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INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET | 12 Months Ended
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Mar. 31, 2013
INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET [Abstract] |
INVESTMENT IN LEASES AND LEASED EQUIPMENT - NET | 2. INVESTMENTS IN LEASES AND LEASED EQUIPMENT—NET Our investment in leases and leased equipment—net consists of the following (in thousands):
|  | March 31, |  |  | March 31, |
|  | 2013 |  |  | 2012 |
Investment in direct financing and sales-type leases—net |  | $ | 66,243 |  |  | $ | 95,460 |
Investment in operating lease equipment—net |  |  | 24,467 |  |  |  | 20,514 |
|  | $ | 90,710 |  |  | $ | 115,974 |
INVESTMENT IN DIRECT FINANCING AND SALES-TYPE LEASES—NET Our investment in direct financing and sales-type leases—net consists of the following (in thousands):
|  | March 31, |  |  | March 31, |
|  | 2013 |  |  | 2012 |
Minimum lease payments |  | $ | 64,614 |  |  | $ | 99,747 |
Estimated unguaranteed residual value (1) |  |  | 7,557 |  |  |  | 6,917 |
Initial direct costs, net of amortization (2) |  |  | 684 |  |  |  | 797 |
Less: Unearned lease income |  |  | (5,767 | ) |  |  | (10,665 | )
Less: Reserve for credit losses (3) |  |  | (845 | ) |  |  | (1,336 | )
Investment in direct financing and sales-type leases—net |  | $ | 66,243 |  |  | $ | 95,460 |
(1) | Includes estimated unguaranteed residual values of $3,361 thousand and $1,700 thousand as of March 31, 2013 and 2012, respectively, 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 $479 thousand and $512 thousand as of March 31, 2013 and 2012, respectively.
(3) | For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses."
Future scheduled minimum lease payments as of March 31, 2013 are as follows (in thousands):
Year ending March 31, 2014 |  | $ | 30,877 |
2015 |  |  | 19,653 |
2016 |  |  | 10,905 |
2017 |  |  | 2,781 |
2018 and thereafter |  |  | 398 |
Total |  | $ | 64,614 |
Our net investment in direct financing and sales-type leases for certain lease agreements serves as collateral for non-recourse and recourse equipment notes. See Note 7, "Notes Payable and Credit Facility." We enter into agreements to sell the financing receivables associated with certain notes receivables and investments in direct financing leases, which are accounted for as sales under Codification Topic, Transfer and Servicing. We recognized a net gain for these sales of $7.1 million, $3.9 million and $2.2 million in financing revenues in the consolidated statement of operations for the years ended March 31, 2013, 2012 and 2011, respectively. Total proceeds from the sale of financing receivables were $142.3 million, $62.4 million and $63.6 million for the years ended March 31, 2013, 2012, and 2011, respectively. INVESTMENT IN OPERATING LEASE EQUIPMENT—NET Investment in operating lease equipment—net primarily represents leases that do not qualify as direct financing leases. The components of the investment in operating lease equipment—net are as follows (in thousands):
|  | March 31, |  |  | March 31, |
|  | 2013 |  |  | 2012 |
Cost of equipment under operating leases |  | $ | 46,106 |  |  | $ | 44,487 |
Less: Accumulated depreciation and amortization |  |  | (21,639 | ) |  |  | (23,973 | )
Investment in operating lease equipment—net (1) |  | $ | 24,467 |  |  | $ | 20,514 |
(1) | Includes estimated unguaranteed residual values of $7,763 thousand and $7,802 thousand as of March 31, 2013 and 2012, respectively.
Future scheduled minimum lease rental payments as of March 31, 2013 are as follows (in thousands):
Year ending March 31, 2014 |  | $ | 10,336 |
2015 |  |  | 6,149 |
2016 |  |  | 1,946 |
2017 |  |  | 149 |
2018 and thereafter |  |  | 30 |
Total |  | $ | 18,610 |

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- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 47 -URI http://asc.fasb.org/extlink&oid=6584217&loc=d3e38847-112698 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45437-112738 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45377-112738 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6454179&loc=d3e41551-112718 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45424-112738 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716 + Details
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