Thermon (THR) 10-Q 5 Nov 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Cover [Abstract]
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	Sep. 30, 2020
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		33,180,452
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	THR
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 51,362	$ 43,237
Accounts receivable, net of allowances of $1,003 and $834 as of September 30, 2020 and March 31, 2020, respectively	66,104	92,478
Inventories, net	71,317	60,273
Contract assets	11,979	10,194
Prepaid expenses and other current assets	11,435	9,219
Income tax receivable	7,370	2,535
Total current assets	219,567	217,936
Property, plant and equipment, net	72,691	72,542
Goodwill	206,071	197,978
Intangible assets, net	104,174	104,546
Operating	15,049	16,637
Deferred income taxes	2,944	2,904
Other long-term assets	6,579	8,362
Total assets	627,075	620,905
Current liabilities:
Accounts payable	25,162	25,070
Accrued liabilities	21,269	23,757
Current portion of long term debt	2,500	2,500
Contract liabilities	3,108	4,538
Lease liabilities	3,947	3,553
Income taxes payable	219	1,217
Total current liabilities	56,205	60,635
Long-term debt, net of current maturities and deferred debt issuance costs and debt discounts of $3,962 and $4,447 as of September 30, 2020 and March 31, 2020, respectively	168,288	169,053
Deferred income taxes	21,623	22,245
Non-current lease liabilities	14,072	15,571
Other noncurrent liabilities	8,288	6,962
Total liabilities	268,476	274,466
Equity
Common stock: $.001 par value; 150,000,000 authorized; 33,169,798 and 32,916,818 shares issued and outstanding at September 30, 2020 and March 31, 2020, respectively	33	33
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	229,998	227,741
Accumulated other comprehensive loss	(49,744)	(63,894)
Retained earnings	178,312	182,559
Total equity	358,599	346,439
Total liabilities and equity	$ 627,075	$ 620,905

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Depreciation and amortization	$ 47,650	$ 43,550
Debt issuance costs, net	$ 3,962	$ 4,447
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	33,169,798	32,916,818
Common stock, shares outstanding	33,169,798	32,916,818
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
Thermon Holding Corp.
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,003	$ 834

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Sales	$ 66,406	$ 102,935	$ 123,254	$ 194,647
Cost of sales	37,475	57,503	70,204	112,073
Gross profit	28,931	45,432	53,050	82,574
Operating expenses:
Marketing, general and administrative and engineering	23,788	28,130	51,629	55,848
Amortization of intangible assets	2,097	4,461	5,130	8,894
Income (loss) from operations	3,046	12,841	(3,709)	17,832
Other income/(expenses):
Interest income	17	65	42	116
Interest expense	(2,433)	(3,951)	(5,013)	(7,721)
Other income/(expense)	582	(172)	1,314	61
Income (loss) before provision for income taxes	1,212	8,783	(7,366)	10,288
Income tax expense (benefit)	(626)	1,862	(3,119)	1,906
Net income (loss)	1,838	6,921	(4,247)	8,382
Income (loss) attributable to non-controlling interests	0	9	0	(1)
Net income (loss) available to Thermon Group Holdings, Inc.	1,838	6,912	(4,247)	8,383
Comprehensive income (loss):
Net loss available to Thermon Group Holdings, Inc.	1,838	6,912	(4,247)	8,383
Foreign currency translation adjustment	5,254	(4,813)	14,729	(378)
Other	(199)	337	(579)	337
Comprehensive income	$ 6,893	$ 2,436	$ 9,903	$ 8,342
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.06	$ 0.21	$ (0.13)	$ 0.26
Diluted (in dollars per share)	$ 0.06	$ 0.21	$ (0.13)	$ 0.25
Weighted-average shares used in computing net income per common share:
Basic (in shares)	33,164,921	32,727,023	33,075,902	32,681,410
Diluted (in shares)	33,417,654	33,244,387	33,075,902	33,111,778

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (loss)	Non-controlling Interests	Accumulated Other Comprehensive Income (Loss)	EmployeesCommon Stock	Executive OfficerCommon Stock	DirectorCommon Stock
Beginning balance (in shares) at Mar. 31, 2019		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	$ 0	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 loss available to Thermon Group Holdings, Inc.	1,471			1,471
Foreign currency translation adjustment	4,435					4,435
Remeasurement of non-controlling interest			(315)		315
Loss attributable to non-controlling interests	(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
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 loss available to Thermon Group Holdings, Inc.	8,383
Loss attributable to non-controlling interests	(1)
Ending balance (in shares) at Sep. 30, 2019		32,742,439
Ending balance at Sep. 30, 2019	354,307	$ 33	224,260	179,004	0	(48,990)
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 loss available to Thermon Group Holdings, Inc.	6,912			6,912
Foreign currency translation adjustment	(4,813)					(4,813)
Purchase of shares from non-controlling interests	(4,508)		0		(4,508)	0
Remeasurement of non-controlling interest			10		(10)
Other	337					337
Loss attributable to non-controlling interests	9				9
Ending balance (in shares) at Sep. 30, 2019		32,742,439
Ending balance at Sep. 30, 2019	$ 354,307	$ 33	224,260	179,004	$ 0	(48,990)
Beginning balance (in shares) at Mar. 31, 2020	32,916,818	32,916,818
Beginning balance at Mar. 31, 2020	$ 346,439	$ 33	227,741	182,559		(63,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		81,995
Issuance of common stock in exercise of stock options	437		437
Issuance of common stock (in shares)							39,458	63,477	13,520
Stock compensation expense	1,133		1,133
Repurchase of employee stock units on vesting	(557)		(557)
Net loss available to Thermon Group Holdings, Inc.	(6,085)			(6,085)
Foreign currency translation adjustment	9,475					9,475
Other	(380)					(380)
Ending balance (in shares) at Jun. 30, 2020		33,115,268
Ending balance at Jun. 30, 2020	$ 350,462	$ 33	228,754	176,474		(54,799)
Beginning balance (in shares) at Mar. 31, 2020	32,916,818	32,916,818
Beginning balance at Mar. 31, 2020	$ 346,439	$ 33	227,741	182,559		(63,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss available to Thermon Group Holdings, Inc.	(4,247)
Loss attributable to non-controlling interests	$ 0
Ending balance (in shares) at Sep. 30, 2020	33,169,798	33,169,798
Ending balance at Sep. 30, 2020	$ 358,599	$ 33	229,998	178,312		(49,744)
Beginning balance (in shares) at Jun. 30, 2020		33,115,268
Beginning balance at Jun. 30, 2020	350,462	$ 33	228,754	176,474		(54,799)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		1,344
Issuance of common stock in exercise of stock options	15		15
Issuance of common stock (in shares)							33,789	6,005	13,392
Stock compensation expense	1,358		1,358
Repurchase of employee stock units on vesting	(129)		(129)
Net loss available to Thermon Group Holdings, Inc.	1,838			1,838
Foreign currency translation adjustment	5,254					5,254
Other	(199)					(199)
Loss attributable to non-controlling interests	$ 0
Ending balance (in shares) at Sep. 30, 2020	33,169,798	33,169,798
Ending balance at Sep. 30, 2020	$ 358,599	$ 33	$ 229,998	$ 178,312		$ (49,744)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ (4,247)	$ 8,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,643	13,956
Amortization of deferred debt issuance costs	515	870
Stock compensation expense	2,491	2,342
Deferred income taxes	(2,142)	(462)
Release of reserve for uncertain tax positions, net	0	(2,343)
Loss on long-term cross currency swap	3,491	798
Remeasurement gain on intercompany balances	(4,537)	(147)
Changes in operating assets and liabilities:
Accounts receivable	29,767	6,313
Inventories	(9,431)	(958)
Contract assets	(3,169)	9,054
Other current and non-current assets	(3,593)	(4,432)
Accounts payable	(17)	1,052
Accrued liabilities and non-current liabilities	(1,228)	(3,542)
Income taxes payable and receivable	(5,939)	(833)
Net cash provided by operating activities	12,604	30,050
Investing activities
Purchases of property, plant and equipment	(4,132)	(3,839)
Sale of rental equipment	37	145
Net cash used in investing activities	(4,095)	(3,694)
Financing activities
Proceeds from revolving credit facility	37,189	10,000
Payments on long-term debt and revolving credit facility	(38,714)	(23,131)
Purchase of shares from non-controlling interests	0	(4,508)
Proceeds from exercise of stock options	452	62
Repurchase of employee stock units on vesting	(686)	(879)
Payments on finance leases	(139)	(79)
Net used in financing activities	(1,898)	(18,535)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,304	(121)
Cash, cash equivalents and restricted cash at beginning of period	46,007	33,841
Cash, cash equivalents and restricted cash at end of period	53,922	41,541
Change in cash, cash equivalents and restricted cash	$ 7,915	$ 7,700

