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Leases (Tables)
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Components Of Lease Revenue



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

Three Months Ended March 31,



 

 

 

 

 

 

 

2020

 

2019

Lease revenue - operating leases

 

 

 

 

 

 

 

$

 60,399 

 

$

 69,197 

Interest income on finance leases

 

 

 

 

 

 

 

 

 11,623 

 

 

 11,390 

Other revenue

 

 

 

 

 

 

 

 

 2,217 

 

 

 2,805 

Interest income on financing receivable

 

 

 

 

 

 

 

 

 677 

 

 

 -

Total lease revenue

 

 

 

 

 

 

 

$

 74,916 

 

$

 83,392 



Components Of Net Investment In Direct Finance Leases



 

 

 

 

 

 



 

 

 

 

 

 



 

March 31,

 

December 31,



 

2020

 

2019

Gross finance lease receivables (1)

 

$

 783,471 

 

$

 806,019 

Unearned income (2)

 

 

 (228,420)

 

 

 (238,651)

Net investment in finance leases

 

 

 555,051 

 

 

 567,368 

Allowance for credit losses

 

 

 (45)

 

 

 -

Net investment in finance leases, net of allowance for credit losses

 

$

 555,006 

 

$

 567,368 



(1)At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was $74.3 million of unguaranteed residual value at March 31, 2020 and December 31, 2019, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2020 and December 31, 2019.

(2)The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of March 31, 2020 and December 31, 2019.

(3)One major customer represented 65% of the Company’s finance lease portfolio as of March 31, 2020 and December 31, 2019. No other customer represented more than 10% of the Company’s finance lease portfolio in each of those periods.

Contractual Maturities Of Gross Finance Lease Receivables



 

 

 

 

 

 

2021

 

 

 

 

$

 116,727 

2022

 

 

 

 

 

 109,491 

2023

 

 

 

 

 

 105,485 

2024

 

 

 

 

 

 85,857 

2025

 

 

 

 

 

 60,034 

2026 and thereafter

 

 

 

 

 

 305,877 



 

 

 

 

$

 783,471 



Summary Of Components Of Financing Receivable







 

 

 

 

 

 

 



 

 

March 31,

 

December 31,



 

 

2020

 

2019

Gross financing receivable

 

 

$

 43,957 

 

$

 45,530 

Unearned income

 

 

 

 (10,434)

 

 

 (11,111)



 

 

 

 33,523 

 

 

 34,419 

Allowance for credit losses

 

 

 

 (1)

 

 

 -

Total financing receivable

 

 

$

 33,522 

 

$

 34,419 

Amounts due within one year (1)

 

 

 

 3,783 

 

 

 3,726 

Amounts due beyond one year (2)

 

 

 

 29,739 

 

 

 30,693 

Total financing receivable

 

 

$

 33,522 

 

$

 34,419 



(1)Included in prepaid expenses and other current assets in the consolidated balance sheets.

(2)Included in financing receivable in the consolidated balance sheets.

Finance Lease Receivables By Risk Categories







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

2020

 

2019

 

2018

 

2017

 

2016

 

Prior

 

Total

Net investment in finance leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1

 

$

 2,880 

 

$

 59,580 

 

$

 248,821 

 

$

 171,092 

 

$

 7,200 

 

$

 1,654 

 

$

 491,227 

Tier 2

 

 

 2,012 

 

 

 31,521 

 

 

 14,473 

 

 

 7,092 

 

 

 2,320 

 

 

 6,406 

 

 

 63,824 

Tier 3

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Total net investment in finance leases

 

$

 4,892 

 

$

 91,101 

 

$

 263,294 

 

$

 178,184 

 

$

 9,520 

 

$

 8,060 

 

$

 555,051 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1

 

$

 -

 

$

 32,830 

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

 32,830 

Tier 2

 

 

 -

 

 

 693 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 693 

Tier 3

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Total financing receivable

 

$

 -

 

$

 33,523 

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

 33,523 







 

 

 

 

 

 



 

 

 

 

 

 



 

Net investment in

 

Financing

December 31, 2019

 

finance leases

 

receivable

Tier 1

 

$

 502,265 

 

$

 33,694 

Tier 2

 

 

 65,103 

 

 

 725 

Tier 3

 

 

 -

 

 

 -



 

$

 567,368 

 

$

 34,419