Graham Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Leases

Leases

12 Months Ended

Mar. 31, 2016

Note 6 - Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $677, $596, and $563 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively.

Property, plant and equipment include the following amounts for leases which have been capitalized:

	March 31,
	2016		2015
Machinery and equipment	$	280	$	288
Less accumulated amortization		75		135
	$	205	$	153

Amortization of machinery and equipment under capital leases amounted to $40, $54 and $72 in fiscal 2016, fiscal 2015, and fiscal 2014, respectively, and is included in depreciation expense.

As of March 31, 2016, future minimum payments required under non-cancelable leases are:

	Operating Leases		Capital Leases
2017	$	580	$	64
2018		408		62
2019		364		55
2020		353		33
2021		238		18
Total minimum lease payments	$	1,943	$	232

Less – amount representing interest				20
Present value of net minimum lease payments			$	212