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information	6 Months Ended
	Sep. 30, 2020
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. In addition to our heat tracing products, we also provide (i) industrial process heating solutions focused on advanced heating and filtration solutions for industrial and hazardous area applications, which are sold under our Thermon Heating Solutions (or “THS”) brand, and (ii) 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, which are sold under our Thermon Power Solutions (or “TPS”) brand. As a manufacturer, we offer a full suite of products (such as heating units, heating cables, tubing bundles and control systems) and services (such as design optimization, engineering, installation and maintenance services) required to deliver comprehensive solutions to complex projects. 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, 2020. 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 September 30, 2020 and March 31, 2020, and the results of our operations for the three and six months ended September 30, 2020 and 2019. Impact of COVID-19 Pandemic The recent COVID-19 pandemic and the measures being taken to address and limit the spread of the virus have adversely affected the economies and financial markets of many countries, resulting in an economic downturn that has negatively impacted, and may continue to negatively impact, global demand for our products and services. We may experience a decline in the demand of our products and services that could materially and negatively impact our business, financial condition, results of operation and overall financial performance in future periods. On April 11, 2020, the Canadian government officially enacted the Canadian Emergency Wage Subsidy (“CEWS”) for the purposes of assisting employers in financial hardship due to the COVID-19 pandemic and of reducing potential lay-offs of employees. The CEWS, which was made retroactive to March 1, 2020, generally provides “eligible entities” with a wage subsidy of up to 75% of “eligible remuneration” paid to an eligible employee per week, limited to a certain weekly maximum. On September 23, 2020, the Canadian government announced that the CEWS program would be extended through the summer of 2021 and announced certain modifications to the subsidy calculation. Our Canadian operations have benefited from such wage subsidies and have received distributions from the Canadian government during the six months period ended September 30, 2020. During the three and six month ended September 30, 2020, we recorded subsidies in the amount of $2,532 and $4,948, respectively, for which we qualify, as an offset or reduction to the related underlying expenses and assets, accordingly. 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 September 30, 2020, 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 six months ended September 30, 2020 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2021. 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. September 30, 2020 2019 Cash and cash equivalents $ 51,362 $ 39,014 Restricted cash included in prepaid expenses and other current assets 2,190 2,054 Restricted cash included in other long-term assets 370 473 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 53,922 $ 41,541 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 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 adopted this standard effective April 1, 2020, and such adoption did not have a material impact on 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 adopted this standard effective April 1, 2020, and such adoption did not have a material impact on our consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2020
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 and cash equivalents, 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 September 30, 2020 and March 31, 2020, no assets or liabilities were valued using Level 3 criteria. Information about our long-term debt that is not measured at fair value is as follows: September 30, 2020 March 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 174,750 $ 173,439 $ 176,000 $ 150,480 Level 2 - Market Approach At September 30, 2020 and March 31, 2020, the fair value of our long-term debt is based on market quotes available for issuance of debt with similar terms. 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. The Company believes the decline in fair value as of March 31, 2020 was temporary due to the COVID-19 pandemic. Cross Currency Swap The Company has entered into a long-term cross currency swap to hedge the currency rate fluctuations related to a $42,958 intercompany receivable at September 30, 2020 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 Topic 815, Derivatives and Hedging ("ASC 815"). We recorded $1,507 and $3,450 of unrealized mark-to-market losses on the cross currency swap, which is reported as "Other income and expense", in the condensed consolidated statement operations and comprehensive income for the three and six months ended September 30, 2020, respectively. Cross currency swap contracts are measured on a recurring basis at fair value and are classified as Level 2 measurements. Hedge assets in the amount of $1,000 and $4,011 were included in "Other long-term assets" in the condensed consolidated balance sheet as of September 30, 2020 and March 31, 2020, respectively. For the six months ended September 30, 2020, the loss on the long-term cross currency swap derivative contract was offset by unrealized gain on the intercompany note of $3,805 for a net gain of $355. 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 September 30, 2020 and March 31, 2020 were $4,132 and $2,849, 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 $4,144 and $2,886 included in “Other long-term liabilities” in the condensed consolidated balance sheet at September 30, 2020 and March 31, 2020, respectively. Deferred compensation expense included in "marketing, general and administrative and engineering" were $781 and $36 for the three months ended September 30, 2020 and 2019, respectively, and $1,311 and $139 for the six months ended September 30, 2020 and 2019, respectively. Expenses and income from our deferred compensation plan were offset by unrealized gains and losses for the deferred compensation plan included in "Other income and expense" on our condensed consolidated statements of comprehensive income. Our unrealized gains and losses on investments were gains of $840 and $21 for the three months ended September 30, 2020 and 2019, respectively, and $1,363 and $116 for the six months ended September 30, 2020 and 2019, 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 "Other income and expense" on our condensed consolidated statements of comprehensive income. 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). Fair value amounts for such forward contracts on our condensed consolidated balance sheets are either classified as accounts receivable, net or accrued liabilities depending on whether the forward contract is in a gain (accounts receivable, net) or loss (accrued liabilities) position. 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 September 30, 2020 and March 31, 2020, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2020 March 31, 2020 Russian Ruble $ 1,172 $ 1,103 Euro — 500 Canadian Dollar 11,500 1,500 South Korean Won 3,000 3,500 Mexican Peso 1,500 2,000 Australian Dollar 800 700 Great Britain Pound 500 500 Total notional amounts $ 18,472 $ 9,803 The following table represents the fair value of our foreign currency forward contracts: September 30, 2020 March 31, 2020 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 19 $ 114 $ 140 $ 49 Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of operations and comprehensive income were losses o f $145 and $199 in the three months ended September 30, 2020 and 2019, respectively, an d losses of $49 a nd $241 for the six months ended September 30, 2020 and 2019, 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 September 30, 2020 and 2019, our net foreign currency transactions were gains of $150 and losses of $90, respectively, and gains of $331 and $123 for the six months ended September 30, 2020 and 2019, respectively.

