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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 9 Months Ended
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Dec. 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 three and nine months ended December 31, 2023, and 2022 (in thousands):
|  | Three months Ended December 31, |  |  | Nine months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 7,418 |  |  | $ | 5,916 |  |  | $ | 19,913 |  |  | $ | 15,405 |
Cost of sales |  |  | 6,666 |  |  |  | 4,949 |  |  |  | 18,189 |  |  |  | 12,785 |
Gross profit |  | $ | 752 |  |  | $ | 967 |  |  | $ | 1,724 |  |  | $ | 2,620 |
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, 2023, and 2022 (in thousands):
|  | Three months Ended December 31, |  |  | Nine months Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Interest income on sales-type leases |  | $ | 1,912 |  |  | $ | 996 |  |  | $ | 4,898 |  |  | $ | 2,677 |
Lease income on operating leases |  | $ | 2,757 |  |  | $ | 4,030 |  |  | $ | 8,366 |  |  | $ | 13,271 |
Notes Receivable Net and Investments in Leases | The following tables provide a disaggregation of our financing receivables – net (in thousands):
|  | Notes |  |  | Lease |  |  | Financing |
December 31, 2023 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 125,386 |  |  | $ | 82,257 |  |  | $ | 207,643 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 8,860 |  |  |  | 8,860 |
Unearned income |  |  | (4,723 | ) |  |  | (16,374 | ) |  |  | (21,097 | )
Allowance for credit losses (2) |  |  | (829 | ) |  |  | (1,464 | ) |  |  | (2,293 | )
Total, net |  | $ | 119,834 |  |  | $ | 73,279 |  |  | $ | 193,113 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 71,905 |  |  | $ | 38,439 |  |  | $ | 110,344 |
Long-term |  |  | 47,929 |  |  |  | 34,840 |  |  |  | 82,769 |
Total, net |  | $ | 119,834 |  |  | $ | 73,279 |  |  | $ | 193,113 |
(1) | Includes unguaranteed residual values of $4,009 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, 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.
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, |  |  | March 31, |
|  | 2023 |  |  | 2023 |
Cost of equipment under operating leases |  | $ | 13,749 |  |  | $ | 15,301 |
Accumulated depreciation |  |  | (9,506 | ) |  |  | (10,599 | )
Investment in operating lease equipment—net (1) |  | $ | 4,243 |  |  | $ | 4,702 |
(1) | Amounts include estimated unguaranteed residual values of $1,647 thousand and $1,717 thousand as of December 31, 2023, and March 31, 2023, respectively.

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