FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

6 Months Ended

Sep. 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):

September 30, 2014	Notes Receivables			Lease-Related Receivables			Total Financing Receivables
Minimum payments	$	59,745		$	86,289		$	146,034
Estimated unguaranteed residual value (1)		-			8,184			8,184
Initial direct costs, net of amortization (2)		409			528			937
Unearned income		-			(6,444	)		(6,444	)
Reserve for credit losses (3)		(3,673	)		(1,004	)		(4,677	)
Total, net	$	56,481		$	87,553		$	144,034
Reported as:
Current	$	27,043		$	37,606		$	64,649
Long-term		29,438			49,947			79,385
Total, net	$	56,481		$	87,553		$	144,034

(1) Includes estimated unguaranteed residual values of $3,287 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 $548 thousand.

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

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.”

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):

	September 30, 2014			March 31, 2014
Cost of equipment under operating leases	$	31,072		$	40,513
Accumulated depreciation		(15,674	)		(20,525	)
Investment in operating lease equipment—net (1)	$	15,398		$	19,988

(1) These totals include estimated unguaranteed residual values of $3,842 thousand and $5,610 thousand as of September 30, 2014 and March 31, 2014, respectively.