Restructuring

Restructuring	6 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the six months ended September 30, 2020, we enacted certain restructuring initiatives to align our current cost structure with the present decline in demand for our products and services primarily due to COVID-19 and depressed oil prices. Moreover, the Company eliminated approximately 85 and 196 positions during the three and six months ended September 30, 2020, respectively (both hourly and salaried positions), and incurred $1,941 and $4,862 in one-time severance costs during the three and six months ended September 30, 2020, respectively, which were recorded to marketing, general and administrative and engineering in our condensed consolidated statements of operations and comprehensive income. In addition, we incurred $46 in lease abandonment charges related to a Canadian facility we intend to vacate on December 31, 2020, which was recorded to marketing, general and administrative and engineering expense in our condensed consolidated statements of operations and comprehensive income. Restructuring costs by reportable segment were as follows: Three Months Ended September 30, 2020 Six Months Ended September 30, 2020 United States and Latin America $ 351 $ 2,414 Canada 1,270 2,128 Europe, Middle East and Africa 356 356 Asia-Pacific 10 10 $ 1,987 $ 4,908 Restructuring activity related to accrued severance recorded to accrued liabilities in the condensed consolidated balance sheets is summarized as follows for the six months ended September 30, 2020: September 30, 2020 Beginning balance $ — Costs incurred 4,862 Less cash payments (2,791) Ending balance $ 2,071

Leases

Leases	6 Months Ended
	Sep. 30, 2020
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. 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. During the three months ended September 30, 2020, we exercised the early termination option in one of our existing leases in Canada, which resulted in the remeasurement of the related ROU asset and lease liability and accelerated the lease amortization and expense to align with the cease use date of the facility. We intend to vacate the facility on December 31, 2020. The resulting incremental charges of $46 for abandonment treatment of the lease have been included in our restructuring charges for the three months ended September 30, 2020. 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 under our TPS product brand line 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. A small number of our lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on an index or rate such as CPI are included in the lease payments based on the commencement date index or rate. Estimated changes to the index or rate during the lease term are not considered in the determination of the lease payments. 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 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 North American 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, 2020 for operating leases that commenced prior to April 1, 2020 to establish the lease liabilities. For operating leases that commenced during the six months ended September 30, 2020, 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 September 30, 2020 March 31, 2020 Weighted average remaining lease term Operating 5.9 6.2 Finance 3.3 3.4 Weighted average discount rate Operating 4.83 % 4.82 % Finance 6.95 % 6.98 % Supplemental balance sheet information related to leases was as follows: Assets Classification September 30, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 15,049 $ 16,637 Finance Property, plant and equipment 551 695 Total right-of-use assets $ 15,600 $ 17,332 Liabilities Current Operating Lease liabilities $ 3,743 $ 3,352 Finance Lease liabilities 204 201 Non-current Operating Non-current lease liabilities 13,703 15,060 Finance Non-current lease liabilities 369 511 Total lease liabilities $ 18,019 $ 19,124 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,243 $ 959 $ 2,384 $ 1,767 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 68 66 145 125 Interest expense on finance lease liabilities Interest expense 11 13 22 26 Short-term lease expense Marketing, general and administrative and engineering 30 252 51 715 Net lease expense $ 1,352 $ 1,290 $ 2,602 $ 2,633 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating cash used for operating leases $ 1,697 $ 1,365 Operating cash flows used for finance leases 22 26 Financing cash flows used for finance leases 139 108 Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending September 30, 2021 $ 4,502 $ 191 2022 3,886 159 2023 3,022 147 2024 2,105 105 2025 1,683 30 Thereafter 5,383 — Total lease payments $ 20,581 $ 632 Less imputed interest (3,135) (59) Total lease liability $ 17,446 $ 573
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. 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. During the three months ended September 30, 2020, we exercised the early termination option in one of our existing leases in Canada, which resulted in the remeasurement of the related ROU asset and lease liability and accelerated the lease amortization and expense to align with the cease use date of the facility. We intend to vacate the facility on December 31, 2020. The resulting incremental charges of $46 for abandonment treatment of the lease have been included in our restructuring charges for the three months ended September 30, 2020. 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 under our TPS product brand line 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. A small number of our lease agreements include fixed rental payments that are adjusted periodically for changes in the Consumer Price Index (“CPI”). Payments based on an index or rate such as CPI are included in the lease payments based on the commencement date index or rate. Estimated changes to the index or rate during the lease term are not considered in the determination of the lease payments. 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 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 North American 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, 2020 for operating leases that commenced prior to April 1, 2020 to establish the lease liabilities. For operating leases that commenced during the six months ended September 30, 2020, 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 September 30, 2020 March 31, 2020 Weighted average remaining lease term Operating 5.9 6.2 Finance 3.3 3.4 Weighted average discount rate Operating 4.83 % 4.82 % Finance 6.95 % 6.98 % Supplemental balance sheet information related to leases was as follows: Assets Classification September 30, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 15,049 $ 16,637 Finance Property, plant and equipment 551 695 Total right-of-use assets $ 15,600 $ 17,332 Liabilities Current Operating Lease liabilities $ 3,743 $ 3,352 Finance Lease liabilities 204 201 Non-current Operating Non-current lease liabilities 13,703 15,060 Finance Non-current lease liabilities 369 511 Total lease liabilities $ 18,019 $ 19,124 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,243 $ 959 $ 2,384 $ 1,767 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 68 66 145 125 Interest expense on finance lease liabilities Interest expense 11 13 22 26 Short-term lease expense Marketing, general and administrative and engineering 30 252 51 715 Net lease expense $ 1,352 $ 1,290 $ 2,602 $ 2,633 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating cash used for operating leases $ 1,697 $ 1,365 Operating cash flows used for finance leases 22 26 Financing cash flows used for finance leases 139 108 Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending September 30, 2021 $ 4,502 $ 191 2022 3,886 159 2023 3,022 147 2024 2,105 105 2025 1,683 30 Thereafter 5,383 — Total lease payments $ 20,581 $ 632 Less imputed interest (3,135) (59) Total lease liability $ 17,446 $ 573

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Sep. 30, 2020
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 (loss) per common share for the three and six months ended September 30, 2020 and 2019, respectively, are as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Basic net income per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838 $ 6,912 $ (4,247) $ 8,383 Weighted-average common shares outstanding 33,164,921 32,727,023 33,075,902 32,681,410 Basic net income (loss) per common share $ 0.06 $ 0.21 $ (0.13) $ 0.26 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Diluted net income per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838 $ 6,912 $ (4,247) $ 8,383 Weighted-average common shares outstanding 33,164,921 32,727,023 33,075,902 32,681,410 Common share equivalents: Stock options 3,376 201,730 — 205,359 Restricted and performance stock units 249,357 315,634 — 225,009 Weighted average shares outstanding – dilutive (1) 33,417,654 33,244,387 33,075,902 33,111,778 Diluted net income (loss) per common share (2) $ 0.06 $ 0.21 $ (0.13) $ 0.25 (1) For the three months ended September 30, 2020, 256,444 equity awards were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the six months ended September 30, 2020 and 2019, 283,764 and 16,557 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: September 30, 2020 March 31, 2020 Raw materials $ 38,564 $ 31,300 Work in process 4,538 5,317 Finished goods 30,085 25,701 73,187 62,318 Valuation reserves (1,870) (2,045) Inventories, net $ 71,317 $ 60,273

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The carrying amount of goodwill by operating segment as of September 30, 2020 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2020 $ 62,725 $ 107,739 $ 18,890 $ 8,624 $ 197,978 Foreign currency translation impact — 6,849 1,244 — 8,093 Balance as of September 30, 2020 $ 62,725 $ 114,588 $ 20,134 $ 8,624 $ 206,071 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, which is 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. During fiscal 2020, revenue from our operations decreased, year over year, by approximately 7% compared to revenues generated in fiscal 2019. Lower crude oil prices, which management attributes to the COVID-19 pandemic, have had a significant adverse impact on customer capital spending, which in turn resulted in a decline in our revenues. We considered the decline in our business during fiscal 2020 to be an indicator of potential asset impairments in our reporting units. During the fourth quarter of fiscal 2020, we performed a goodwill and intangible asset impairment assessment of all of our reporting units utilizing the income approach, based on discounted future cash flows, which were derived from internal forecasts and economic expectations, and the market approach, based on market multiples of guideline public companies. Based on the results of our goodwill impairment assessment, the estimated fair value of the reporting units exceeded the carrying value. As such, there was no impairment of our reporting units' goodwill or intangible assets during fiscal 2020. We continue to monitor our reporting units' goodwill and intangible asset valuations and perform qualitative assessments at each interim reporting period. Changes in estimates and assumptions used to determine whether impairment exists or future declines in actual and forecasted operating results and/or market conditions, especially in energy markets, could indicate a need to reevaluate the fair value of our reporting units and may ultimately result in an impairment to goodwill and/or indefinite-lived intangible assets of our reporting units in future periods. No triggering events were identified during the six month period ended September 30, 2020 which would indicate that 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 September 30, 2020 Accumulated Amortization Net Carrying Amount at September 30, 2020 Gross Carrying Amount at March 31, 2020 Accumulated Amortization Net Carrying Amount at March 31, 2020 Products $ 62,455 $ 18,219 $ 44,236 $ 58,722 $ 14,193 $ 44,529 Trademarks 45,154 1,419 43,735 43,865 1,273 42,592 Developed technology 9,854 5,145 4,709 9,564 4,758 4,806 Customer relationships 111,403 100,358 11,045 105,912 93,729 12,183 Certifications 449 — 449 436 — 436 Total $ 229,315 $ 125,141 $ 104,174 $ 218,499 $ 113,953 $ 104,546

