Thermon (THR) 10-Q 6 Feb 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2019	Feb. 04, 2020
Cover page.
Title of 12(b) Security	Common Stock, $0.001 par value per share
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-35159
Entity Registrant Name	THERMON GROUP HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2228185
Entity Address, Address Line One	7171 Southwest Parkway
Entity Address, Address Line Two	Building 300
Entity Address, Address Line Three	Suite 200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	512
Local Phone Number	690-0600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,884,824
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	THR
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 37,054	$ 31,402
Accounts receivable, net of allowance for doubtful accounts of $968 and $987 as of September 30, 2019 and March 31, 2019, respectively	97,011	105,323
Inventories, net	63,789	64,890
Costs and estimated earnings in excess of billings on uncompleted contracts	16,644	26,454
Prepaid expenses and other current assets	10,731	7,320
Income tax receivable	1,167	4,389
Total current assets	226,396	239,778
Property, plant and equipment, net	74,205	74,955
Goodwill	208,293	204,995
Intangible assets, net	115,409	126,596
Operating	14,181
Deferred income taxes	3,113	3,829
Other long term assets	5,120	5,609
Total assets	646,717	655,762
Current liabilities:
Accounts payable	23,259	22,705
Accrued liabilities	21,387	27,848
Current portion of long term debt	2,500	2,500
Borrowings under revolving credit facility	3,080	11,225
Contract liabilities	5,418	6,814
Lease liabilities	2,465	235
Income taxes payable	2,382	1,961
Total current liabilities	60,491	73,288
Long-term debt, net of current maturities and deferred debt issuance costs and debt discounts of $5,432 and $6,271 as of September 30, 2019 and March 31, 2019, respectively	171,382	197,729
Deferred income taxes	24,074	28,139
Non-current lease liabilities	13,638	386
Other noncurrent liabilities	8,088	7,271
Total liabilities	277,673	306,813
Equity
Common stock: $.001 par value; 150,000,000 authorized; 32,742,439 and 32,624,200 shares issued and outstanding at September 30, 2019 and March 31, 2019, respectively	33	33
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	226,375	223,040
Accumulated other comprehensive loss	(42,891)	(48,949)
Retained earnings	185,527	170,621
Total Thermon Group Holdings, Inc. shareholders' equity	369,044	344,745
Non-controlling interests	0	4,204
Total equity	369,044	348,949
Total liabilities and equity	$ 646,717	$ 655,762

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Depreciation and amortization	$ 43,105	$ 38,414
Debt issuance costs, net	$ 5,432	$ 6,271
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	32,742,439	32,624,200
Common stock, shares outstanding	32,742,439	32,624,200
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury Stock, Shares	0	0
Thermon Holding Corp.
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 968	$ 987

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Sales	$ 100,468	$ 119,356	$ 295,115	$ 298,412
Cost of sales	56,988	68,473	169,061	167,441
Gross profit	43,480	50,883	126,054	130,971
Operating expenses:
Marketing, general and administrative and engineering	26,554	28,109	82,402	80,012
Amortization of intangible assets	4,460	4,887	13,354	16,160
Income from operations	12,466	17,887	30,298	34,799
Other income/(expenses):
Interest income	57	24	173	147
Interest expense	(3,595)	(3,885)	(11,316)	(11,473)
Other income/(expenses)	(62)	(155)	(1)	73
Income before provision for income taxes	8,866	13,871	19,154	23,546
Income tax expense	2,344	4,154	4,250	7,126
Net income	6,522	9,717	14,904	16,420
Income (loss) attributable to non-controlling interests	0	(2)	(2)	432
Net income available to Thermon Group Holdings, Inc.	6,522	9,719	14,906	15,988
Comprehensive income (loss):
Net income available to Thermon Group Holdings, Inc.	6,522	9,719	14,906	15,988
Foreign currency translation adjustment	6,099	(10,077)	5,721	(15,138)
Other	0	0	337	0
Comprehensive income	$ 12,621	$ (358)	$ 20,964	$ 850
Net Income per common share:
Basic (in dollars per share)	$ 0.20	$ 0.30	$ 0.46	$ 0.49
Diluted (in dollars per share)	$ 0.20	$ 0.29	$ 0.45	$ 0.48
Weighted-average shares used in computing net income per common share:
Basic (in shares)	32,785,753	32,595,259	32,716,317	32,556,157
Diluted (in shares)	33,258,937	33,116,481	33,124,580	33,000,326

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Non-controlling Interests	Accumulated Other Comprehensive Income (Loss)	EmployeesCommon Stock	Executive OfficerCommon Stock	DirectorCommon Stock
Beginning balance (in shares) at Mar. 31, 2018		32,492,339
Beginning balance at Mar. 31, 2018	$ 340,853	$ 32	$ 222,622	$ 148,812	$ 5,928	$ (36,541)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		5,928
Issuance of common stock in exercise of stock options	82	$ 1	81
Issuance of common stock (in shares)							23,307	20,876	5,212
Stock compensation expense	1,004		1,004
Repurchase of employee stock units on vesting	(398)		(398)
Net income available to Thermon Group Holdings, Inc.	3,042			3,042
Foreign currency translation adjustment	(8,264)					(8,264)
Income attributable to non-controlling interests (loss)	336				336
Ending balance (in shares) at Jun. 30, 2018		32,547,662
Ending balance at Jun. 30, 2018	336,655	$ 33	223,309	151,854	6,264	(44,805)
Beginning balance (in shares) at Mar. 31, 2018		32,492,339
Beginning balance at Mar. 31, 2018	340,853	$ 32	222,622	148,812	5,928	(36,541)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income available to Thermon Group Holdings, Inc.	15,988
Income attributable to non-controlling interests (loss)	(432)
Ending balance (in shares) at Dec. 31, 2018		32,597,389
Ending balance at Dec. 31, 2018	337,808	$ 33	219,604	164,800	5,050	(51,679)
Beginning balance (in shares) at Jun. 30, 2018		32,547,662
Beginning balance at Jun. 30, 2018	336,655	$ 33	223,309	151,854	6,264	(44,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options	153		153
Issuance of common stock (in shares)							38,507		5,240
Stock compensation expense	1,085		1,085
Repurchase of employee stock units on vesting	(161)		(161)
Net income available to Thermon Group Holdings, Inc.	3,227			3,227
Foreign currency translation adjustment	1,748					1,748
Purchase of shares from non-controlling interests	(5,665)		(3,612)		(3,508)	1,455
Remeasurement of non-controlling interest			(3,083)		3,083
Income attributable to non-controlling interests (loss)	(98)				(98)
Ending balance (in shares) at Sep. 30, 2018		32,591,409
Ending balance at Sep. 30, 2018	337,140	$ 33	217,691	155,081	5,937	(41,602)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options	0		0
Issuance of common stock (in shares)							1,464		4,516
Stock compensation expense	1,041		1,041
Repurchase of employee stock units on vesting	(13)		(13)
Net income available to Thermon Group Holdings, Inc.	9,719			9,719
Foreign currency translation adjustment	(10,077)					(10,077)
Remeasurement of non-controlling interest			885		(885)
Income attributable to non-controlling interests (loss)	2				2
Ending balance (in shares) at Dec. 31, 2018		32,597,389
Ending balance at Dec. 31, 2018	$ 337,808	$ 33	219,604	164,800	5,050	(51,679)
Beginning balance (in shares) at Mar. 31, 2019	32,624,200	32,624,200
Beginning balance at Mar. 31, 2019	$ 348,949	$ 33	223,040	170,621	4,204	(48,949)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		5,417
Issuance of common stock in exercise of stock options	62		62
Issuance of common stock (in shares)							39,139	32,621	3,654
Stock compensation expense	1,019		1,019
Repurchase of employee stock units on vesting	(784)		(784)
Net income available to Thermon Group Holdings, Inc.	1,471			1,471
Foreign currency translation adjustment	4,435					4,435
Remeasurement of non-controlling interest	0		(315)		315
Income attributable to non-controlling interests (loss)	(10)				(10)
Ending balance (in shares) at Jun. 30, 2019		32,705,031
Ending balance at Jun. 30, 2019	$ 355,142	$ 33	223,022	172,092	4,509	(44,514)
Beginning balance (in shares) at Mar. 31, 2019	32,624,200	32,624,200
Beginning balance at Mar. 31, 2019	$ 348,949	$ 33	223,040	170,621	4,204	(48,949)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income available to Thermon Group Holdings, Inc.	14,906
Income attributable to non-controlling interests (loss)	$ 2
Ending balance (in shares) at Dec. 31, 2019	32,742,439	32,877,119
Ending balance at Dec. 31, 2019	$ 369,044	$ 33	226,375	185,527	0	(42,891)
Beginning balance (in shares) at Jun. 30, 2019		32,705,031
Beginning balance at Jun. 30, 2019	355,142	$ 33	223,022	172,092	4,509	(44,514)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							16,262	14,757	6,389
Stock compensation expense	1,323		1,323
Repurchase of employee stock units on vesting	(95)		(95)
Net income available to Thermon Group Holdings, Inc.	6,913			6,913
Foreign currency translation adjustment	(4,813)					(4,813)
Purchase of shares from non-controlling interests	(4,508)				(4,508)
Remeasurement of non-controlling interest	0		10		(10)
Income attributable to non-controlling interests (loss)	9				9
Other	337					337
Ending balance (in shares) at Sep. 30, 2019		32,742,439
Ending balance at Sep. 30, 2019	354,308	$ 33	224,260	179,005	0	(48,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		101,455
Issuance of common stock in exercise of stock options	798		798
Issuance of common stock (in shares)							23,748		9,477
Stock compensation expense	1,328		1,328
Repurchase of employee stock units on vesting	(11)		(11)
Net income available to Thermon Group Holdings, Inc.	6,522			6,522
Foreign currency translation adjustment	6,099					6,099
Income attributable to non-controlling interests (loss)	$ 0
Ending balance (in shares) at Dec. 31, 2019	32,742,439	32,877,119
Ending balance at Dec. 31, 2019	$ 369,044	$ 33	$ 226,375	$ 185,527	$ 0	$ (42,891)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 14,904	$ 16,420
Adjustment to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	21,079	23,026
Amortization of deferred debt issuance costs	1,574	1,047
Amortization of inventory step-up	0	171
Stock compensation expense	3,670	3,130
Deferred income taxes	(3,416)	(1,411)
Release of reserve for uncertain tax positions	(421)	0
Long term cross currency swap	1,897	(5,564)
Remeasurement loss/(gain) on intercompany balances	(2,264)	6,075
Changes in operating assets and liabilities:
Accounts receivable	9,747	(10,326)
Inventories	1,957	(8,314)
Contract assets	8,167	(7,354)
Other current and non-current assets	(4,422)	(6,329)
Accounts payable	503	2,995
Accrued liabilities and non-current liabilities	(4,441)	(941)
Income taxes payable and receivable	3,821	(2,779)
Net cash provided by operating activities	52,355	9,846
Investing activities
Purchases of property, plant and equipment	(6,701)	(8,808)
Sale of rental equipment	371	678
Proceeds from sale of property, plant and equipment	242	23
Proceeds from the sale of investments	0	955
Net cash used in investing activities	(6,088)	(7,152)
Financing activities
Proceeds from revolving credit facility	10,000	22,009
Payments on long term debt and revolving credit facility	(46,279)	(20,307)
Purchase of shares from non-controlling interests	(4,508)	(5,665)
Proceeds from exercise of stock options	860	233
Repurchase of employee stock units on vesting	(890)	(572)
Payments on finance leases	(106)	(170)
Net cash used in financing activities	(40,923)	(4,472)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	503	(1,923)
Cash, cash equivalents and restricted cash at beginning of period	33,841	36,327
Cash, cash equivalents and restricted cash at end of period	39,688	32,626
Change in cash, cash equivalents and restricted cash	$ 5,847	$ (3,701)

