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, 2014

Note 7 — Leases:

The Company leases equipment and office space under various operating leases. Lease expense applicable to operating leases was $563, $513 and $478 in fiscal 2014, fiscal 2013, and fiscal 2012, respectively.

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


	March 31,
	2014		2013
Machinery and equipment	$	457	$	429
Less accumulated amortization		240		219

	$	217	$	210

Amortization of machinery and equipment under capital leases amounted to $72, $84 and $82 in fiscal 2014, fiscal 2013, and fiscal 2012, respectively, and is included in depreciation expense.

As of March 31, 2014, future minimum payments required under non-cancelable leases are:


	Operating Leases		Capital Leases
2015	$	588	$	90
2016		366		63
2017		118		34
2018		52		29
2019		15		23

Total minimum lease payments	$	1,139		239

Less — amount representing interest				23

Present value of net minimum lease payments			$	216

- 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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