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: September 30, 2020 March 31, 2020 Accrued employee compensation and related expenses $ 10,901 $ 12,542 Accrued interest 692 782 Customer prepayments 357 357 Warranty reserves 500 477 Professional fees 1,829 2,086 Sales taxes payable 2,165 2,423 Other 4,825 5,090 Total accrued current liabilities $ 21,269 $ 23,757

Long-Term Debt

Long-Term Debt	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: September 30, 2020 March 31, 2020 Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $3,962 and $4,447 as of September 30, 2020 and March 31, 2020, respectively $ 170,788 $ 171,553 Less current portion (2,500) (2,500) Total long-term debt $ 168,288 $ 169,053 Senior Secured Credit Facility On October 30, 2017, Thermon Group Holdings, Inc., 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 agreement 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) fund approximately $201,900 CAD of the purchase price of our acquisition (the “CCI acquisition”) of 100% of the equity interests of CCI Thermal Technologies Inc. (“CCI”) and certain related real estate assets for approximately $164,900; and (4) pay certain transaction fees and expenses in connection with the CCI 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 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 have been 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 September 30, 2020, 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 September 30, 2020, we had no outstanding borrowings under our revolving credit facility for the Canadian Borrower line of credit or for the US Borrower line of credit. As of September 30, 2020, we had $55,435 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). The interest rate on the variable rate term loan on September 30, 2020 was 4.75%. Guarantees and security. The term loan is guaranteed by Thermon Group Holdings, Inc. and all of its 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 Thermon Group Holdings, Inc. and the US Subsidiary Guarantors. The obligations of the Canadian Borrower under the revolving credit facility are guaranteed by Thermon Group Holdings, Inc., 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 Thermon Group Holdings, Inc.’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 Thermon Group Holdings, Inc., 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 Thermon Group Holdings, Inc.'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 the following consolidated leverage ratios on the last day of the respective 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. On June 18, 2020, our revolving credit lenders agreed to an amendment whereby the debt within the leverage ratio may be reduced by cash in excess of $20,000. 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 September 30, 2020, 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	6 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	Related Party Transactions In connection with the acquisition of Sumac Fabrication Co. Ltd. (“Sumac”), one of Sumac's former principals (the "Minority Shareholder") retained 25% of the ownership of the entities holding the equity acquired in our acquisition of Sumac. During the fiscal year ended March 31, 2017, this individual, together with the two other former principals of Sumac, 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 Sumac 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 equity acquired in our acquisition of Sumac business unit to the Company, and such sale was completed and effective as of July 20, 2018. The terms of the April 2015 Sumac purchase agreement prescribed a valuation formula for such a sale based on Sumac'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 equity acquired in our acquisition of Sumac) to the Company. The terms of the April 2015 Sumac purchase agreement prescribed a valuation formula for such a sale based on Sumac’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	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2020, the Company had in place letter of credit guarantees and performance bonds securing certain performance obligations of the Company. These arrangements totaled approximatel y $12,006. Of this amount, $2,560 is secured by cash deposits at the Company’s financial institutions and an additional $4,564 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 $4,915 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 period expense when incurred. As of September 30, 2020, 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. As of September 30, 2020, the Company has accrued $3,553 as estimated additional cost related to the operational execution of projects. 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 CCI prior to our acquisition 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 Compensation Expense

Stock Compensation Expense	6 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense	Stock Compensation ExpenseOur 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 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 the Company’s 2020 annual general meeting of stockholders held on July 22, 2020, the Company’s stockholders approved the Thermon Group Holdings, Inc. 2020 Long-Term Incentive Plan (the “2020 LTIP”), which had previously been approved by the Company’s board of directors, subject to stockholder approval. The 2020 LTIP made available 1,400,000 shares of the Company’s common stock that may be awarded to employees, directors or nonemployee contractors as compensation in the form of stock options, restricted stock awards or restricted stock units. Stock compensation expense for the three months ended September 30, 2020 and 2019, was $1,358 and $1,323, respectively, and $2,491 and $2,342 for the six months ended September 30, 2020 and 2019, respectively. At September 30, 2020, there were 139,485 options outstanding. During the six months ended September 30, 2020, 71,780 options were granted to certain members of senior management. The stock options were valued by using a Black Scholes option pricing model. We arrived at a total fair value for the option awards of $439 by applying a volatility assumption of 41.1%, a risk free rate of 1.22%, expected term of 6.66 years and no expected dividend. The fair value of these options will be expensed on a straight line basis over three years. The right to purchase shares under the options vests over a five During the six months ended September 30, 2020, 183,937 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 $2,622. 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 $760. The number of shares issued to our directors each period is equal to a pre-determined award value subject to the fair market value of the stock price on the date of grant. During the three and six months ended September 30, 2020, 13,392 and 26,912 fully vested common shares were granted in the aggregate to our directors, respectively. The aggregate grant date fair value as determined by the closing price of our common stock on the grant date was $190 and $380 for the three and six months ended September 30, 2020, respectively. The fair value of the awards is expensed on each grant date. During the six months ended September 30, 2020, a target amount of 49,176 performance stock units were issued to certain members of our senior management that had a total grant date fair value of $1,060. 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, 2023, 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, 2023. 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 99,432 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 six months ended September 30, 2020, a target amount of 86,634 performance stock units based on the Company's Adjusted EBITDA performance over three separate one year performance periods beginning with the period ending March 31, 2021 and continuing for subsequent one year periods ending on March 31, 2022 and 2023. The performance goal for these shares has not been determined. As such, the total grant date fair value is indeterminable. However, we have estimated stock compensation expense based on current share price and will adjust for stock compensation expense as the performance goal is determined for the initial measurement period ending March 31, 2021. At each reporting period, we will estimate how many awards senior management may earn and adjust our stock compensation expense accordingly. At the end of each 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 173,268 in the aggregate. Shares that are not awarded after the end of the measurement period will be forfeited.