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information	9 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policy Information	Basis of Presentation and Accounting Policy Information Thermon Group Holdings, Inc. and its direct and indirect subsidiaries are referred to collectively as “we,” “our,” or the “Company” herein. We are a provider of highly engineered industrial process heating solutions for process industries. Our core thermal solutions product - also referred to as heat tracing - provides an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature and flow maintenance, environmental monitoring, and surface snow and ice melting. As a manufacturer, we offer a full suite of products (heating units, heating cables, tubing bundles and control systems) and services (design optimization, engineering, installation and maintenance services) required to deliver comprehensive solutions to complex projects. On October 30, 2017, we, through a wholly-owned subsidiary, consummated the acquisition of 100% of the equity interests of CCI Thermal Technologies Inc. (the “THS acquisition”), which was amalgamated with such subsidiary immediately after the closing of the acquisition to form Thermon Heating Systems, Inc. ("THS"), an indirect, wholly-owned subsidiary of the Company. THS is engaged in industrial process heating, focused on the development and production of advanced heating and filtration solutions for industrial and hazardous area applications. In addition to our thermal solution offerings, we offer temporary power products that are designed to provide a safe and efficient means of supplying temporary electrical power distribution and lighting at energy infrastructure facilities for new construction and during maintenance and turnaround projects at operating facilities. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2019 . In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at December 31, 2019 and March 31, 2019 , and the results of our operations for the three and nine months ended December 31, 2019 and 2018 . Use of Estimates Generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at December 31, 2019 , actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and nine months ended December 31, 2019 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2020 . Restricted Cash and Cash Equivalents The Company maintains restricted cash related to certain letter of credit guarantees and performance bonds securing performance obligations. The following table provides a reconciliation of cash, cash equivalents, restricted cash included in prepaid expenses and other current assets and restricted cash included in other long term assets reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2019 2018 Cash and cash equivalents $ 37,054 $ 30,190 Restricted cash included in prepaid expenses and other current assets 2,123 1,916 Restricted cash included in other long term assets 511 520 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 39,688 $ 32,626 Amounts shown in restricted cash included in prepaid expenses and other current assets and other long term assets represent those required to be set aside by a contractual agreement, which contain cash deposits pledged as collateral on performance bonds and letters of credit. Amounts shown in restricted cash in other long term assets represent such agreements that require a commitment term longer than one year. Recent Accounting Pronouncements Leases - In February 2016, the FASB issued Accounting Standard Update 2016-02 “Leases” (“ASC Topic 842”), which provides guidance on the recognition, measurement, presentation and disclosure on leases. Under the standard, substantially all leases will be reported on the balance sheet as right-of-use assets and lease liabilities. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company adopted the amended guidance using the modified retrospective method as of April 1, 2019. Please refer to Note 3 "Leases" for further discussion, including the impact the adoption had on our condensed consolidated financial statements. Financial Instruments- In June 2016, the FASB issued Accounting Standards Update 2016-13 “Financial Instruments-Credit Losses” (“ASC Topic 326”), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model, referred to as current expected credit loss, which is based on expected losses rather than incurred losses. The standard applies to most debt instruments, trade receivables, lease receivables, reinsurance receivables, financial guarantees and loan commitments. Under the guidance, companies are required to disclose credit quality indicators disaggregated by year of origination for a five-year period. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We do not anticipate that this will have a material impact to our consolidated financial statements. Intangibles- In January 2017, the FASB issued Accounting Standards Update 2017-04 “Intangibles - Goodwill and other” (“ASC Topic 350”), which amends and simplifies the accounting for goodwill impairment by eliminating step 2 of the goodwill impairment test. Under the amended guidance, goodwill impairment will be measured as the excess of the reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill for that reporting unit. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We plan to adopt the amended guidance on April 1, 2020 for the fiscal year ending March 31, 2021. We do not anticipate that this will have a material impact to our consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value . We measure fair value based on authoritative accounting guidance, which defines fair value, establishes a framework for measuring fair value and expands on required disclosures regarding fair value measurements. Inputs are referred to as assumptions that market participants would use in pricing the asset or liability. The uses of inputs in the valuation process are categorized into a three-level fair value hierarchy. • Level 1 — uses quoted prices in active markets for identical assets or liabilities we have the ability to access. • Level 2 — uses observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Financial assets and liabilities with carrying amounts approximating fair value include cash, trade accounts receivable, accounts payable, accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. At December 31, 2019 and March 31, 2019 , no assets or liabilities were valued using Level 3 criteria. Information about our short-term debt and long-term debt that is not measured at fair value is as follows: December 31, 2019 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 178,625 $ 178,625 $ 206,500 $ 206,500 Level 2 - Market Approach Outstanding borrowings from revolving line of credit $ 3,080 $ 3,080 $ 11,225 $ 11,225 Level 2 - Market Approach At December 31, 2019 and March 31, 2019 , the fair value of our variable rate term loan and revolving line of credit approximates its carrying value as we pay interest based on the current market rate. As the quoted price is only available for similar financial assets, the Company concluded the pricing is indirectly observable through dealers and has been classified as Level 2. Cross Currency Swap The Company has entered into a long-term cross currency swap to hedge the currency rate fluctuations related to a $66,248 intercompany receivable at December 31, 2019 from our wholly-owned Canadian subsidiary, Thermon Canada Inc., maturing on October 30, 2022. Periodic principal payments are to be settled twice annually with interest payments settled quarterly through the cross currency derivative contract. We do not designate the cross currency swap as a cash flow hedge under ASC 815. At December 31, 2019 , we recorded $1,895 of unrealized mark-to-market loss on the cross-currency swap which is reported as "Other income and expense", in the condensed consolidated statement operations and comprehensive income. Cross currency swap contracts are measured on a recurring basis at fair value and are classified as Level 2 measurements. Hedge liabilities in the amount of $116 were included in "Other non-current liabilities" in the condensed consolidated balance sheet at December 31, 2019 and hedge assets in the amount of $1,768 were included in "Other long-term assets" in the condensed consolidated balance sheet as of March 31, 2019. For the nine months ended December 31, 2019 , the loss on the long-term cross currency swap derivative contract was offset by unrealized gain on the intercompany note of $1,974 for a net gain of $78 . Deferred Compensation Plan The Company provides a non-qualified deferred compensation plan for certain highly compensated employees where payroll contributions are made by the employees on a pre-tax basis. Included in “Other long-term assets” in the condensed consolidated balance sheet at December 31, 2019 and March 31, 2019 were $3,530 and $1,557 , respectively, of deferred compensation plan assets held by the Company. Deferred compensation plan assets (mutual funds) are measured at fair value on a recurring basis based on quoted market prices in active markets (Level 1). The Company has a corresponding liability to participants of $3,577 and $1,520 included in “Other long-term liabilities” in the condensed consolidated balance sheet at December 31, 2019 and March 31, 2019 , respectively. Deferred compensation expense (income) included in marketing, general and administrative and engineering were ($228) and $(210) for the three months ended December 31, 2019 and 2018 , respectively, and $139 and $(164) for the nine months ended December 31, 2019 and 2018 , respectively. Expenses and income from our deferred compensation plan were offset by unrealized gains and losses for the deferred compensation plan included in other expense on our condensed consolidated statements of comprehensive income. Our unrealized gains and losses on investments were gains of $21 and losses of $229 for the three months ended December 31, 2019 and 2018 , respectively, and gains of $116 and losses of $197 for the nine months ended December 31, 2019 and 2018 , respectively. Trade Related Foreign Currency Forward Contracts We transact business in various foreign currencies and have established a program that primarily utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures. Under this program, increases or decreases in our foreign currency exposures are offset by gains or losses on the forward contracts, to mitigate foreign currency transaction gains or losses. These foreign currency exposures arise from intercompany transactions as well as third party accounts receivable or payable that are denominated in foreign currencies. Our forward contracts generally have terms of 30 days. We do not use forward contracts for trading purposes or designate these forward contracts as hedging instruments pursuant to ASC 815. We adjust the carrying amount of all contracts to their fair value at the end of each reporting period and unrealized gains and losses are included in our results of operations for that period. These gains and losses are designed to offset gains and losses resulting from settlement of receivables or payables by our foreign operations which are settled in currency other than the local transactional currency. The fair value is determined by quoted prices from active foreign currency markets (Level 2). The condensed consolidated balance sheets reflect unrealized gains within accounts receivable, net and unrealized losses within accrued liabilities. Our ultimate realized gain or loss with respect to currency fluctuations will depend on the currency exchange rates and other factors in effect as the contracts mature. As of December 31, 2019 and March 31, 2019 , the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2019 March 31, 2019 Russian Ruble $ 1,123 $ — Euro 1,000 — Canadian Dollar 750 1,500 South Korean Won 3,000 2,000 Mexican Peso 1,000 — Australian Dollar 700 900 Great Britain Pound 750 3,000 Total notional amounts $ 8,323 $ 7,400 The following table represents the fair value of our foreign currency forward contracts: December 31, 2019 March 31, 2019 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 58 $ 21 $ 8 $ 53 Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of operations and comprehensive income were gains of $132 and losses of $281 in the three months ended December 31, 2019 and 2018 , respectively, and losses of $109 and $306 for the nine months ended December 31, 2019 and 2018 , respectively. Gains and losses from our forward contracts were offset by transaction gains or losses incurred with the settlement of transactions denominated in foreign currencies. For the three months ended December 31, 2019 and 2018 , our net foreign currency transactions were a loss of $206 and gain of $89 , respectively, and a loss of $84 and a gain of $352 for the nine months ended December 31, 2019 and 2018 , respectively.

