NOTES RECEIVABLE - NET AND INVESTMENT IN LEASES AND LEASED EQUIPMENT (Tables)

3 Months Ended

Jun. 30, 2013

INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET [Abstract]

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

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

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.”

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.