Revenue

Revenue	6 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	RevenueDisaggregation 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 six months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 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 $ 11,710 $ 12,166 $ 23,876 $ 18,824 $ 24,997 $ 43,821 Canada 13,776 5,440 19,216 26,437 4,514 30,951 Europe, Middle East and Africa 6,703 5,627 12,330 8,974 6,714 15,688 Asia-Pacific 3,820 7,164 10,984 5,424 7,051 12,475 Total revenues $ 36,009 $ 30,397 $ 66,406 $ 59,659 $ 43,276 $ 102,935 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 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 $ 19,985 $ 22,534 $ 42,519 $ 37,138 $ 47,110 $ 84,248 Canada 27,423 11,106 38,529 49,281 8,922 58,203 Europe, Middle East and Africa 13,517 8,280 21,797 17,865 11,162 29,027 Asia-Pacific 7,905 12,504 20,409 10,124 13,045 23,169 Total revenues $ 68,830 $ 54,424 $ 123,254 $ 114,408 $ 80,239 $ 194,647 Performance Obligations At September 30, 2020, revenues associated with our open performance obligations totaled $118,661, representing our combined backlog and deferred revenue. Within this amount, approximately $20,003 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. Contract Assets and Liabilities As of September 30, 2020 and March 31, 2020, contract assets were $11,979 and $10,194, respectively. There were no impairment losses recognized on our contract assets for the six months ended September 30, 2020 and 2019. As of September 30, 2020 and March 31, 2020, contract liabilities were $3,108 and $4,538, respectively. The majority of contract liabilities at March 31, 2020 were recognized as revenue as of September 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax, after discrete tax events, was a 42.3% benefit against our loss before provision for taxes and 18.5% of tax expense for the six months ended September 30, 2020 and 2019, respectively. During the six months ended September 30, 2020, the Company recorded a tax benefit of $1,403 related to updated Internal Revenue Service rules regarding the United States Global intangible low-taxed income or ("GILTI tax"). Under the new rules, Thermon was able to reduce previously incurred GILTI tax under the high tax exception rules. During the six months ended September 30, 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% resulted in a net reduction of deferred tax liabilities of $784 reported as a benefit to tax expense. Excluding the impact of the change in GILTI tax rules and other discrete items, the Company estimates that the effective tax rate will be 25.4% for the fiscal year ending March 31, 2021. The estimated effective income tax rate represents the weighted average of the estimated tax expense over our global income before tax. As of September 30, 2020, we have established a long-term liability for uncertain tax positions in the amount o f $756 . As of September 30, 2020, the tax years for the fiscal years ended March 31, 2015 through March 31, 2020 remain open to examination by the major taxing jurisdictions to which we are subject.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2020
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 Unitemp Close Corporation ("Unitemp"), Industrial Process Insulators, Inc. ("IPI"), Sumac and CCI. Our THS business line provides 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 operations attributable to our THS products 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. Our TPS product line 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, operations attributable to our TPS products have 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 September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Sales to External Customers: United States and Latin America $ 23,876 $ 43,821 $ 42,519 $ 84,248 Canada 19,216 30,951 38,529 58,203 Europe, Middle East and Africa 12,330 15,688 21,797 29,027 Asia-Pacific 10,984 12,475 20,409 23,169 $ 66,406 $ 102,935 $ 123,254 $ 194,647 Inter-Segment Sales: United States and Latin America $ 9,825 $ 15,720 $ 21,098 $ 25,461 Canada 1,363 1,005 2,855 2,129 Europe, Middle East and Africa 378 1,033 1,073 1,594 Asia-Pacific 345 157 518 445 $ 11,911 $ 17,915 $ 25,544 $ 29,629 Depreciation Expense: United States and Latin America $ 1,542 $ 1,596 $ 3,080 $ 3,095 Canada 1,079 840 2,111 1,600 Europe, Middle East and Africa 115 125 227 264 Asia-Pacific 48 49 95 103 $ 2,784 $ 2,610 $ 5,513 $ 5,062 Amortization Expense: United States and Latin America $ 198 $ 1,438 $ 874 $ 2,876 Canada 1,758 2,434 3,655 4,836 Europe, Middle East and Africa 33 323 397 650 Asia-Pacific 108 266 204 532 $ 2,097 $ 4,461 $ 5,130 $ 8,894 Income (Loss) from Operations: United States and Latin America $ 896 $ 5,333 $ (7,832) $ 6,336 Canada 2,019 5,282 4,178 8,777 Europe, Middle East and Africa 1,124 1,472 1,476 1,829 Asia-Pacific 837 2,527 1,834 4,097 Unallocated: Stock compensation (1,358) (1,323) (2,491) (2,342) Public company costs (472) (450) (874) (865) $ 3,046 $ 12,841 $ (3,709) $ 17,832 September 30, 2020 March 31, 2020 Property, Plant and Equipment, Net: United States and Latin America $ 39,476 $ 39,815 Canada 29,218 28,703 Europe, Middle East and Africa 3,221 3,246 Asia-Pacific 776 778 $ 72,691 $ 72,542 Total Assets: United States and Latin America $ 240,019 $ 239,751 Canada 272,741 270,055 Europe, Middle East and Africa 75,581 73,334 Asia-Pacific 38,734 37,765 $ 627,075 $ 620,905 Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 1,363 $ 827 $ 3,157 $ 1,988 Canada 634 1,196 867 1,584 Europe, Middle East and Africa 29 (17) 48 151 Asia-Pacific 47 109 60 116 $ 2,073 $ 2,115 $ 4,132 $ 3,839

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Policies)	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020, 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 six months ended September 30, 2020 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 adopted this standard effective April 1, 2020, and such adoption did not have a material impact on 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 adopted this standard effective April 1, 2020, and such adoption did not have a material impact on our consolidated financial statements.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policy Information Table (Tables)	6 Months Ended
	Sep. 30, 2019
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. September 30, 2020 2019 Cash and cash equivalents $ 51,362 $ 39,014 Restricted cash included in prepaid expenses and other current assets 2,190 2,054 Restricted cash included in other long-term assets 370 473 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 53,922 $ 41,541

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of long-term debt that is not measured at fair value	Information about our long-term debt that is not measured at fair value is as follows: September 30, 2020 March 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 174,750 $ 173,439 $ 176,000 $ 150,480 Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of September 30, 2020 and March 31, 2020, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency September 30, 2020 March 31, 2020 Russian Ruble $ 1,172 $ 1,103 Euro — 500 Canadian Dollar 11,500 1,500 South Korean Won 3,000 3,500 Mexican Peso 1,500 2,000 Australian Dollar 800 700 Great Britain Pound 500 500 Total notional amounts $ 18,472 $ 9,803
Schedule of fair value of foreign currency forward contracts	The following table represents the fair value of our foreign currency forward contracts: September 30, 2020 March 31, 2020 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 19 $ 114 $ 140 $ 49

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring costs by reportable segment were as follows: Three Months Ended September 30, 2020 Six Months Ended September 30, 2020 United States and Latin America $ 351 $ 2,414 Canada 1,270 2,128 Europe, Middle East and Africa 356 356 Asia-Pacific 10 10 $ 1,987 $ 4,908 Restructuring activity related to accrued severance recorded to accrued liabilities in the condensed consolidated balance sheets is summarized as follows for the six months ended September 30, 2020: September 30, 2020 Beginning balance $ — Costs incurred 4,862 Less cash payments (2,791) Ending balance $ 2,071

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease Information	Lease Term and Discount Rate September 30, 2020 March 31, 2020 Weighted average remaining lease term Operating 5.9 6.2 Finance 3.3 3.4 Weighted average discount rate Operating 4.83 % 4.82 % Finance 6.95 % 6.98 % Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,243 $ 959 $ 2,384 $ 1,767 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 68 66 145 125 Interest expense on finance lease liabilities Interest expense 11 13 22 26 Short-term lease expense Marketing, general and administrative and engineering 30 252 51 715 Net lease expense $ 1,352 $ 1,290 $ 2,602 $ 2,633 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Operating cash used for operating leases $ 1,697 $ 1,365 Operating cash flows used for finance leases 22 26 Financing cash flows used for finance leases 139 108
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows: Assets Classification September 30, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 15,049 $ 16,637 Finance Property, plant and equipment 551 695 Total right-of-use assets $ 15,600 $ 17,332 Liabilities Current Operating Lease liabilities $ 3,743 $ 3,352 Finance Lease liabilities 204 201 Non-current Operating Non-current lease liabilities 13,703 15,060 Finance Non-current lease liabilities 369 511 Total lease liabilities $ 18,019 $ 19,124
Future Lease Payments Under Non-Cancellable Operating Leases	Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending September 30, 2021 $ 4,502 $ 191 2022 3,886 159 2023 3,022 147 2024 2,105 105 2025 1,683 30 Thereafter 5,383 — Total lease payments $ 20,581 $ 632 Less imputed interest (3,135) (59) Total lease liability $ 17,446 $ 573
Future Lease Payments Under Finance Leases	Future lease payments under non-cancellable operating leases as of September 30, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending September 30, 2021 $ 4,502 $ 191 2022 3,886 159 2023 3,022 147 2024 2,105 105 2025 1,683 30 Thereafter 5,383 — Total lease payments $ 20,581 $ 632 Less imputed interest (3,135) (59) Total lease liability $ 17,446 $ 573

