Thermon (THR) 10-Q 4 Feb 21 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2020	Feb. 04, 2021
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	Dec. 31, 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		33,197,264
Entity Central Index Key	0001489096
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	THR
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 49,617	$ 43,237
Accounts receivable, net of allowances of $1,095 and $834 as of December 31, 2020 and March 31, 2020, respectively	76,612	92,478
Inventories, net	74,153	60,273
Contract assets	11,746	10,194
Prepaid expenses and other current assets	10,696	9,219
Income tax receivable	6,889	2,535
Total current assets	229,713	217,936
Property, plant and equipment, net	72,052	72,542
Goodwill	212,461	197,978
Intangible assets, net	105,554	104,546
Operating	13,527	16,637
Deferred income taxes	2,800	2,904
Other long-term assets	6,250	8,362
Total assets	642,357	620,905
Current liabilities:
Accounts payable	23,212	25,070
Accrued liabilities	21,804	23,757
Current portion of long term debt	2,500	2,500
Contract liabilities	3,771	4,538
Lease liabilities	2,482	3,553
Income taxes payable	118	1,217
Total current liabilities	53,887	60,635
Long-term debt, net of current maturities and deferred debt issuance costs and debt discounts of $3,719 and $4,447 as of December 31, 2020 and March 31, 2020, respectively	162,906	169,053
Deferred income taxes	21,706	22,245
Non-current lease liabilities	14,492	15,571
Other noncurrent liabilities	9,784	6,962
Total liabilities	262,775	274,466
Equity
Common stock: $.001 par value; 150,000,000 authorized; 33,186,218 and 32,916,818 shares issued and outstanding at December 31, 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	230,450	227,741
Accumulated other comprehensive loss	(35,388)	(63,894)
Retained earnings	184,487	182,559
Total equity	379,582	346,439
Total liabilities and equity	$ 642,357	$ 620,905

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Depreciation and amortization	$ 53,821	$ 43,550
Debt issuance costs, net	$ 3,719	$ 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	33,186,218	32,916,818
Common stock, shares outstanding	33,186,218	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)	$ 1,095	$ 834

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Sales	$ 79,604	$ 100,468	$ 202,858	$ 295,115
Cost of sales	42,644	56,988	112,848	169,061
Gross profit	36,960	43,480	90,010	126,054
Operating expenses:
Marketing, general and administrative and engineering	20,882	26,554	67,602	82,402
Amortization of intangible assets	2,135	4,460	7,265	13,354
Restructuring and other charges/(income)	3,783	0	8,692	0
Income (loss) from operations	10,160	12,466	6,451	30,298
Other income/(expenses):
Interest income	16	57	58	173
Interest expense	(2,449)	(3,595)	(7,462)	(11,316)
Other income/(expense)	874	(62)	2,188	(1)
Income (loss) before provision for income taxes	8,601	8,866	1,235	19,154
Income tax expense (benefit)	2,426	2,344	(693)	4,250
Net income (loss)	6,175	6,522	1,928	14,904
Income (loss) attributable to non-controlling interests	0	0	0	(2)
Net income (loss) available to Thermon Group Holdings, Inc.	6,175	6,522	1,928	14,906
Comprehensive income (loss):
Net loss available to Thermon Group Holdings, Inc.	6,175	6,522	1,928	14,906
Foreign currency translation adjustment	14,516	6,099	29,245	5,721
Other miscellaneous income/(loss)	(152)	0	(731)	337
Comprehensive income	$ 20,539	$ 12,621	$ 30,442	$ 20,964
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.19	$ 0.20	$ 0.06	$ 0.46
Diluted (in dollars per share)	$ 0.18	$ 0.20	$ 0.06	$ 0.45
Weighted-average shares used in computing net income per common share:
Basic (in shares)	33,180,562	32,785,753	33,110,877	32,716,317
Diluted (in shares)	33,419,573	33,258,937	33,234,357	33,124,580

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.	14,906
Loss attributable to non-controlling interests	(2)
Ending balance (in shares) at Dec. 31, 2019		32,877,119
Ending balance at Dec. 31, 2019	369,044	$ 33	226,375	185,527	0	(42,891)
Beginning balance (in shares) at Jun. 30, 2019		32,705,031
Beginning balance at Jun. 30, 2019	355,142	$ 33	223,022	172,092	4,509	(44,514)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)							16,262	14,757	6,389
Stock compensation expense	1,323		1,323
Repurchase of employee stock units on vesting	(95)		(95)
Net loss available to Thermon Group Holdings, Inc.	6,913			6,913
Foreign currency translation adjustment	(4,813)					(4,813)
Purchase of shares from non-controlling interests	(4,508)		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	354,308	$ 33	224,260	179,005	0	(48,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		101,455
Issuance of common stock in exercise of stock options	798		798
Issuance of common stock (in shares)							23,748		9,477
Stock compensation expense	1,328		1,328
Repurchase of employee stock units on vesting	(11)		(11)
Net loss available to Thermon Group Holdings, Inc.	6,522			6,522
Foreign currency translation adjustment	6,099					6,099
Loss attributable to non-controlling interests	0
Ending balance (in shares) at Dec. 31, 2019		32,877,119
Ending balance at Dec. 31, 2019	$ 369,044	$ 33	226,375	185,527	$ 0	(42,891)
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.	1,928
Loss attributable to non-controlling interests	$ 0
Ending balance (in shares) at Dec. 31, 2020	33,186,218	33,186,218
Ending balance at Dec. 31, 2020	$ 379,582	$ 33	230,450	184,487		(35,388)
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)
Ending balance (in shares) at Sep. 30, 2020		33,169,798
Ending balance at Sep. 30, 2020	358,599	$ 33	229,998	178,312		(49,744)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in exercise of stock options (in shares)		0
Issuance of common stock in exercise of stock options	16		16
Issuance of common stock (in shares)							1,867		14,553
Stock compensation expense	430		430
Repurchase of employee stock units on vesting	(2)		(2)
Net loss available to Thermon Group Holdings, Inc.	6,175			6,175
Foreign currency translation adjustment	14,516					14,516
Loss attributable to non-controlling interests	$ 0
Ending balance (in shares) at Dec. 31, 2020	33,186,218	33,186,218
Ending balance at Dec. 31, 2020	$ 379,582	$ 33	$ 230,450	$ 184,487		$ (35,388)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income (loss)	$ 1,928	$ 14,904
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	15,617	21,079
Amortization of deferred debt issuance costs	773	1,574
Stock compensation expense	2,921	3,670
Deferred income taxes	(2,698)	(3,416)
Release of reserve for uncertain tax positions, net	0	(421)
Loss on long-term cross currency swap	5,068	1,897
Remeasurement gain on intercompany balances	(6,996)	(2,264)
Loss on sale of business, net of cash surrendered	2,045	0
Changes in operating assets and liabilities:
Accounts receivable	21,028	9,747
Inventories	(10,618)	1,957
Contract assets	(2,148)	8,167
Other current and non-current assets	(2,833)	(4,422)
Accounts payable	(2,263)	503
Accrued liabilities and non-current liabilities	(991)	(4,441)
Income taxes payable and receivable	(5,354)	3,821
Net cash provided by operating activities	15,479	52,355
Investing activities
Purchases of property, plant and equipment	(4,708)	(6,701)
Sale of rental equipment	65	371
Proceeds from sale of property, plant and equipment	0	242
Net cash used in investing activities	(4,643)	(6,088)
Financing activities
Proceeds from revolving credit facility	37,189	10,000
Payments on long-term debt and revolving credit facility	(44,339)	(46,279)
Purchase of shares from non-controlling interests	0	(4,508)
Proceeds from exercise of stock options	468	860
Repurchase of employee stock units on vesting	(688)	(890)
Payments on finance leases	(218)	(106)
Net cash used in financing activities	(7,588)	(40,923)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,057	503
Cash, cash equivalents and restricted cash at beginning of period	46,006	33,841
Cash, cash equivalents and restricted cash at end of period	52,311	39,688
Change in cash, cash equivalents and restricted cash	$ 6,305	$ 5,847

