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

Leases (Tables)

12 Months Ended

Mar. 31, 2024


Lease Term and Discount Rate	March 31, 2024		March 31, 2023
Weighted average remaining lease term
Operating	5.3		5.9
Finance	3.9		1.5

Weighted average discount rate
Operating	4.26	%	4.19	%
Finance	7.56	%	6.13	%

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, 2024		Year-Ended March 31, 2023		Year-Ended March 31, 2022
Operating cash used for operating leases	$	4,231	$	4,603	$	4,538
Operating cash flows used for finance leases	149		12		27
Financing cash flows used for finance leases	28		142		155

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	March 31, 2024		March 31, 2023
Operating	Operating lease right-of-use assets	$	13,613	$	13,570
Finance	Property, plant and equipment	437		131
Total right-of-use assets		$	14,050	$	13,701

Liabilities
Current
Operating	Lease liabilities	$	3,136	$	3,258
Finance	Lease liabilities	137		106
Non-current
Operating	Non-current lease liabilities	12,313		12,427
Finance	Non-current lease liabilities	322		52
Total lease liabilities		$	15,908	$	15,843

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


Lease expense	Classification	Year-Ended March 31, 2024		Year-Ended March 31, 2023		Year-Ended March 31, 2022
Operating lease expense	Selling, general, and administrative expenses	$	3,953	$	4,382	$	4,164

Finance lease expense:
Amortization of ROU assets	Selling, general, and administrative expenses	149		134		166
Interest expense on finance lease liabilities	Interest expense	28		15		27

Short-term lease expense	Selling, general, and administrative expenses	2		250		248
Net lease expense		$	4,132	$	4,781	$	4,605

Future lease payments under non-cancellable leases as of March 31, 2024 were as follows: