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v3.23.1

ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended
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Mar. 31, 2023
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 years ended March 31, 2023, 2022, and 2021 (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance as of March 31, 2020 |  |  | 1,781 |  |  |  | 798 |  |  |  | 610 |  |  |  | 3,189 |
Provision for credit losses |  |  | 367 |  |  |  | 503 |  |  |  | 566 |  |  |  | 1,436 |
Write-offs and other |  |  | (84 | ) |  |  | (89 | ) |  |  | (5 | ) |  |  | (178 | )
Balance as of March 31, 2021 |  |  | 2,064 |  |  |  | 1,212 |  |  |  | 1,171 |  |  |  | 4,447 |
Provision for credit losses |  |  | 482 |  |  |  | (312 | ) |  |  | (272 | ) |  |  | (102 | )
Write-offs and other |  |  | (135 | ) |  |  | (192 | ) |  |  | (218 | ) |  |  | (545 | )
Balance as of March 31, 2022 |  |  | 2,411 |  |  |  | 708 |  |  |  | 681 |  |  |  | 3,800 |
Provision for credit losses |  |  | 273 |  |  |  | 93 |  |  |  | 300 |  |  |  | 666 |
Write-offs and other |  |  | (112 | ) |  |  | - |  |  |  | - |  |  |  | (112 | )
Balance as of March 31, 2023 |  |  | 2,572 |  |  |  | 801 |  |  |  | 981 |  |  |  | 4,354 |
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 March 31, 2023(in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 and prior |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 72,155 |  |  | $ | 11,378 |  |  | $ | 11,267 |  |  | $ | 370 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 95,200 |  |  | $ | (28,115 | ) |  | $ | 67,085 |
Average CQR |  |  | 12,793 |  |  |  | 2,675 |  |  |  | 213 |  |  |  | 115 |  |  |  | 61 |  |  |  | 1 |  |  |  | 15,858 |  |  |  | (1,432 | ) |  |  | 14,426 |
Total |  | $ | 84,948 |  |  | $ | 14,053 |  |  | $ | 11,480 |  |  | $ | 485 |  |  | $ | 91 |  |  | $ | 1 |  |  | $ | 111,058 |  |  | $ | (29,547 | ) |  | $ | 81,511 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 21,629 |  |  | $ | 3,842 |  |  | $ | 1,916 |  |  | $ | 565 |  |  | $ | 51 |  |  | $ | 9 |  |  | $ | 28,012 |  |  | $ | (1,437 | ) |  | $ | 26,575 |
Average CQR |  |  | 23,796 |  |  |  | 3,430 |  |  |  | 770 |  |  |  | 35 |  |  |  | 3 |  |  |  | - |  |  |  | 28,034 |  |  |  | (1,594 | ) |  |  | 26,440 |
Total |  | $ | 45,425 |  |  | $ | 7,272 |  |  | $ | 2,686 |  |  | $ | 600 |  |  | $ | 54 |  |  | $ | 9 |  |  | $ | 56,046 |  |  | $ | (3,031 | ) |  | $ | 53,015 |
Total amortized cost (1) |  | $ | 130,373 |  |  | $ | 21,325 |  |  | $ | 14,166 |  |  | $ | 1,085 |  |  | $ | 145 |  |  | $ | 10 |  |  | $ | 167,104 |  |  | $ | (32,578 | ) |  | $ | 134,526 |
| (1) | Unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable is excluded from amortized cost.
| (2) | Transfers consist of receivables that have been transferred to third-party financial institutions on a non-recourse basis.
The following table provides the amortized cost basis of our financing receivables by CQR and by credit origination year as of March 31, 2022 (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 |  | $ | 35,264 |  |  | $ | 28,005 |  |  | $ | 1,297 |  |  | $ | 345 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 64,917 |  |  | $ | (30,274 | ) |  | $ | 34,643 |
Average CQR |  |  | 8,922 |  |  |  | 2,976 |  |  |  | 758 |  |  |  | 213 |  |  |  | 3 |  |  |  | - |  |  |  | 12,872 |  |  |  | (4,763 | ) |  |  | 8,109 |
Total |  | $ | 44,186 |  |  | $ | 30,981 |  |  | $ | 2,055 |  |  | $ | 558 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 77,789 |  |  | $ | (35,037 | ) |  | $ | 42,752 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 14,549 |  |  | $ | 5,002 |  |  | $ | 2,499 |  |  | $ | 902 |  |  | $ | 50 |  |  | $ | 11 |  |  | $ | 23,013 |  |  | $ | (3,385 | ) |  | $ | 19,628 |
Average CQR |  |  | 10,936 |  |  |  | 3,092 |  |  |  | 741 |  |  |  | 47 |  |  |  | 72 |  |  |  | - |  |  |  | 14,888 |  |  |  | (347 | ) |  |  | 14,541 |
Total |  | $ | 25,485 |  |  | $ | 8,094 |  |  | $ | 3,240 |  |  | $ | 949 |  |  | $ | 122 |  |  | $ | 11 |  |  | $ | 37,901 |  |  | $ | (3,732 | ) |  | $ | 34,169 |
Total amortized cost (1) |  | $ | 69,671 |  |  | $ | 39,075 |  |  | $ | 5,295 |  |  | $ | 1,507 |  |  | $ | 127 |  |  | $ | 15 |  |  | $ | 115,690 |  |  | $ | (38,769 | ) |  | $ | 76,921 |
| (1) | Unguaranteed residual values of $6,424 thousand that we retained after selling the related lease receivable is 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 March 31, 2023 (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 |  | $ | 1,020 |  |  | $ | 862 |  |  | $ | 473 |  |  | $ | 2,355 |  |  | $ | 7,703 |  |  | $ | 10,058 |  |  | $ | 101,000 |  |  | $ | 111,058 |
Lease receivables |  |  | 1,068 |  |  |  | 463 |  |  |  | 864 |  |  |  | 2,395 |  |  |  | 5,413 |  |  |  | 7,808 |  |  |  | 48,238 |  |  |  | 56,046 |
Total |  | $ | 2,088 |  |  | $ | 1,325 |  |  | $ | 1,337 |  |  | $ | 4,750 |  |  | $ | 13,116 |  |  | $ | 17,866 |  |  | $ | 149,238 |  |  | $ | 167,104 |
The following table provides an aging analysis of our financing receivables as of March 31, 2022 (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 |  | $ | 187 |  |  | $ | 37 |  |  | $ | 23 |  |  | $ | 247 |  |  | $ | 5,307 |  |  | $ | 5,554 |  |  | $ | 72,235 |  |  | $ | 77,789 |
Lease receivables |  |  | 115 |  |  |  | 325 |  |  |  | 430 |  |  |  | 870 |  |  |  | 639 |  |  |  | 1,509 |  |  |  | 36,392 |  |  |  | 37,901 |
Total |  | $ | 302 |  |  | $ | 362 |  |  | $ | 453 |  |  | $ | 1,117 |  |  | $ | 5,946 |  |  | $ | 7,063 |  |  | $ | 108,627 |  |  | $ | 115,690 |
Our financial assets on nonaccrual status were not significant as of March 31, 2023, and March 31, 2022.

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