FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

12 Months Ended

Mar. 31, 2014

FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]

Components of Notes Receivable Net and Investments in Leases

Our financing receivables, net consist of the following (in thousands):

March 31, 2014	Notes Receivables			Lease-Related Receivables			Total Financing Receivables
Minimum payments	$	43,707		$	81,551		$	125,258
Estimated unguaranteed residual value (1)		-			8,275			8,275
Initial direct costs, net of amortization (2)		354			537			891
Unearned income		-			(6,285	)		(6,285	)
Reserve for credit losses (3)		(3,364	)		(1,024	)		(4,388	)
Total, net	$	40,697		$	83,054		$	123,751
Reported as:
Current	$	22,109		$	35,640		$	57,749
Long-term		18,588			47,414			66,002
Total, net	$	40,697		$	83,054		$	123,751

(1) Includes estimated unguaranteed residual values of $3,034 thousand 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 $525 thousand.

(3) For details on reserve for credit losses, refer to Note 4, “Reserves for Credit Losses.”

Future Scheduled Minimum Lease Payments

Future scheduled minimum lease payments for investments in direct financing and sales-type leases as of March 31, 2014 are as follows (in thousands):

Year ending March 31, 2015	$	38,536
2016		26,495
2017		13,790
2018		2,513
2019 and thereafter		217
Total	$	81,551

Investment in Operating Lease Equipment - Net

Operating leases—net primarily represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands):

	March 31,
	2014			2013
Cost of equipment under operating leases	$	40,513		$	46,106
Accumulated depreciation		(20,525	)		(21,639	)
Investment in operating lease equipment—net (1)	$	19,988		$	24,467

(1) Includes estimated unguaranteed residual values of $5,610 thousand and $7,763 thousand as of March 31, 2014 and 2013, respectively.

Future Minimum Rental Payments for Operating Leases

As of March 31, 2014, the future minimum lease payments are due as follows (in thousands):

	(in thousands)
Year ending March 31, 2015	$	4,263
2016		3,251
2017		2,496
2018		1,803
2019 and thereafter		655
	$	12,468