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, 2017

Note 6 - Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $615, $677, and $596 in fiscal 2017, fiscal 2016, and fiscal 2015, respectively.

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

	March 31,
	2017		2016
Machinery and equipment	$	364	$	280
Less accumulated amortization		119		75
	$	245	$	205

Amortization of machinery and equipment under capital leases amounted to $54, $40 and $54 in fiscal 2017, fiscal 2016, and fiscal 2015, respectively, and is included in depreciation expense.

As of March 31, 2017, future minimum payments required under non-cancelable leases are:

	Operating Leases		Capital Leases
2018	$	489	$	115
2019		410		93
2020		398		36
2021		270		21
2022		11		—
Total minimum lease payments	$	1,578	$	265

Less – amount representing interest				15
Present value of net minimum lease payments			$	250