v2.3.0.15

RESERVES FOR CREDIT LOSSES

6 Months Ended

Sep. 30, 2011

RESERVES FOR CREDIT LOSSES [Abstract]

RESERVES FOR CREDIT LOSSES

4. RESERVES FOR CREDIT LOSSES

Activity in our reserves for credit losses for the six months ended September 30, 2011 and 2010 was as follows (in thousands):

		Accounts Receivable		Notes Receivable		Lease-Related Assets		Total
Balance April 1, 2011		$         944		$           94		$      1,733		$      2,771
Provision for (reduction of) bad debts		129		162		(184)		107
Recoveries		-		-		-		-
Write-offs and other		(224)		-		(2)		(226)
Balance September 30, 2011		$         849		$         256		$      1,547		$      2,652
		Accounts Receivable		Notes Receivable		Lease-Related Assets		Total
Balance April 1, 2010		$      1,580		$           75		$      1,930		$      3,585
Provision for (reduction of) bad debts		(140)		(51)		93		(98)
Recoveries		(7)		-		-		(7)
Write-offs and other		(317)		-		(482)		(799)
Balance September 30, 2010		$      1,116		$           24		$      1,541		$      2,681

Our reserve for credit losses and minimum lease payments associated with our notes receivable and investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands):

	Notes Receivable		Lease-Related Assets		Notes Receivable		Lease-Related Assets
	September 30, 2011		September 30, 2011		March 31, 2011		March 31, 2011
Reserve for credit losses:
Ending balance: collectively evaluated for impairment	$                        256		$                     1,547		$                   94		$              1,733
Ending balance: individually evaluated for impairment	-		-		-		-
Ending balance	$                        256		$                     1,547		$                   94		$              1,733
Total receivables:
Ending balance: collectively evaluated for impairment	$                     5,173		$                   93,838		$              5,937		$          102,446
Ending balance: individually evaluated for impairment (1)	-		-		-		3
Ending balance	$                     5,173		$                   93,838		$              5,937		$          102,449

(1) The net credit exposure for the balance evaluated individually for impairment as of March 31, 2011 was $3 thousand.

As of September 30, 2011, the age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due, disaggregated based on our internally assigned credit quality ratings (“CQR”), were as follows (in thousands):

		31-60 Days Past Due				61-90 Days Past Due				Greater than 90 Days Past Due				Total Past Due				Current				Unbilled Minimum Lease Payments				Total Minimum Lease Payments				Unearned Income				Non- Recourse Notes Payable				Net Credit Exposure
September 30, 2011
High CQR		$	192			$	20			$	221			$	432			$	818			$	57,434			$	58,684			$	(4,348	)		$	(2,933	)		$	51,404
Average CQR			0				-				9				9				100				35,045				35,154				(4,876	)			(9,395	)			20,883
Low CQR			-				-				-				-				-				-				-				-				-				-
Total		$	192			$	20			$	230			$	441			$	918			$	92,479			$	93,838			$	(9,224	)		$	(12,328	)		$	72,287
March 31, 2011
High CQR		$	1,495			$	188			$	401			$	2,084			$	296			$	58,962			$	61,342			$	(5,031	)		$	(6,658	)		$	49,653
Average CQR			26				134				18				178				767				40,159				41,104				(6,292	)			(9,984	)			24,828
Low CQR			-				-				3				3				-				-				3				-				-				3
Total		$	1,521			$	322			$	422			$	2,265			$	1,063			$	99,121			$	102,449			$	(11,323	)		$	(16,642	)		$	74,484

As of September 30, 2011, the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows (in thousands):

		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Current		Unbilled Notes Receivable		Total
September 30, 2011
High CQR		$         -		$        -		$         -		$         -		$       200		$            1,678		$      1,878
Average CQR		-				145		145		164		2,986		3,295
Low CQR		-		-		-		-		-		-		-
Total		$         -		$        -		$      145		$      145		$       364		$            4,664		$      5,173
March 31, 2011
High CQR		$         -		$        -		$         -		$         -		$          -		$            4,119		$      4,119
Average CQR		-		145		-		145		70		1,603		1,818
Low CQR		-		-		-		-		-		-		-
Total		$         -		$      145		$         -		$      145		$         70		$            5,722		$      5,937

We estimate losses on our net credit exposure to be between 0%-5% for customers with highest CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2%-25% for customers with average CQR, and between 50%-100% for customers with low CQR, which includes customers in bankruptcy.

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