FINANCING RECEIVABLES AND OPERATING LEASES (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
|---|
| 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, 2021, and 2020 (in thousands):
|
|
Year Ended March 31, |
|
| |
|
2021 |
|
|
2020 |
|
Net sales |
|
$ |
27,196 |
|
|
$ |
15,631 |
|
Cost of sales |
|
|
17,855 |
|
|
|
13,039 |
|
Gross profit |
|
$ |
9,341 |
|
|
$ |
2,592 |
|
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, 2021, and 2020 (in thousands):
|
|
Year Ended March 31, |
|
| |
|
2021 |
|
|
2020 |
|
Interest income on sales-type leases |
|
$ |
7,602 |
|
|
$ |
6,623 |
|
Lease income on operating leases |
|
$ |
15,864 |
|
|
$ |
18,534 |
|
|
| Notes Receivable Net and Investments in Leases |
The following tables provide a disaggregation of our financing receivables - net (in thousands):
March 31, 2021 |
|
Notes Receivable |
|
|
Lease Receivables |
|
|
Financing Receivables |
|
Gross receivables |
|
$ |
112,641 |
|
|
$ |
68,393 |
|
|
$ |
181,034 |
|
Unguaranteed residual value (1) |
|
|
- |
|
|
|
14,876 |
|
|
|
14,876 |
|
Initial direct costs, net of amortization |
|
|
425 |
|
|
|
- |
|
|
|
425 |
|
Unearned income |
|
|
- |
|
|
|
(8,393 |
) |
|
|
(8,393 |
) |
Allowance for credit losses (2) |
|
|
(1,212 |
) |
|
|
(1,171 |
) |
|
|
(2,383 |
) |
Total, net |
|
$ |
111,854 |
|
|
$ |
73,705 |
|
|
$ |
185,559 |
|
Reported as: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
73,175 |
|
|
$ |
33,097 |
|
|
$ |
106,272 |
|
Long-term |
|
|
38,679 |
|
|
|
40,608 |
|
|
|
79,287 |
|
Total, net |
|
$ |
111,854 |
|
|
$ |
73,705 |
|
|
$ |
185,559 |
|
|
| (1) |
Includes unguaranteed residual values of $9,453 thousand that we retained after selling the related lease receivable. |
March 31, 2020 |
|
Notes Receivable |
|
|
Lease Receivables |
|
|
Financing Receivables |
|
Minimum payments |
|
$ |
55,417 |
|
|
$ |
69,492 |
|
|
$ |
124,909 |
|
Estimated unguaranteed residual value (1) |
|
|
- |
|
|
|
21,862 |
|
|
|
21,862 |
|
Initial direct costs, net of amortization |
|
|
212 |
|
|
|
247 |
|
|
|
459 |
|
Unearned income |
|
|
- |
|
|
|
(11,612 |
) |
|
|
(11,612 |
) |
Allowance for credit losses (2) |
|
|
(798 |
) |
|
|
(610 |
) |
|
|
(1,408 |
) |
Total, net |
|
$ |
54,831 |
|
|
$ |
79,379 |
|
|
$ |
134,210 |
|
Reported as: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
31,181 |
|
|
$ |
38,988 |
|
|
$ |
70,169 |
|
Long-term |
|
|
23,650 |
|
|
|
40,391 |
|
|
|
64,041 |
|
Total, net |
|
$ |
54,831 |
|
|
$ |
79,379 |
|
|
$ |
134,210 |
|
|
| (1) |
Includes unguaranteed residual values of $14,972 thousand for sales type leases, which have been sold and accounted for as sales. |
|
| Future Scheduled Minimum Lease Payments |
The following table provides the future scheduled minimum lease payments for investments in sales-type leases as of March 31, 2021 (in thousands):
Year ending March 31, 2022 |
|
$ |
36,900 |
|
2023 |
|
|
16,358 |
|
2024 |
|
|
9,628 |
|
2025 |
|
|
3,356 |
|
2026 and thereafter |
|
|
2,151 |
|
Total |
|
$ |
68,393 |
|
|
| 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):
|
|
March 31, 2021 |
|
|
March 31, 2020 |
|
Cost of equipment under operating leases |
|
$ |
18,748 |
|
|
$ |
21,276 |
|
Accumulated depreciation |
|
|
(7,870 |
) |
|
|
(11,159 |
) |
Investment in operating lease equipment—net (1) |
|
$ |
10,878 |
|
|
$ |
10,117 |
|
|
| (1) |
Amounts include estimated unguaranteed residual values of $2.5 million and $3.1 million as of March 31, 2021, and 2020, respectively. |
|
| Future Minimum Rental Payments for Operating Leases |
The following table provides the future scheduled minimum lease rental payments for operating leases as of March 31, 2021 (in thousands):
Year ending March 31, 2022 |
|
$ |
4,744 |
|
2023 |
|
|
3,756 |
|
2024 |
|
|
1,034 |
|
2025 |
|
|
37 |
|
Total |
|
$ |
9,571 |
|
|