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FINANCING RECEIVABLES AND OPERATING LEASES (Tables) | 6 Months Ended
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Sep. 30, 2019
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract] |
Sales-type Leases | The following table provides the profit recognized for sales-type leases at their commencement date for the three and six months ended September 30, 2019 (in thousands):
|  | Three months ended September 30, 2019 |  |  | Six months ended September 30, 2019 |
Net sales |  | $ | 3,133 |  |  | $ | 7,987 |
Cost of sales |  |  | 2,702 |  |  |  | 6,652 |
Gross Profit |  | $ | 431 |  |  | $ | 1,335 |
The following table provides interest income in aggregate on our sales-type leases and lease income on our operating leases for the three and six months ended September 30, 2019 (in thousands):
|  | Three months ended September 30, 2019 |  |  | Six months ended September 30, 2019 |
Interest income on sales-type leases |  | $ | 1,495 |  |  | $ | 3,590 |
Lease income on operating leases |  | $ | 5,059 |  |  | $ | 10,418 |
Notes Receivable Net and Investments in Leases | Our financing receivables-net consist of the following (in thousands):
September 30, 2019 |  | Notes Receivables |  |  | Lease-Related Receivables |  |  | Total Financing Receivables |
Minimum payments |  | $ | 78,483 |  |  | $ | 87,989 |  |  | $ | 166,472 |
Estimated unguaranteed residual value (1) |  |  | - |  |  |  | 20,640 |  |  |  | 20,640 |
Initial direct costs, net of amortization (2) |  |  | 644 |  |  |  | 284 |  |  |  | 928 |
Unearned income |  |  | - |  |  |  | (11,327 | ) |  |  | (11,327 | )
Reserve for credit losses (3) |  |  | (520 | ) |  |  | (500 | ) |  |  | (1,020 | )
Total, net |  | $ | 78,607 |  |  | $ | 97,086 |  |  | $ | 175,693 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 59,603 |  |  | $ | 49,043 |  |  | $ | 108,646 |
Long-term |  |  | 19,004 |  |  |  | 48,043 |  |  |  | 67,047 |
Total, net |  | $ | 78,607 |  |  | $ | 97,086 |  |  | $ | 175,693 |
| (1) | Includes estimated unguaranteed residual values of $14,211 thousand for sales type leases, which have been sold and accounted for as sales.
| (2) | Initial direct costs are shown net of amortization of $393 thousand.
| (3) | For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”
March 31, 2019 |  | Notes Receivables |  |  | Lease-Related Receivables |  |  | Total Financing Receivables |
Minimum payments |  | $ | 40,563 |  |  | $ | 64,201 |  |  | $ | 104,764 |
Estimated unguaranteed residual value (1) |  |  | - |  |  |  | 14,639 |  |  |  | 14,639 |
Initial direct costs, net of amortization (2) |  |  | 377 |  |  |  | 332 |  |  |  | 709 |
Unearned income |  |  | - |  |  |  | (7,671 | ) |  |  | (7,671 | )
Reserve for credit losses (3) |  |  | (505 | ) |  |  | (530 | ) |  |  | (1,035 | )
Total, net |  | $ | 40,435 |  |  | $ | 70,971 |  |  | $ | 111,406 |
Reported as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 30,852 |  |  | $ | 32,914 |  |  | $ | 63,766 |
Long-term |  |  | 9,583 |  |  |  | 38,057 |  |  |  | 47,640 |
Total, net |  | $ | 40,435 |  |  | $ | 70,971 |  |  | $ | 111,406 |
| (1) | Includes $8,996 thousand for the estimated residual values of sales type leases and direct financing leases for which we sold the financing assets.
| (2) | Initial direct costs are shown net of amortization of $275 thousand.
| (3) | For details on reserve for credit losses, refer to Note 7, “Reserves for Credit Losses.”
Future Scheduled Minimum Lease Payments | Future scheduled minimum lease payments for investments in sales-type leases as of September 30, 2019 are as follows (in thousands):
Remainder of Year ending March 31, 2020 |  | $ | 43,732 |
Year ending March 31, 2021 |  |  | 22,787 |
Year ending March 31, 2022 |  |  | 14,038 |
Year ending March 31, 2023 |  |  | 4,979 |
Year ending March 31, 2024 and thereafter |  |  | 2,453 |
Total |  | $ | 87,989 |
Investment in Operating Lease Equipment - Net | Operating leases—net represents leases that do not qualify as sales-type leases. The components of the operating leases—net are as follows (in thousands):
|  | September 30, 2019 |  |  | March 31, 2019 |
Cost of equipment under operating leases |  | $ | 23,927 |  |  | $ | 21,532 |
Accumulated depreciation |  |  | (11,462 | ) |  |  | (10,139 | )
Investment in operating lease equipment—net (1) |  | $ | 12,465 |  |  | $ | 11,393 |
| (1) | These totals include estimated unguaranteed residual values of $3,006 thousand and $2,906 thousand as of September 30, 2019 and March 31, 2019, respectively.
Future Minimum Rental Payments for Operating Leases | Future scheduled minimum lease rental payments as of September 30, 2019 are as follows (in thousands):
Remainder of Year ending March 31, 2020 |  | $ | 2,507 |
Year ending March 31, 2021 |  |  | 3,815 |
Year ending March 31, 2022 |  |  | 2,555 |
Year ending March 31, 2023 |  |  | 1,455 |
Year ending March 31, 2024 and thereafter |  |  | 443 |
Total |  | $ | 10,775 |

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- Definition Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=84164653&loc=d3e41551-112718 + Details
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