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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 12 Months Ended
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Mar. 31, 2024
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, 2024, and 2023 (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Net sales |  | $ | 21,578 |  |  | $ | 22,677 |
Cost of sales |  |  | 19,557 |  |  |  | 19,009 |
Gross profit |  | $ | 2,021 |  |  | $ | 3,668 |
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, 2024, and 2023 (in thousands):
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Interest income on sales-type leases |  | $ | 6,769 |  |  | $ | 3,943 |
Lease income on operating leases |  | $ | 10,886 |  |  | $ | 17,421 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables—net (in thousands):
|  | Notes |  |  | Sales-Type Lease |  |  | Financing |
March 31, 2024 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 114,713 |  |  | $ | 75,658 |  |  | $ | 190,371 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 9,078 |  |  |  | 9,078 |
Unearned income |  |  | (6,503 | ) |  |  | (12,036 | ) |  |  | (18,539 | )
Allowance for credit losses (2) |  |  | (1,056 | ) |  |  | (1,435 | ) |  |  | (2,491 | )
Total, net |  | $ | 107,154 |  |  | $ | 71,265 |  |  | $ | 178,419 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 61,830 |  |  | $ | 40,770 |  |  | $ | 102,600 |
Long-term |  |  | 45,324 |  |  |  | 30,495 |  |  |  | 75,819 |
Total, net |  | $ | 107,154 |  |  | $ | 71,265 |  |  | $ | 178,419 |
| (1) | Includes unguaranteed residual values of $3,718 thousand that we retained after selling the related lease receivable.
| (2) | Refer to Note 7, “Allowance for Credit Losses” for details.
|  | Notes |  |  | Sales-Type 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.
Future Scheduled Minimum Lease Payments | The following table provides the future scheduled minimum lease payments to be received from our sales-type leases as of March 31, 2024 (in thousands):
Year ending March 31, 2025 |  | $ | 34,513 |
2026 |  |  | 22,600 |
2027 |  |  | 12,380 |
2028 |  |  | 4,901 |
2029 |  |  | 1,263 |
2030 and thereafter |  |  | 1 |
Total |  | $ | 75,658 |
Operating Lease - Net | The components of operating leases—net are as follows (in thousands):
|  | March 31, 2024 |  |  | March 31,2023 |
Cost of equipment under operating leases |  | $ | 10,744 |  |  | $ | 15,301 |
Accumulated depreciation |  |  | (7,128 | ) |  |  | (10,599 | )
Operating leases—net (1) |  | $ | 3,616 |  |  | $ | 4,702 |
| (1) | Amounts include estimated unguaranteed residual values of $1,346 thousand and $1,717 thousand as of March 31, 2024, and 2023 respectively.
Future Minimum Rental Payments for Operating Leases | The following table provides the future scheduled minimum lease rental payments to be received from our operating leases as of March 31, 2024 (in thousands):
Year ending March 31, 2025 |  | $ | 1,984 |
2026 |  |  | 1,271 |
2027 |  |  | 222 |
Total |  | $ | 3,477 |

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