Earnings and Net Income (Loss)

Earnings and Net Income (Loss) per Common Share (Tables)	6 Months Ended
	Sep. 30, 2020
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 (loss) per common share for the three and six months ended September 30, 2020 and 2019, respectively, are as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Basic net income per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838 $ 6,912 $ (4,247) $ 8,383 Weighted-average common shares outstanding 33,164,921 32,727,023 33,075,902 32,681,410 Basic net income (loss) per common share $ 0.06 $ 0.21 $ (0.13) $ 0.26 Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Diluted net income per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 1,838 $ 6,912 $ (4,247) $ 8,383 Weighted-average common shares outstanding 33,164,921 32,727,023 33,075,902 32,681,410 Common share equivalents: Stock options 3,376 201,730 — 205,359 Restricted and performance stock units 249,357 315,634 — 225,009 Weighted average shares outstanding – dilutive (1) 33,417,654 33,244,387 33,075,902 33,111,778 Diluted net income (loss) per common share (2) $ 0.06 $ 0.21 $ (0.13) $ 0.25 (1) For the three months ended September 30, 2020, 256,444 equity awards were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect. For the six months ended September 30, 2020 and 2019, 283,764 and 16,557 equity awards, respectively, were not included in the calculation of diluted net income per common share, as they would have had an anti-dilutive effect.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: September 30, 2020 March 31, 2020 Raw materials $ 38,564 $ 31,300 Work in process 4,538 5,317 Finished goods 30,085 25,701 73,187 62,318 Valuation reserves (1,870) (2,045) Inventories, net $ 71,317 $ 60,273

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of September 30, 2020 is as follows: United States and Latin America Canada Europe, Middle East and Africa Asia-Pacific Total Balance as of March 31, 2020 $ 62,725 $ 107,739 $ 18,890 $ 8,624 $ 197,978 Foreign currency translation impact — 6,849 1,244 — 8,093 Balance as of September 30, 2020 $ 62,725 $ 114,588 $ 20,134 $ 8,624 $ 206,071
Schedule of intangible assets	Our total intangible assets consisted of the following: Gross Carrying Amount at September 30, 2020 Accumulated Amortization Net Carrying Amount at September 30, 2020 Gross Carrying Amount at March 31, 2020 Accumulated Amortization Net Carrying Amount at March 31, 2020 Products $ 62,455 $ 18,219 $ 44,236 $ 58,722 $ 14,193 $ 44,529 Trademarks 45,154 1,419 43,735 43,865 1,273 42,592 Developed technology 9,854 5,145 4,709 9,564 4,758 4,806 Customer relationships 111,403 100,358 11,045 105,912 93,729 12,183 Certifications 449 — 449 436 — 436 Total $ 229,315 $ 125,141 $ 104,174 $ 218,499 $ 113,953 $ 104,546

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: September 30, 2020 March 31, 2020 Accrued employee compensation and related expenses $ 10,901 $ 12,542 Accrued interest 692 782 Customer prepayments 357 357 Warranty reserves 500 477 Professional fees 1,829 2,086 Sales taxes payable 2,165 2,423 Other 4,825 5,090 Total accrued current liabilities $ 21,269 $ 23,757

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: September 30, 2020 March 31, 2020 Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $3,962 and $4,447 as of September 30, 2020 and March 31, 2020, respectively $ 170,788 $ 171,553 Less current portion (2,500) (2,500) Total long-term debt $ 168,288 $ 169,053

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	Disaggregation of revenues from contracts with customers for the three and six months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 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 $ 11,710 $ 12,166 $ 23,876 $ 18,824 $ 24,997 $ 43,821 Canada 13,776 5,440 19,216 26,437 4,514 30,951 Europe, Middle East and Africa 6,703 5,627 12,330 8,974 6,714 15,688 Asia-Pacific 3,820 7,164 10,984 5,424 7,051 12,475 Total revenues $ 36,009 $ 30,397 $ 66,406 $ 59,659 $ 43,276 $ 102,935 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 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 $ 19,985 $ 22,534 $ 42,519 $ 37,138 $ 47,110 $ 84,248 Canada 27,423 11,106 38,529 49,281 8,922 58,203 Europe, Middle East and Africa 13,517 8,280 21,797 17,865 11,162 29,027 Asia-Pacific 7,905 12,504 20,409 10,124 13,045 23,169 Total revenues $ 68,830 $ 54,424 $ 123,254 $ 114,408 $ 80,239 $ 194,647

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2020
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 September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended September 30, 2020 Six Months Ended September 30, 2019 Sales to External Customers: United States and Latin America $ 23,876 $ 43,821 $ 42,519 $ 84,248 Canada 19,216 30,951 38,529 58,203 Europe, Middle East and Africa 12,330 15,688 21,797 29,027 Asia-Pacific 10,984 12,475 20,409 23,169 $ 66,406 $ 102,935 $ 123,254 $ 194,647 Inter-Segment Sales: United States and Latin America $ 9,825 $ 15,720 $ 21,098 $ 25,461 Canada 1,363 1,005 2,855 2,129 Europe, Middle East and Africa 378 1,033 1,073 1,594 Asia-Pacific 345 157 518 445 $ 11,911 $ 17,915 $ 25,544 $ 29,629 Depreciation Expense: United States and Latin America $ 1,542 $ 1,596 $ 3,080 $ 3,095 Canada 1,079 840 2,111 1,600 Europe, Middle East and Africa 115 125 227 264 Asia-Pacific 48 49 95 103 $ 2,784 $ 2,610 $ 5,513 $ 5,062 Amortization Expense: United States and Latin America $ 198 $ 1,438 $ 874 $ 2,876 Canada 1,758 2,434 3,655 4,836 Europe, Middle East and Africa 33 323 397 650 Asia-Pacific 108 266 204 532 $ 2,097 $ 4,461 $ 5,130 $ 8,894 Income (Loss) from Operations: United States and Latin America $ 896 $ 5,333 $ (7,832) $ 6,336 Canada 2,019 5,282 4,178 8,777 Europe, Middle East and Africa 1,124 1,472 1,476 1,829 Asia-Pacific 837 2,527 1,834 4,097 Unallocated: Stock compensation (1,358) (1,323) (2,491) (2,342) Public company costs (472) (450) (874) (865) $ 3,046 $ 12,841 $ (3,709) $ 17,832 September 30, 2020 March 31, 2020 Property, Plant and Equipment, Net: United States and Latin America $ 39,476 $ 39,815 Canada 29,218 28,703 Europe, Middle East and Africa 3,221 3,246 Asia-Pacific 776 778 $ 72,691 $ 72,542 Total Assets: United States and Latin America $ 240,019 $ 239,751 Canada 272,741 270,055 Europe, Middle East and Africa 75,581 73,334 Asia-Pacific 38,734 37,765 $ 627,075 $ 620,905
Capital expenditures by geographic area	Capital expenditures for our reportable segments were as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Six Months Ended Six Months Ended Capital Expenditures: United States and Latin America $ 1,363 $ 827 $ 3,157 $ 1,988 Canada 634 1,196 867 1,584 Europe, Middle East and Africa 29 (17) 48 151 Asia-Pacific 47 109 60 116 $ 2,073 $ 2,115 $ 4,132 $ 3,839

