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, 2015

Note 6 — Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $596, $563 and $513 in fiscal 2015, fiscal 2014, and fiscal 2013, respectively.

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


	March 31,
	2015		2014
Machinery and equipment	$	288	$	457
Less accumulated amortization		135		240

	$	153	$	217

Amortization of machinery and equipment under capital leases amounted to $54, $72 and $84 in fiscal 2015, fiscal 2014, and fiscal 2013, respectively, and is included in depreciation expense.

As of March 31, 2015, future minimum payments required under non-cancelable leases are:


	Operating Leases		Capital Leases
2016	$	405	$	68
2017		117		40
2018		52		34
2019		15		29
2020		—		5

Total minimum lease payments	$	589		176

Less — amount representing interest				18

Present value of net minimum lease payments			$	158

- 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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