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RESERVES FOR CREDIT LOSSES | 6 Months Ended
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Sep. 30, 2019
RESERVES FOR CREDIT LOSSES [Abstract] |
RESERVES FOR CREDIT LOSSES |
7. | RESERVES FOR CREDIT LOSSES
Activity in our reserves for credit losses for the six months ended September 30, 2019 and 2018 were as follows (in thousands):
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease- Related Receivables |  |  | Total |
Balance April 1, 2019 |  | $ | 1,579 |  |  | $ | 505 |  |  | $ | 530 |  |  | $ | 2,614 |
Provision for credit losses |  |  | 311 |  |  |  | 15 |  |  |  | (27 | ) |  |  | 299 |
Write-offs and other |  |  | (42 | ) |  |  | - |  |  |  | (3 | ) |  |  | (45 | )
Balance September 30, 2019 |  | $ | 1,848 |  |  | $ | 520 |  |  | $ | 500 |  |  | $ | 2,868 |
|  | Accounts Receivable |  |  | Notes Receivable |  |  | Lease- Related Receivables |  |  | Total |
Balance April 1, 2018 |  | $ | 1,538 |  |  | $ | 486 |  |  | $ | 640 |  |  | $ | 2,664 |
Provision for credit losses |  |  | 127 |  |  |  | (3 | ) |  |  | (42 | ) |  |  | 82 |
Write-offs and other |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | (1 | )
Balance September 30, 2018 |  | $ | 1,664 |  |  | $ | 483 |  |  | $ | 598 |  |  | $ | 2,745 |
Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated based on of our impairment method were as follows (in thousands):
|  | September 30, 2019 |  |  | March 31, 2019 |
|  | Notes Receivable |  |  | Lease- Related Receivables |  |  | Notes Receivable |  |  | Lease- Related Receivables |
Reserves for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 455 |  |  | $ | 500 |  |  | $ | 443 |  |  | $ | 530 |
Ending balance: individually evaluated for impairment |  |  | 65 |  |  |  | - |  |  |  | 62 |  |  |  | - |
Ending balance |  | $ | 520 |  |  | $ | 500 |  |  | $ | 505 |  |  | $ | 530 |
Minimum payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: collectively evaluated for impairment |  | $ | 78,394 |  |  | $ | 87,989 |  |  | $ | 40,501 |  |  | $ | 64,201 |
Ending balance: individually evaluated for impairment |  |  | 89 |  |  |  | - |  |  |  | 62 |  |  |  | - |
Ending balance |  | $ | 78,483 |  |  | $ | 87,989 |  |  | $ | 40,563 |  |  | $ | 64,201 |
We place receivables on non-accrual status when events, such as a customer’s declaring bankruptcy, occur that indicate a receivable will not be collectable. We charge off uncollectable financing receivables when we stop pursuing collection. 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 September 30, 2019 and March 31, 2019 (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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 213 |  |  | $ | 354 |  |  | $ | 126 |  |  | $ | 693 |  |  | $ | 190 |  |  | $ | 56,065 |  |  | $ | 56,948 |  |  | $ | (5,285 | ) |  | $ | (24,765 | ) |  | $ | 26,898 |
Average CQR |  |  | 65 |  |  |  | 36 |  |  |  | 41 |  |  |  | 142 |  |  |  | 283 |  |  |  | 30,616 |  |  |  | 31,041 |  |  |  | (2,368 | ) |  |  | (9,839 | ) |  |  | 18,834 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 278 |  |  | $ | 390 |  |  | $ | 167 |  |  | $ | 835 |  |  | $ | 473 |  |  | $ | 86,681 |  |  | $ | 87,989 |  |  | $ | (7,653 | ) |  | $ | (34,604 | ) |  | $ | 45,732 |
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 325 |  |  | $ | 41 |  |  | $ | 10 |  |  | $ | 376 |  |  | $ | 543 |  |  | $ | 29,503 |  |  | $ | 30,422 |  |  | $ | (2,799 | ) |  | $ | (11,044 | ) |  | $ | 16,579 |
Average CQR |  |  | 22 |  |  |  | 54 |  |  |  | 15 |  |  |  | 91 |  |  |  | 125 |  |  |  | 33,563 |  |  |  | 33,779 |  |  |  | (2,508 | ) |  |  | (20,848 | ) |  |  | 10,423 |
Low CQR |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 347 |  |  | $ | 95 |  |  | $ | 25 |  |  | $ | 467 |  |  | $ | 668 |  |  | $ | 63,066 |  |  | $ | 64,201 |  |  | $ | (5,307 | ) |  | $ | (31,892 | ) |  | $ | 27,002 |
The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as of September 30, 2019 and March 31, 2019 (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 Receivable |  |  | Non- Recourse Notes Payable |  |  | Net Credit Exposure |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 105 |  |  | $ | 1,367 |  |  | $ | 152 |  |  | $ | 1,624 |  |  | $ | 2,066 |  |  | $ | 65,225 |  |  | $ | 68,915 |  |  | $ | (44,447 | ) |  | $ | 24,468 |
Average CQR |  |  | 70 |  |  |  | 38 |  |  |  | 11 |  |  |  | 119 |  |  |  | 684 |  |  |  | 8,676 |  |  |  | 9,479 |  |  |  | (684 | ) |  |  | 8,795 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 89 |  |  |  | 89 |  |  |  | - |  |  |  | - |  |  |  | 89 |  |  |  | - |  |  |  | 89 |
Total |  | $ | 175 |  |  | $ | 1,405 |  |  | $ | 252 |  |  | $ | 1,832 |  |  | $ | 2,750 |  |  | $ | 73,901 |  |  | $ | 78,483 |  |  | $ | (45,131 | ) |  | $ | 33,352 |
March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High CQR |  | $ | 990 |  |  | $ | 40 |  |  | $ | 30 |  |  | $ | 1,060 |  |  | $ | 3,813 |  |  | $ | 28,113 |  |  | $ | 32,986 |  |  | $ | (18,245 | ) |  | $ | 14,741 |
Average CQR |  |  | 105 |  |  |  | 34 |  |  |  | 7 |  |  |  | 146 |  |  |  | 137 |  |  |  | 7,232 |  |  |  | 7,515 |  |  |  | (1,507 | ) |  |  | 6,008 |
Low CQR |  |  | - |  |  |  | - |  |  |  | 62 |  |  |  | 62 |  |  |  | - |  |  |  | - |  |  |  | 62 |  |  |  | - |  |  |  | 62 |
Total |  | $ | 1,095 |  |  | $ | 74 |  |  | $ | 99 |  |  | $ | 1,268 |  |  | $ | 3,950 |  |  | $ | 35,345 |  |  | $ | 40,563 |  |  | $ | (19,752 | ) |  | $ | 20,811 |
We estimate losses on our net credit exposure to be between 0% - 5% for customers with the 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% - 15% for customers with average CQR, and between 15% - 100% for customers with low CQR, which includes customers in bankruptcy.

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI http://asc.fasb.org/topic&trid=2196771 + Details
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