Thermon Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Dec. 31, 2019

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



Lease expense	Classification	Three Months Ended December 31, 2019		Nine Months Ended December 31, 2019
Operating lease expense	Marketing, general and administrative and engineering	$	860	$	2,627

Finance lease expense:
Amortization of ROU assets	Marketing, general and administrative and engineering	63		189
Interest expense on finance lease liabilities	Interest expense	12		38

Short-term lease expense	Marketing, general and administrative and engineering	225		940
Net lease expense		$	1,160	$	3,794

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



Cash paid for amounts included in the measurement of lease liabilities	Nine Months Ended December 31, 2019
Operating cash used for operating leases	$	2,083
Operating cash flows used for finance leases	43
Financing cash flows used for finance leases	189



Lease Term and Discount Rate	December 31, 2019
Weighted average remaining lease term
Operating	6.5
Finance	3.0

Weighted average discount rate
Operating	4.68	%
Finance	7.52	%

Supplemental balance sheet information related to leases was as follows:



Assets	Classification	December 31, 2019
Operating	Operating lease right-of-use assets	$	14,181
Finance	Property, plant and equipment	494
Total right-of-use assets		$	14,675

Liabilities
Current
Operating	Lease liabilities	$	2,232
Finance	Lease liabilities	233
Non-current
Operating	Non-current lease liabilities	13,345
Finance	Non-current lease liabilities	293
Total lease liabilities		$	16,103

Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows:



Future Lease Payments	Operating Leases			Finance Leases
Twelve months ending December 31,
2020	$	3,277		$	264
2021	3,265			138
2022	2,970			90
2023	2,075			69
2024	1,422			30
Thereafter	5,439			—
Total lease payments	$	18,448		$	591
Less imputed interest	(2,871		)	(65		)
Total lease liability	$	15,577		$	526

Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows:



Future Lease Payments	Operating Leases			Finance Leases
Twelve months ending December 31,
2020	$	3,277		$	264
2021	3,265			138
2022	2,970			90
2023	2,075			69
2024	1,422			30
Thereafter	5,439			—
Total lease payments	$	18,448		$	591
Less imputed interest	(2,871		)	(65		)
Total lease liability	$	15,577		$	526