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information	9 Months Ended
	Dec. 31, 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, ("fiscal 2020"). In our opinion, the accompanying consolidated financial statements reflect all adjustments considered necessary to present fairly our financial position at December 31, 2020 and March 31, 2020, and the results of our operations for the three and nine months ended December 31, 2020 and 2019. Impact of the 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 (the “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 15, 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 nine months period ended December 31, 2020. During the three and nine months ended December 31, 2020, we recorded subsidies in the amount of $979 and $5,928, 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 December 31, 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 nine months ended December 31, 2020 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2021 ("fiscal 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, and restricted cash included in prepaid expenses and other current assets and restricted cash included in other long-term assets reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2020 2019 Cash and cash equivalents $ 49,617 $ 37,054 Restricted cash included in prepaid expenses and other current assets 2,314 2,123 Restricted cash included in other long-term assets 380 511 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 52,311 $ 39,688 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. Reference Rate Reform - In March 2020, the FASB issued Accounting Standards Update 2020-04 - Reference Rate Reform ("ASC Topic 848"). The update is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. As of December 31, 2020, we have not yet elected any optional expedients provided in the standard. We will apply the accounting relief, if necessary, as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. Income Taxes - In December 2019, the FASB issued Accounting Standards Update 2019-12 Income Taxes ("ASC Topic 740") : Simplifying the Accounting for Income Taxes." This ASU amends ASC 740 to add, remove, and clarify disclosure requirements related to income taxes. The new standard is effective for fiscal years beginning after December 15, 2020. We are still evaluating the impact of this new standard.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 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 December 31, 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: December 31, 2020 March 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 169,125 $ 169,125 $ 176,000 $ 150,480 Level 2 - Market Approach At December 31, 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 is temporary and attributable 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 December 31, 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 $1,869 and $5,319 of unrealized mark-to-market losses on the cross currency swap, which is reported as "Other income and expense" in the condensed consolidated statement of operations and comprehensive income for the three and nine months ended December 31, 2020, respectively. Cross currency swap contracts are measured on a recurring basis at fair value and are classified as Level 2 measurements. Hedge (liabilities) assets in the amount of ($786) and $4,011 were included in "Other non-current liabilities" and"Other long-term assets," respectively, in the condensed consolidated balance sheet as of December 31, 2020 and March 31, 2020, respectively. For the nine months ended December 31, 2020, the loss on the long-term cross currency swap derivative contract was offset by unrealized gain on the intercompany note of $5,806 for a net gain of $487. Deferred Compensation Plan The Company provides a non-qualified deferred compensation plan for certain highly compensated employees where payroll contributions are made by the employees on a pre-tax basis. Included in “Other long-term assets” in the condensed consolidated balance sheet at December 31, 2020 and March 31, 2020 were $4,814 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 $4,812 and $2,886 included in “Other long-term liabilities” in the condensed consolidated balance sheet at December 31, 2020 and March 31, 2020, respectively. Deferred compensation expense (income) included in "Marketing, general and administrative and engineering" were $599 and $(228) for the three months ended December 31, 2020 and 2019, respectively, and $1,380 and $139 for the nine months ended December 31, 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 operations and comprehensive income. Our unrealized gains on investments were $651 and $21 for the three months ended December 31, 2020 and 2019, respectively, and $1,419 and $116 for the nine months ended December 31, 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 operations and 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 December 31, 2020 and March 31, 2020, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2020 March 31, 2020 Russian Ruble $ 1,750 $ 1,103 Euro — 500 Canadian Dollar 10,000 1,500 South Korean Won 5,000 3,500 Mexican Peso 1,750 2,000 Australian Dollar 900 700 Great Britain Pound 500 500 Total notional amounts $ 19,900 $ 9,803 The following table represents the fair value of our foreign currency forward contracts: December 31, 2020 March 31, 2020 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 53 $ 4 $ 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 of $388 and gains of $132 in the three months ended December 31, 2020 and 2019, respectively, and losses of $437 and $109 for the nine months ended December 31, 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 December 31, 2020 and 2019, our net foreign currency transactions were gains of $109 and losses of $206, respectively. Likewise, we observed gains of $85 and losses of $84 for the nine months ended December 31, 2020 and 2019, respectively.

Restructuring and other charges

Restructuring and other charges (income)	9 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and other charges (income)	Restructuring and other charges/(income) During the nine months ended December 31, 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 66 and 262 positions (both hourly and salaried positions) during the three and nine months ended December 31, 2020, respectively, and incurred $997 and $5,858 in one-time severance costs during the three and nine months ended December 31, 2020, respectively, which were recorded to restructuring and other charges/(income) in our condensed consolidated statements of operations and comprehensive income. In addition, we incurred $429 in lease impairment costs primarily related to one of our Canadian facilities that was substantially vacated by December 31, 2020, as the Company executed efforts to optimize its global manufacturing footprint. We also exercised the early termination option for one of our existing leases in Canada, which resulted in the remeasurement of the related right-of-use asset and lease liability and accelerated the lease amortization and expense to align with the cease use date of the facility. We substantially vacated the facility by December 31, 2020. As a result, we recorded an incremental $144 and $191 in lease abandonment charges during the three and nine months ended December 31, 2020, respectively. Both of these lease-related costs were recorded to restructuring and other charges/(income) in our condensed consolidated statements of operations and comprehensive income. Disposal of South Africa Business On December 15, 2020, a Sale of Shares Agreement was entered into between one of our consolidated subsidiaries and an investor consortium (the "TSAPL Purchasers"). As a result of this agreement, 100% of the outstanding common shares of our consolidated subsidiary, Thermon South Africa Proprietary Limited (the "South Africa Business"), were sold to the TSAPL Purchasers, with aggregate proceeds of 2,500 South African Rand (ZAR), or $167, as partial satisfaction of an existing note receivable. In addition, Purchasers committed to settle operational receivables attributable to other Thermon Group Holdings, Inc. subsidiaries that were existing at the time of sale. After evaluating our presence in the region served by the South Africa Business, the Company decided to centralize and consolidate our business structure and streamline our organization. A member of the TSAPL Purchasers was the current general manager of the operations at the time of sale. This sale is accompanied by a distribution agreement whereby the new owners will distribute our products, thus continuing the Company's presence in the region. We believes this is an opportunity to optimize the business while pivoting to a new relationship that will better enable us to serve our customers. As a result of the sale and in accordance with ASC 360-10, we recognized a loss on the sale of a business of $2,214, which included the impact of a currency translation adjustment of $828. This loss was recognized within restructuring and other charges/(income) on the condensed consolidated statements of operations and comprehensive income. The reported loss on sale of stock is not deductible for tax. Prior to the disposal, the South Africa Business's results were reported within the "Europe, Middle East and Africa" segment. Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended December 31, 2020 Nine Months Ended United States and Latin America $ 959 $ 3,373 Canada 573 2,702 Europe, Middle East and Africa 2,251 2,607 Asia-Pacific — 10 $ 3,783 $ 8,692 Restructuring activity related to severance activity described above recorded in "Accrued liabilities" on the condensed consolidated balance sheets is summarized as follows for the nine months ended December 31, 2020: Nine Months Ended Beginning balance $ — Costs incurred 5,858 Less cash payments (4,153) Ending balance $ 1,705

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases For discussion regarding the lease abandonment and impairment charges recognized during the quarter, refer to Note 4 Restructuring and other income/(charges). 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 nine months ended December 31, 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 December 31, 2020 March 31, 2020 Weighted average remaining lease term: Operating 6.1 6.2 Finance 3.2 3.4 Weighted average discount rate: Operating 4.81 % 4.82 % Finance 6.57 % 6.98 % Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 13,527 $ 16,637 Finance Property, plant and equipment 478 695 Total right-of-use assets $ 14,005 $ 17,332 Liabilities Current Operating Lease liabilities $ 2,433 $ 3,352 Finance Lease liabilities 50 201 Non-current Operating Non-current lease liabilities 13,985 15,060 Finance Non-current lease liabilities 507 511 Total lease liabilities $ 16,975 $ 19,124 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,070 $ 860 $ 3,455 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 66 63 211 189 Interest expense on finance lease liabilities Interest expense 9 12 31 38 Short-term lease expense Marketing, general and administrative and engineering 9 225 60 940 Net lease expense $ 1,154 $ 1,160 $ 3,757 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,747 $ 2,083 Operating cash flows used for finance leases 31 43 Financing cash flows used for finance leases 218 189 Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2021 $ 4,375 $ 212 2022 3,507 162 2023 2,499 142 2024 2,020 84 2025 1,697 — Thereafter 4,958 — Total lease payments $ 19,056 $ 600 Less imputed interest (2,638) (43) Total lease liability $ 16,418 $ 557
Leases	Leases For discussion regarding the lease abandonment and impairment charges recognized during the quarter, refer to Note 4 Restructuring and other income/(charges). 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 nine months ended December 31, 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 December 31, 2020 March 31, 2020 Weighted average remaining lease term: Operating 6.1 6.2 Finance 3.2 3.4 Weighted average discount rate: Operating 4.81 % 4.82 % Finance 6.57 % 6.98 % Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 13,527 $ 16,637 Finance Property, plant and equipment 478 695 Total right-of-use assets $ 14,005 $ 17,332 Liabilities Current Operating Lease liabilities $ 2,433 $ 3,352 Finance Lease liabilities 50 201 Non-current Operating Non-current lease liabilities 13,985 15,060 Finance Non-current lease liabilities 507 511 Total lease liabilities $ 16,975 $ 19,124 Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,070 $ 860 $ 3,455 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 66 63 211 189 Interest expense on finance lease liabilities Interest expense 9 12 31 38 Short-term lease expense Marketing, general and administrative and engineering 9 225 60 940 Net lease expense $ 1,154 $ 1,160 $ 3,757 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,747 $ 2,083 Operating cash flows used for finance leases 31 43 Financing cash flows used for finance leases 218 189 Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2021 $ 4,375 $ 212 2022 3,507 162 2023 2,499 142 2024 2,020 84 2025 1,697 — Thereafter 4,958 — Total lease payments $ 19,056 $ 600 Less imputed interest (2,638) (43) Total lease liability $ 16,418 $ 557

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2020 and 2019, respectively, are as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Basic net income (loss) per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175 $ 6,522 $ 1,928 $ 14,906 Weighted-average common shares outstanding 33,180,562 32,785,753 33,110,877 32,716,317 Basic net income (loss) per common share $ 0.19 $ 0.20 $ 0.06 $ 0.46 Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Diluted net income (loss) per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175 $ 6,522 $ 1,928 $ 14,906 Weighted-average common shares outstanding 33,180,562 32,785,753 33,110,877 32,716,317 Common share equivalents: Stock options 2,733 163,357 21,155 161,420 Restricted and performance stock units 236,278 309,827 102,325 246,843 Weighted average shares outstanding – dilutive (1) 33,419,573 33,258,937 33,234,357 33,124,580 Diluted net income (loss) per common share $ 0.18 $ 0.20 $ 0.06 $ 0.45 (1) For the three months ended December 31, 2020 and 2019, 250,668 and zero equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have had an anti-dilutive effect. For the nine months ended December 31, 2020 and 2019, 246,005 and zero 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	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 38,009 $ 31,300 Work in process 3,867 5,317 Finished goods 34,055 25,701 75,931 62,318 Valuation reserves (1,778) (2,045) Inventories, net $ 74,153 $ 60,273

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Dec. 31, 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 December 31, 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 — 12,312 2,171 — 14,483 Balance as of December 31, 2020 $ 62,725 $ 120,051 $ 21,061 $ 8,624 $ 212,461 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 nine month period ended December 31, 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 December 31, 2020 Accumulated Amortization Net Carrying Amount at December 31, 2020 Gross Carrying Amount at March 31, 2020 Accumulated Amortization Net Carrying Amount at March 31, 2020 Products $ 65,433 $ 20,720 $ 44,713 $ 58,722 $ 14,193 $ 44,529 Trademarks 45,805 1,232 44,573 43,865 1,273 42,592 Developed technology 10,080 5,388 4,692 9,564 4,758 4,806 Customer relationships 113,835 102,718 11,117 105,912 93,729 12,183 Certifications 459 — 459 436 — 436 Total $ 235,612 $ 130,058 $ 105,554 $ 218,499 $ 113,953 $ 104,546

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: December 31, 2020 March 31, 2020 Accrued employee compensation and related expenses $ 11,286 $ 12,542 Accrued interest 692 782 Customer prepayments 399 357 Warranty reserves 250 477 Professional fees 2,004 2,086 Sales taxes payable 2,565 2,423 Other 4,608 5,090 Total accrued current liabilities $ 21,804 $ 23,757

Long-Term Debt

Long-Term Debt	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtLong-term debt consisted of the following: December 31, 2020 March 31, 2020 Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $3,719 and $4,447 as of December 31, 2020 and March 31, 2020, respectively $ 165,406 $ 171,553 Less current portion (2,500) (2,500) Total long-term debt $ 162,906 $ 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 December 31, 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 December 31, 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 December 31, 2020, we had $56,147 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 December 31, 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 a consolidated leverage ratio of 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 December 31, 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	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2020, the Company had in place letter of credit guarantees and performance bonds securing certain performance obligations of the Company. These arrangements totaled approximately $9,526. Of this amount, $1,282 is secured by cash deposits at the Company’s financial institutions and an additional $3,853 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 $4,919 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 expenses when incurred. As of December 31, 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 December 31, 2020, the Company has accrued $2,930 as estimated additional cost related to the operational execution of a project in our US-LAM segment. In addition to the legal proceeding 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 the CCI 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	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense	Stock Compensation Expense Our board of directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“2010 Plan”) was approved on July 28, 2010. The 2010 Plan authorized the issuance of 2,767,171 stock options or restricted shares. On 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 December 31, 2020 and 2019, was $430 and $1,328, respectively, and $2,921 and $3,670 for the nine months ended December 31, 2020 and 2019, respectively. At December 31, 2020, there were 142,086 options outstanding. During the nine months ended December 31, 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 in full three During the nine months ended December 31, 2020, 212,673 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 $2,912. 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 $712. 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 nine months ended December 31, 2020, 14,553 and 41,465 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 $166 and $546 for the three and nine months ended December 31, 2020, respectively. The fair value of the awards is expensed on each grant date. During the nine months ended December 31, 2020, a target amount of 49,716 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 nine months ended December 31, 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	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic location, revenues recognized at point in time and revenues recognized over time, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2020 and 2019 is as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 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 $ 14,743 $ 14,971 $ 29,714 $ 19,007 $ 19,830 $ 38,837 Canada 18,509 6,483 24,992 28,928 5,600 34,528 Europe, Middle East and Africa 7,932 9,212 17,144 6,756 6,582 13,338 Asia-Pacific 4,933 2,821 7,754 5,432 8,333 13,765 Total revenues $ 46,117 $ 33,487 $ 79,604 $ 60,123 $ 40,345 $ 100,468 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 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 $ 34,728 $ 37,505 $ 72,233 $ 56,145 $ 66,940 $ 123,085 Canada 45,932 17,589 63,521 78,209 14,522 92,731 Europe, Middle East and Africa 21,449 17,492 38,941 24,621 17,744 42,365 Asia-Pacific 12,838 15,325 28,163 15,556 21,378 36,934 Total revenues $ 114,947 $ 87,911 $ 202,858 $ 174,531 $ 120,584 $ 295,115 Performance Obligations At December 31, 2020, revenues associated with our open performance obligations totaled $110,055, representing our combined backlog and deferred revenue. Within this amount, approximately $14,801 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 December 31, 2020 and March 31, 2020, contract assets were $11,746 and $10,194, respectively. There were no impairment losses recognized on our contract assets for the nine months ended December 31, 2020 and 2019. As of December 31, 2020 and March 31, 2020, contract liabilities were $3,771 and $4,538, respectively. The majority of contract liabilities at March 31, 2020 were recognized as revenue as of December 31, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax, after discrete tax events, was a 28.2% benefit against our loss before provision for taxes and 26.4% of tax expense for the three months ended December 31, 2020 and 2019, respectively. During the nine months ended December 31, 2020, the Company recorded discrete tax benefits of $1,854 related to updated Internal Revenue Service rules regarding the United States Global intangible low-taxed income or ("GILTI tax") and related tax planning elections associated with the GILTI tax rule changes. Under the new rules, Thermon was able to reduce previously incurred GILTI tax under the high tax exception rules. Included with this benefit are certain tax elections that resulted in the reduction of previous tax expense. Separately, the loss on the capital stock sale of the South Africa Business, referred to in Note 4, "Restructuring and other charges/(income)", was not deductible for income tax. This resulted in approximately $526 of discrete tax expense during the three and nine months ended December 31, 2020. During the nine months ended December 31, 2019, the Company recorded the impact of a prospective income tax rate reduction in the tax jurisdictions of Alberta, Canada and the Netherlands. The scheduled rate reductions of 4% and 3%, respectively, resulted in a net reduction of deferred tax liabilities of 1,231 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 26.9% for fiscal year 2021. The estimated effective income tax rate represents the weighted average of the estimated tax expense over our global income before tax. As of December 31, 2020, we have established a long-term liability for uncertain tax positions in the amount of $770. As of December 31, 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	9 Months Ended
	Dec. 31, 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. 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. 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 December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Sales to External Customers: United States and Latin America $ 29,714 $ 38,837 $ 72,233 $ 123,085 Canada 24,992 34,528 63,521 92,731 Europe, Middle East and Africa 17,144 13,338 38,941 42,365 Asia-Pacific 7,754 13,765 28,163 36,934 $ 79,604 $ 100,468 $ 202,858 $ 295,115 Inter-Segment Sales: United States and Latin America $ 10,751 $ 11,316 $ 31,849 $ 36,777 Canada 2,523 1,101 5,378 3,230 Europe, Middle East and Africa 542 791 1,615 2,385 Asia-Pacific 343 167 861 612 $ 14,159 $ 13,375 $ 39,703 $ 43,004 Depreciation Expense: United States and Latin America $ 1,647 $ 1,566 $ 4,727 $ 4,661 Canada 1,144 930 3,255 2,530 Europe, Middle East and Africa 8 138 235 402 Asia-Pacific 40 29 135 132 $ 2,839 $ 2,663 $ 8,352 $ 7,725 Amortization Expense: United States and Latin America $ 295 $ 1,438 $ 1,169 $ 4,314 Canada 1,797 2,434 5,452 7,270 Europe, Middle East and Africa 32 322 429 972 Asia-Pacific 11 266 215 798 $ 2,135 $ 4,460 $ 7,265 $ 13,354 Income (Loss) from Operations: United States and Latin America $ 3,647 $ 2,944 $ (4,185) $ 9,280 Canada 4,993 8,562 9,171 17,339 Europe, Middle East and Africa 802 366 2,278 2,196 Asia-Pacific 1,425 2,280 3,259 6,377 Unallocated: Stock compensation (430) (1,328) (2,921) (3,670) Public company costs (277) (358) (1,151) (1,224) $ 10,160 $ 12,466 $ 6,451 $ 30,298 December 31, 2020 March 31, 2020 Property, Plant and Equipment, Net: United States and Latin America $ 37,937 $ 39,815 Canada 29,984 28,703 Europe, Middle East and Africa 3,365 3,246 Asia-Pacific 766 778 $ 72,052 $ 72,542 Total Assets: United States and Latin America $ 232,050 $ 239,751 Canada 288,210 270,055 Europe, Middle East and Africa 82,728 73,334 Asia-Pacific 39,369 37,765 $ 642,357 $ 620,905 Capital expenditures for our reportable segments were as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 89 $ 2,122 $ 3,245 $ 4,110 Canada 473 289 1,340 1,872 Europe, Middle East and Africa 10 375 59 527 Asia-Pacific 4 76 64 192 $ 576 $ 2,862 $ 4,708 $ 6,701

