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SALE/LEASEBACK ARRANGEMENTS | 9 Months Ended
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Dec. 31, 2016
Leases [Abstract] |
SALE/LEASEBACK ARRANGEMENTS |
(13) | SALE/LEASEBACK ARRANGEMENTS
As of December 31, 2016 the company operated 16 vessels under sale/leaseback arrangements of which ten are stacked. As of December 31, 2016, the future minimum lease payments for vessels under operating lease terms are as follows:
|  | Fiscal 2015 |  |  | Fiscal 2014 |  |  |  |  |
Fiscal year ending (In thousands) |  | Sale/Leaseback |  |  | Sale/Leaseback |  |  | Total |
Remaining three months of 2017 |  | $ | 2,371 |  |  |  | 5,220 |  |  |  | 7,591 |
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 |  | $ | 64,573 |  |  |  | 119,067 |  |  |  | 183,640 |
Included in gain on asset dispositions, net for the quarter and nine months ended December 31, 2016, respectively, were $5.8 million and $17.5 million of deferred gain amortization from sale leaseback transactions.

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- Definition The entire disclosure for sale leaseback transactions. Includes the elements of a transaction involving the sale of property to another party and the lease of the property back to the seller. + References Reference 1: 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 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 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 + Details
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