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, 2018

Note 6 - Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $581, $615 and $677 in fiscal 2018, fiscal 2017 and fiscal 2016, respectively.

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

	March 31,
	2018		2017
Machinery and equipment	$	364	$	364
Less accumulated amortization		192		119
	$	172	$	245

Amortization of machinery and equipment under capital leases amounted to $73, $54 and $40 in fiscal 2018, fiscal 2017, and fiscal 2016, respectively, and is included in depreciation expense.

As of March 31, 2018, future minimum payments required under non-cancelable leases are:

	Operating Leases		Capital Leases
2019	$	549	$	93
2020		424		36
2021		283		21
2022		8		—
2023		—		—
Total minimum lease payments	$	1,264		150

Less – amount representing interest				7
Present value of net minimum lease payments			$	143