Leases

Leases	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases In February 2016, the FASB issued ASC Topic 842, which amends the accounting guidance on leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases as determined pursuant to ASC Topic 842, with classification affecting the pattern of expense recognition in the income statement. The FASB also subsequently issued amendments to the standard, including providing an additional and optional transition method to adopt the new standard, as well as certain practical expedients related to land easements and lessor accounting. The Company adopted ASC Topic 842 and its amendments and applied the transition provisions as of April 1, 2019. Prior year amounts were not recast under this transition approach and, therefore, prior year amounts are excluded from the leased properties footnote. The Company did not elect the package of practical expedients permitted under the transition guidance, which allows companies to carryforward historical assessments of: (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company elected a policy of not recording leases on its condensed consolidated balance sheets when the leases have a term of 12 months or less and the Company is not reasonably certain to elect an option to purchase the leased asset. The Company recognizes payments on these leases within selling, administrative and other expenses on a straight-line basis over the lease term. Lease expense related to manufacturing facilities is included in overhead absorption rates and allocated to cost of sales. The Company elected the practical expedient to combine lease and non-lease components for all asset classes. Description of Leases The significant majority of our lease obligations are for real property. We lease numerous facilities relating to our operations, primarily for office, manufacturing and warehouse facilities, as well as both long-term and short-term employee housing. Leases for real property have terms ranging from month-to-month to ten years . We also lease various types of equipment, including vehicles, office equipment (such as copiers and postage machines), heavy warehouse equipment (such as fork lifts), heavy construction equipment (such as cranes), medium and light construction equipment used for customer project needs (such as pipe threading machines) and mobile offices and other general equipment that is normally associated with an office environment. Equipment leases generally have terms ranging from six months to five years . Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We lease temporary power products produced by our Thermon Power Solutions Inc. (formerly known as Sumac Fabrication Co. Ltd.) (“TPS”) division to our customers on a short-term basis. Lease contracts associated with such rental of the temporary power products have historically been month-to-month contracts without purchase options. No lease contracts in which the Company was the lessor have had an initial term in excess of one year. As such, lease revenues for temporary power products recognized under ASC Topic 842 in the interim period did not materially differ from leases that would have been recorded under ASC Topic 840. Variable Lease Payments A majority of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on a change in an index or a rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments are incurred. Options to Extend or Terminate Leases Most of our real property leases include early termination options and/or one or more options to renew, with renewal terms that can extend the lease term for an additional one to five years or longer. The exercise of lease termination and renewal options is at our sole discretion. If it is reasonably certain that we will exercise such renewal options, the periods covered by such renewal options are included in the lease term and are recognized as part of our ROU assets and lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Discount Rate The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. A large concentration of the Company's operating lease liabilities are attributed to our United States and Latin America operations. Many of our Europe, Middle East and Africa (“EMEA”) operations and Asia-Pacific operations borrow funds from the debt facilities maintained by our U.S. operating subsidiary and establish intercompany balances to account for these loans. This practice is due to the more preferential rates available to our U.S. operating subsidiary and/or the ease with which funds can be drawn from the debt facilities already established within the United States. With this in mind, the Company has utilized its U.S. credit facility rate as the worldwide incremental borrowing rate. The Company used incremental borrowing rates as of April 1, 2019 for operating leases that commenced prior to April 1, 2019 to establish the lease liabilities. For operating leases that commenced during the nine months ended December 31, 2019 , rates applicable at or close to the time of the inception of the lease were used to establish the new lease's ROU liabilities. Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term Operating 6.5 Finance 3.0 Weighted average discount rate Operating 4.68 % Finance 7.52 % Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2019 Operating Operating lease right-of-use assets $ 14,181 Finance Property, plant and equipment 494 Total right-of-use assets $ 14,675 Liabilities Current Operating Lease liabilities $ 2,232 Finance Lease liabilities 233 Non-current Operating Non-current lease liabilities 13,345 Finance Non-current lease liabilities 293 Total lease liabilities $ 16,103 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 860 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 63 189 Interest expense on finance lease liabilities Interest expense 12 38 Short-term lease expense Marketing, general and administrative and engineering 225 940 Net lease expense $ 1,160 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,083 Operating cash flows used for finance leases 43 Financing cash flows used for finance leases 189 Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2020 $ 3,277 $ 264 2021 3,265 138 2022 2,970 90 2023 2,075 69 2024 1,422 30 Thereafter 5,439 — Total lease payments $ 18,448 $ 591 Less imputed interest (2,871 ) (65 ) Total lease liability $ 15,577 $ 526
Leases	Leases In February 2016, the FASB issued ASC Topic 842, which amends the accounting guidance on leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases as determined pursuant to ASC Topic 842, with classification affecting the pattern of expense recognition in the income statement. The FASB also subsequently issued amendments to the standard, including providing an additional and optional transition method to adopt the new standard, as well as certain practical expedients related to land easements and lessor accounting. The Company adopted ASC Topic 842 and its amendments and applied the transition provisions as of April 1, 2019. Prior year amounts were not recast under this transition approach and, therefore, prior year amounts are excluded from the leased properties footnote. The Company did not elect the package of practical expedients permitted under the transition guidance, which allows companies to carryforward historical assessments of: (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company elected a policy of not recording leases on its condensed consolidated balance sheets when the leases have a term of 12 months or less and the Company is not reasonably certain to elect an option to purchase the leased asset. The Company recognizes payments on these leases within selling, administrative and other expenses on a straight-line basis over the lease term. Lease expense related to manufacturing facilities is included in overhead absorption rates and allocated to cost of sales. The Company elected the practical expedient to combine lease and non-lease components for all asset classes. Description of Leases The significant majority of our lease obligations are for real property. We lease numerous facilities relating to our operations, primarily for office, manufacturing and warehouse facilities, as well as both long-term and short-term employee housing. Leases for real property have terms ranging from month-to-month to ten years . We also lease various types of equipment, including vehicles, office equipment (such as copiers and postage machines), heavy warehouse equipment (such as fork lifts), heavy construction equipment (such as cranes), medium and light construction equipment used for customer project needs (such as pipe threading machines) and mobile offices and other general equipment that is normally associated with an office environment. Equipment leases generally have terms ranging from six months to five years . Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We do not have any significant leases that have not yet commenced but that create significant rights and obligations for us. We lease temporary power products produced by our Thermon Power Solutions Inc. (formerly known as Sumac Fabrication Co. Ltd.) (“TPS”) division to our customers on a short-term basis. Lease contracts associated with such rental of the temporary power products have historically been month-to-month contracts without purchase options. No lease contracts in which the Company was the lessor have had an initial term in excess of one year. As such, lease revenues for temporary power products recognized under ASC Topic 842 in the interim period did not materially differ from leases that would have been recorded under ASC Topic 840. Variable Lease Payments A majority of our lease agreements include fixed rental payments. Certain of our lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on a change in an index or a rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments are incurred. Options to Extend or Terminate Leases Most of our real property leases include early termination options and/or one or more options to renew, with renewal terms that can extend the lease term for an additional one to five years or longer. The exercise of lease termination and renewal options is at our sole discretion. If it is reasonably certain that we will exercise such renewal options, the periods covered by such renewal options are included in the lease term and are recognized as part of our ROU assets and lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Discount Rate The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. A large concentration of the Company's operating lease liabilities are attributed to our United States and Latin America operations. Many of our Europe, Middle East and Africa (“EMEA”) operations and Asia-Pacific operations borrow funds from the debt facilities maintained by our U.S. operating subsidiary and establish intercompany balances to account for these loans. This practice is due to the more preferential rates available to our U.S. operating subsidiary and/or the ease with which funds can be drawn from the debt facilities already established within the United States. With this in mind, the Company has utilized its U.S. credit facility rate as the worldwide incremental borrowing rate. The Company used incremental borrowing rates as of April 1, 2019 for operating leases that commenced prior to April 1, 2019 to establish the lease liabilities. For operating leases that commenced during the nine months ended December 31, 2019 , rates applicable at or close to the time of the inception of the lease were used to establish the new lease's ROU liabilities. Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term Operating 6.5 Finance 3.0 Weighted average discount rate Operating 4.68 % Finance 7.52 % Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2019 Operating Operating lease right-of-use assets $ 14,181 Finance Property, plant and equipment 494 Total right-of-use assets $ 14,675 Liabilities Current Operating Lease liabilities $ 2,232 Finance Lease liabilities 233 Non-current Operating Non-current lease liabilities 13,345 Finance Non-current lease liabilities 293 Total lease liabilities $ 16,103 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 860 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 63 189 Interest expense on finance lease liabilities Interest expense 12 38 Short-term lease expense Marketing, general and administrative and engineering 225 940 Net lease expense $ 1,160 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,083 Operating cash flows used for finance leases 43 Financing cash flows used for finance leases 189 Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2020 $ 3,277 $ 264 2021 3,265 138 2022 2,970 90 2023 2,075 69 2024 1,422 30 Thereafter 5,439 — Total lease payments $ 18,448 $ 591 Less imputed interest (2,871 ) (65 ) Total lease liability $ 15,577 $ 526

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share Basic net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share. The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and nine months ended December 31, 2019 and 2018 , respectively, are as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended December 31, 2018 Basic net income per common share Net income available to Thermon Group Holdings, Inc. $ 6,522 $ 9,719 $ 14,906 $ 15,988 Weighted-average common shares outstanding 32,785,753 32,595,259 32,716,317 32,556,157 Basic net income per common share $ 0.20 $ 0.30 $ 0.46 $ 0.49 Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended December 31, 2018 Diluted net income per common share Net income available to Thermon Group Holdings, Inc. $ 6,522 $ 9,719 $ 14,906 $ 15,988 Weighted-average common shares outstanding 32,785,753 32,595,259 32,716,317 32,556,157 Common share equivalents: Stock options 163,357 202,971 161,420 215,472 Restricted and performance stock units 309,827 318,251 246,843 228,697 Weighted average shares outstanding – dilutive 33,258,937 33,116,481 33,124,580 33,000,326 Diluted net income per common share $ 0.20 $ 0.29 $ 0.45 $ 0.48

Inventories

Inventories	9 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: December 31, March 31, Raw materials $ 35,111 $ 32,892 Work in process 5,024 5,696 Finished goods 25,602 28,501 65,737 67,089 Valuation reserves (1,948 ) (2,199 ) Inventories, net $ 63,789 $ 64,890

Goodwill

Goodwill	9 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill The carrying amount of goodwill by operating segment as of December 31, 2019 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2019 $ 62,725 $ 114,382 $ 19,264 $ 8,624 $ 204,995 Foreign currency translation impact — 3,302 (4 ) — 3,298 Balance as of December 31, 2019 $ 62,725 $ 117,684 $ 19,260 $ 8,624 $ 208,293 Goodwill is tested for impairment on an annual basis and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If required, we also perform a quantitative analysis using the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach based on market multiples of guideline public companies. The most significant inputs in the Company's quantitative goodwill impairment tests are projected financial information, the weighted average cost of capital and market multiples for similar transactions. Our annual impairment test is performed during the fourth quarter of our fiscal year. No triggering events were identified during the nine month period ended December 31, 2019 which indicated the fair value of any of our reporting units was less than its carrying amount. Our total intangible assets consisted of the following: Gross Carrying Amount at December 31, 2019 Accumulated Amortization Net Carrying Amount at December 31, 2019 Gross Carrying Amount at March 31, 2019 Accumulated Amortization Net Carrying Amount at March 31, 2019 Products $ 64,141 $ 13,898 $ 50,243 $ 62,343 $ 8,832 $ 53,511 Trademarks 45,190 1,263 43,927 44,819 1,052 43,767 Developed technology 9,847 4,778 5,069 9,854 4,464 5,390 Customer relationships 109,320 93,598 15,722 110,802 87,319 23,483 Certifications 448 — 448 445 — 445 Other — — — 5,742 5,742 — Total $ 228,946 $ 113,537 $ 115,409 $ 234,005 $ 107,409 $ 126,596

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: December 31, March 31, Accrued employee compensation and related expenses $ 8,509 $ 18,109 Accrued interest 835 1,172 Customer prepayment 588 783 Warranty reserve 500 365 Professional fees 2,470 2,326 Sales tax payable 4,722 2,185 Other 3,763 2,908 Total accrued current liabilities $ 21,387 $ 27,848

