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, 2013

Note 7 — Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $513, $478 and $251 in fiscal 2013, fiscal 2012, and fiscal 2011, respectively.

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


	March 31,
	2013		2012
Machinery and equipment	$	429	$	419
Less accumulated amortization		219		135

	$	210	$	284

Amortization of machinery and equipment under capital leases amounted to $84, $82 and $72 in fiscal 2013, fiscal 2012, and fiscal 2011, respectively, and is included in depreciation expense.

As of March 31, 2013, future minimum payments required under non-cancelable leases are:


	Operating Leases		Capital Leases
2014	$	473	$	96
2015		425		78
2016		312		51
2017		75		6
2018		36		—

Total minimum lease payments	$	1,321	$	231

Less — amount representing interest				17

Present value of net minimum lease payments			$	214

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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