Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Components Of Lease Revenue

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Lease revenue - operating leases	$	60,730	$	65,962	$	121,129	$	135,159
Interest income on finance leases		11,292		11,092		22,915		22,482
Other revenue		2,945		3,100		5,162		5,905
Interest income on financing receivable		758		594		1,435		594
Total lease revenue	$	75,725	$	80,748	$	150,641	$	164,140

Components Of Net Investment In Direct Finance Leases

	June 30,		December 31,
	2020		2019
Gross finance lease receivables (1)	$	757,461	$	806,019
Unearned income (2)		(218,260)		(238,651)
Net investment in finance leases		539,201		567,368
Allowance for credit losses		(44)		-
Net investment in finance leases, net of allowance for credit losses	$	539,157	$	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 June 30, 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 June 30, 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 June 30, 2020 and December 31, 2019.

(3)One major customer represented 66% and 65% of the Company’s finance lease portfolio as of June 30, 2020 and December 31, 2019, respectively. 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	$	117,567
2022		108,526
2023		108,342
2024		72,990
2025		57,037
2026 and thereafter		292,999
	$	757,461

Summary Of Components Of Financing Receivable

	June 30,		December 31,
	2020		2019
Gross financing receivable	$	78,669	$	45,530
Unearned income		(15,638)		(11,111)
		63,031		34,419
Allowance for credit losses		(3)		-
Total financing receivable	$	63,028	$	34,419
Amounts due within one year (1)		9,207		3,726
Amounts due beyond one year (2)		53,821		30,693
Total financing receivable	$	63,028	$	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

June 30, 2020	2020		2019		2018		2017		2016		Prior		Total
Net investment in finance leases
Tier 1	$	2,967	$	56,469	$	242,365	$	167,783	$	6,800	$	1,401	$	477,785
Tier 2		3,609		29,859		13,955		6,456		1,830		5,707		61,416
Tier 3		-		-		-		-		-		-		-
Total net investment in finance leases	$	6,576	$	86,328	$	256,320	$	174,239	$	8,630	$	7,108	$	539,201
Financing receivable
Tier 1	$	30,420	$	31,948	$	-	$	-	$	-	$	-	$	62,368
Tier 2		-		663		-		-		-		-		663
Tier 3		-		-		-		-		-		-		-
Total financing receivable	$	30,420	$	32,611	$	-	$	-	$	-	$	-	$	63,031

	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