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

Leases (Tables)

9 Months Ended

Dec. 31, 2021

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


	December 31,			December 31,
	2021			2020
Finance Leases
Weighted-average remaining lease term in years		1.67			2.63
Weighted-average discount rate		10.67	%		10.77	%

Operating Leases
Weighted-average remaining lease term in years		7.72			1.67
Weighted-average discount rate		3.27	%		5.49	%

The components of lease expense are as follows:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	5	$	5	$	15	$	15
Interest on lease liabilities		1		2		4		6
Operating lease cost		384		41		924		122
Short-term lease cost		3		1		18		7
Total lease cost	$	393	$	49	$	961	$	150

As of December 31, 2021, future minimum payments required under non-cancelable leases are:


	Operating Leases		Finance Leases
Remainder of 2022	$	342	$	7
2023		1,325		26
2024		1,183		11
2025		1,164		—
2026		1,169		—
2027 and thereafter		4,856		—
Total lease payments		10,039		44

Less – amount representing interest		1,223		4
Present value of net minimum lease payments	$	8,816	$	40