Fair Value Measurements |
Fair Value Measurements The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | September 30, 2022 | March 31, 2023 | | Level 2 | Level 3 | Total at Fair Value | Level 2 | Level 3 | Total at Fair Value | Level 2 | Level 3 | Total at Fair Value | Financial Assets: | | | | | | | | | | Derivative financial instruments | $ | 132 | | $ | — | | $ | 132 | | $ | — | | $ | — | | $ | — | | $ | 3,970 | | $ | — | | $ | 3,970 | | Securitized beneficial interests | — | | 24,393 | | 24,393 | | — | | 22,842 | | 22,842 | | — | | 19,522 | | 19,522 | | Total assets | $ | 132 | | $ | 24,393 | | $ | 24,525 | | $ | — | | $ | 22,842 | | $ | 22,842 | | $ | 3,970 | | $ | 19,522 | | $ | 23,492 | | Financial Liabilities: | | | | | | | | | | Derivative financial instruments | $ | 78 | | $ | — | | $ | 78 | | $ | 531 | | $ | — | | $ | 531 | | $ | — | | $ | — | | $ | — | | Long-term debt(1) | 481,248 | | 507 | | 481,755 | | 417,542 | | 577 | | 418,119 | | 523,758 | | 514 | | 524,272 | | Guarantees | — | | 1,458 | | 1,458 | | — | | 1,206 | | 1,206 | | — | | 5,262 | | 5,262 | | Total liabilities | $ | 481,326 | | $ | 1,965 | | $ | 483,291 | | $ | 418,073 | | $ | 1,783 | | $ | 419,856 | | $ | 523,758 | | $ | 5,776 | | $ | 529,534 | | (1) This fair value measurement disclosure does not affect the condensed consolidated balance sheets. |
The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2023 | September 30, 2022 | | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Beginning balance | $ | 19,641 | | $ | 509 | | $ | 5,764 | | $ | 22,762 | | $ | 660 | | $ | 2,601 | | Issuances of sales of receivables/guarantees | — | | — | | 1,200 | | — | | — | | 481 | | Settlements | (40,198) | | (2) | | (4,206) | | (39,395) | | — | | (808) | | Additions | 47,637 | | — | | — | | 41,816 | | — | | — | | Losses recognized in earnings | (2,687) | | — | | (1,300) | | (2,341) | | (83) | | (1,068) | | Ending balance | $ | 24,393 | | $ | 507 | | $ | 1,458 | | $ | 22,842 | | $ | 577 | | $ | 1,206 | |
| | | | | | | | | | | | | | | | | | | | | | Six Months Ended | | September 30, 2023 | September 30, 2022 | | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Beginning balance | $ | 19,522 | | $ | 514 | | $ | 5,262 | | $ | 28,072 | | $ | 246 | | $ | 2,956 | | Issuances of sales of receivables/guarantees | — | | — | | 2,254 | | — | | — | | 687 | | Settlements | (73,381) | | (7) | | (4,761) | | (72,756) | | — | | (1,343) | | Additions | 84,277 | | — | | — | | 71,082 | | 370 | | — | | Losses recognized in earnings | (6,025) | | — | | (1,297) | | (3,556) | | (39) | | (1,094) | | Ending balance | $ | 24,393 | | $ | 507 | | $ | 1,458 | | $ | 22,842 | | $ | 577 | | $ | 1,206 | |
For the six months ended September 30, 2023 and 2022, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $1,230 and $597, respectively.
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