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

Leases (Tables)

12 Months Ended

Mar. 31, 2023


Lease Term and Discount Rate	March 31, 2023		March 31, 2022
Weighted average remaining lease term
Operating	5.9		5.4
Finance	1.5		2.5

Weighted average discount rate
Operating	4.19	%	4.72	%
Finance	6.13	%	6.18	%

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, 2023		Year-Ended March 31, 2022		Year-Ended March 31, 2021
Operating cash used for operating leases	$	4,603	$	4,538	$	4,566
Operating cash flows used for finance leases	12		27		39
Financing cash flows used for finance leases	142		155		276

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	March 31, 2023		March 31, 2022
Operating	Operating lease right-of-use assets	$	13,570	$	10,534
Finance	Property, plant and equipment	131		351
Total right-of-use assets		$	13,701	$	10,885

Liabilities
Current
Operating	Lease liabilities	$	3,258	$	3,472
Finance	Lease liabilities	106		152
Non-current
Operating	Non-current lease liabilities	12,427		9,476
Finance	Non-current lease liabilities	52		183
Total lease liabilities		$	15,843	$	13,283

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


Lease expense	Classification	Year-Ended March 31, 2023		Year-Ended March 31, 2022		Year-Ended March 31, 2021
Operating lease expense	Selling, general, and administrative expenses	$	4,382	$	4,164	$	4,697

Finance lease expense:
Amortization of ROU assets	Selling, general, and administrative expenses	134		166		266
Interest expense on finance lease liabilities	Interest expense	15		27		21

Short-term lease expense	Selling, general, and administrative expenses	250		248		240
Net lease expense		$	4,781	$	4,605	$	5,224

Future lease payments under non-cancellable leases as of March 31, 2023 were as follows: