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ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended
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Dec. 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 nine months ended December 31, 2023, and 2022 (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2023 |  | $ | 2,572 |  |  | $ | 801 |  |  | $ | 981 |  |  | $ | 4,354 |
Provision for credit losses |  |  | 516 |  |  |  | 27 |  |  |  | 484 |  |  |  | 1,027 |
Write-offs and other |  |  | (89 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | (89 | )
Balance December 31, 2023 |  | $ | 2,999 |  |  | $ | 829 |  |  | $ | 1,464 |  |  | $ | 5,292 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease Receivables |  |  | Total |
Balance April 1, 2022 |  | $ | 2,411 |  |  | $ | 708 |  |  | $ | 681 |  |  | $ | 3,800 |
Provision for credit losses |  |  | 1,584 |  |  |  | 546 |  |  |  | 716 |  |  | $ | 2,846 |
Write-offs and other |  |  | (102 | ) |  |  | (2 | ) |  |  | - |  |  | $ | (104 | )
Balance December 31, 2022 |  | $ | 3,893 |  |  | $ | 1,252 |  |  | $ | 1,397 |  |  | $ | 6,542 |
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, 2023 (in thousands):
|  | Amortized cost basis by origination year ending March 31, |  |  |  |  |  |  |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 and prior |  |  | Total |  |  | Transfers (2) |  |  | Net credit exposure |
Notes receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 78,475 |  |  | $ | 19,040 |  |  | $ | 4,558 |  |  | $ | 3,230 |  |  | $ | 39 |  |  | $ | - |  |  | $ | 105,342 |  |  | $ | (35,451 | ) |  | $ | 69,891 |
Average CQR |  |  | 10,780 |  |  |  | 4,078 |  |  |  | 374 |  |  |  | 75 |  |  |  | - |  |  |  | 14 |  |  |  | 15,321 |  |  |  | (3,858 | ) |  |  | 11,463 |
Total |  | $ | 89,255 |  |  | $ | 23,118 |  |  | $ | 4,932 |  |  | $ | 3,305 |  |  | $ | 39 |  |  | $ | 14 |  |  | $ | 120,663 |  |  | $ | (39,309 | ) |  | $ | 81,354 |
Lease receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 26,317 |  |  | $ | 9,664 |  |  | $ | 2,211 |  |  | $ | 1,270 |  |  | $ | 214 |  |  | $ | 10 |  |  | $ | 39,686 |  |  | $ | (5,320 | ) |  | $ | 34,366 |
Average CQR |  |  | 17,209 |  |  |  | 10,713 |  |  |  | 2,749 |  |  |  | 375 |  |  |  | 2 |  |  |  | - |  |  |  | 31,048 |  |  |  | (3,548 | ) |  |  | 27,500 |
Total |  | $ | 43,526 |  |  | $ | 20,377 |  |  | $ | 4,960 |  |  | $ | 1,645 |  |  | $ | 216 |  |  | $ | 10 |  |  | $ | 70,734 |  |  | $ | (8,868 | ) |  | $ | 61,866 |
Total amortized cost (1) |  | $ | 132,781 |  |  | $ | 43,495 |  |  | $ | 9,892 |  |  | $ | 4,950 |  |  | $ | 255 |  |  | $ | 24 |  |  | $ | 191,397 |  |  | $ | (48,177 | ) |  | $ | 143,220 |
(1) | Excludes unguaranteed residual values of $4,009 thousand that we retained after selling the related lease receivable.
(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, 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) | Excludes unguaranteed residual values of $4,222 thousand that we retained after selling the related lease receivable.
| (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, 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 |  | $ | 5,735 |  |  | $ | 306 |  |  | $ | 2,131 |  |  | $ | 8,172 |  |  | $ | 5,617 |  |  | $ | 13,789 |  |  | $ | 106,874 |  |  | $ | 120,663 |
Lease receivables |  |  | 542 |  |  |  | 754 |  |  |  | 2,023 |  |  |  | 3,319 |  |  |  | 3,221 |  |  |  | 6,540 |  |  |  | 64,194 |  |  |  | 70,734 |
Total |  | $ | 6,277 |  |  | $ | 1,060 |  |  | $ | 4,154 |  |  | $ | 11,491 |  |  | $ | 8,838 |  |  | $ | 20,329 |  |  | $ | 171,068 |  |  | $ | 191,397 |
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 |

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