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policy Information (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 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 nine months ended December 31, 2020 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2021 ("fiscal 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. Reference Rate Reform - In March 2020, the FASB issued Accounting Standards Update 2020-04 - Reference Rate Reform ("ASC Topic 848"). The update is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. As of December 31, 2020, we have not yet elected any optional expedients provided in the standard. We will apply the accounting relief, if necessary, as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. Income Taxes - In December 2019, the FASB issued Accounting Standards Update 2019-12 Income Taxes ("ASC Topic 740") : Simplifying the Accounting for Income Taxes." This ASU amends ASC 740 to add, remove, and clarify disclosure requirements related to income taxes. The new standard is effective for fiscal years beginning after December 15, 2020. We are still evaluating the impact of this new standard.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policy Information Table (Tables)	9 Months Ended
	Dec. 31, 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, and restricted cash included in prepaid expenses and other current assets and restricted cash included in other long-term assets reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2020 2019 Cash and cash equivalents $ 49,617 $ 37,054 Restricted cash included in prepaid expenses and other current assets 2,314 2,123 Restricted cash included in other long-term assets 380 511 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 52,311 $ 39,688

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 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: December 31, 2020 March 31, 2020 Carrying Fair Value Carrying Fair Value Valuation Technique Financial Liabilities Outstanding principal amount of senior secured credit facility $ 169,125 $ 169,125 $ 176,000 $ 150,480 Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of December 31, 2020 and March 31, 2020, the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2020 March 31, 2020 Russian Ruble $ 1,750 $ 1,103 Euro — 500 Canadian Dollar 10,000 1,500 South Korean Won 5,000 3,500 Mexican Peso 1,750 2,000 Australian Dollar 900 700 Great Britain Pound 500 500 Total notional amounts $ 19,900 $ 9,803
Schedule of fair value of foreign currency forward contracts	The following table represents the fair value of our foreign currency forward contracts: December 31, 2020 March 31, 2020 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 53 $ 4 $ 140 $ 49

Restructuring and other charg_2

Restructuring and other charges (income) (Tables)	9 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring and other charges/(income) by reportable segment were as follows: Three Months Ended December 31, 2020 Nine Months Ended United States and Latin America $ 959 $ 3,373 Canada 573 2,702 Europe, Middle East and Africa 2,251 2,607 Asia-Pacific — 10 $ 3,783 $ 8,692 Restructuring activity related to severance activity described above recorded in "Accrued liabilities" on the condensed consolidated balance sheets is summarized as follows for the nine months ended December 31, 2020: Nine Months Ended Beginning balance $ — Costs incurred 5,858 Less cash payments (4,153) Ending balance $ 1,705

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease Information	Lease Term and Discount Rate December 31, 2020 March 31, 2020 Weighted average remaining lease term: Operating 6.1 6.2 Finance 3.2 3.4 Weighted average discount rate: Operating 4.81 % 4.82 % Finance 6.57 % 6.98 % Supplemental statement of operations information related to leases was as follows: Lease expense Classification Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating lease expense Marketing, general and administrative and engineering $ 1,070 $ 860 $ 3,455 $ 2,627 Finance lease expense: Amortization of ROU assets Marketing, general and administrative and engineering 66 63 211 189 Interest expense on finance lease liabilities Interest expense 9 12 31 38 Short-term lease expense Marketing, general and administrative and engineering 9 225 60 940 Net lease expense $ 1,154 $ 1,160 $ 3,757 $ 3,794 Supplemental statement of cash flows information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Operating cash used for operating leases $ 2,747 $ 2,083 Operating cash flows used for finance leases 31 43 Financing cash flows used for finance leases 218 189
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows: Assets Classification December 31, 2020 March 31, 2020 Operating Operating lease right-of-use assets $ 13,527 $ 16,637 Finance Property, plant and equipment 478 695 Total right-of-use assets $ 14,005 $ 17,332 Liabilities Current Operating Lease liabilities $ 2,433 $ 3,352 Finance Lease liabilities 50 201 Non-current Operating Non-current lease liabilities 13,985 15,060 Finance Non-current lease liabilities 507 511 Total lease liabilities $ 16,975 $ 19,124
Future Lease Payments Under Non-Cancellable Operating Leases	Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2021 $ 4,375 $ 212 2022 3,507 162 2023 2,499 142 2024 2,020 84 2025 1,697 — Thereafter 4,958 — Total lease payments $ 19,056 $ 600 Less imputed interest (2,638) (43) Total lease liability $ 16,418 $ 557
Future Lease Payments Under Finance Leases	Future lease payments under non-cancellable operating leases as of December 31, 2020 were as follows: Future Lease Payments Operating Leases Finance Leases Twelve months ending December 31, 2021 $ 4,375 $ 212 2022 3,507 162 2023 2,499 142 2024 2,020 84 2025 1,697 — Thereafter 4,958 — Total lease payments $ 19,056 $ 600 Less imputed interest (2,638) (43) Total lease liability $ 16,418 $ 557

Earnings and Net Income (Loss)

Earnings and Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Dec. 31, 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 nine months ended December 31, 2020 and 2019, respectively, are as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Basic net income (loss) per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175 $ 6,522 $ 1,928 $ 14,906 Weighted-average common shares outstanding 33,180,562 32,785,753 33,110,877 32,716,317 Basic net income (loss) per common share $ 0.19 $ 0.20 $ 0.06 $ 0.46 Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Diluted net income (loss) per common share Net income (loss) available to Thermon Group Holdings, Inc. $ 6,175 $ 6,522 $ 1,928 $ 14,906 Weighted-average common shares outstanding 33,180,562 32,785,753 33,110,877 32,716,317 Common share equivalents: Stock options 2,733 163,357 21,155 161,420 Restricted and performance stock units 236,278 309,827 102,325 246,843 Weighted average shares outstanding – dilutive (1) 33,419,573 33,258,937 33,234,357 33,124,580 Diluted net income (loss) per common share $ 0.18 $ 0.20 $ 0.06 $ 0.45 (1) For the three months ended December 31, 2020 and 2019, 250,668 and zero equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have had an anti-dilutive effect. For the nine months ended December 31, 2020 and 2019, 246,005 and zero 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)	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: December 31, 2020 March 31, 2020 Raw materials $ 38,009 $ 31,300 Work in process 3,867 5,317 Finished goods 34,055 25,701 75,931 62,318 Valuation reserves (1,778) (2,045) Inventories, net $ 74,153 $ 60,273