Short-Term Revolving Credit Fac

Short-Term Revolving Credit Facilities	9 Months Ended
	Dec. 31, 2019
Short-term Debt [Abstract]
Short-Term Revolving Credit Facilities	Short-Term Revolving Credit Facilities Under the Company’s senior secured revolving credit facility described below in Note 9, “Long-Term Debt,” the Company had $3,080 and $11,225 in outstanding borrowings as of December 31, 2019 and March 31, 2019 , respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: December 31, March 31, Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $4,743 and $6,271 as of December 31, 2019 and March 31, 2019, respectively $ 173,882 $ 200,229 Less current portion (2,500 ) (2,500 ) Total long-term debt $ 171,382 $ 197,729 Senior Secured Credit Facility On October 30, 2017, the Company, as a credit party and a guarantor, Thermon Holding Corp. (the “US Borrower”) and Thermon Canada Inc. (the “Canadian Borrower”), as borrowers, entered into a credit agreement with several banks and other financial institutions or entities from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A. as administrative agent (the “Agent”), which provides for a $250,000 seven-year term loan B facility (the “term loan B facility”) made available to the US Borrower and a $60,000 five -year senior secured revolving credit facility made available to the US Borrower and the Canadian Borrower (the “revolving credit facility” and together with the term loan B facility, the “credit facility”). The proceeds of the term loan B facility were used to (1) pay in full $70,875 principal and interest on a previously issued term loan due April 2019; (2) repay $6,000 in unpaid principal and interest on the US Borrower's revolving line of credit; (3) to fund approximately $201,900 CAD of the purchase price of the THS acquisition and certain related real estate assets for approximately $164,900 ; and (4) pay certain transaction fees and expenses in connection with the THS acquisition and the credit facility. Interest rates and fees. The US Borrower will have the option to pay interest on the term loan B facility at a base rate, plus an applicable margin, or at a rate based on LIBOR, (subject to a floor of 1.00% ), plus an applicable margin. The applicable margin for base rate loans is 275 basis points and the applicable margin for LIBOR loans is 375 basis points. The US Borrower may borrow revolving loans in US dollars and the Canadian Borrower may also borrow revolving loans in Canadian dollars. Borrowings under the revolving credit facility (a) made in US dollars will bear interest at a rate equal to a base rate, plus an applicable margin of 225 basis points or at a rate based on LIBOR, plus an applicable margin of 325 basis points and (b) made in Canadian dollars will bear interest at a rate equal to a Canadian base rate, plus an applicable margin of 225 basis points or at a rate based on Canadian Dollar Offered Rate, plus an applicable margin of 325 basis points; provided, that since the completion of the fiscal quarter ended March 31, 2018, the applicable margins in each case will be determined based on a leverage-based performance grid, as set forth in the credit agreement. In addition to paying interest on outstanding principal under the revolving credit facility, the US Borrower is required to pay a commitment fee in respect of unutilized revolving commitments of 0.50% per annum based on a leverage-based performance grid. Maturity and repayment. The revolving credit facility terminates on October 28, 2022. The scheduled maturity date of the term loan facility is October 30, 2024. Commencing on April 1, 2018, the term loan B facility began amortizing in equal quarterly installments of 0.25% of the $250,000 term loan B facility, with the payment of the balance at maturity. The US Borrower may voluntarily prepay the principal of the term loan B facility without penalty or premium (subject to breakage fees) at any time in whole or in part. The US Borrower is required to repay the term loan B facility with certain asset sale and insurance proceeds, certain debt proceeds and, commencing with the fiscal year ended March 31, 2019, 50% of excess cash flow (reducing to 25% if the Company’s leverage ratio is less than 4.0 to 1.0 but greater than or equal to 3.5 to 1.0 , and reducing to 0% if the Company’s leverage ratio is less than 3.5 to 1.0 ). As of December 31, 2019, the Company's leverage ratio was less than 3.5 to 1.0 . The Company is required to make quarterly principal payments of the term B loan facility of $625 through July 31, 2024. The remaining balance will be due at maturity of the term loan B facility on October 30, 2024. Accordion. The credit facility allows for incremental term loans and incremental revolving commitments in an amount not to exceed $30,000 and an unlimited additional amount that would not cause the consolidated secured leverage ratio to exceed 4.0 to 1.0 (or, if less, the maximum consolidated leverage ratio permitted by the revolving credit facility on such date). At December 31, 2019 , we had $3,080 outstanding borrowings under our revolving credit facility for the Canadian Borrower line of credit and no outstanding borrowings for the US Borrower line of credit. The interest rate on outstanding revolving credit facility borrowings under our Canadian Borrower line of credit on December 31, 2019 was 4.67% . As of December 31, 2019 , we had $52,758 of available borrowing capacity under our revolving credit facility after taking into account the borrowing base, outstanding borrowings and letters of credit outstanding. The variable rate term loan bears interest at the LIBOR rate plus an applicable margin dictated by our leverage ratio (as described above). Guarantees; security. The term loan is guaranteed by the Company and all of the Company's current and future wholly-owned domestic material subsidiaries (the “US Subsidiary Guarantors”), subject to certain exceptions. Obligations of the US Borrower under the revolving credit facility are guaranteed by the Company and the US Subsidiary Guarantors. The obligations of the Canadian Borrower under the revolving credit facility are guaranteed by the Company, the US Borrower, the US Subsidiary Guarantors and each of the wholly-owned Canadian material subsidiaries of the Canadian Borrower, subject to certain exceptions. The term loan B facility and the obligations of the US Borrower under the revolving credit facility are secured by a first lien on all of the Company’s assets and the assets of the US Subsidiary Guarantors, including 100% of the capital stock of the US Subsidiary Guarantors and 65% of the capital stock of the first tier material foreign subsidiaries of the Company, the US Borrower and the US Subsidiary Guarantors, subject to certain exceptions. The obligations of the Canadian Borrower under the revolving credit facility are secured by a first lien on all of the Company's assets, the US Subsidiary Guarantors' assets, the Canadian Borrower’s assets and the assets of the material Canadian subsidiaries of the Canadian Borrower, including 100% of the capital stock of the Canadian Borrower’s material Canadian subsidiaries. Financial covenants. The term loan is not subject to any financial covenants. The revolving credit facility requires the Company, on a consolidated basis, to maintain certain financial covenant ratios. The Company must maintain a consolidated leverage ratio on the last day of the following periods: 4.5 : 1.0 for December 31, 2019 through September 30, 2020; and 3.75 : 1.0 for December 31, 2020 and each fiscal quarter thereafter. In addition, on the last day of any period of four fiscal quarters, the Company must maintain a consolidated fixed charge coverage ratio of not less than 1.25 : 1.0 . As of December 31, 2019 , we were in compliance with all financial covenants of the credit facility. Restrictive covenants. The credit agreement governing our facility contains various restrictive covenants that, among other things, restrict or limit our ability to (subject to certain negotiated exceptions): incur additional indebtedness; grant liens; make fundamental changes; sell assets; make restricted payments; enter into sales and leasebacks; make investments; prepay certain indebtedness; enter into transactions with affiliates; and enter into restrictive agreements.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	Related Party Transactions In connection with the TPS transaction, one of the former TPS principals (the "Minority Shareholder") retained 25% of the ownership of the entities holding the TPS business unit. During the fiscal year ended March 31, 2017, this individual, together with the two other former principals of TPS, were paid $5,805 in the aggregate in full satisfaction of the Company's obligations under the $5,905 non-interest bearing performance-based note issued in connection with the TPS transaction. On April 2, 2018, the Minority Shareholder provided the Company notice that he was exercising his option to sell one-half ( 12.5% ) of his remaining equity interest in the entities holding the TPS business unit to the Company, and such sale was completed and effective as of July 20, 2018. The terms of the April 2015 TPS purchase agreement prescribed a valuation formula for such a sale based on TPS's financial results for the 12 months ended March 31, 2018. During the first quarter of the fiscal year ended March 31, 2019, the Company paid $5,665 to purchase the 12.5% non-controlling interest. Similarly, on April 2, 2019, the Minority Shareholder provided the Company notice in order to exercise his option to sell the entirety of his remaining equity interest ( 12.5% of the entities holding the TPS business unit) to the Company. The terms of the April 2015 TPS purchase agreement prescribed a valuation formula for such a sale based on TPS’s financial results for the fiscal year ended March 31, 2019. The Company paid $4,508 to purchase the remaining 12.5% non-controlling interest on August 1, 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2019 , the Company had in place letter of credit guarantees and performance bonds securing certain performance obligations of the Company. These arrangements totaled approximately $17,277 . Of this amount, $2,634 is secured by cash deposits at the Company’s financial institutions and an additional $4,162 represents a reduction of the available amount of the Company's short-term and long-term revolving lines of credit. Our Indian subsidiary also has $5,093 in customs bonds outstanding to secure the Company's customs and duties obligations in India. We are involved in various legal and administrative proceedings that arise from time to time in the ordinary course of doing business. Some of these proceedings may result in fines, penalties or judgments being assessed against us, which may adversely affect our financial results. In addition, from time to time, we are involved in various disputes, which may or may not be settled prior to legal proceedings being instituted and which may result in losses in excess of accrued liabilities, if any, relating to such unresolved disputes. Expenses related to litigation and other such proceedings or disputes reduce operating income. As of December 31, 2019 , management believes that adequate reserves have been established for any probable and reasonably estimable losses. We do not believe that the outcome of any of these proceedings or disputes would have a significant adverse effect on our financial position, long-term results of operations, or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flows in any one accounting period. In addition to the legal proceedings described above, in January 2020, the Company received service of process in a class action application in the Province of Quebec, Canada related to certain heating elements previously manufactured by THS and incorporated into portable construction heaters sold by certain manufacturers. The Company believes this claim is without merit and intends to vigorously defend itself against the claim. The Company continues to evaluate the facts and circumstances of this claim; however, due to the current uncertainty of the basis for the claim, the Company is unable to establish an amount of an accrual for this claim at this time.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	9 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Our board of directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“2010 Plan”) was approved on July 28, 2010. The 2010 Plan authorized the issuance of 2,767,171 stock options or restricted shares (on a post-stock split basis). On April 8, 2011, the board of directors approved the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan (“2011 LTIP”). The 2011 LTIP made available 2,893,341 shares of the Company’s common stock that may be awarded to employees, directors or non-employee contractors as compensation in the form of stock options, restricted stock awards or restricted stock units. At December 31, 2019 , there were 200,107 options outstanding. Stock compensation expense for the three months ended December 31, 2019 and 2018 , was $1,328 and $1,041 , respectively, and $3,670 and $3,130 for the nine months ended December 31, 2019 and 2018, respectively. During the nine months ended December 31, 2019 , 119,509 restricted stock units were issued to our employees with an aggregate grant date fair value as determined by the closing price of our stock on the respective grant dates of $2,641 . The awards will be expensed on a straight-line basis over the three -year service period. At each anniversary of the applicable grant dates for the restricted stock units, a proportionate number of stock units will become vested for the employees and the shares will become issued and outstanding. We maintain a plan to issue our directors awards of fully vested common stock every three months for a total award over a 12 month period of approximately $759 . The number of shares issued each period is subject to the fair market value of the stock price at the time of the award. During the three and nine months ended December 31, 2019 , 8,560 , and 19,520 fully vested common shares were granted in the aggregate to our directors, respectively, of which 9,477 and 19,520 common shares were issued to our directors during the three and nine months ended December 31, 2019 , respectively. The aggregate grant date fair value as determined by the closing price of our common stock on the grant date was $190 and $470 for the three and nine months ended December 31, 2019 , respectively. The fair value of the awards is expensed on each grant date. During the nine months ended December 31, 2019 , a target amount of 30,075 performance stock units were issued to certain members of our senior management that had a total grant date fair value of $915 . The performance indicator for these performance stock units is based on the market performance of our stock price, from the date of grant through March 31, 2022, relative to the market price performance of a pre-determined peer group of companies. Since the performance indicator is market-based, we used a Monte-Carlo valuation model to calculate the probable outcome of the performance measure to arrive at the fair value. The requisite service period required to earn the awards is through March 31, 2022. We will expense the fair value of the performance stock units over the service period on a straight-line basis whether or not the stock price performance condition is met. At the end of the performance period, the performance stock units will be evaluated with the requisite number of shares being issued. The possible number of shares that could be issued ranges from zero to 60,150 in the aggregate. Shares that are not awarded at the measurement date will be forfeited. In addition to the market-based performance stock units issued to certain members of senior management, we also granted these individuals, during the nine months ended December 31, 2019 , a target amount of 62,319 performance stock units based on the Company's Adjusted EBITDA performance over a three -year period ending March 31, 2022. The total grant date fair value, as determined by the closing price of our common stock on the date of the grant, was $1,370 . At each reporting period, we will estimate how many awards senior management may achieve and adjust our stock compensation expense accordingly. At the end of the performance period, the performance stock units will be evaluated with the requisite number of shares issued. The possible number of shares that could be issued under such performance stock units ranges from zero to 124,638

