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

Leases (Tables)

3 Months Ended

Jun. 30, 2021

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

	June 30,			June 30,
	2021			2020
Finance Leases
Weighted-average remaining lease term in years		2.16			2.72
Weighted-average discount rate		10.71	%		10.04	%

Operating Leases
Weighted-average remaining lease term in years		8.24			1.81
Weighted-average discount rate		3.29	%		5.49	%

The components of lease expense are as follows:

	Three Months Ended		Three Months Ended
	June 30,		June 30,
	2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	5	$	5
Interest on lease liabilities		1		2
Operating lease cost		156		40
Short-term lease cost		5		3
Total lease cost	$	167	$	50

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

	Operating Leases		Finance Leases
Remainder of 2022	$	1,002	$	19
2023		1,265		26
2024		1,123		11
2025		1,135		—
2026		1,169		—
2027 and thereafter		4,856		—
Total lease payments		10,550		56

Less – amount representing interest		1,366		6
Present value of net minimum lease payments	$	9,184	$	50