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ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended
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Dec. 31, 2021
ALLOWANCE FOR CREDIT LOSSES [Abstract] |
Activity in Reserves for Credit Losses | The following table provides the activity in our allowance for credit losses for the nine months ended December 31, 2021, and 2020 (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2021 |  | $ | 2,064 |  |  | $ | 1,212 |  |  | $ | 1,171 |  |  | $ | 4,447 |
Provision for credit losses |  |  | 330 |  |  |  | 60 |  |  |  | (313 | ) |  |  | 77 |
Write-offs and other |  |  | (129 | ) |  |  | (112 | ) |  |  | (212 | ) |  |  | (453 | )
Balance December 31, 2021 |  | $ | 2,265 |  |  | $ | 1,160 |  |  | $ | 646 |  |  | $ | 4,071 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2020 |  | $ | 1,781 |  |  | $ | 798 |  |  | $ | 610 |  |  | $ | 3,189 |
Provision for credit losses |  |  | 866 |  |  |  | 570 |  |  |  | 484 |  |  |  | 1,920 |
Write-offs and other |  |  | (46 | ) |  |  | (88 | ) |  |  | (6 | ) |  |  | (140 | )
Balance December 31, 2020 |  | $ | 2,601 |  |  | $ | 1,280 |  |  | $ | 1,088 |  |  | $ | 4,969 |
Amortized Cost Basis of Financing Receivables by Credit Quality Rating and Credit Origination Year | The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of December 31, 2021 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 57,295 |  |  | $ | 32,657 |  |  | $ | 1,952 |  |  | $ | 285 |  |  | $ | 110 |  |  | $ | 6 |  |  | $ | 92,305 |  |  | $ | (46,939 | ) |  | $ | 45,366 |
Average CQR |  |  | 17,762 |  |  |  | 3,724 |  |  |  | 1,337 |  |  |  | 316 |  |  |  | 2 |  |  |  | - |  |  |  | 23,141 |  |  |  | (10,759 | ) |  |  | 12,382 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 75,057 |  |  | $ | 36,381 |  |  | $ | 3,289 |  |  | $ | 601 |  |  | $ | 112 |  |  | $ | 6 |  |  | $ | 115,446 |  |  | $ | (57,698 | ) |  | $ | 57,748 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 16,273 |  |  | $ | 5,671 |  |  | $ | 3,047 |  |  | $ | 1,241 |  |  | $ | 103 |  |  | $ | 14 |  |  | $ | 26,349 |  |  | $ | (3,194 | ) |  | $ | 23,155 |
Average CQR |  |  | 10,250 |  |  |  | 5,579 |  |  |  | 1,330 |  |  |  | 124 |  |  |  | 110 |  |  |  | 10 |  |  |  | 17,403 |  |  |  | (2,234 | ) |  |  | 15,169 |
Low CQR |  |  | 267 |  |  |  | 848 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,115 |  |  |  | - |  |  |  | 1,115 |
Total |  | $ | 26,790 |  |  | $ | 12,098 |  |  | $ | 4,377 |  |  | $ | 1,365 |  |  | $ | 213 |  |  | $ | 24 |  |  | $ | 44,867 |  |  | $ | (5,428 | ) |  | $ | 39,439 |
Total amortized cost (1) |  | $ | 101,847 |  |  | $ | 48,479 |  |  | $ | 7,666 |  |  | $ | 1,966 |  |  | $ | 325 |  |  | $ | 30 |  |  | $ | 160,313 |  |  | $ | (63,126 | ) |  | $ | 97,187 |
(1) | Unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $234 thousand are excluded from amortized cost.
(2) | Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.
The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2021 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 93,793 |  |  | $ | 6,250 |  |  | $ | 769 |  |  | $ | 771 |  |  | $ | 19 |  |  | $ | 101,602 |  |  | $ | (63,471 | ) |  | $ | 38,131 |
Average CQR |  |  | 7,689 |  |  |  | 2,468 |  |  |  | 550 |  |  |  | 8 |  |  |  | - |  |  |  | 10,715 |  |  |  | (2,896 | ) |  |  | 7,819 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | 324 |
Total |  | $ | 101,482 |  |  | $ | 8,718 |  |  | $ | 1,643 |  |  | $ | 779 |  |  | $ | 19 |  |  | $ | 112,641 |  |  | $ | (66,367 | ) |  | $ | 46,274 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 28,898 |  |  | $ | 5,885 |  |  | $ | 1,798 |  |  | $ | 463 |  |  | $ | 125 |  |  | $ | 37,169 |  |  | $ | (7,468 | ) |  | $ | 29,701 |
Average CQR |  |  | 23,445 |  |  |  | 3,482 |  |  |  | 1,017 |  |  |  | 270 |  |  |  | 40 |  |  |  | 28,254 |  |  |  | (4,592 | ) |  |  | 23,662 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 52,343 |  |  | $ | 9,367 |  |  | $ | 2,815 |  |  | $ | 733 |  |  | $ | 165 |  |  | $ | 65,423 |  |  | $ | (12,060 | ) |  | $ | 53,363 |
Total amortized cost (1) |  | $ | 153,825 |  |  | $ | 18,085 |  |  | $ | 4,458 |  |  | $ | 1,512 |  |  | $ | 184 |  |  | $ | 178,064 |  |  | $ | (78,427 | ) |  | $ | 99,637 |
(1) | Unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable and initial direct costs of notes receivable of $425 thousand are excluded from amortized cost.
(2) | Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis and receivables that are in the process of being transferred to third-party financial institutions.
Aging Analysis of Financing Receivables | The following table provides an aging analysis of our financing receivables as of December 31, 2021 (in thousands):
|  | 31-60 Days Past Due |  |  | 61-90 Days Past Due |  |  | > 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Billed |  |  | Unbilled |  |  | Amortized Cost |
Notes receivable |  | $ | 945 |  |  | $ | 87 |  |  | $ | 866 |  |  | $ | 1,898 |  |  | $ | 6,112 |  |  | $ | 8,010 |  |  | $ | 107,436 |  |  | $ | 115,446 |
Lease receivables |  |  | 256 |  |  |  | 208 |  |  |  | 482 |  |  |  | 946 |  |  |  | 2,578 |  |  |  | 3,524 |  |  |  | 41,343 |  |  |  | 44,867 |
Total |  | $ | 1,201 |  |  | $ | 295 |  |  | $ | 1,348 |  |  | $ | 2,844 |  |  | $ | 8,690 |  |  | $ | 11,534 |  |  | $ | 148,779 |  |  | $ | 160,313 |
The following table provides an aging analysis of our financing receivables as of March 31, 2021 (in thousands):
|  | 31-60 Days Past Due |  |  | 61-90 Days Past Due |  |  | > 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Billed |  |  | Unbilled |  |  | Amortized Cost |
Notes receivable |  | $ | 648 |  |  | $ | 910 |  |  | $ | 673 |  |  | $ | 2,231 |  |  | $ | 3,240 |  |  | $ | 5,471 |  |  | $ | 107,170 |  |  | $ | 112,641 |
Lease receivables |  |  | 804 |  |  |  | 132 |  |  |  | 643 |  |  |  | 1,579 |  |  |  | 2,566 |  |  |  | 4,145 |  |  |  | 61,278 |  |  |  | 65,423 |
Total |  | $ | 1,452 |  |  | $ | 1,042 |  |  | $ | 1,316 |  |  | $ | 3,810 |  |  | $ | 5,806 |  |  | $ | 9,616 |  |  | $ | 168,448 |  |  | $ | 178,064 |

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