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue from Contracts with Customers On April 1, 2018, we adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” ("ASC Topic 606") using the modified retrospective method and applying ASC Topic 606 to all revenue contracts with customers which were not completed as of the date of adoption. Results for reporting periods beginning after April 1, 2018 are presented under ASC Topic 606. In accordance with the modified retrospective approach, prior period amounts were not adjusted and are reported under Accounting Standards Codification Topic 605, “Revenue Recognition” (“ASC Topic 605”). As a result of the adoption, the cumulative impact to our retained earnings at April 1, 2018 was immaterial. Additionally, revenues recognized under ASC Topic 606 in the interim period and YTD period did not materially differ from revenues that would have been recorded under ASC Topic 605. We expect the impact of the adoption of the new standard to continue to be immaterial to revenues and net income on an ongoing basis. For purposes of calculating the cumulative transition adjustment, the amended guidance has been applied to all contracts at the initial application date. The core principle of the new standard is to recognize revenue that reflects the consideration the Company expects to receive for goods or services when or as the promised goods or services are transferred to customers. ASC Topic 606 requires more judgment than previous guidance, as management will need to consider the terms of the contract and all relevant facts and circumstances when applying the revenue recognition standard. Management performs the following five steps when applying the revenue recognition standard: (i) identify each contract with customers, (ii) identify each performance obligation in the contracts with customers, (iii) estimate the transaction price (including any variable consideration), (iv) allocate the transaction price to each performance obligation and (v) recognize revenue as each performance obligation is satisfied. Description of product and service offerings and revenue recognition policies We principally provide (i) a suite of products (heating units, heating cables, tubing bundles and control systems) and (ii) services including design optimization, engineering, installation and maintenance services required to deliver comprehensive solutions to complex projects. The performance obligations associated with sales of our products are generally recognized at a point in time. Where products and services are provided together under a time and materials contract, the performance obligations are satisfied over time. We also provide fixed-fee turnkey solutions consisting of products and services under which the related performance obligations are satisfied over time. In addition, we offer temporary power products that are designed to provide a safe and efficient means of supplying temporary electrical power distribution and lighting at energy infrastructure facilities for new construction and during maintenance and turnaround projects at operating facilities. Revenues associated with the rental of the temporary power products have historically been less than 5% of our total revenues are recognized under ASC Topic 842. Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to receive in exchange for transferring such goods or providing such services. We account for a contract when a customer provides us with a firm purchase order or other contract that identifies the goods or services to be provided, the payment terms for those services, and when collectibility of the consideration due is probable. Generally, our payment terms do not exceed 30 days. Performance obligations A performance obligation is a promise to provide the customer with a good or service. At contract inception, the Company will assess the goods or services promised in the contract with a customer and shall identify as a performance obligation each promise to transfer to the customer either: (i) a good or service (or a bundle of goods or services) or (ii) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer. For contracts with multiple performance obligations, standalone selling price is generally readily observable. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. Revenue from products transferred to customers at a point in time accounted for approximately 59.8% and 59.1% of our revenue for the three and nine months ended December 31, 2019, respectively, and 61.6% and 63.5% for the three and nine months ended December 31, 2018 , respectively. Our revenues that are recognized over time include; (i) products and services which are billed on a time and materials basis, and (ii) fixed fee contracts for complex turnkey solutions. Revenue from products and services transferred to customers over time accounted for approximately 40.2% and 40.9% of our revenue for the three and nine months ended December 31, 2019 , respectively, and 38.4% and 36.5% for the three and nine months ended December 31, 2018 , respectively. For our time and materials service contracts, we recognize revenues as the products and services are provided over the term of the contract and have determined that the stated rate for installation services and products is representative of the stand-alone selling price for those services and products. Our turnkey projects (fixed fee projects) offer our customers a comprehensive solution for heat tracing from the initial planning stage through engineering/design, commissioning, manufacture, installation and final proof-of-performance and acceptance testing. Turnkey services also include project planning, product supply, system integration, commissioning and on-going maintenance. Turnkey solutions, containing multiple deliverables, are customer specific and do not have an alternative use and present an unconditional right to payment, and thus are treated as a single performance obligation with revenues recognized over time as work progresses. For revenue recognized under fixed fee turnkey contracts, we measure the costs incurred that contribute towards the satisfaction of our performance obligation as a percentage of the total estimated cost of production (the “cost-to-cost method”), and we recognize a proportionate amount of contract revenue, as the cost-to-cost method appropriately depicts performance towards satisfaction of the performance obligation. Changes to the original cost estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profits are adjusted using the cumulative catch-up method for revisions in estimated contract costs. Reviews of estimates have not resulted in significant adjustments to our results of operations. At December 31, 2019 , revenues associated with our open performance obligations totaled $102,527 , representing our combined backlog and deferred revenue. Within this amount, approximately $14,480 will be earned as revenue in excess of one year. We expect to recognize the remaining revenues associated with unsatisfied or partially satisfied performance obligations within 12 months. Pricing and sales incentives Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. Generally, we do not enter into sales contracts with customers that offer sales discounts or incentives. Optional exemptions, practical expedients and policy elections We expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. The Company has elected to treat shipping and handling activities as a cost of fulfillment rather than a separate performance obligation. The Company has elected to exclude all sales and other similar taxes from the transaction price. Accordingly, the Company presents all collections from customers for sales and other similar taxes on a net basis, rather than having to assess whether the Company is acting as an agent or a principal in each taxing jurisdiction. The Company adopted ASC Topic 606 as of April 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. For contracts that were modified before the date of adoption, the Company utilized the practical expedient to consider the aggregate effect of all modifications when identifying performance obligations and allocating transaction price. Contract Assets and Liabilities Contract assets and liabilities are presented on our condensed consolidated balance sheet. Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. In addition, contract assets contain labor and material costs incurred under our time and material service contracts that have not been billed to the customer. Contract liabilities represent deferred revenue from advanced customer payments or billings in excess of costs incurred or revenue earned. The Company invoices customers pursuant to the terms of the related contract. Invoiced amounts are applied to individual contracts and an associated amount is either classified as a contract asset or contract liability depending on whether the revenue associated with the amounts billed had been earned (contract asset) or not (contract liability). As of December 31, 2019 and March 31, 2019 , contract assets were $16,644 and $26,454 , respectively. The $9,810 decrease in contract assets from March 31, 2019 to December 31, 2019 was attributable to the completion of certain large projects in the United States and Latin America resulting in contract assets being invoiced to the customer. There were no impairment losses recognized on our contract assets for the nine months ended December 31, 2019 and 2018. As of December 31, 2019 and March 31, 2019 , contract liabilities were $5,418 and $6,814 , respectively. The majority of contract liabilities at March 31, 2019 was recognized in revenue as of December 31, 2019 . Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic location, revenues recognized at point in time and revenues recognized over time as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2019 and 2018 is as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America $ 19,007 $ 19,830 $ 38,837 $ 21,736 $ 29,316 $ 51,052 Canada 28,928 5,600 34,528 29,237 4,229 33,466 Europe, Middle East and Africa 6,756 6,582 13,338 16,136 6,324 22,460 Asia-Pacific 5,432 8,333 13,765 6,473 5,905 12,378 Total revenues $ 60,123 $ 40,345 $ 100,468 $ 73,582 $ 45,774 $ 119,356 Nine Months Ended December 31, 2019 Nine Months Ended December 31, 2018 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America $ 56,145 $ 66,940 $ 123,085 $ 54,483 $ 60,851 $ 115,334 Canada 78,209 14,522 92,731 77,865 15,196 93,061 Europe, Middle East and Africa 24,621 17,744 42,365 35,768 23,059 58,827 Asia-Pacific 15,556 21,378 36,934 21,387 9,803 31,190 Total revenues $ 174,531 $ 120,584 $ 295,115 $ 189,503 $ 108,909 $ 298,412

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax, after discrete tax events, was 26.4% and 29.9% for the three months ended December 31, 2019 and 2018, respectively, and 22.2% and 30.3% for the nine months ended December 31, 2019 and 2018 , respectively. During the nine months ended December 31, 2019, the Company recorded the impact of a prospective income tax rate reduction in the province of Alberta, Canada. The scheduled rate reduction of 4% through fiscal 2023 resulted in a net reduction of deferred tax liabilities of $784 reported as a reduction to tax expense. Additionally, during the three months ended December 31, 2019, the Company recorded the impact of a prospective income tax rate reduction in the Netherlands. The scheduled rate reduction of 3% in fiscal 2021 resulted in a net reduction of deferred tax liabilities of $447 reported as a reduction to tax expense. Excluding the discrete items of the impact and the release of reserves for uncertain tax positions, the Company estimates that the effective tax rate will be 32.0% for the fiscal year ending March 31, 2020. The estimated effective income tax rate represents the weighted average of the estimated tax expense over our global income before tax. As of December 31, 2019 , we have established a long-term liability for uncertain tax positions in the amount of $716 . During the nine months ended December 31, 2019, we released reserves for uncertain tax positions totaling $463 . During the three and nine months ended December 31, 2019 , the Company recognized accrued interest and penalties of $12 and $42 as income tax expense related to our current uncertain tax positions. As of December 31, 2019 , the tax years for the fiscal years ended March 31, 2014 through March 31, 2019 remain open to examination by the major taxing jurisdictions to which we are subject.