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying amount of goodwill	The carrying amount of goodwill by operating segment as of December 31, 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 — 12,312 2,171 — 14,483 Balance as of December 31, 2020 $ 62,725 $ 120,051 $ 21,061 $ 8,624 $ 212,461
Schedule of intangible assets	Our total intangible assets consisted of the following: Gross Carrying Amount at December 31, 2020 Accumulated Amortization Net Carrying Amount at December 31, 2020 Gross Carrying Amount at March 31, 2020 Accumulated Amortization Net Carrying Amount at March 31, 2020 Products $ 65,433 $ 20,720 $ 44,713 $ 58,722 $ 14,193 $ 44,529 Trademarks 45,805 1,232 44,573 43,865 1,273 42,592 Developed technology 10,080 5,388 4,692 9,564 4,758 4,806 Customer relationships 113,835 102,718 11,117 105,912 93,729 12,183 Certifications 459 — 459 436 — 436 Total $ 235,612 $ 130,058 $ 105,554 $ 218,499 $ 113,953 $ 104,546

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	Accrued current liabilities consisted of the following: December 31, 2020 March 31, 2020 Accrued employee compensation and related expenses $ 11,286 $ 12,542 Accrued interest 692 782 Customer prepayments 399 357 Warranty reserves 250 477 Professional fees 2,004 2,086 Sales taxes payable 2,565 2,423 Other 4,608 5,090 Total accrued current liabilities $ 21,804 $ 23,757

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: December 31, 2020 March 31, 2020 Variable Rate Term Loan, due October 2024, net of deferred debt issuance costs and debt discounts of $3,719 and $4,447 as of December 31, 2020 and March 31, 2020, respectively $ 165,406 $ 171,553 Less current portion (2,500) (2,500) Total long-term debt $ 162,906 $ 169,053

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2020 and 2019 is as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 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 $ 14,743 $ 14,971 $ 29,714 $ 19,007 $ 19,830 $ 38,837 Canada 18,509 6,483 24,992 28,928 5,600 34,528 Europe, Middle East and Africa 7,932 9,212 17,144 6,756 6,582 13,338 Asia-Pacific 4,933 2,821 7,754 5,432 8,333 13,765 Total revenues $ 46,117 $ 33,487 $ 79,604 $ 60,123 $ 40,345 $ 100,468 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 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 $ 34,728 $ 37,505 $ 72,233 $ 56,145 $ 66,940 $ 123,085 Canada 45,932 17,589 63,521 78,209 14,522 92,731 Europe, Middle East and Africa 21,449 17,492 38,941 24,621 17,744 42,365 Asia-Pacific 12,838 15,325 28,163 15,556 21,378 36,934 Total revenues $ 114,947 $ 87,911 $ 202,858 $ 174,531 $ 120,584 $ 295,115

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019 Sales to External Customers: United States and Latin America $ 29,714 $ 38,837 $ 72,233 $ 123,085 Canada 24,992 34,528 63,521 92,731 Europe, Middle East and Africa 17,144 13,338 38,941 42,365 Asia-Pacific 7,754 13,765 28,163 36,934 $ 79,604 $ 100,468 $ 202,858 $ 295,115 Inter-Segment Sales: United States and Latin America $ 10,751 $ 11,316 $ 31,849 $ 36,777 Canada 2,523 1,101 5,378 3,230 Europe, Middle East and Africa 542 791 1,615 2,385 Asia-Pacific 343 167 861 612 $ 14,159 $ 13,375 $ 39,703 $ 43,004 Depreciation Expense: United States and Latin America $ 1,647 $ 1,566 $ 4,727 $ 4,661 Canada 1,144 930 3,255 2,530 Europe, Middle East and Africa 8 138 235 402 Asia-Pacific 40 29 135 132 $ 2,839 $ 2,663 $ 8,352 $ 7,725 Amortization Expense: United States and Latin America $ 295 $ 1,438 $ 1,169 $ 4,314 Canada 1,797 2,434 5,452 7,270 Europe, Middle East and Africa 32 322 429 972 Asia-Pacific 11 266 215 798 $ 2,135 $ 4,460 $ 7,265 $ 13,354 Income (Loss) from Operations: United States and Latin America $ 3,647 $ 2,944 $ (4,185) $ 9,280 Canada 4,993 8,562 9,171 17,339 Europe, Middle East and Africa 802 366 2,278 2,196 Asia-Pacific 1,425 2,280 3,259 6,377 Unallocated: Stock compensation (430) (1,328) (2,921) (3,670) Public company costs (277) (358) (1,151) (1,224) $ 10,160 $ 12,466 $ 6,451 $ 30,298 December 31, 2020 March 31, 2020 Property, Plant and Equipment, Net: United States and Latin America $ 37,937 $ 39,815 Canada 29,984 28,703 Europe, Middle East and Africa 3,365 3,246 Asia-Pacific 766 778 $ 72,052 $ 72,542 Total Assets: United States and Latin America $ 232,050 $ 239,751 Canada 288,210 270,055 Europe, Middle East and Africa 82,728 73,334 Asia-Pacific 39,369 37,765 $ 642,357 $ 620,905
Capital expenditures by geographic area	Capital expenditures for our reportable segments were as follows: Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Nine Months Ended Nine Months Ended Capital Expenditures: United States and Latin America $ 89 $ 2,122 $ 3,245 $ 4,110 Canada 473 289 1,340 1,872 Europe, Middle East and Africa 10 375 59 527 Asia-Pacific 4 76 64 192 $ 576 $ 2,862 $ 4,708 $ 6,701

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policy Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents	$ 49,617,000	$ 49,617,000	$ 43,237,000	$ 37,054,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	52,311,000	52,311,000	$ 46,006,000	39,688,000	$ 33,841,000
COVID-19
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Canadian emergency wage subsidy, amount	979,000	5,928
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	2,314,000	2,314,000		2,123,000
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	$ 380,000	$ 380,000		$ 511,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Loans Payable - Level 2 - Market Approach - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	$ 169,125	$ 176,000
Long-term debt, Fair Value	$ 169,125	$ 150,480

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Cross Currency Swaps (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 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	(1,869)	(5,319)
Hedge assets	$ 786	786	$ 4,011
Unrealized gain (loss) on intercompany note		(5,806)
Derivative, Gain (Loss) on Derivative, Net		$ 487

Fair Value Measurements (Deferr

Fair Value Measurements (Deferred compensation plan) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Plan assets	$ 4,814		$ 4,814		$ 2,849
Deferred compensation liability	4,812		4,812		$ 2,886
Deferred compensation expense (income)	599	$ (228)	1,380	$ 139
Unrealized gain (loss)	$ (651)	$ (21)	$ 1,419	$ (116)

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Derivative [Line Items]
Notional amount	$ 19,900	$ 9,803
Russian Ruble
Derivative [Line Items]
Notional amount	1,750	1,103
Euro
Derivative [Line Items]
Notional amount	0	500
Canadian Dollar
Derivative [Line Items]
Notional amount	10,000	1,500
South Korean Won
Derivative [Line Items]
Notional amount	5,000	3,500
Mexican Peso
Derivative [Line Items]
Notional amount	1,750	2,000
Australian Dollar
Derivative [Line Items]
Notional amount	900	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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 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	$ 109	$ (206)	$ 85	$ (84)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract forwards, assets	53		53		$ 140
Foreign exchange contract forwards, liabilities	4		4		$ 49
Foreign currency gain (loss)	$ (388)	$ 132	$ (437)	$ (109)