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policy Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 51,362,000	$ 51,362,000	$ 43,237,000	$ 39,014,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	53,922,000	53,922,000	$ 46,007,000	41,541,000	$ 33,841,000
COVID-19
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Canadian emergency wage subsidy, amount	2,532,000	4,948
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	2,190,000	2,190,000		2,054,000
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	$ 370,000	$ 370,000		$ 473,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Loans Payable - Level 2 - Market Approach - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	$ 174,750	$ 176,000
Long-term debt, Fair Value	$ 173,439	$ 150,480

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Cross Currency Swaps (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Intercompany receivable	$ 42,958	$ 42,958
Designated as Hedging Instrument | Cross Currency Swap
Derivative [Line Items]
Gain (loss) on long-term derivative contract	(1,507)	(3,450)
Hedge assets	$ 1,000	1,000	$ 4,011
Unrealized gain (loss) on intercompany note		(3,805)
Derivative, Gain (Loss) on Derivative, Net		$ 355

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Plan assets	$ 4,132		$ 4,132		$ 2,849
Deferred compensation liability	4,144		4,144		$ 2,886
Deferred compensation expense (income)	781	$ 36	1,311	$ 139
Unrealized gain (loss)	$ (840)	$ (21)	$ 1,363	$ (116)

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Derivative [Line Items]
Notional amount	$ 18,472	$ 9,803
Russian Ruble
Derivative [Line Items]
Notional amount	1,172	1,103
Euro
Derivative [Line Items]
Notional amount	0	500
Canadian Dollar
Derivative [Line Items]
Notional amount	11,500	1,500
South Korean Won
Derivative [Line Items]
Notional amount	3,000	3,500
Mexican Peso
Derivative [Line Items]
Notional amount	1,500	2,000
Australian Dollar
Derivative [Line Items]
Notional amount	800	700
Great Britain Pound
Derivative [Line Items]
Notional amount	$ 500	$ 500

Fair Value Measurements - For_2

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
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	$ (90)		$ (123)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract forwards, assets		$ 19		$ 140
Foreign exchange contract forwards, liabilities		$ 114		$ 49
Foreign currency gain (loss)	$ (199)		$ (241)

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020USD ($)positions	Sep. 30, 2020USD ($)positions
Restructuring and Related Activities [Abstract]
Number of positions eliminated | positions	85	196
Severance costs	$ 1,941	$ 4,862
Lease abandonment charges	$ 46

Restructuring - Restructuring C

Restructuring - Restructuring Costs by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,987	$ 4,908
United States and Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring costs	351	2,414
Canada
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,270	2,128
Europe, Middle East and Africa
Restructuring Cost and Reserve [Line Items]
Restructuring costs	356	356
Asia-Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 10	$ 10

Restructuring - Restructuring A

Restructuring - Restructuring Activity (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2020USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Costs incurred	4,862
Less cash payments	(2,791)
Ending balance	$ 2,071

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Leases, abandonment charge	$ 46
Minimum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	1 month	1 month
Lease renewal term		1 year
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	6 months	6 months
Maximum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	10 years	10 years
Lease renewal term		5 years
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	5 years	5 years

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2020	Mar. 31, 2020
Weighted average remaining lease term
Operating	5 years 10 months 24 days	6 years 2 months 12 days
Finance	3 years 3 months 18 days	3 years 4 months 24 days
Weighted average discount rate
Operating	4.83%	4.82%
Finance	6.95%	6.98%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Assets
Operating	$ 15,049	$ 16,637
Finance	551	695
Total right-of-use assets	15,600	17,332
Current
Operating	3,743	3,352
Finance	204	201
Non-current
Operating	13,703	15,060
Finance	369	511
Total lease liabilities	$ 18,019	$ 19,124

Leases - Supplemental Statement

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finance lease expense:
Net lease expense	$ 1,352	$ 1,290	$ 2,602	$ 2,633
Marketing, general and administrative and engineering
Lessee, Lease, Description [Line Items]
Operating lease expense	1,243	959	2,384	1,767
Finance lease expense:
Amortization of ROU assets	68	66	145	125
Short-term lease expense	30	252	51	715
Interest expense
Finance lease expense:
Interest expense on finance lease liabilities	$ 11	$ 13	$ 22	$ 26

Leases - Supplemental Stateme_2

Leases - Supplemental Statement Of Cash Flows Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operation leases	$ 1,697	$ 1,365
Operating cash flows from operation leases	22	26
Financing cash flows from leases	$ 139	$ 108

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Operating Leases
2021	$ 4,502
2022	3,886
2023	3,022
2024	2,105
2025	1,683
Thereafter	5,383
Total lease payments	20,581
Less imputed interest	(3,135)
Total lease liability	17,446
Finance Leases
2021	191
2022	159
2023	147
2024	105
2025	30
Thereafter	0
Total lease payments	632
Less imputed interest	(59)
Total lease liability	$ 573

Earnings and Net Income (Loss_2

Earnings and Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic net income (loss) per common share
Net loss available to Thermon Group Holdings, Inc.	$ 1,838	$ (6,085)	$ 6,912	$ 1,471	$ (4,247)	$ 8,383
Weighted-average common shares outstanding (in shares)	33,164,921		32,727,023		33,075,902	32,681,410
Basic net income (loss) per common share (in dollars per share)	$ 0.06		$ 0.21		$ (0.13)	$ 0.26
Diluted net income (loss) per common share
Net loss available to Thermon Group Holdings, Inc.	$ 1,838	$ (6,085)	$ 6,912	$ 1,471	$ (4,247)	$ 8,383
Weighted-average common shares outstanding (in shares)	33,164,921		32,727,023		33,075,902	32,681,410
Diluted (in shares)	33,417,654		33,244,387		33,075,902	33,111,778
Diluted net income (loss) per common share (in dollars per share)	$ 0.06		$ 0.21		$ (0.13)	$ 0.25
Antidilutive securities excluded from computation of earnings per share (in shares)	256,444				283,764	16,557
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	3,376		201,730		0	205,359
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	249,357		315,634		0	225,009

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 38,564	$ 31,300
Work in process	4,538	5,317
Finished goods	30,085	25,701
Inventories, gross	73,187	62,318
Valuation reserves	(1,870)	(2,045)
Inventories, net	$ 71,317	$ 60,273

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2020USD ($)
Goodwill
Balance at the beginning of the period	$ 197,978
Balance at the end of the period	206,071
Operating Segments
Goodwill
Balance at the beginning of the period	197,978
Foreign currency translation impact	8,093
Balance at the end of the period	206,071
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	107,739
Foreign currency translation impact	6,849
Balance at the end of the period	114,588
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	18,890
Foreign currency translation impact	1,244
Balance at the end of the period	20,134
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_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ 125,141	$ 113,953
Intangible assets, gross	229,315	218,499
Intangible assets, net	104,174	104,546
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	449	436
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	62,455	58,722
Finite-lived intangible assets, accumulated amortization	18,219	14,193
Finite-lived intangible assets, net carrying amount	44,236	44,529
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	45,154	43,865
Finite-lived intangible assets, accumulated amortization	1,419	1,273
Finite-lived intangible assets, net carrying amount	43,735	42,592
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	9,854	9,564
Finite-lived intangible assets, accumulated amortization	5,145	4,758
Finite-lived intangible assets, net carrying amount	4,709	4,806
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	111,403	105,912
Finite-lived intangible assets, accumulated amortization	100,358	93,729
Finite-lived intangible assets, net carrying amount	$ 11,045	$ 12,183

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 10,901	$ 12,542
Accrued interest	692	782
Customer prepayments	357	357
Warranty reserves	500	477
Professional fees	1,829	2,086
Sales taxes payable	2,165	2,423
Other	4,825	5,090
Total accrued current liabilities	$ 21,269	$ 23,757

