Leases

6 Months Ended

Jun. 30, 2020

Leases

Leases

Note 18—Leases

Lessor Accounting

The Company leases fueling station equipment to customers pursuant to agreements that contain an option to extend and an end-of-term purchase option. Receivables from these leases are accounted for as finance leases, specifically sales-type leases, and are included in “Other receivables” and “Notes receivable and other long-term assets, net” in the accompanying condensed consolidated balance sheets.

The Company recognizes the net investment in the lease as the sum of the lease receivable and the unguaranteed residual value, both of which are measured at the present value using the interest rate implicit in the lease.

During the three months ended June 30, 2019 and 2020, the Company recognized $0.0 million and $0.1 million, respectively, in “Interest income” on its lease receivables. During the six months ended June 30, 2019 and 2020, the Company recognized $0.1 million and $0.2 million, respectively, in “Interest income” on its lease receivables.

The following schedule represents the Company’s maturities of lease receivables as of June 30, 2020 (in thousands):

Fiscal year:
Remainder of 2020	$	701
2021		1,402
2022		1,182
2023		962
2024		962
Thereafter		4,320
Total minimum lease payments		9,529
Less amount representing interest		(2,727)
Present value of lease receivables	$	6,802