Fair Value Measurements |
Fair Value Measurements The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | June 30, 2023 | March 31, 2024 | | 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: | | | | | | | | | | | | | | | | | | | | Securitized beneficial interests | $ | — | | $ | 25,640 | | $ | 25,640 | | $ | — | | $ | 19,641 | | $ | 19,641 | | $ | — | | $ | 15,036 | | $ | 15,036 | | Total assets | $ | — | | $ | 25,640 | | $ | 25,640 | | $ | — | | $ | 19,641 | | $ | 19,641 | | $ | — | | $ | 15,036 | | $ | 15,036 | | Financial Liabilities: | | | | | | | | | | Derivative financial instruments | $ | 1,834 | | $ | — | | $ | 1,834 | | $ | 11 | | $ | — | | $ | 11 | | $ | — | | $ | — | | $ | — | | Long-term debt(1) | 455,789 | | 160 | | 455,949 | | 492,098 | | 509 | | 492,607 | | 462,987 | | 160 | | 463,147 | | Guarantees | — | | 2,611 | | 2,611 | | — | | 5,764 | | 5,764 | | — | | 5,097 | | 5,097 | | Total liabilities | $ | 457,623 | | $ | 2,771 | | $ | 460,394 | | $ | 492,109 | | $ | 6,273 | | $ | 498,382 | | $ | 462,987 | | $ | 5,257 | | $ | 468,244 | | (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:
| | | | | | | | | | | | | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Beginning balance at March 31, 2024 | $ | 15,036 | | $ | 160 | | $ | 5,097 | | Issuances of sales of receivables/guarantees | 61,029 | | — | | 938 | | Settlements | (45,233) | | — | | (715) | | | | | | Losses recognized in earnings | (5,192) | | — | | (2,709) | | Ending balance at June 30, 2024 | $ | 25,640 | | $ | 160 | | $ | 2,611 | |
| | | | | | | | | | | | | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Beginning balance at March 31, 2023 | $ | 19,522 | | $ | 514 | | $ | 5,262 | | Issuances of sales of receivables/guarantees | 36,640 | | — | | 1,054 | | Settlements | (33,183) | | (5) | | (555) | | | | | | Losses recognized in earnings | (3,338) | | — | | 3 | | Ending balance at June 30, 2023 | $ | 19,641 | | $ | 509 | | $ | 5,764 | |
For the three months ended June 30, 2024 and 2023, the impact to earnings attributable to the change in unrealized losses on securitized beneficial interests was $1,250 and $748, respectively. Gains and losses included in earnings are reported in other expense, net.
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