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We operate in four reportable segments based on four geographic countries or regions in which we operate: (i) United States and Latin America ("US-LAM"), (ii) Canada, (iii) Europe, Middle East and Africa ("EMEA") and (iv) Asia-Pacific ("APAC"). Within our four reportable segments, our core products and services are focused on thermal solutions primarily related to the electrical heat tracing industry. Each of our reportable segments serves a similar class of customers, including engineering, procurement and construction companies, international and regional oil and gas companies, commercial sub-contractors, electrical component distributors and direct sales to existing plant or industrial applications. Profitability within our segments is measured by operating income. Profitability can vary in each of our reportable segments based on the competitive environment within the region, the level of corporate overhead, such as the salaries of our senior executives, and the level of research and development and marketing activities in the region, as well as the mix of products and services. Since March 2015, we acquired THS, Unitemp Close Corporation ("Unitemp"), Industrial Process Insulators, Inc. ("IPI") and TPS. THS (formerly known as CCI Thermal Technologies Inc.) develops and produces advanced industrial heating and filtration solutions for industrial and hazardous area applications that closely align with Thermon's core business and serves similar end markets in North America. As such, we have elected to report THS's operations through our US-LAM and Canada reportable segments. Both Unitemp and IPI offer thermal solutions and have been included in our EMEA and US-LAM reportable segments, respectively. TPS provides temporary power products that differ from our core thermal solutions business. As we anticipate that our full year operating results from TPS will comprise less than 10% of our total sales and operating income, TPS has been aggregated in our Canada segment. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services. Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended Sales to External Customers: United States and Latin America $ 38,837 $ 51,052 $ 123,085 $ 115,334 Canada 34,528 33,466 92,731 93,061 Europe, Middle East and Africa 13,338 22,460 42,365 58,827 Asia-Pacific 13,765 12,378 36,934 31,190 $ 100,468 $ 119,356 $ 295,115 $ 298,412 Inter-Segment Sales: United States and Latin America $ 11,316 $ 12,807 $ 36,777 $ 38,614 Canada 1,101 1,613 3,230 3,829 Europe, Middle East and Africa 791 866 2,385 2,829 Asia-Pacific 167 204 612 701 $ 13,375 $ 15,490 $ 43,004 $ 45,973 Depreciation Expense: United States and Latin America $ 1,566 $ 1,264 $ 4,661 $ 3,574 Canada 930 888 2,530 2,833 Europe, Middle East and Africa 138 114 402 331 Asia-Pacific 29 47 132 129 $ 2,663 $ 2,313 $ 7,725 $ 6,867 Amortization Expense: United States and Latin America $ 1,438 $ 1,438 $ 4,314 $ 4,403 Canada 2,434 2,866 7,270 9,939 Europe, Middle East and Africa 322 317 972 1,020 Asia-Pacific 266 266 798 798 $ 4,460 $ 4,887 $ 13,354 $ 16,160 Income from operations: United States and Latin America $ 2,944 $ 7,763 $ 9,280 $ 13,348 Canada 8,562 $ 5,998 17,339 13,693 Europe, Middle East and Africa 366 3,827 2,196 7,530 Asia-Pacific 2,280 1,729 6,377 4,398 Unallocated: Stock compensation (1,328 ) $ (1,041 ) (3,670 ) (3,130 ) Public company costs (358 ) (389 ) (1,224 ) (1,040 ) $ 12,466 $ 17,887 $ 30,298 $ 34,799 December 31, 2019 March 31, 2019 Property, plant and equipment, net: United States and Latin America $ 39,800 $ 40,691 Canada 30,165 30,045 Europe, Middle East and Africa 3,473 3,497 Asia-Pacific 767 722 $ 74,205 $ 74,955 Total Assets: United States and Latin America $ 229,644 $ 230,149 Canada 296,015 298,233 Europe, Middle East and Africa 80,544 84,214 Asia-Pacific 40,514 43,166 $ 646,717 $ 655,762 Capital expenditures by geographic area were as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 2,122 $ 2,350 $ 4,110 $ 5,781 Canada 289 424 1,872 2,482 Europe, Middle East and Africa 375 273 527 417 Asia-Pacific 76 59 192 128 $ 2,862 $ 3,106 $ 6,701 $ 8,808

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Policies)	9 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates Generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at December 31, 2019 , actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and nine months ended December 31, 2019 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2020 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases - In February 2016, the FASB issued Accounting Standard Update 2016-02 “Leases” (“ASC Topic 842”), which provides guidance on the recognition, measurement, presentation and disclosure on leases. Under the standard, substantially all leases will be reported on the balance sheet as right-of-use assets and lease liabilities. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company adopted the amended guidance using the modified retrospective method as of April 1, 2019. Please refer to Note 3 "Leases" for further discussion, including the impact the adoption had on our condensed consolidated financial statements. Financial Instruments- In June 2016, the FASB issued Accounting Standards Update 2016-13 “Financial Instruments-Credit Losses” (“ASC Topic 326”), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model, referred to as current expected credit loss, which is based on expected losses rather than incurred losses. The standard applies to most debt instruments, trade receivables, lease receivables, reinsurance receivables, financial guarantees and loan commitments. Under the guidance, companies are required to disclose credit quality indicators disaggregated by year of origination for a five-year period. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. We do not anticipate that this will have a material impact to our consolidated financial statements. Intangibles- In January 2017, the FASB issued Accounting Standards Update 2017-04 “Intangibles - Goodwill and other” (“ASC Topic 350”), which amends and simplifies the accounting for goodwill impairment by eliminating step 2 of the goodwill impairment test. Under the amended guidance, goodwill impairment will be measured as the excess of the reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill for that reporting unit. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We plan to adopt the amended guidance on April 1, 2020 for the fiscal year ending March 31, 2021. We do not anticipate that this will have a material impact to our consolidated financial statements.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policy Information Table (Tables)	9 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, restricted cash included in prepaid expenses and other current assets and restricted cash included in other long term assets reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2019 2018 Cash and cash equivalents $ 37,054 $ 30,190 Restricted cash included in prepaid expenses and other current assets 2,123 1,916 Restricted cash included in other long term assets 511 520 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 39,688 $ 32,626

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of long-term debt that is not measured at fair value	Information about our short-term debt and long-term debt that is not measured at fair value is as follows: December 31, 2019 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 178,625 $ 178,625 $ 206,500 $ 206,500 Level 2 - Market Approach Outstanding borrowings from revolving line of credit $ 3,080 $ 3,080 $ 11,225 $ 11,225 Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of December 31, 2019 and March 31, 2019 , the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2019 March 31, 2019 Russian Ruble $ 1,123 $ — Euro 1,000 — Canadian Dollar 750 1,500 South Korean Won 3,000 2,000 Mexican Peso 1,000 — Australian Dollar 700 900 Great Britain Pound 750 3,000 Total notional amounts $ 8,323 $ 7,400
Schedule of fair value of foreign currency forward contracts	The following table represents the fair value of our foreign currency forward contracts: December 31, 2019 March 31, 2019 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 58 $ 21 $ 8 $ 53

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Information	Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 860 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 63 189 Interest expense on finance lease liabilities Interest expense 12 38 Short-term lease expense Marketing, general and administrative and engineering 225 940 Net lease expense $ 1,160 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,083 Operating cash flows used for finance leases 43 Financing cash flows used for finance leases 189 Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term Operating 6.5 Finance 3.0 Weighted average discount rate Operating 4.68 % Finance 7.52 %
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2019 Operating Operating lease right-of-use assets $ 14,181 Finance Property, plant and equipment 494 Total right-of-use assets $ 14,675 Liabilities Current Operating Lease liabilities $ 2,232 Finance Lease liabilities 233 Non-current Operating Non-current lease liabilities 13,345 Finance Non-current lease liabilities 293 Total lease liabilities $ 16,103
Future Lease Payments Under Non-Cancellable Operating Leases	Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2020 $ 3,277 $ 264 2021 3,265 138 2022 2,970 90 2023 2,075 69 2024 1,422 30 Thereafter 5,439 — Total lease payments $ 18,448 $ 591 Less imputed interest (2,871 ) (65 ) Total lease liability $ 15,577 $ 526
Future Lease Payments Under Finance Leases	Future lease payments under non-cancellable operating leases as of December 31, 2019 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2020 $ 3,277 $ 264 2021 3,265 138 2022 2,970 90 2023 2,075 69 2024 1,422 30 Thereafter 5,439 — Total lease payments $ 18,448 $ 591 Less imputed interest (2,871 ) (65 ) Total lease liability $ 15,577 $ 526

Earnings and Net Income (Loss)

Earnings and Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS	The reconciliations of the denominators used to calculate basic and diluted net income per common share for the three and nine months ended December 31, 2019 and 2018 , respectively, are as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended December 31, 2018 Basic net income per common share Net income available to Thermon Group Holdings, Inc. $ 6,522 $ 9,719 $ 14,906 $ 15,988 Weighted-average common shares outstanding 32,785,753 32,595,259 32,716,317 32,556,157 Basic net income per common share $ 0.20 $ 0.30 $ 0.46 $ 0.49 Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended December 31, 2018 Diluted net income per common share Net income available to Thermon Group Holdings, Inc. $ 6,522 $ 9,719 $ 14,906 $ 15,988 Weighted-average common shares outstanding 32,785,753 32,595,259 32,716,317 32,556,157 Common share equivalents: Stock options 163,357 202,971 161,420 215,472 Restricted and performance stock units 309,827 318,251 246,843 228,697 Weighted average shares outstanding – dilutive 33,258,937 33,116,481 33,124,580 33,000,326 Diluted net income per common share $ 0.20 $ 0.29 $ 0.45 $ 0.48

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: December 31, March 31, Raw materials $ 35,111 $ 32,892 Work in process 5,024 5,696 Finished goods 25,602 28,501 65,737 67,089 Valuation reserves (1,948 ) (2,199 ) Inventories, net $ 63,789 $ 64,890

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of December 31, 2019 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2019 $ 62,725 $ 114,382 $ 19,264 $ 8,624 $ 204,995 Foreign currency translation impact — 3,302 (4 ) — 3,298 Balance as of December 31, 2019 $ 62,725 $ 117,684 $ 19,260 $ 8,624 $ 208,293
Schedule of intangible assets	Our total intangible assets consisted of the following: Gross Carrying Amount at December 31, 2019 Accumulated Amortization Net Carrying Amount at December 31, 2019 Gross Carrying Amount at March 31, 2019 Accumulated Amortization Net Carrying Amount at March 31, 2019 Products $ 64,141 $ 13,898 $ 50,243 $ 62,343 $ 8,832 $ 53,511 Trademarks 45,190 1,263 43,927 44,819 1,052 43,767 Developed technology 9,847 4,778 5,069 9,854 4,464 5,390 Customer relationships 109,320 93,598 15,722 110,802 87,319 23,483 Certifications 448 — 448 445 — 445 Other — — — 5,742 5,742 — Total $ 228,946 $ 113,537 $ 115,409 $ 234,005 $ 107,409 $ 126,596

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: December 31, March 31, Accrued employee compensation and related expenses $ 8,509 $ 18,109 Accrued interest 835 1,172 Customer prepayment 588 783 Warranty reserve 500 365 Professional fees 2,470 2,326 Sales tax payable 4,722 2,185 Other 3,763 2,908 Total accrued current liabilities $ 21,387 $ 27,848

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: December 31, March 31, Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $4,743 and $6,271 as of December 31, 2019 and March 31, 2019, respectively $ 173,882 $ 200,229 Less current portion (2,500 ) (2,500 ) Total long-term debt $ 171,382 $ 197,729