Restructuring and other charg_3

Restructuring and other charges (income) - Narrative (Details)	Dec. 15, 2020USD ($)	Dec. 15, 2020ZAR (R)	Dec. 31, 2020USD ($)positions	Dec. 31, 2020USD ($)positions	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | positions			66	262
Severance costs			$ 997,000	$ 5,858,000
Lease abandonment charges			144,000	191,000
Sale of stock, consideration received on transaction	$ 167,000	R 2,500
Loss on disposition of business				(2,045,000)	$ 0
Accumulated other comprehensive loss			(35,388,000)	$ (35,388,000)		$ (63,894,000)
Thermon South Africa Proprieary Limited
Restructuring Cost and Reserve [Line Items]
Sale of stock, percentage of ownership before transaction	100.00%	100.00%
Loss on disposition of business	$ 2,214,000
Accumulated other comprehensive loss	$ 828,000
Canada
Restructuring Cost and Reserve [Line Items]
Lease abandonment charges			$ 429,000

Restructuring and other charg_4

Restructuring and other charges (income) - Restructuring Costs by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,783	$ 8,692
United States and Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring costs	959	3,373
Canada
Restructuring Cost and Reserve [Line Items]
Restructuring costs	573	2,702
Europe, Middle East and Africa
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,251	2,607
Asia-Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 10

Restructuring and other charg_5

Restructuring and other charges (income) - Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Costs incurred	$ 3,783	$ 0	$ 8,692	$ 0
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance			0
Costs incurred			5,858
Less cash payments			(4,153)
Ending balance	$ 1,705		$ 1,705

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Dec. 31, 2020
Minimum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	1 month
Lease renewal term	1 year
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	6 months
Maximum | Land and Building
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease renewal term	5 years
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Lease term	5 years

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2020	Mar. 31, 2020
Weighted average remaining lease term:
Operating	6 years 1 month 6 days	6 years 2 months 12 days
Finance	3 years 2 months 12 days	3 years 4 months 24 days
Weighted average discount rate:
Operating	4.81%	4.82%
Finance	6.57%	6.98%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Assets
Operating	$ 13,527	$ 16,637
Finance	478	695
Total right-of-use assets	14,005	17,332
Current
Operating	2,433	3,352
Finance	50	201
Non-current
Operating	13,985	15,060
Finance	507	511
Total lease liabilities	$ 16,975	$ 19,124

Leases - Supplemental Statement

Leases - Supplemental Statement of Operations Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Finance lease expense:
Net lease expense	$ 1,154	$ 1,160	$ 3,757	$ 3,794
Marketing, general and administrative and engineering
Lessee, Lease, Description [Line Items]
Operating lease expense	1,070	860	3,455	2,627
Finance lease expense:
Amortization of ROU assets	66	63	211	189
Short-term lease expense	9	225	60	940
Interest expense
Finance lease expense:
Interest expense on finance lease liabilities	$ 9	$ 12	$ 31	$ 38

Leases - Supplemental Stateme_2

Leases - Supplemental Statement Of Cash Flows Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operation leases	$ 2,747	$ 2,083
Operating cash flows from operation leases	31	43
Financing cash flows from leases	$ 218	$ 189

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Leases
2021	$ 4,375
2022	3,507
2023	2,499
2024	2,020
2025	1,697
Thereafter	4,958
Total lease payments	19,056
Less imputed interest	(2,638)
Total lease liability	16,418
Finance Leases
2021	212
2022	162
2023	142
2024	84
2025	0
Thereafter	0
Total lease payments	600
Less imputed interest	(43)
Total lease liability	$ 557

Earnings and Net Income (Loss_2

Earnings and Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Basic net income (loss) per common share
Net loss available to Thermon Group Holdings, Inc.	$ 6,175	$ 1,838	$ (6,085)	$ 6,522	$ 6,913	$ 1,471	$ 1,928	$ 14,906
Weighted-average common shares outstanding (in shares)	33,180,562			32,785,753			33,110,877	32,716,317
Basic net income (loss) per common share (in dollars per share)	$ 0.19			$ 0.20			$ 0.06	$ 0.46
Diluted net income (loss) per common share
Net loss available to Thermon Group Holdings, Inc.	$ 6,175	$ 1,838	$ (6,085)	$ 6,522	$ 6,913	$ 1,471	$ 1,928	$ 14,906
Weighted-average common shares outstanding (in shares)	33,180,562			32,785,753			33,110,877	32,716,317
Diluted (in shares)	33,419,573			33,258,937			33,234,357	33,124,580
Diluted net income (loss) per common share (in dollars per share)	$ 0.18			$ 0.20			$ 0.06	$ 0.45
Antidilutive securities excluded from computation of earnings per share (in shares)	250,668						246,005	0
Equity Option
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	2,733			163,357			21,155	161,420
Restricted Stock Units
Diluted net income (loss) per common share
Weighted average number of diluted shares outstanding adjustment (in shares)	236,278			309,827			102,325	246,843

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 38,009	$ 31,300
Work in process	3,867	5,317
Finished goods	34,055	25,701
Inventories, gross	75,931	62,318
Valuation reserves	(1,778)	(2,045)
Inventories, net	$ 74,153	$ 60,273

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
Goodwill
Balance at the beginning of the period	$ 197,978
Balance at the end of the period	212,461
Operating Segments
Goodwill
Balance at the beginning of the period	197,978
Foreign currency translation impact	14,483
Balance at the end of the period	212,461
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	12,312
Balance at the end of the period	120,051
Operating Segments | Europe, Middle East and Africa
Goodwill
Balance at the beginning of the period	18,890
Foreign currency translation impact	2,171
Balance at the end of the period	21,061
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	Dec. 31, 2020	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ 130,058	$ 113,953
Intangible assets, gross	235,612	218,499
Intangible assets, net	105,554	104,546
Certifications
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	459	436
Products
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	65,433	58,722
Finite-lived intangible assets, accumulated amortization	20,720	14,193
Finite-lived intangible assets, net carrying amount	44,713	44,529
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	45,805	43,865
Finite-lived intangible assets, accumulated amortization	1,232	1,273
Finite-lived intangible assets, net carrying amount	44,573	42,592
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	10,080	9,564
Finite-lived intangible assets, accumulated amortization	5,388	4,758
Finite-lived intangible assets, net carrying amount	4,692	4,806
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	113,835	105,912
Finite-lived intangible assets, accumulated amortization	102,718	93,729
Finite-lived intangible assets, net carrying amount	$ 11,117	$ 12,183

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 11,286	$ 12,542
Accrued interest	692	782
Customer prepayments	399	357
Warranty reserves	250	477
Professional fees	2,004	2,086
Sales taxes payable	2,565	2,423
Other	4,608	5,090
Total accrued current liabilities	$ 21,804	$ 23,757

