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SALE/LEASEBACK ARRANGEMENTS (Tables) | 12 Months Ended
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Mar. 31, 2016
Leases [Abstract] |
Details of Number of Vessels, Total Proceeds, Carrying Values at the Time of Sale, Deferred Gains Recognized, Lease Expirations, and Contractual Purchase Option | The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2015:
Fiscal 2015 Quarter |  | Number of Vessels |  |  | Total Proceeds |  |  | Carrying Value at time of Sale |  |  | Deferred Gain at time of Sale |  |  | Lease Term in Years |  |  | Purchase Option Percentage |  |  | Purchase Option at at end of:
First |  |  | 1 |  |  | $ | 13,400 |  |  | $ | 4,002 |  |  | $ | 9,398 |  |  |  | 7 |  |  |  | 61% |  |  | 6th Year
Second |  |  | 1 |  |  |  | 19,350 |  |  |  | 8,214 |  |  |  | 11,136 |  |  |  | 8.5 |  |  |  | 47% |  |  | 8th Year
Third |  |  | 3 |  |  |  | 78,200 |  |  |  | 33,233 |  |  |  | 44,967 |  |  | 8 – 9 |  |  |  | 60% |  |  | 7th or 8th Year
Fourth |  |  | 1 |  |  |  | 13,000 |  |  |  | 5,115 |  |  |  | 7,885 |  |  | 7 |  |  |  | 50% |  |  | 6th Year
|  |  | 6 |  |  | $ | 123,950 |  |  | $ | 50,564 |  |  | $ | 73,386 |  |  |  |  |  |  |  |  |  |  |
The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2014:
Fiscal 2014 Quarter |  | Number of Vessels |  |  | Total Proceeds |  |  | Carrying Value at time of Sale |  |  | Deferred Gain at time of Sale |  |  | Lease Term in Years |  |  | Purchase Option Percentage |  |  | Purchase Option at at end of:
Second |  |  | 2 |  |  | $ | 65,550 |  |  | $ | 34,325 |  |  | $ | 31,225 |  |  |  | 7 |  |  |  | 55% |  |  | 6th Year
Third |  |  | 4 |  |  |  | 141,900 |  |  |  | 105,649 |  |  |  | 36,251 |  |  | 7 – 9 |  |  | 54 - 68% |  |  | 6th or 8th Year
Fourth |  |  | 4 |  |  |  | 63,305 |  |  |  | 32,845 |  |  |  | 30,460 |  |  | 7 – 10 |  |  | 53 - 59% |  |  | 6th or 9th Year
|  |  | 10 |  |  | $ | 270,755 |  |  | $ | 172,819 |  |  | $ | 97,936 |  |  |  |  |  |  |  |  |  |  |
Schedule of Future Minimum Lease Payments | As of March 31, 2016, the future minimum lease payments for the vessels under the operating lease terms are as follows:
Fiscal year ending (In thousands) |  | Fiscal 2015 Sale/Leaseback |  |  | Fiscal 2014 Sale/Leaseback |  |  | Total |
2017 |  | $ | 9,485 |  |  |  | 20,879 |  |  |  | 30,364 |
2018 |  |  | 9,604 |  |  |  | 23,486 |  |  |  | 33,090 |
2019 |  |  | 10,234 |  |  |  | 24,800 |  |  |  | 35,034 |
2020 |  |  | 11,497 |  |  |  | 25,519 |  |  |  | 37,016 |
2021 |  |  | 11,594 |  |  |  | 19,979 |  |  |  | 31,573 |
Thereafter |  |  | 19,273 |  |  |  | 20,063 |  |  |  | 39,336 |
Total future lease payments |  | $ | 71,687 |  |  |  | 134,726 |  |  |  | 206,413 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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- Definition Tabular disclosure of leases entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller was accounted for as an operating or capital lease. If the sale of the asset(s) did not meet the requirements to be accounted for as a sale whether the transaction was accounted for using the deposit method or as a financing. Disclosure may also include a description of the terms of the sale-leaseback transaction, including future commitments, obligations, provisions, or circumstances that require or result in the seller-lessee's continuing involvement. For leasing transactions involving "Special Purpose Entities"', disclosure may include a general description of the significant terms of the leasing arrangement including renewal or purchase options, escalation clauses, obligations with respect to refinancing of the lessor's debt, significant penalties and the provisions of any significant guarantees, such as residual value guarantees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6456341&loc=d3e50796-112755 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6456377&loc=d3e50824-112756 + Details
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