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2019 and 2018 is as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Revenues recognized at point in time Revenues recognized over time Total Revenues recognized at point in time Revenues recognized over time Total United States and Latin America $ 19,007 $ 19,830 $ 38,837 $ 21,736 $ 29,316 $ 51,052 Canada 28,928 5,600 34,528 29,237 4,229 33,466 Europe, Middle East and Africa 6,756 6,582 13,338 16,136 6,324 22,460 Asia-Pacific 5,432 8,333 13,765 6,473 5,905 12,378 Total revenues $ 60,123 $ 40,345 $ 100,468 $ 73,582 $ 45,774 $ 119,356

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Total sales and operating income classified by major geographic area in which the company operates	Total sales to external customers, inter-segment sales, depreciation expense, amortization expense, income from operations, property, plant and equipment, net and total assets for each of our four reportable segments are as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2019 Nine Months Ended Sales to External Customers: United States and Latin America $ 38,837 $ 51,052 $ 123,085 $ 115,334 Canada 34,528 33,466 92,731 93,061 Europe, Middle East and Africa 13,338 22,460 42,365 58,827 Asia-Pacific 13,765 12,378 36,934 31,190 $ 100,468 $ 119,356 $ 295,115 $ 298,412 Inter-Segment Sales: United States and Latin America $ 11,316 $ 12,807 $ 36,777 $ 38,614 Canada 1,101 1,613 3,230 3,829 Europe, Middle East and Africa 791 866 2,385 2,829 Asia-Pacific 167 204 612 701 $ 13,375 $ 15,490 $ 43,004 $ 45,973 Depreciation Expense: United States and Latin America $ 1,566 $ 1,264 $ 4,661 $ 3,574 Canada 930 888 2,530 2,833 Europe, Middle East and Africa 138 114 402 331 Asia-Pacific 29 47 132 129 $ 2,663 $ 2,313 $ 7,725 $ 6,867 Amortization Expense: United States and Latin America $ 1,438 $ 1,438 $ 4,314 $ 4,403 Canada 2,434 2,866 7,270 9,939 Europe, Middle East and Africa 322 317 972 1,020 Asia-Pacific 266 266 798 798 $ 4,460 $ 4,887 $ 13,354 $ 16,160 Income from operations: United States and Latin America $ 2,944 $ 7,763 $ 9,280 $ 13,348 Canada 8,562 $ 5,998 17,339 13,693 Europe, Middle East and Africa 366 3,827 2,196 7,530 Asia-Pacific 2,280 1,729 6,377 4,398 Unallocated: Stock compensation (1,328 ) $ (1,041 ) (3,670 ) (3,130 ) Public company costs (358 ) (389 ) (1,224 ) (1,040 ) $ 12,466 $ 17,887 $ 30,298 $ 34,799 December 31, 2019 March 31, 2019 Property, plant and equipment, net: United States and Latin America $ 39,800 $ 40,691 Canada 30,165 30,045 Europe, Middle East and Africa 3,473 3,497 Asia-Pacific 767 722 $ 74,205 $ 74,955 Total Assets: United States and Latin America $ 229,644 $ 230,149 Canada 296,015 298,233 Europe, Middle East and Africa 80,544 84,214 Asia-Pacific 40,514 43,166 $ 646,717 $ 655,762
Capital expenditures by geographic area	Capital expenditures by geographic area were as follows: Three Months Ended December 31, 2019 Three Months Ended December 31, 2018 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 2,122 $ 2,350 $ 4,110 $ 5,781 Canada 289 424 1,872 2,482 Europe, Middle East and Africa 375 273 527 417 Asia-Pacific 76 59 192 128 $ 2,862 $ 3,106 $ 6,701 $ 8,808

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policy Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 37,054	$ 31,402	$ 30,190
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	39,688	$ 33,841	32,626	$ 36,327
Prepaid Expenses and Other Current Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	2,123		1,916
Other Assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 511		$ 520

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2 - Market Approach - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Loans Payable
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	$ 178,625	$ 206,500
Long-term debt, Fair Value	178,625	206,500
Revolving credit facility
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	3,080	11,225
Long-term debt, Fair Value	$ 3,080	$ 11,225

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Cross Currency Swaps (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Intercompany receivable	$ 66,248	$ 66,248
Derivative [Line Items]
Unrealized gain (loss) on intercompany note	1,974
Cross Currency Swap
Derivative [Line Items]
Gain (loss) on long-term derivative contract		(1,895)
Net gain (loss)		78
Designated as Hedging Instrument | Cross Currency Swap
Derivative [Line Items]
Hedge assets	$ 116	$ 116	$ 1,768

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Plan assets	$ 3,530		$ 3,530		$ 1,557
Deferred compensation liability	3,577		3,577		$ 1,520
Deferred compensation expense (income)	(228)	$ (210)	139	$ (164)
Unrealized gain (loss)	$ 21	$ 229	$ 116	$ 197

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum term of forward contracts			30 days
Transaction gains (losses) denominated in foreign currencies	$ (206)	$ 89	$ 84	$ 352
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract forwards, assets	58		58		$ 8
Foreign exchange contract forwards, liabilities	21		21		$ 53
Foreign currency gain (loss)	$ (132)	$ 281	$ (109)	$ (306)

Fair Value Measurements - For_2

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Derivative [Line Items]
Notional amount	$ 8,323	$ 7,400
Russian Ruble
Derivative [Line Items]
Notional amount	1,123	0
Euro
Derivative [Line Items]
Notional amount	1,000	0
Canadian Dollar
Derivative [Line Items]
Notional amount	750	1,500
South Korean Won
Derivative [Line Items]
Notional amount	3,000	2,000
Mexican Peso
Derivative [Line Items]
Notional amount	1,000	0
Australian Dollar
Derivative [Line Items]
Notional amount	700	900
Great Britain Pound
Derivative [Line Items]
Notional amount	$ 750	$ 3,000

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Dec. 31, 2019
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	6 months
Minimum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	1 month
Lease renewal term	1 year
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	5 years
Maximum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease renewal term	5 years

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2019
Weighted average remaining lease term
Operating	6 years 6 months
Finance	3 years
Weighted average discount rate
Operating	4.68%
Finance	7.52%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019USD ($)
Assets
Operating	$ 14,181
Finance	494
Total right-of-use assets	14,675
Current
Operating	2,232
Finance	233
Non-current
Operating	13,345
Finance	293
Total lease liabilities	$ 16,103

Leases - Supplemental Statement

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Finance lease expense:
Net lease expense	$ 1,160	$ 3,794
Marketing, general and administrative and engineering
Lessee, Lease, Description [Line Items]
Operating lease expense	860	2,627
Finance lease expense:
Amortization of ROU assets	63	189
Short-term lease expense	225	940
Interest expense
Finance lease expense:
Interest expense on finance lease liabilities	$ 12	$ 38

Leases - Supplemental Stateme_2

Leases - Supplemental Statement Of Cash Flows Information (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operation leases	$ 2,083
Operating cash flows from operation leases	43
Financing cash flows from leases	$ 189

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Leases
2020	$ 3,277
2021	3,265
2022	2,970
2023	2,075
2024	1,422
Thereafter	5,439
Total lease payments	18,448
Less imputed interest	(2,871)
Total lease liability	15,577
Finance Leases
2020	264
2021	138
2022	90
2023	69
2024	30
Thereafter	0
Total lease payments	591
Less imputed interest	(65)
Total lease liability	$ 526

Earnings and Net Income (Loss_2

Earnings and Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Basic net income (loss) per common share
Net income available to Thermon Group Holdings, Inc.	$ 6,522	$ 6,913	$ 1,471	$ 9,719	$ 3,227	$ 3,042	$ 14,906	$ 15,988
Weighted-average common shares outstanding (in shares)	32,785,753			32,595,259			32,716,317	32,556,157
Basic net income (loss) per common share (in dollars per share)	$ 0.20			$ 0.30			$ 0.46	$ 0.49
Diluted net income (loss) per common share
Net income available to Thermon Group Holdings, Inc.	$ 6,522	$ 6,913	$ 1,471	$ 9,719	$ 3,227	$ 3,042	$ 14,906	$ 15,988
Weighted-average common shares outstanding (in shares)	32,785,753			32,595,259			32,716,317	32,556,157
Diluted (in shares)	33,258,937			33,116,481			33,124,580	33,000,326
Diluted net income (loss) per common share (in dollars per share)	$ 0.20			$ 0.29			$ 0.45	$ 0.48
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	163,357			202,971			161,420	215,472
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	309,827			318,251			246,843	228,697
Stock Compensation Plan
Diluted net income (loss) per common share
Antidilutive securities excluded from computation of earnings per share (in shares)							0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 35,111	$ 32,892
Work in process	5,024	5,696
Finished goods	25,602	28,501
Inventories, gross	65,737	67,089
Valuation reserves	(1,948)	(2,199)
Inventories, net	$ 63,789	$ 64,890

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Goodwill
Balance at the beginning of the period	$ 204,995
Balance at the end of the period	208,293
Operating Segments
Goodwill
Balance at the beginning of the period	204,995
Foreign currency translation impact	3,298
Balance at the end of the period	208,293
Operating Segments | United States and Latin America
Goodwill
Balance at the beginning of the period	62,725
Foreign currency translation impact	0
Balance at the end of the period	62,725
Operating Segments | Canada
Goodwill
Balance at the beginning of the period	114,382
Foreign currency translation impact	3,302
Balance at the end of the period	117,684
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	19,264
Foreign currency translation impact	(4)
Balance at the end of the period	19,260
Operating Segments | Asia-Pacific
Goodwill
Balance at the beginning of the period	8,624
Foreign currency translation impact	0
Balance at the end of the period	$ 8,624

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ 113,537	$ 107,409
Intangible assets, gross	228,946	234,005
Intangible assets, net	115,409	126,596
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	448	445
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	64,141	62,343
Finite-lived intangible assets, accumulated amortization	13,898	8,832
Finite-lived intangible assets, net carrying amount	50,243	53,511
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	45,190	44,819
Finite-lived intangible assets, accumulated amortization	1,263	1,052
Finite-lived intangible assets, net carrying amount	43,927	43,767
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	9,847	9,854
Finite-lived intangible assets, accumulated amortization	4,778	4,464
Finite-lived intangible assets, net carrying amount	5,069	5,390
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	109,320	110,802
Finite-lived intangible assets, accumulated amortization	93,598	87,319
Finite-lived intangible assets, net carrying amount	15,722	23,483
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	0	5,742
Finite-lived intangible assets, accumulated amortization	0	5,742
Finite-lived intangible assets, net carrying amount	$ 0	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 8,509	$ 18,109
Accrued interest	835	1,172
Customer prepayment	588	783
Warranty reserve	500	365
Professional fees	2,470	2,326
Sales tax payable	4,722	2,185
Other	3,763	2,908
Total accrued current liabilities	$ 21,387	$ 27,848

Short-Term Revolving Lines of C

Short-Term Revolving Lines of Credit (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Short-Term Revolving Lines of Credit
Outstanding borrowings	$ 3,080	$ 11,225
Revolving credit facility
Short-Term Revolving Lines of Credit
Outstanding borrowings	$ 3,080	$ 11,225

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Dec. 31, 2020	Oct. 30, 2017CAD ($)	Oct. 30, 2017USD ($)	Sep. 30, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)	Apr. 01, 2018
Debt Instrument [Line Items]
Less current portion					$ (2,500,000)		$ (2,500,000)
Long-term debt, net of current maturities and deferred debt issuance costs and debt discounts of $5,432 and $6,271 as of September 30, 2019 and March 31, 2019, respectively					171,382,000		197,729,000
Debt issuance costs, net					5,432,000		6,271,000
Repayments of long-term debt					46,279,000	$ 20,307,000
Maximum leverage ratio to secure additional borrowing		4	4
Outstanding borrowings					3,080,000		11,225,000
Loans Payable
Debt Instrument [Line Items]
Debt Instrument, face amount							5,905,000
Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings					3,080,000		11,225,000
Capacity available under credit facility					52,758,000
Through March 31, 2019 | Loans Payable
Debt Instrument [Line Items]
Repayments of notes payable					625
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Debt Instrument, face amount			$ 60,000,000
Long-term Debt, Term			5 years
Repayments of lines of credit			$ 6,000,000
Liabilities incurred		$ 201,900
Line of credit facility, commitment fee percentage		0.50%	0.50%
Debt covenant, coverage ratio		1.25	1.25
Revolving credit facility | Base Rate | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%	2.25%
Revolving credit facility | London Interbank Offered Rate (LIBOR) | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%	3.25%
Revolving credit facility | Canadian Base Rate [Member] | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%	2.25%
Revolving credit facility | CDOR | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%	3.25%
Variable Rate Term Loan due October 2024 | Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loans					173,882,000		200,229,000
Debt issuance costs, net					$ 5,432,000		$ 6,271,000
Variable Rate Senior Secured Term Loan B | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, face amount			$ 250,000,000
Long-term Debt, Term			7 years
Variable interest rate floor			1.00%
Quarterly amortization of debt, percent								0.25%
Repayment requirement, percentage of excess cash flow					50.00%
Reduced repayment requirement, percentage of excess cash flow					25.00%
Maximum leverage ratio requirement for reduced payment							4
Minimum leverage ratio requirement for reduced payment							3.5
Minimum repayment requirement percentage of excess cash flow							0.00%
Maximum leverage ratio requirement for minimum repayment							3.5
Additional borrowing capacity			$ 30,000,000
Maximum leverage ratio					3.5
Variable Rate Senior Secured Term Loan B | Secured Debt | Subsidiary Stock
Debt Instrument [Line Items]
Guarantor obligations, percentage		100.00%	100.00%
Variable Rate Senior Secured Term Loan B | Secured Debt | Stock of First Tier Material Foreign Subsidiaries, US Borrower, and US Subsidiary
Debt Instrument [Line Items]
Guarantor obligations, percentage		65.00%	65.00%
Variable Rate Senior Secured Term Loan B | Base Rate | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%	2.75%
Variable Rate Senior Secured Term Loan B | London Interbank Offered Rate (LIBOR) | Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%	3.75%
Term Loan A due April 2019
Debt Instrument [Line Items]
Repayments of long-term debt			$ 70,875,000
Thermon Heating Systems Inc.
Debt Instrument [Line Items]
Debt proceeds used as consideration for business acquisition			$ 164,900,000
Scenario, Forecast | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Maximum leverage ratio	3.75			4.5
Canadian Borrower | Revolving credit facility
Debt Instrument [Line Items]
Interest rate at period end (as a percent)					4.67%

Related-Party Transactions (Det

Related-Party Transactions (Details)	Aug. 01, 2019USD ($)	Apr. 02, 2018USD ($)	Mar. 31, 2017USD ($)	Apr. 02, 2019	Mar. 31, 2019USD ($)	Mar. 17, 2017principal	Apr. 01, 2015principal
Related Party Transaction [Line Items]
Noncontrolling Interest, ownership by noncontrolling owners (percent)		12.50%
Payments for purchase of equity		$ 5,665
Payments to acquire equity interest	$ 4,508,000
SUMAC Former Principal
Related Party Transaction [Line Items]
Number of Former Principals | principal							1
Noncontrolling Interest, ownership by noncontrolling owners (percent)							25.00%
Non-interest Bearing Performance Based Note
Related Party Transaction [Line Items]
Debt Instrument, face amount					$ 5,905,000
Payments to Related Party | SUMAC Former Principal
Related Party Transaction [Line Items]
Number of Former Principals | principal						2
Related party transaction, amounts of transaction			$ 5,805,000
Sumac Business
Related Party Transaction [Line Items]
Ownership percentage					12.50%
Sumac Business
Related Party Transaction [Line Items]
Ownership interest percentage	12.50%			12.50%

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 17,277,000
Guarantee obligations secured by cash deposits	2,634,000
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	4,162,000
Indian custom bonds outstanding	5,093,000
Accrual for additional cost of sales	1,640,000
Receivables from Customers	$ 12,499
Percentage Of Receivables From Customer	13.00%

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Details) $ in Thousands	3 Months Ended		9 Months Ended		49 Months Ended
	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Jun. 30, 2014plan	Apr. 08, 2011shares	Jul. 28, 2010shares
Stock-Based Compensation Expense
Number of stock option award plans | plan					2
Options outstanding (in shares)	200,107		200,107
Stock compensation expense | $	$ 1,328	$ 1,041	$ 3,670	$ 3,130
Restricted Stock and Stock Option Plan
Stock-Based Compensation Expense
Maximum number of shares of the company's common stock that may be awarded							2,767,171
2011 Long-term Incentive Plan
Stock-Based Compensation Expense
Maximum number of shares of the company's common stock that may be awarded						2,893,341
Restricted Stock Units
Stock-Based Compensation Expense
Stock granted in the period (in shares)			119,509
Stock issued during period | $			$ 2,641
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			3 years
Common Stock
Stock-Based Compensation Expense
Stock granted in the period (in shares)	8,560		19,520
Stock issued during period (in shares)	9,477		19,520
Stock issued during period | $	$ 190		$ 470
Share-based compensation arrangement by share-based payment award, fair value of shares authorized amount | $	$ 759		$ 759
Performance Shares
Stock-Based Compensation Expense
Stock granted in the period (in shares)			30,075
Stock issued during period | $			$ 915
Minimum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			0
Maximum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			60,150
Management | Performance Shares
Stock-Based Compensation Expense
Stock granted in the period (in shares)			62,319
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $			$ 1,370
Management | Minimum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			0
Management | Maximum | Performance Shares
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			124,638

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract assets	$ 16,644		$ 16,644		$ 26,454
Contract liabilities	$ 5,418		5,418		$ 6,814
Increase in contract assets			$ 9,810
Revenues recognized at point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of total revenue	59.80%	61.60%	59.10%	63.50%
Revenues recognized over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of total revenue	40.20%	38.40%	40.90%	36.50%

Revenue from Contracts with C_4

Revenue from Contracts with Customers Revenue from Contracts with Customers - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Total activity	$ 9,810
Contract liabilities	$ (5,418)	$ (6,814)

Revenue from Contracts with C_5

Revenue from Contracts with Customers Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 100,468	$ 119,356	$ 295,115	$ 298,412
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	60,123	73,582	174,531	189,503
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	40,345	45,774	120,584	108,909
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	38,837	51,052	123,085	115,334
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	19,007	21,736	56,145	54,483
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	19,830	29,316	66,940	60,851
Canada
Disaggregation of Revenue [Line Items]
Total revenues	34,528	33,466	92,731	93,061
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	28,928	29,237	78,209	77,865
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	5,600	4,229	14,522	15,196
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	13,338	22,460	42,365	58,827
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,756	16,136	24,621	35,768
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	6,582	6,324	17,744	23,059
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	13,765	12,378	36,934	31,190
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	5,432	6,473	15,556	21,387
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 8,333	$ 5,905	$ 21,378	$ 9,803

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Performance Obligation (Details) $ in Thousands	Dec. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14,480
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 102,527

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Jun. 30, 2017
Income Tax Contingency [Line Items]
Effective tax rate	26.40%	29.90%	22.20%	30.30%
Rate reduction	3.00%		4.00%
Reduction tax expense	$ 447		$ 784
Liability for uncertain tax positions						$ 716
Reserves released	463
Income tax penalties and interest expense	$ 12		$ 42
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective tax rate					32.00%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)Geographic_Regionsegment	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)
Sales by geographic area:
Number of Reportable Segments | segment			4
Number of Operating Segments | Geographic_Region			4
Sales	$ 100,468	$ 119,356	$ 295,115	$ 298,412
Depreciation	2,663	2,313	7,725	6,867
Amortization of intangible assets	4,460	4,887	13,354	16,160
Operating income
Operating income (loss)	12,466	17,887	30,298	34,799
Stock compensation expense	1,328	1,041	3,670	3,130
Property, plant and equipment, net	74,205		74,205		$ 74,955
Assets	646,717		646,717		655,762
Operating Segments
Sales by geographic area:
Sales	100,468	119,356	295,115	298,412
Intersegment Eliminations
Sales by geographic area:
Sales	13,375	15,490	43,004	45,973
Segment Reconciling Items
Operating income
Stock compensation expense	(1,328)	(1,041)	(3,670)	(3,130)
Public company costs	(358)	(389)	(1,224)	(1,040)
United States and Latin America
Sales by geographic area:
Depreciation	1,566	1,264	4,661	3,574
Amortization of intangible assets	1,438	1,438	4,314	4,403
Operating income
Operating income (loss)	2,944	7,763	9,280	13,348
Property, plant and equipment, net	39,800		39,800		40,691
Assets	229,644		229,644		230,149
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	38,837	51,052	123,085	115,334
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	11,316	12,807	36,777	38,614
Canada
Sales by geographic area:
Depreciation	930	888	2,530	2,833
Amortization of intangible assets	2,434	2,866	7,270	9,939
Operating income
Operating income (loss)	8,562	5,998	17,339	13,693
Property, plant and equipment, net	30,165		30,165		30,045
Assets	296,015		296,015		298,233
Canada | Operating Segments
Sales by geographic area:
Sales	34,528	33,466	92,731	93,061
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	1,101	1,613	3,230	3,829
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	138	114	402	331
Amortization of intangible assets	322	317	972	1,020
Operating income
Operating income (loss)	366	3,827	2,196	7,530
Property, plant and equipment, net	3,473		3,473		3,497
Assets	80,544		80,544		84,214
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	13,338	22,460	42,365	58,827
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	791	866	2,385	2,829
Asia-Pacific
Sales by geographic area:
Depreciation	29	47	132	129
Amortization of intangible assets	266	266	798	798
Operating income
Operating income (loss)	2,280	1,729	6,377	4,398
Property, plant and equipment, net	767		767		722
Assets	40,514		40,514		$ 43,166
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	13,765	12,378	36,934	31,190
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 167	$ 204	$ 612	$ 701
Sumac Fabrication Company Limited
Sales by geographic area:
Expected sales and operating income as a percentage of total sales and operating income, less than	10.00%		10.00%

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Capital expenditures	$ 2,862	$ 3,106	$ 6,701	$ 8,808
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	2,122	2,350	4,110	5,781
Canada
Segment Reporting Information [Line Items]
Capital expenditures	289	424	1,872	2,482
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	375	273	527	417
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 76	$ 59	$ 192	$ 128