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Dec. 31, 2020USD ($)	Jun. 18, 2020USD ($)	Oct. 30, 2017USD ($)	Oct. 30, 2017CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	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 $3,719 and $4,447 as of December 31, 2020 and March 31, 2020, respectively	162,906,000				162,906,000		169,053,000
Debt issuance costs, net	3,719,000				3,719,000		4,447,000
Repayments of long-term debt					44,339,000	$ 46,279,000
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	$ 56,147,000				56,147,000
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	3.75
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	$ 165,406,000				$ 165,406,000		171,553,000
Debt issuance costs, net	$ 3,719,000				$ 3,719,000		$ 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

Related-Party Transactions (Det

Related-Party Transactions (Details)	Aug. 01, 2019USD ($)	Apr. 02, 2018USD ($)	Sep. 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	9 Months Ended
	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 9,526
Guarantee obligations secured by cash deposits	1,282
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	3,853
Indian custom bonds outstanding	4,919
Accrual for additional cost of sales	$ 2,930

Stock Compensation Expense (Det

Stock Compensation Expense (Details)	3 Months Ended		9 Months Ended		49 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	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 | $	$ 430,000	$ 1,328,000	$ 2,921,000	$ 3,670,000
Options outstanding (in shares)	142,086		142,086
Income from reversal of compensation cost | $	$ 881,000
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)			212,673
Stock issued during period | $			$ 2,912,000
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)	14,553		41,465
Stock issued during period | $	$ 166,000		$ 546,000
Share-based compensation arrangement by share-based payment award, fair value of shares authorized amount | $	$ 712,000		$ 712,000
Performance Shares
Stock-Based Compensation Expense
Stock granted in the period (in shares)			49,716
Stock issued during period | $			$ 1,060,000
Minimum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			0
Maximum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 79,604	$ 100,468	$ 202,858	$ 295,115
Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	46,117	60,123	114,947	174,531
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	33,487	40,345	87,911	120,584
United States and Latin America
Disaggregation of Revenue [Line Items]
Total revenues	29,714	38,837	72,233	123,085
United States and Latin America | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	14,743	19,007	34,728	56,145
United States and Latin America | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	14,971	19,830	37,505	66,940
Canada
Disaggregation of Revenue [Line Items]
Total revenues	24,992	34,528	63,521	92,731
Canada | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	18,509	28,928	45,932	78,209
Canada | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	6,483	5,600	17,589	14,522
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenues	17,144	13,338	38,941	42,365
Europe, Middle East and Africa | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	7,932	6,756	21,449	24,621
Europe, Middle East and Africa | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	9,212	6,582	17,492	17,744
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	7,754	13,765	28,163	36,934
Asia-Pacific | Revenues recognized at point in time
Disaggregation of Revenue [Line Items]
Total revenues	4,933	5,432	12,838	15,556
Asia-Pacific | Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,821	$ 8,333	$ 15,325	$ 21,378

Revenue - Performance Obligatio

Revenue - Performance Obligation (Details) $ in Thousands	Dec. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 110,055
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	$ 14,801
Remaining performance obligation, period	1 year

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,746	$ 10,194
Contract liabilities	$ 3,771	$ 4,538

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Income Tax Contingency [Line Items]
Effective tax rate		28.20%	26.40%
Income tax benefit, global intangible low-taxed income				$ 1,854
Discrete tax expense		$ 526		526
Decrease in deferred tax liabilities				1,231
Liability for uncertain tax positions		$ 770		$ 770
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective tax rate	26.90%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)segmentGeographic_Region	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)
Sales by geographic area:
Number of Reportable Segments | segment			4
Number of Operating Segments | Geographic_Region			4
Sales	$ 79,604	$ 100,468	$ 202,858	$ 295,115
Depreciation	2,839	2,663	8,352	7,725
Amortization of intangible assets	2,135	4,460	7,265	13,354
Operating income
Operating income (loss)	10,160	12,466	6,451	30,298
Stock compensation expense	430	1,328	2,921	3,670
Property, plant and equipment, net	72,052		72,052		$ 72,542
Assets	642,357		642,357		620,905
Operating Segments
Sales by geographic area:
Sales	79,604	100,468	202,858	295,115
Intersegment Eliminations
Sales by geographic area:
Sales	14,159	13,375	39,703	43,004
Segment Reconciling Items
Operating income
Stock compensation expense	(430)	(1,328)	(2,921)	(3,670)
Public company costs	(277)	(358)	(1,151)	(1,224)
United States and Latin America
Sales by geographic area:
Depreciation	1,647	1,566	4,727	4,661
Amortization of intangible assets	295	1,438	1,169	4,314
Operating income
Operating income (loss)	3,647	2,944	(4,185)	9,280
Property, plant and equipment, net	37,937		37,937		39,815
Assets	232,050		232,050		239,751
United States and Latin America | Operating Segments
Sales by geographic area:
Sales	29,714	38,837	72,233	123,085
United States and Latin America | Intersegment Eliminations
Sales by geographic area:
Sales	10,751	11,316	31,849	36,777
Canada
Sales by geographic area:
Depreciation	1,144	930	3,255	2,530
Amortization of intangible assets	1,797	2,434	5,452	7,270
Operating income
Operating income (loss)	4,993	8,562	9,171	17,339
Property, plant and equipment, net	29,984		29,984		28,703
Assets	288,210		288,210		270,055
Canada | Operating Segments
Sales by geographic area:
Sales	24,992	34,528	63,521	92,731
Canada | Intersegment Eliminations
Sales by geographic area:
Sales	2,523	1,101	5,378	3,230
Europe, Middle East and Africa
Sales by geographic area:
Depreciation	8	138	235	402
Amortization of intangible assets	32	322	429	972
Operating income
Operating income (loss)	802	366	2,278	2,196
Property, plant and equipment, net	3,365		3,365		3,246
Assets	82,728		82,728		73,334
Europe, Middle East and Africa | Operating Segments
Sales by geographic area:
Sales	17,144	13,338	38,941	42,365
Europe, Middle East and Africa | Intersegment Eliminations
Sales by geographic area:
Sales	542	791	1,615	2,385
Asia-Pacific
Sales by geographic area:
Depreciation	40	29	135	132
Amortization of intangible assets	11	266	215	798
Operating income
Operating income (loss)	1,425	2,280	3,259	6,377
Property, plant and equipment, net	766		766		778
Assets	39,369		39,369		$ 37,765
Asia-Pacific | Operating Segments
Sales by geographic area:
Sales	7,754	13,765	28,163	36,934
Asia-Pacific | Intersegment Eliminations
Sales by geographic area:
Sales	$ 343	$ 167	$ 861	$ 612
Sumac Fabrication Company Limited
Sales by geographic area:
Expected sales and operating income as a percentage of total sales and operating income, less than	10.00%		10.00%

Segment Information - Capital E

Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 576	$ 2,862	$ 4,708	$ 6,701
United States and Latin America
Segment Reporting Information [Line Items]
Capital expenditures	89	2,122	3,245	4,110
Canada
Segment Reporting Information [Line Items]
Capital expenditures	473	289	1,340	1,872
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Capital expenditures	10	375	59	527
Asia-Pacific
Segment Reporting Information [Line Items]
Capital expenditures	$ 4	$ 76	$ 64	$ 192