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RESERVES FOR CREDIT LOSSES | 12 Months Ended
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Mar. 31, 2013
RESERVES FOR CREDIT LOSSES [Abstract] |
RESERVES FOR CREDIT LOSSES | 4. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the years ended March 31, 2013, 2012 and 2011 were as follows (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease-Related Receivables |  |  | Total |
Balance April 1, 2012 |  | $ | 1,307 |  |  | $ | 2,963 |  |  | $ | 1,336 |  |  | $ | 5,606 |
Provision for bad debts, net of recoveries |  |  | (19 | ) |  |  | 174 |  |  |  | (488 | ) |  |  | (333 | )
Write-offs and other |  |  | (141 | ) |  |  | - |  |  |  | (3 | ) |  |  | (144 | )
Balance March 31, 2013 |  | $ | 1,147 |  |  | $ | 3,137 |  |  | $ | 845 |  |  | $ | 5,129 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease-Related Receivables |  |  | Total |
Balance April 1, 2011 |  | $ | 944 |  |  | $ | 94 |  |  | $ | 1,733 |  |  | $ | 2,771 |
Provision for bad debts, net of recoveries |  |  | 739 |  |  |  | 2,869 |  |  |  | (395 | ) |  |  | 3,213 |
Write-offs and other |  |  | (376 | ) |  |  | - |  |  |  | (2 | ) |  |  | (378 | )
Balance March 31, 2012 |  | $ | 1,307 |  |  | $ | 2,963 |  |  | $ | 1,336 |  |  | $ | 5,606 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease-Related Receivables |  |  | Total |
Balance April 1, 2010 |  | $ | 1,580 |  |  | $ | 75 |  |  | $ | 1,930 |  |  | $ | 3,585 |
Provision for bad debts, net of recoveries |  |  | (252 | ) |  |  | 19 |  |  |  | 330 |  |  |  | 97 |
Write-offs and other |  |  | (384 | ) |  |  | - |  |  |  | (527 | ) |  |  | (911 | )
Balance March 31, 2011 |  | $ | 944 |  |  | $ | 94 |  |  | $ | 1,733 |  |  | $ | 2,771 |
Our reserve for credit losses and minimum lease payments associated with our investment in direct financing and sales- type lease balances disaggregated on the basis of our impairment method were as follows (in thousands):
|  | March, 31, 2013 |  |  | March 31, 2012 |
|  | Notes Receivable |  |  | Lease-Related Receivables |  |  | Notes Receivable |  |  | Lease-Related Receivables |
Reserves for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 310 |  |  | $ | 747 |  |  | $ | 298 |  |  | $ | 1,314 |
Ending balance: individually evaluated for impairment |  |  | 2,827 |  |  |  | 98 |  |  |  | 2,665 |  |  |  | 22 |
Ending balance |  | $ | 3,137 |  |  | $ | 845 |  |  | $ | 2,963 |  |  | $ | 1,336 |
Minimum payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 31,793 |  |  | $ | 64,246 |  |  | $ | 22,944 |  |  | $ | 99,545 |
Ending balance: individually evaluated for impairment |  |  | 3,237 |  |  |  | 368 |  |  |  | 4,356 |  |  |  | 202 |
Ending balance |  | $ | 35,030 |  |  | $ | 64,614 |  |  | $ | 27,300 |  |  | $ | 99,747 |
The net credit exposure for the balance evaluated individually for impairment as of March 31, 2013 was $3.6 million, $3.4 million of which is related to one customer. During fiscal year 2012, we began selling and financing various products and services to a large law firm, which filed for bankruptcy in May 2012. As of March 31, 2013, we had $3.4 million of notes and lease-related receivables from this customer and total reserves for credit losses of $2.8 million, which represented our estimated probable loss. As of March 31, 2012, we had $4.2 million of notes receivables from this customer and total reserves for credit losses of $2.6 million. In addition to the notes receivable, there were accounts receivable for this customer of $0.9 million and a reserve for credit losses of $0.3 million as of March 31, 2012. Accordingly, the total receivables associated with this customer as of March 31, 2012 were $5.1 million and our estimated probable loss was $2.9 million. As of March 31, 2012, the notes and lease receivables associated with this customer were placed on non-accrual status. 