XML 40 R28.htm IDEA: XBRL DOCUMENT v3.23.3
FINANCING RECEIVABLES AND OPERATING LEASES (Tables)
 12 Months Ended
Mar. 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 years ended March 31, 2023, and 2022 (in thousands):

 
Year Ended March 31,
  
   
2023
    
2022
  
Net sales
  
$
22,677
    
$
14,943
  
Cost of sales
    
19,009
      
12,478
  
Gross profit
  
$
3,668
    
$
2,465
  
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended March 31, 2023, and 2022 (in thousands):

 
Year Ended March 31,
  
   
2023
    
2022
  
Interest income on sales-type leases
  
$
3,943
    
$
3,904
  
Lease income on operating leases
  
$
17,421
    
$
24,711
  
Notes Receivable Net and Investments in Leases
The following tables provide a disaggregation of our financing receivables - net (in thousands):

    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.
    Notes     Lease     Financing  
March 31, 2022
  
Receivable
    
Receivables
    
Receivables
  
Gross receivables
  
$
80,517
    
$
38,788
    
$
119,305
  
Unguaranteed residual value (1)
    
-
      
9,141
      
9,141
  
Unearned income
    
(2,728
)
    
(3,604
)
    
(6,332
)
Allowance for credit losses (2)
    
(708
)
    
(681
)
    
(1,389
)
Total, net
  
$
77,081
    
$
43,644
    
$
120,725
  
Reported as:
                        
Current
  
$
45,415
    
$
16,077
    
$
61,492
  
Long-term
    
31,666
      
27,567
      
59,233
  
Total, net
  
$
77,081
    
$
43,644
    
$
120,725
  

(1)
Includes unguaranteed residual values of $6,424 thousand that we retained after selling the related lease receivable.
(2)
Refer to Note 7, “Allowance for Credit Losses” for details.
Future Scheduled Minimum Lease Payments
The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2023 (in thousands):

Year ending March 31, 2024
  
$
28,478
  
2025
    
17,216
  
2026
    
9,662
  
2027
    
3,547
  
2028 and thereafter
    
1,254
  
Total
  
$
60,157
  
Investment in Operating Lease Equipment - Net The components of the operating leases—net are as follows (in thousands):

 
March 31,
2023
    
March 31,
2022
  
Cost of equipment under operating leases
  
$
15,301
    
$
13,044
  
Accumulated depreciation
    
(10,599
)
    
(7,985
)
Investment in operating lease equipment—net (1)
  
$
4,702
    
$
5,059
  

(1)
Amounts include estimated unguaranteed residual values of $1,717 thousand as of both March 31, 2023, and 2022.
Future Minimum Rental Payments for Operating Leases
The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2023 (in thousands):

Year ending March 31, 2024
  
$
1,618
  
2025
    
829
  
2026
    
269
  
2027     38  
Total
  
$
2,754