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FINANCING INVESTMENTS (Tables)
 9 Months Ended
Dec. 31, 2013
FINANCING INVESTMENTS [Abstract]  
Components of Notes Receivable Net and Investments in Leases
Our financing investments consist of the following (in thousands):

 
 
December 31,
  
March 31,
 
 
 
2013
 
Notes receivable
 
$
43,312
  
$
31,893
 
Investment in direct financing and sales-type leases—net
  
74,759
   
66,243
 
Investment in operating lease equipment—net
  
22,001
   
24,467
 
 
 
$
140,072
  
$
122,603
 
Schedule of Notes Receivable
Our notes receivable balance as of December 31, 2013 and March 31, 2013 consists of the following (in thousands):

 
 
December 31,
  
March 31,
 
 
 
2013
 
Notes receivable
 
$
46,163
  
$
35,030
 
Initial direct costs, net of amortization (1)
  
229
   
-
 
Less:  Reserve for credit losses (2)
  
(3,080
)
  
(3,137
)
Notes receivable—net
 
$
43,312
  
$
31,893
 

(1)Initial direct costs are shown net of amortization of $115 thousand as of December 31, 2013.
(2)For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses."
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):

 
 
December 31,
  
March 31,
 
 
 
2013
  
 
Minimum lease payments
 
$
71,930
  
$
64,614
 
Estimated unguaranteed residual value (1)
  
8,114
   
7,557
 
Initial direct costs, net of amortization (2)
  
485
   
684
 
Less:  Unearned lease income
  
(4,785
)
  
(5,767
)
Less:  Reserve for credit losses (3)
  
(985
)
  
(845
)
Investment in direct financing and sales-type leases—net
 
$
74,759
  
$
66,243
 

(1)Includes estimated unguaranteed residual values of $3,439 thousand and $3,361 thousand as of December 31, 2013 and March 31, 2013, 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 $359 thousand and $479 thousand as of December 31, 2013 and March 31, 2013, respectively.
(3)For details on reserve for credit losses, refer to Note 4, "Reserves for Credit Losses."
Investment in Operating Lease Equipment - Net
The components of the investment in operating lease equipment—net are as follows (in thousands):

 
 
December 31,
  
March 31,
 
 
 
2013
  
 
Cost of equipment under operating leases
 
$
43,030
  
$
46,106
 
Less:  Accumulated depreciation and amortization
  
(21,029
)
  
(21,639
)
Investment in operating lease equipment—net (1)
 
$
22,001
  
$
24,467
 


 (1)The total includes estimated unguaranteed residual values of $6,116 thousand and $7,763 thousand as of December 31, 2013 and March 31, 2013, respectively, for operating leases.