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ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Sep. 30, 2021
ALLOWANCE FOR CREDIT LOSSES [Abstract]  
ALLOWANCE FOR CREDIT LOSSES
6.
ALLOWANCE FOR CREDIT LOSSES

The following table provides the activity in our allowance for credit losses for the six months ended September 30, 2021, and 2020 (in thousands):

  
Accounts
Receivable
    
Notes
Receivable
    
Lease
Receivables
    
Total
  
Balance April 1, 2021
  
$
2,064
    
$
1,212
    
$
1,171
    
$
4,447
  
Provision for credit losses
    
116
      
479
      
(497
)
    
98
  
Write-offs and other
    
(64
)
    
(4
)
    
(2
)
    
(70
)
Balance September 30, 2021
  
$
2,116
    
$
1,687
    
$
672
    
$
4,475
  

 
Accounts
Receivable
    
Notes
Receivable
    
Lease
Receivables
    
Total
  
Balance April 1, 2020
  
$
1,781
    
$
798
    
$
610
    
$
3,189
  
Provision for credit losses
    
576
      
566
      
624
      
1,766
  
Write-offs and other
    
(27
)
    
(27
)
    
(7
)
    
(61
)
Balance September 30, 2020
  
$
2,330
    
$
1,337
    
$
1,227
    
$
4,894
  

The following table provides the amortized cost basis of our financing receivables by credit quality rating “CQR” and by credit origination year as of September 30, 2021 (in thousands):

   
Amortized cost basis by origination year ending March 31,
                    
 
2022
    
2021
    
2020
    
2019
    
2018
    
2017
    
Total
    
Transfers
(2)
    
Net credit
exposure
  
Notes receivable:
                                                      
High CQR
  
$
38,015
    
$
42,542
    
$
2,256
    
$
517
    
$
226
    
$
10
    
$
83,566
    
$
(35,004
)
  
$
48,562
  
Average CQR
    
12,933
      
4,794
      
2,104
      
342
      
3
      
-
      
20,176
      
(2,655
)
    
17,521
  
Low CQR
    
-
      
-
      
-
      
324
      
-
      
-
      
324
      
-
      
324
  
Total
  
$
50,948
    
$
47,336
    
$
4,360
    
$
1,183
    
$
229
    
$
10
    
$
104,066
    
$
(37,659
)
  
$
66,407
  
                                                                         
Lease receivables:
                                                                        
High CQR
  
$
12,716
    
$
10,504
    
$
4,253
    
$
1,424
    
$
168
    
$
48
    
$
29,113
    
$
(6,911
)
  
$
22,202
  
Average CQR
    
8,906
      
9,261
      
2,266
      
233
      
141
      
22
      
20,829
      
(5,641
)
    
15,188
  
Low CQR
    
1,497
      
1,057
      
-
      
-
      
-
      
-
      
2,554
      
-
      
2,554
  
Total
  
$
23,119
    
$
20,822
    
$
6,519
    
$
1,657
    
$
309
    
$
70
    
$
52,496
    
$
(12,552
)
  
$
39,944
  
                                                                         
Total amortized cost (1)
  
$
74,067
    
$
68,158
    
$
10,879
    
$
2,840
    
$
538
    
$
80
    
$
156,562
    
$
(50,211
)
  
$
106,351
  

(1)
Unguaranteed residual values of $8,081 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $271 thousand are excluded from amortized cost.
(2)
Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.


We evaluate our customers using an internally assigned CQR:

•
High CQR: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. Loss rates in this category are generally less than 1%.

•
Average CQR: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Loss rates in this category are generally in the range of 2% to 10%.

•
Low CQR: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. The loss rates in this category in the normal course are generally in the range of 10% to 100%.


The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands):

   
Amortized cost basis by origination year ending March 31,
                    
 
2021
    
2020
    
2019
    
2018
    
2017
    
Total
    
Transfers
(2)
    
Net credit
exposure
  
                                                 
Notes receivable:
                                                
High CQR
  
$
93,793
    
$
6,250
    
$
769
    
$
771
    
$
19
    
$
101,602
    
$
(63,471
)
  
$
38,131
  
Average CQR
    
7,689
      
2,468
      
550
      
8
      
-
      
10,715
      
(2,896
)
    
7,819
  
Low CQR
    
-
      
-
      
324
      
-
      
-
      
324
      
-
      
324
  
Total
  
$
101,482
    
$
8,718
    
$
1,643
    
$
779
    
$
19
    
$
112,641
    
$
(66,367
)
  
$
46,274
  
                                                                 
Lease receivables:
                                                                
High CQR
  
$
28,898
    
$
5,885
    
$
1,798
    
$
463
    
$
125
    
$
37,169
    
$
(7,468
)
  
$
29,701
  
Average CQR
    
23,445
      
3,482
      
1,017
      
270
      
40
      
28,254
      
(4,592
)
    
23,662
  
Low CQR
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total
  
$
52,343
    
$
9,367
    
$
2,815
    
$
733
    
$
165
    
$
65,423
    
$
(12,060
)
  
$
53,363
  
                                                                 
Total amortized cost (1)
  
$
153,825
    
$
18,085
    
$
4,458
    
$
1,512
    
$
184
    
$
178,064
    
$
(78,427
)
  
$
99,637
  

(1)
Unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $425 thousand are excluded from amortized cost.
(2)
Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.

The following table provides an aging analysis of our financing receivables as of September 30, 2021 (in thousands):

  
31-60
Days Past
Due
    
61-90
Days Past
Due
    
> 90
Days Past
Due
    
Total
Past Due
    
Current
    
Total
Billed
    
Unbilled
    
Amortized
Cost
  
Notes receivable
  
$
653
    
$
1,658
    
$
713
    
$
3,024
    
$
6,737
    
$
9,761
    
$
94,305
    
$
104,066
  
Lease receivables
    
323
      
493
      
726
      
1,542
      
2,480
      
4,022
      
48,474
      
52,496
  
Total
  
$
976
    
$
2,151
    
$
1,439
    
$
4,566
    
$
9,217
    
$
13,783
    
$
142,779
    
$
156,562
  

The following table provides an aging analysis of our financing receivables as of March 31, 2021 (in thousands):

  
31-60
Days Past
Due
    
61-90
Days Past
Due
    
> 90
Days Past
Due
    
Total
Past Due
    
Current
    
Total
Billed
    
Unbilled
    
Amortized
Cost
  
Notes receivable
  
$
648
    
$
910
    
$
673
    
$
2,231
    
$
3,240
    
$
5,471
    
$
107,170
    
$
112,641
  
Lease receivables
    
804
      
132
      
643
      
1,579
      
2,566
      
4,145
      
61,278
      
65,423
  
Total
  
$
1,452
    
$
1,042
    
$
1,316
    
$
3,810
    
$
5,806
    
$
9,616
    
$
168,448
    
$
178,064
  

Our financial assets on nonaccrual status were not significant as of September 30, 2021, and March 31, 2021.