FINANCING RECEIVABLES AND OPERATING LEASES (Tables)

6 Months Ended

Sep. 30, 2015

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, 2015	Notes Receivables			Lease-Related Receivables			Total Financing Receivables
Minimum payments	$	61,555		$	67,238		$	128,793
Estimated unguaranteed residual value (1)		-			9,287			9,287
Initial direct costs, net of amortization (2)		431			536			967
Unearned income		-			(5,403	)		(5,403	)
Reserve for credit losses (3)		(3,584	)		(848	)		(4,432	)
Total, net	$	58,402		$	70,810		$	129,212
Reported as:
Current	$	30,811		$	33,457		$	64,268
Long-term		27,591			37,353			64,944
Total, net	$	58,402		$	70,810		$	129,212

(1) Includes estimated unguaranteed residual values of $4,216 thousand for direct financing leases, which have been sold and accounted for as sales under ASC Topic, Transfers and Servicing.

(2) Initial direct costs are shown net of amortization of $710 thousand.

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

March 31, 2015	Notes Receivables			Lease-Related Receivables			Total Financing Receivables
Minimum payments	$	59,943		$	66,415		$	126,358
Estimated unguaranteed residual value (1)		-			8,376			8,376
Initial direct costs, net of amortization (2)		429			495			924
Unearned income		-			(5,233	)		(5,233	)
Reserve for credit losses (3)		(3,573	)		(881	)		(4,454	)
Total, net	$	56,799		$	69,172		$	125,971
Reported as:
Current	$	33,484		$	33,425		$	66,909
Long-term		23,315			35,747			59,062
Total, net	$	56,799		$	69,172		$	125,971

(1) Includes estimated unguaranteed residual values of $3,977 thousand for direct financing leases which have been sold and accounted for as sales under ASC Topic, Transfers and Servicing.

(2) Initial direct costs are shown net of amortization of $647 thousand.

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

Investment in Operating Lease Equipment - Net

The components of the operating leases—net are as follows (in thousands):

	September 30, 2015			March 31, 2015
Cost of equipment under operating leases	$	41,373		$	36,283
Accumulated depreciation		(18,470	)		(18,354	)
Investment in operating lease equipment—net (1)	$	22,903		$	17,929

(1) These totals include estimated unguaranteed residual values of $4,409 thousand and $4,340 thousand as of September 30, 2015 and March 31, 2015, respectively.