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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 9 Months Ended
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Dec. 31, 2021
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 three and nine months ended December 31, 2021, and 2020 (in thousands):
|  | Three months ended December 31, |  |  | Nine months ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net sales |  | $ | 3,212 |  |  | $ | 4,182 |  |  | $ | 12,991 |  |  | $ | 22,000 |
Cost of sales |  |  | 2,645 |  |  |  | 3,362 |  |  |  | 10,936 |  |  |  | 14,091 |
Gross profit |  | $ | 567 |  |  | $ | 820 |  |  | $ | 2,055 |  |  | $ | 7,909 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and nine months ended December 31, 2021, and 2020 (in thousands):
|  | Three months ended December 31, |  |  | Nine months ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Interest income on sales-type leases |  | $ | 786 |  |  | $ | 1,956 |  |  | $ | 3,076 |  |  | $ | 6,059 |
Lease income on operating leases |  | $ | 7,356 |  |  | $ | 3,623 |  |  | $ | 19,200 |  |  | $ | 11,361 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables – net (in thousands):
December 31, 2021 |  | Notes Receivable |  |  | Lease Receivables |  |  | Financing Receivables |
Gross receivables |  | $ | 115,446 |  |  | $ | 46,509 |  |  | $ | 161,955 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 11,522 |  |  |  | 11,522 |
Initial direct costs, net of amortization |  |  | 234 |  |  |  | - |  |  |  | 234 |
Unearned income |  |  | - |  |  |  | (5,988 | ) |  |  | (5,988 | )
Allowance for credit losses (2) |  |  | (1,160 | ) |  |  | (646 | ) |  |  | (1,806 | )
Total, net |  | $ | 114,520 |  |  | $ | 51,397 |  |  | $ | 165,917 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 78,426 |  |  | $ | 19,757 |  |  | $ | 98,183 |
Long-term |  |  | 36,094 |  |  |  | 31,640 |  |  |  | 67,734 |
Total, net |  | $ | 114,520 |  |  | $ | 51,397 |  |  | $ | 165,917 |
(1) | Includes unguaranteed residual values of $7,176 thousand that we retained after selling the related lease receivable.
(2) | Refer to Note 6, “Allowance for Credit Losses” for details.
March 31, 2021 |  | Notes Receivable |  |  | Lease Receivables |  |  | Financing Receivables |
Gross receivables |  | $ | 112,641 |  |  | $ | 68,393 |  |  | $ | 181,034 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 14,876 |  |  |  | 14,876 |
Initial direct costs, net of amortization |  |  | 425 |  |  |  | - |  |  |  | 425 |
Unearned income |  |  | - |  |  |  | (8,393 | ) |  |  | (8,393 | )
Allowance for credit losses (2) |  |  | (1,212 | ) |  |  | (1,171 | ) |  |  | (2,383 | )
Total, net |  | $ | 111,854 |  |  | $ | 73,705 |  |  | $ | 185,559 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 73,175 |  |  | $ | 33,097 |  |  | $ | 106,272 |
Long-term |  |  | 38,679 |  |  |  | 40,608 |  |  |  | 79,287 |
Total, net |  | $ | 111,854 |  |  | $ | 73,705 |  |  | $ | 185,559 |
(1) | Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable.
(2) | Refer to Note 6, “Allowance for Credit Losses” for details.
Investment in Operating Lease Equipment - Net | Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands):
|  | December 31, 2021 |  |  | March 31, 2021 |
Cost of equipment under operating leases |  | $ | 34,893 |  |  | $ | 18,748 |
Accumulated depreciation |  |  | (12,601 | ) |  |  | (7,870 | )
Investment in operating lease equipment—net (1) |  | $ | 22,292 |  |  | $ | 10,878 |
(1) | Amounts include estimated unguaranteed residual values of $5.0 million and $2.5 million as of December 31, 2021, and March 31, 2021, respectively.

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