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

Leases (Tables)

9 Months Ended

Dec. 31, 2020


Lease Term and Discount Rate	December 31, 2020		March 31, 2020
Weighted average remaining lease term:
Operating	6.1		6.2
Finance	3.2		3.4

Weighted average discount rate:
Operating	4.81	%	4.82	%
Finance	6.57	%	6.98	%

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


Lease expense	Classification	Three Months Ended December 31, 2020		Three Months Ended December 31, 2019		Nine Months Ended December 31, 2020		Nine Months Ended December 31, 2019
Operating lease expense	Marketing, general and administrative and engineering	$	1,070	$	860	$	3,455	$	2,627

Finance lease expense:
Amortization of ROU assets	Marketing, general and administrative and engineering	66		63		211		189
Interest expense on finance lease liabilities	Interest expense	9		12		31		38

Short-term lease expense	Marketing, general and administrative and engineering	9		225		60		940
Net lease expense		$	1,154	$	1,160	$	3,757	$	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, 2020		Nine Months Ended December 31, 2019
Operating cash used for operating leases	$	2,747	$	2,083
Operating cash flows used for finance leases	31		43
Financing cash flows used for finance leases	218		189

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	December 31, 2020		March 31, 2020
Operating	Operating lease right-of-use assets	$	13,527	$	16,637
Finance	Property, plant and equipment	478		695
Total right-of-use assets		$	14,005	$	17,332

Liabilities
Current
Operating	Lease liabilities	$	2,433	$	3,352
Finance	Lease liabilities	50		201
Non-current
Operating	Non-current lease liabilities	13,985		15,060
Finance	Non-current lease liabilities	507		511
Total lease liabilities		$	16,975	$	19,124

Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows:


Future Lease Payments	Operating Leases		Finance Leases
Twelve months ending December 31,
2021	$	4,375	$	212
2022	3,507		162
2023	2,499		142
2024	2,020		84
2025	1,697		—
Thereafter	4,958		—
Total lease payments	$	19,056	$	600
Less imputed interest	(2,638)		(43)
Total lease liability	$	16,418	$	557

Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows:


Future Lease Payments	Operating Leases		Finance Leases
Twelve months ending December 31,
2021	$	4,375	$	212
2022	3,507		162
2023	2,499		142
2024	2,020		84
2025	1,697		—
Thereafter	4,958		—
Total lease payments	$	19,056	$	600
Less imputed interest	(2,638)		(43)
Total lease liability	$	16,418	$	557