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NOTES RECEIVABLE - NET AND INVESTMENT IN LEASES AND LEASED EQUIPMENT (Tables)
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3 Months Ended |
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Jun. 30, 2013
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| INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET [Abstract] |
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| Components of Notes Receivable Net and Investments in Leases |
Our leases to our customers are accounted for as investments in direct financing, sales-type or operating leases in accordance with Codification Topic, Leases. We also finance third-party software and services for our customers, which are classified as notes receivables. Our notes receivables are interest bearing and are often due over a period of time that corresponds with the terms of the leased products. Our notes receivable—net and investments in leases, and leased equipment—net consist of the following (in thousands):
| | June 30, | | | March 31, | | | | 2013 | | | 2013 | | Notes receivable | | $ | 48,826 | | | $ | 31,893 | | Investment in direct financing and sales-type leases—net | | | 66,095 | | | | 66,243 | | Investment in operating lease equipment—net | | | 23,425 | | | | 24,467 | | | | $ | 138,346 | | | $ | 122,603 | |
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| Schedule of Notes Receivable |
Our notes receivable balance as of June 30, 2013 and March 31, 2013 consists of the following (in thousands):
| | June 30, | | | March 31, | | | | 2013 | | | 2013 | | Notes receivable | | $ | 51,994 | | | $ | 35,030 | | Less: Reserve for credit losses | | | (3,168 | ) | | | (3,137 | ) | Notes receivable—net | | $ | 48,826 | | | $ | 31,893 | |
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| Investment in Direct Financing and Sales-type Leases - Net |
Our investment in direct financing and sales-type leases—net consists of the following (in thousands):
| | June 30, | | | March 31, | | | | 2013 | | | 2013 | | Minimum lease payments | | $ | 63,876 | | | $ | 64,614 | | Estimated unguaranteed residual value (1) | | | 7,485 | | | | 7,557 | | Initial direct costs, net of amortization (2) | | | 643 | | | | 684 | | Less: Unearned lease income | | | (5,180 | ) | | | (5,767 | ) | Less: Reserve for credit losses (3) | | | (729 | ) | | | (845 | ) | Investment in direct financing and sales-type leases—net | | $ | 66,095 | | | $ | 66,243 | |
| (1) | Includes estimated unguaranteed residual values of $3,503 thousand and $3,361 thousand as of June 30, 2013 and March 31, 2013, respectively, for direct financing leases which have been sold and accounted for as sales under Codification Topic, Transfers and Servicing. |
| (2) | Initial direct costs are shown net of amortization of $479 thousand and $479 thousand as of June 30, 2013 and March 31, 2013, respectively. |
| (3) | For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.” |
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| Investment in Operating Lease Equipment - Net |
Investment in operating lease equipment—net primarily represents leases that do not qualify as direct financing leases. The components of the investment in operating lease equipment—net are as follows (in thousands):
| | June 30, | | | March 31, | | | | 2013 | | | 2013 | | Cost of equipment under operating leases | | $ | 46,172 | | | $ | 46,106 | | Less: Accumulated depreciation and amortization | | | (22,747 | ) | | | (21,639 | ) | Investment in operating lease equipment—net (1) | | $ | 23,425 | | | $ | 24,467 | |
| | (1) | Includes estimated unguaranteed residual values of $7,828 thousand and $7,763 thousand as of June 30, 2013 and March 31, 2013, respectively, for operating leases. |
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