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Dec. 31, 2020	Jun. 18, 2020USD ($)	Oct. 30, 2017USD ($)	Oct. 30, 2017CAD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Apr. 01, 2018	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Less current portion					$ (2,500,000)		$ (2,500,000)	$ (2,500,000)
Long-term debt, net of current maturities and deferred debt issuance costs and debt discounts of $3,962 and $4,447 as of September 30, 2020 and March 31, 2020, respectively					168,288,000		168,288,000	169,053,000
Debt issuance costs, net					3,962,000		3,962,000	4,447,000
Repayments of long-term debt					38,714,000	$ 23,131,000
Maximum leverage ratio to secure additional borrowing			4	4
Amount of excess cash		$ 20,000
Loans Payable
Debt Instrument [Line Items]
Debt Instrument, face amount										$ 5,905,000
Revolving credit facility
Debt Instrument [Line Items]
Capacity available under credit facility					55,435,000		$ 55,435,000
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%
Maximum leverage ratio							4.5
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
Debt Instrument [Line Items]
Variable term loan, interest rate					4.75%		4.75%
Variable Rate Term Loan due October 2024 | Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loans					$ 170,788,000		$ 170,788,000	171,553,000
Debt issuance costs, net					$ 3,962,000		$ 3,962,000	$ 4,447,000
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
Maximum leverage ratio					3.5
Additional borrowing capacity			$ 30,000,000
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

Related-Party Transactions (Det

Related-Party Transactions (Details)	Aug. 01, 2019USD ($)	Apr. 02, 2018USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2020	Apr. 02, 2019	Mar. 31, 2017USD ($)principal	Apr. 01, 2015principal
Related Party Transaction [Line Items]
Payments for purchase of equity		$ 5,665,000
Payments to acquire equity interest	$ 4,508,000
SUMAC Former Principal
Related Party Transaction [Line Items]
Number of Former Principals | principal							1
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%
TPS
Related Party Transaction [Line Items]
Noncontrolling Interest, ownership by noncontrolling owners (percent)		12.50%
TPS | SUMAC Former Principal
Related Party Transaction [Line Items]
Noncontrolling Interest, ownership by noncontrolling owners (percent)							25.00%
Sumac Business
Related Party Transaction [Line Items]
Ownership interest percentage	12.50%				12.50%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 12,006
Guarantee obligations secured by cash deposits	2,560
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	4,564
Indian custom bonds outstanding	4,915
Accrual for additional cost of sales	$ 3,553

Stock Compensation Expense (Det

Stock Compensation Expense (Details)	3 Months Ended		6 Months Ended		49 Months Ended
	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Jun. 30, 2014plan	Jul. 22, 2020shares	Apr. 08, 2011shares	Jul. 28, 2010shares
Stock-Based Compensation Expense
Number of stock option award plans | plan					2
Stock compensation expense | $	$ 1,358,000	$ 1,323,000	$ 2,491,000	$ 2,342,000
Options outstanding (in shares)	139,485		139,485
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
2020 Long-term Incentive Plan
Stock-Based Compensation Expense
Maximum number of shares of the company's common stock that may be awarded						1,400,000
Restricted Stock Units
Stock-Based Compensation Expense
Stock granted in the period (in shares)			183,937
Stock issued during period | $			$ 2,622,000
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)	13,392		26,912
Stock issued during period | $	$ 190,000		$ 380,000
Share-based compensation arrangement by share-based payment award, fair value of shares authorized amount | $	$ 760,000		$ 760,000
Performance Shares
Stock-Based Compensation Expense
Stock granted in the period (in shares)			49,176
Stock issued during period | $			$ 1,060,000
Minimum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
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, Award Vesting Period			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			99,432
Management
Stock-Based Compensation Expense
Options granted (in shares)			71,780
Total fair value, options | $			$ 439,000
Volatility assumption			41.10%
Risk free rate			1.22%
Expected term			6 years 7 months 28 days
Expected dividend | $			$ 0
Management | Performance Shares
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Stock granted in the period (in shares)			86,634
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			173,268

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 66,406	$ 102,935	$ 123,254	$ 194,647
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	36,009	59,659	68,830	114,408
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	30,397	43,276	54,424	80,239
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	23,876	43,821	42,519	84,248
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	11,710	18,824	19,985	37,138
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	12,166	24,997	22,534	47,110
Canada
Disaggregation of Revenue [Line Items]
Total revenues	19,216	30,951	38,529	58,203
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	13,776	26,437	27,423	49,281
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	5,440	4,514	11,106	8,922
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	12,330	15,688	21,797	29,027
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	6,703	8,974	13,517	17,865
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	5,627	6,714	8,280	11,162
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	10,984	12,475	20,409	23,169
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	3,820	5,424	7,905	10,124
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,164	$ 7,051	$ 12,504	$ 13,045

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Sep. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 118,661
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 20,003
Remaining performance obligation, period	1 year

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,979	$ 10,194
Contract liabilities	$ 3,108	$ 4,538

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Mar. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	42.30%	18.50%
Income tax benefit, global intangible low-taxed income			$ 1,403
Decrease in deferred tax liabilities			784
Liability for uncertain tax positions	$ 756		$ 756
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective tax rate				25.40%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segmentGeographic_Region	Sep. 30, 2019USD ($)	Mar. 31, 2020USD ($)
Sales by geographic area:
Number of Reportable Segments | segment			4
Number of Operating Segments | Geographic_Region			4
Sales	$ 66,406	$ 102,935	$ 123,254	$ 194,647
Depreciation	2,784	2,610	5,513	5,062
Amortization of intangible assets	2,097	4,461	5,130	8,894
Operating income
Operating income (loss)	3,046	12,841	(3,709)	17,832
Stock compensation expense	1,358	1,323	2,491	2,342
Property, plant and equipment, net	72,691		72,691		$ 72,542
Assets	627,075		627,075		620,905
Operating Segments
Sales by geographic area:
Sales	66,406	102,935	123,254	194,647
Intersegment Eliminations
Sales by geographic area:
Sales	11,911	17,915	25,544	29,629
Segment Reconciling Items
Operating income
Stock compensation expense	(1,358)	(1,323)	(2,491)	(2,342)
Public company costs	(472)	(450)	(874)	(865)
United States and Latin America
Sales by geographic area:
Depreciation	1,542	1,596	3,080	3,095
Amortization of intangible assets	198	1,438	874	2,876
Operating income
Operating income (loss)	896	5,333	(7,832)	6,336
Property, plant and equipment, net	39,476		39,476		39,815
Assets	240,019		240,019		239,751
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	23,876	43,821	42,519	84,248
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	9,825	15,720	21,098	25,461
Canada
Sales by geographic area:
Depreciation	1,079	840	2,111	1,600
Amortization of intangible assets	1,758	2,434	3,655	4,836
Operating income
Operating income (loss)	2,019	5,282	4,178	8,777
Property, plant and equipment, net	29,218		29,218		28,703
Assets	272,741		272,741		270,055
Canada | Operating Segments
Sales by geographic area:
Sales	19,216	30,951	38,529	58,203
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	1,363	1,005	2,855	2,129
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	115	125	227	264
Amortization of intangible assets	33	323	397	650
Operating income
Operating income (loss)	1,124	1,472	1,476	1,829
Property, plant and equipment, net	3,221		3,221		3,246
Assets	75,581		75,581		73,334
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	12,330	15,688	21,797	29,027
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	378	1,033	1,073	1,594
Asia-Pacific
Sales by geographic area:
Depreciation	48	49	95	103
Amortization of intangible assets	108	266	204	532
Operating income
Operating income (loss)	837	2,527	1,834	4,097
Property, plant and equipment, net	776		776		778
Assets	38,734		38,734		$ 37,765
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	10,984	12,475	20,409	23,169
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 345	$ 157	$ 518	$ 445
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		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 2,073	$ 2,115	$ 4,132	$ 3,839
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	1,363	827	3,157	1,988
Canada
Segment Reporting Information [Line Items]
Capital expenditures	634	1,196	867	1,584
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	29	(17)	48	151
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 47	$ 109	$ 60	$ 116