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, 2019

Note 8 - Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $572, $581 and $615 in fiscal 2019, fiscal 2018 and fiscal 2017, respectively.

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

	March 31,
	2019		2018
Machinery and equipment	$	258	$	364
Less accumulated amortization		118		192
	$	140	$	172

Amortization of machinery and equipment under capital leases amounted to $44, $73 and $54 in fiscal 2019, fiscal 2018, and fiscal 2017, respectively, and is included in depreciation expense.

As of March 31, 2019, future minimum payments required under non-cancelable leases are:

	Operating Leases		Capital Leases
2020	$	501	$	62
2021		301		47
2022		37		26
2023		32		26
2024		8		11
Total minimum lease payments	$	879		172

Less – amount representing interest				26
Present value of net minimum lease payments			$	146