Fair Value Measurements

3 Months Ended

Jun. 30, 2022

The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:



	June 30, 2022						June 30, 2021						March 31, 2022
					Total						Total						Total
	Level 2		Level 3		at Fair Value		Level 2		Level 3		at Fair Value		Level 2		Level 3		at Fair Value
Financial Assets:
Derivative financial instruments	$	560	$	—	$	560	$	4,896	$	—	$	4,896	$	9,867	$	—	$	9,867
Securitized beneficial interests	—		22,762		22,762		—		20,271		20,271		—		28,072		28,072
Total assets	$	560	$	22,762	$	23,322	$	4,896	$	20,271	$	25,167	$	9,867	$	28,072	$	37,939
Financial Liabilities:
Long-term debt	$	430,573	$	660	$	431,233	$	450,724	$	3,164	$	453,888	$	447,843	$	246	$	448,089
Guarantees	—		2,601		2,601		—		1,962		1,962		—		2,956		2,956
Total liabilities	$	430,573	$	3,261	$	433,834	$	450,724	$	5,126	$	455,850	$	447,843	$	3,202	$	451,045

The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis:



	Three months ended June 30, 2022						Three months ended June 30, 2021
	Securitized Beneficial Interests		Long-Term Debt		Guarantees			Securitized Beneficial Interests		Long-Term Debt		Guarantees
Beginning balance	$	28,072	$	246	$	2,956		$	19,370	$	3,162	$	1,740
Issuances of sales of receivables/guarantees	—		—		206			—		—		223
Settlements	(33,361)		—		(535)			(36,695)		—		(26)
Additions	29,033		414		—			38,498		2		—
(Losses) gains recognized in earnings	(982)		—		(26)			(902)		—		25
Ending balance	$	22,762	$	660	$	2,601		$	20,271	$	3,164	$	1,962

For the three months ended June 30, 2022 and 2021, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $618 and $319, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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