reserve	1,466
	Write-off of uncollectible accounts	(226)
Balance at March 31, 2021		2,074
	Additions to reserve	683
	Write-off of uncollectible accounts	(580)
Balance at March 31, 2022		2,177
	Additions to reserve	1,377
	Write-off of uncollectible accounts	(872)
Balance at March 31, 2023		$	2,682

Depreciation is computed using the straight-line method over the following useful lives:


	Years
Buildings and improvements	10	-	30
Machinery and equipment	3	-	25
Office furniture and equipment	3	-	10
Internally developed software	5	-	7

Property, plant and equipment consisted of the following:


	March 31,
	2023		2022
Land, buildings and improvements	$	55,456	$	57,306
Machinery and equipment	48,912		48,365
Office furniture and equipment	18,164		17,014
Internally developed software	5,069		5,851
Construction in progress	3,137		1,457
Property, plant and equipment at cost	130,738		129,993
Accumulated depreciation	(67,450)		(63,954)
Property, plant and equipment, net	$	63,288	$	66,039