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 rating ("CQR") were as follows as of March 31, 2013 and 2012 (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 |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 454 |  |  | $ | 316 |  |  | $ | 28 |  |  | $ | 798 |  |  | $ | 322 |  |  | $ | 38,278 |  |  | $ | 39,398 |  |  | $ | (2,777 | ) |  | $ | (10,337 | ) |  | $ | 26,284 |
Average CQR |  |  | 51 |  |  |  | 51 |  |  |  | 5 |  |  |  | 107 |  |  |  | 101 |  |  |  | 24,640 |  |  |  | 24,848 |  |  |  | (1,596 | ) |  |  | (7,857 | ) |  |  | 15,395 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 61 |  |  |  | 61 |  |  |  | - |  |  |  | 307 |  |  |  | 368 |  |  |  | (39 | ) |  |  | - |  |  |  | 329 |
Total |  |  | 505 |  |  |  | 367 |  |  |  | 94 |  |  |  | 966 |  |  |  | 423 |  |  |  | 63,225 |  |  |  | 64,614 |  |  |  | (4,412 | ) |  |  | (18,194 | ) |  |  | 42,008 |
March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 1,767 |  |  | $ | 5 |  |  | $ | 72 |  |  | $ | 1,844 |  |  | $ | 977 |  |  | $ | 58,214 |  |  | $ | 61,035 |  |  | $ | (4,541 | ) |  | $ | (3,480 | ) |  | $ | 53,014 |
Average CQR |  |  | 85 |  |  |  | 7 |  |  |  | 12 |  |  |  | 104 |  |  |  | 53 |  |  |  | 38,337 |  |  |  | 38,494 |  |  |  | (4,445 | ) |  |  | (15,109 | ) |  |  | 18,940 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 218 |  |  |  | 218 |  |  |  | (16 | ) |  |  | - |  |  |  | 202 |
Total |  | $ | 1,852 |  |  | $ | 12 |  |  | $ | 84 |  |  | $ | 1,948 |  |  | $ | 1,030 |  |  | $ | 96,769 |  |  | $ | 99,747 |  |  | $ | (9,002 | ) |  | $ | (18,589 | ) |  | $ | 72,156 |
The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as March 31, 2013 and 2012 (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 Notes Payments |  |  | Non-Recourse Notes Payable |  |  | Net Credit Exposure |
March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 1,342 |  |  | $ | 127 |  |  | $ | 832 |  |  | $ | 2,301 |  |  | $ | 3,450 |  |  | $ | 22,097 |  |  | $ | 27,848 |  |  | $ | (5,621 | ) |  | $ | 22,227 |
Average CQR |  |  | 1,379 |  |  |  | - |  |  |  | - |  |  |  | 1,379 |  |  |  | - |  |  |  | 2,566 |  |  |  | 3,945 |  |  |  | (1,203 | ) |  |  | 2,742 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 726 |  |  |  | 726 |  |  |  | - |  |  |  | 2,511 |  |  |  | 3,237 |  |  |  | - |  |  |  | 3,237 |
Total |  | $ | 2,721 |  |  | $ | 127 |  |  | $ | 1,558 |  |  | $ | 4,406 |  |  | $ | 3,450 |  |  | $ | 27,174 |  |  | $ | 35,030 |  |  | $ | (6,824 | ) |  | $ | 28,206 |
March 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,661 |  |  | $ | 18,140 |  |  | $ | 20,801 |  |  | $ | (292 | ) |  | $ | 20,509 |
Average CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | 2,113 |  |  |  | 2,142 |  |  |  | (203 | ) |  |  | 1,939 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 86 |  |  |  | 86 |  |  |  | 387 |  |  |  | 3,884 |  |  |  | 4,357 |  |  |  | - |  |  |  | 4,357 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 86 |  |  | $ | 86 |  |  | $ | 3,077 |  |  | $ | 24,137 |  |  | $ | 27,300 |  |  | $ | (495 | ) |  | $ | 26,805 |
We estimate losses on our net credit exposure to be between 0% - 5% for customers with high 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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