XML 37 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
FINANCING RECEIVABLES AND OPERATING LEASES (Tables)
 9 Months Ended
Dec. 31, 2023
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]  
Sales-type Leases
The following table provides the profit recognized for sales-type leases at their commencement date, including modifications that are recognized on a net basis, for the three and nine months ended December 31, 2023, and 2022 (in thousands):

   
Three months Ended December 31,
    
Nine months Ended December 31,
  
 
2023
    
2022
    
2023
    
2022
  
Net sales
  
$
7,418
    
$
5,916
    
$
19,913
    
$
15,405
  
Cost of sales
    
6,666
      
4,949
      
18,189
      
12,785
  
Gross profit
  
$
752
    
$
967
    
$
1,724
    
$
2,620
  

The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2023, and 2022 (in thousands):

   
Three months Ended December 31,
    
Nine months Ended December 31,
  
 
2023
    
2022
    
2023
    
2022
  
Interest income on sales-type leases
  
$
1,912
    
$
996
    
$
4,898
    
$
2,677
  
Lease income on operating leases
  
$
2,757
    
$
4,030
    
$
8,366
    
$
13,271
  
Notes Receivable Net and Investments in Leases
The following tables provide a disaggregation of our financing receivables – net (in thousands):

    Notes     Lease     Financing  
December 31, 2023
  
Receivable
    
Receivables
    
Receivables
  
Gross receivables
  
$
125,386
    
$
82,257
    
$
207,643
  
Unguaranteed residual value (1)
    
-
      
8,860
      
8,860
  
Unearned income
    
(4,723
)
    
(16,374
)
    
(21,097
)
Allowance for credit losses (2)
    
(829
)
    
(1,464
)
    
(2,293
)
Total, net
  
$
119,834
    
$
73,279
    
$
193,113
  
Reported as:
                        
Current
  
$
71,905
    
$
38,439
    
$
110,344
  
Long-term
    
47,929
      
34,840
      
82,769
  
Total, net
  
$
119,834
    
$
73,279
    
$
193,113
  

(1)
Includes unguaranteed residual values of $4,009 thousand that we retained after selling the related lease receivable.
(2)
Refer to Note 7, “Allowance for Credit Losses” for details.

    Notes     Lease     Financing  
March 31, 2023
  
Receivable
    
Receivables
    
Receivables
  
Gross receivables
  
$
117,008
    
$
60,157
    
$
177,165
  
Unguaranteed residual value (1)
    
-
      
8,161
      
8,161
  
Unearned income
    
(5,950
)
    
(8,050
)
    
(14,000
)
Allowance for credit losses (2)
    
(801
)
    
(981
)
    
(1,782
)
Total, net
  
$
110,257
    
$
59,287
    
$
169,544
  
Reported as:
                        
Current
  
$
65,738
    
$
24,091
    
$
89,829
  
Long-term
    
44,519
      
35,196
      
79,715
  
Total, net
  
$
110,257
    
$
59,287
    
$
169,544
  

(1)
Includes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable.
(2)
Refer to Note 7, “Allowance for Credit Losses” for details.
Investment in Operating Lease Equipment - Net
Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands):

     December 31,      March 31,  
 
2023
    
2023
  
Cost of equipment under operating leases
  
$
13,749
    
$
15,301
  
Accumulated depreciation
    
(9,506
)
    
(10,599
)
Investment in operating lease equipment—net (1)
  
$
4,243
    
$
4,702
  

(1)
Amounts include estimated unguaranteed residual values of $1,647 thousand and $1,717 thousand as of December 31, 2023, and March 31, 2023, respectively.