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

Leases (Tables)

6 Months Ended

Sep. 30, 2020


Lease Term and Discount Rate	September 30, 2020		March 31, 2020
Weighted average remaining lease term
Operating	5.9		6.2
Finance	3.3		3.4

Weighted average discount rate
Operating	4.83	%	4.82	%
Finance	6.95	%	6.98	%

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


Lease expense	Classification	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019		Six Months Ended September 30, 2020		Six Months Ended September 30, 2019
Operating lease expense	Marketing, general and administrative and engineering	$	1,243	$	959	$	2,384	$	1,767

Finance lease expense:
Amortization of ROU assets	Marketing, general and administrative and engineering	68		66		145		125
Interest expense on finance lease liabilities	Interest expense	11		13		22		26

Short-term lease expense	Marketing, general and administrative and engineering	30		252		51		715
Net lease expense		$	1,352	$	1,290	$	2,602	$	2,633

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


Cash paid for amounts included in the measurement of lease liabilities	Six Months Ended September 30, 2020		Six Months Ended September 30, 2019
Operating cash used for operating leases	$	1,697	$	1,365
Operating cash flows used for finance leases	22		26
Financing cash flows used for finance leases	139		108

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	September 30, 2020		March 31, 2020
Operating	Operating lease right-of-use assets	$	15,049	$	16,637
Finance	Property, plant and equipment	551		695
Total right-of-use assets		$	15,600	$	17,332

Liabilities
Current
Operating	Lease liabilities	$	3,743	$	3,352
Finance	Lease liabilities	204		201
Non-current
Operating	Non-current lease liabilities	13,703		15,060
Finance	Non-current lease liabilities	369		511
Total lease liabilities		$	18,019	$	19,124

Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows:


Future Lease Payments	Operating Leases		Finance Leases
Twelve months ending September 30,
2021	$	4,502	$	191
2022	3,886		159
2023	3,022		147
2024	2,105		105
2025	1,683		30
Thereafter	5,383		—
Total lease payments	$	20,581	$	632
Less imputed interest	(3,135)		(59)
Total lease liability	$	17,446	$	573

Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows:


Future Lease Payments	Operating Leases		Finance Leases
Twelve months ending September 30,
2021	$	4,502	$	191
2022	3,886		159
2023	3,022		147
2024	2,105		105
2025	1,683		30
Thereafter	5,383		—
Total lease payments	$	20,581	$	632
Less imputed interest	(3,135)		(59)
Total lease liability	$	17,446	$	573