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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 12 Months Ended
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Mar. 31, 2023
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 years ended March 31, 2023, and 2022 (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Net sales |  | $ | 22,677 |  |  | $ | 14,943 |
Cost of sales |  |  | 19,009 |  |  |  | 12,478 |
Gross profit |  | $ | 3,668 |  |  | $ | 2,465 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the years ended March 31, 2023, and 2022 (in thousands):
|  | Year Ended March 31, |
|  | 2023 |  |  | 2022 |
Interest income on sales-type leases |  | $ | 3,943 |  |  | $ | 3,904 |
Lease income on operating leases |  | $ | 17,421 |  |  | $ | 24,711 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables - net (in thousands):
|  | Notes |  |  | Lease |  |  | Financing |
March 31, 2023 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 117,008 |  |  | $ | 60,157 |  |  | $ | 177,165 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 8,161 |  |  |  | 8,161 |
Unearned income |  |  | (5,950 | ) |  |  | (8,050 | ) |  |  | (14,000 | )
Allowance for credit losses (2) |  |  | (801 | ) |  |  | (981 | ) |  |  | (1,782 | )
Total, net |  | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 65,738 |  |  | $ | 24,091 |  |  | $ | 89,829 |
Long-term |  |  | 44,519 |  |  |  | 35,196 |  |  |  | 79,715 |
Total, net |  | $ | 110,257 |  |  | $ | 59,287 |  |  | $ | 169,544 |
| (1) | Includes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable.
| (2) | Refer to Note 7, “Allowance for Credit Losses” for details.
|  | Notes |  |  | Lease |  |  | Financing |
March 31, 2022 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 80,517 |  |  | $ | 38,788 |  |  | $ | 119,305 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 9,141 |  |  |  | 9,141 |
Unearned income |  |  | (2,728 | ) |  |  | (3,604 | ) |  |  | (6,332 | )
Allowance for credit losses (2) |  |  | (708 | ) |  |  | (681 | ) |  |  | (1,389 | )
Total, net |  | $ | 77,081 |  |  | $ | 43,644 |  |  | $ | 120,725 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 45,415 |  |  | $ | 16,077 |  |  | $ | 61,492 |
Long-term |  |  | 31,666 |  |  |  | 27,567 |  |  |  | 59,233 |
Total, net |  | $ | 77,081 |  |  | $ | 43,644 |  |  | $ | 120,725 |
| (1) | Includes unguaranteed residual values of $6,424 thousand that we retained after selling the related lease receivable.
| (2) | Refer to Note 7, “Allowance for Credit Losses” for details.
Future Scheduled Minimum Lease Payments | The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2023 (in thousands):
Year ending March 31, 2024 |  | $ | 28,478 |
2025 |  |  | 17,216 |
2026 |  |  | 9,662 |
2027 |  |  | 3,547 |
2028 and thereafter |  |  | 1,254 |
Total |  | $ | 60,157 |
Investment in Operating Lease Equipment - Net | The components of the operating leases—net are as follows (in thousands):
|  | March 31, 2023 |  |  | March 31, 2022 |
Cost of equipment under operating leases |  | $ | 15,301 |  |  | $ | 13,044 |
Accumulated depreciation |  |  | (10,599 | ) |  |  | (7,985 | )
Investment in operating lease equipment—net (1) |  | $ | 4,702 |  |  | $ | 5,059 |
| (1) | Amounts include estimated unguaranteed residual values of $1,717 thousand as of both March 31, 2023, and 2022.
Future Minimum Rental Payments for Operating Leases | The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2023 (in thousands):
Year ending March 31, 2024 |  | $ | 1,618 |
2025 |  |  | 829 |
2026 |  |  | 269 |
2027 |  |  | 38 |
Total |  | $ | 2,754 |

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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