FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

3 Months Ended

Jun. 30, 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):

	Notes			Lease-Related			Total Financing
June 30, 2014	Receivables			Receivables			Receivables
Minimum payments	$	60,420		$	80,177		$	140,597
Estimated unguaranteed residual value (1)		-			8,119			8,119
Initial direct costs, net of amortization (2)		344			489			833
Unearned income		-			(5,854	)		(5,854	)
Reserve for credit losses (3)		(3,563	)		(1,018	)		(4,581	)
Total, net	$	57,201		$	81,913		$	139,114
Reported as:
Current	$	25,118		$	32,864		$	57,982
Long-term		32,083			49,049			81,132
Total, net	$	57,201		$	81,913		$	139,114

(1) Includes estimated unguaranteed residual values of $3,470 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 $539 thousand.

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

	Notes			Lease-Related			Total Financing
March 31, 2014	Receivables			Receivables			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.”

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):

	June 30,			March 31,
	2014			2014
Cost of equipment under operating leases	$	42,217		$	40,513
Accumulated depreciation		(22,937	)		(20,525	)
Investment in operating lease equipment—net (1)	$	19,280		$	19,988

(1) Includes estimated unguaranteed residual values of $5,672 thousand and $5,610 thousand as of June 30, 2014 and March 31, 2014, respectively.