Graham Corporation Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

6 Months Ended

Sep. 30, 2021

The weighted average remaining lease term and discount rate for finance and operating leases are as follows:

	September 30,			September 30,
	2021			2020
Finance Leases
Weighted-average remaining lease term in years		1.91			2.69
Weighted-average discount rate		10.72	%		10.45	%

Operating Leases
Weighted-average remaining lease term in years		7.91			1.69
Weighted-average discount rate		3.26	%		5.49	%

The components of lease expense are as follows:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	5	$	5	$	10	$	10
Interest on lease liabilities		2		2		3		4
Operating lease cost		384		41		540		81
Short-term lease cost		10		3		15		6
Total lease cost	$	401	$	51	$	568	$	101

As of September 30, 2021, future minimum payments required under non-cancelable leases are:

	Operating Leases		Finance Leases
Remainder of 2022	$	688	$	13
2023		1,325		26
2024		1,183		11
2025		1,164		—
2026		1,169		—
2027 and thereafter		4,856		—
Total lease payments		10,385		50

Less – amount representing interest		1,296		5
Present value of net minimum lease payments	$	9,089	$	45