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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 3 Months Ended
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Jun. 30, 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 three months ended June 30, 2024, and 2023 (in thousands):
|  | Three Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Net sales |  | $ | 3,510 |  |  | $ | 7,623 |
Cost of sales |  |  | 3,059 |  |  |  | 7,391 |
Gross profit |  | $ | 451 |  |  | $ | 232 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three months ended June 30, 2024, and 2023 (in thousands):
|  | Three Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Interest income on sales-type leases |  | $ | 2,023 |  |  | $ | 1,362 |
Lease income on operating leases |  | $ | 2,867 |  |  | $ | 2,808 |
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 |
June 30, 2024 |  | Receivable |  |  | Receivables |  |  | Receivables |
Gross receivables |  | $ | 119,544 |  |  | $ | 83,590 |  |  | $ | 203,134 |
Unguaranteed residual value (1) |  |  | - |  |  |  | 9,858 |  |  |  | 9,858 |
Unearned income |  |  | (7,775 | ) |  |  | (13,620 | ) |  |  | (21,395 | )
Allowance for credit losses (2) |  |  | (1,088 | ) |  |  | (1,409 | ) |  |  | (2,497 | )
Total, net |  | $ | 110,681 |  |  | $ | 78,419 |  |  | $ | 189,100 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 65,679 |  |  | $ | 43,440 |  |  | $ | 109,119 |
Long-term |  |  | 45,002 |  |  |  | 34,979 |  |  |  | 79,981 |
Total, net |  | $ | 110,681 |  |  | $ | 78,419 |  |  | $ | 189,100 |
| (1) | Includes unguaranteed residual values of $3,554 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, 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.
Investment in Operating Lease Equipment - Net | The components of the operating leases—net are as follows (in thousands):
|  | June 30, 2024 |  |  | March 31, 2024 |
Cost of equipment under operating leases |  | $ | 12,370 |  |  | $ | 10,744 |
Accumulated depreciation |  |  | (7,319 | ) |  |  | (7,128 | )
Operating leases—net (1) |  | $ | 5,051 |  |  | $ | 3,616 |
| (1) | Amounts include estimated unguaranteed residual values of $1,711 thousand and $1,346 thousand as of June 30, 2024, and March 31, 2024, respectively.

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