XML 23 R14.htm IDEA: XBRL DOCUMENT
v3.24.0.1

ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended
--- | ---
Dec. 31, 2023
ALLOWANCE FOR CREDIT LOSSES [Abstract] |
ALLOWANCE FOR CREDIT LOSSES |
7. | ALLOWANCE 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 |
We evaluate our customers using an internally assigned credit quality rating “CQR”. The CQR categories of our financing receivables are:
• | High CQR: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. Loss rates in this category are generally less than 1%.
• | Average CQR: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Loss rates in this category are in the range of 1% to 8%.
• | Low CQR: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. The loss rates in this category in the normal course are greater than 8% and up to 100%.
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.
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 |
Our financial assets on nonaccrual status were not significant as of December 31, 2023, and March 31, 2023.

X
- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent + Details
Name: | us-gaap_AllowanceForCreditLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration