Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Components Of Lease Revenue

	Three Months Ended March 31,
	2021		2020
Leasing revenue - operating leases	$	63,867	$	54,629
Interest income on finance leases		13,245		11,590
Other revenue		2,536		2,217
Interest income on financing receivable		1,152		677
Total leasing revenue	$	80,800	$	69,113

Components Of Net Investment In Direct Finance Leases

	March 31,		December 31,
	2021		2020
Gross finance lease receivables (1)	$	968,525	$	909,727
Unearned income (2)		(303,155)		(280,116)
Net investment in finance leases		665,370		629,611
Allowance for credit losses		(46)		(46)
Net investment in finance leases, net of allowance for credit losses	$	665,324	$	629,565

(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 $109.3 million and $98.2 million of unguaranteed residual value at March 31, 2021 and December 31, 2020, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2021 and December 31, 2020.

(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, 2021 and December 31, 2020.

(3)One major customer represented 74% and 75% of the Company’s finance lease portfolio as of March 31, 2021 and December 31, 2020, 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

2022	$	126,315
2023		126,565
2024		107,958
2025		80,339
2026		70,315
2027 and thereafter		457,033
	$	968,525

Summary Of Components Of Financing Receivable

	March 31,		December 31,
	2021		2020
Gross financing receivable	$	74,447	$	71,761
Unearned income		(13,260)		(13,320)
		61,187		58,441
Allowance for credit losses		(4)		(3)
Total financing receivable	$	61,183	$	58,438

Finance Lease Receivables By Risk Categories

March 31, 2021	2021		2020		2019		2018		2017		Prior		Total
Net investment in finance leases
Tier 1	$	55,876	$	125,988	$	46,760	$	220,813	$	156,780	$	6,171	$	612,388
Tier 2		1,432		7,990		24,012		11,622		4,120		3,806		52,982
Tier 3		-		-		-		-		-		-		-
Total net investment in finance leases	$	57,308	$	133,978	$	70,772	$	232,435	$	160,900	$	9,977	$	665,370
Financing receivable
Tier 1	$	-	$	26,439	$	29,159	$	-	$	-	$	-	$	55,598
Tier 2		5,028		-		561		-		-		-		5,589
Tier 3		-		-		-		-		-		-		-
Total financing receivable	$	5,028	$	26,439	$	29,720	$	-	$	-	$	-	$	61,187

‎

December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
Net investment in finance leases
Tier 1	$	127,215	$	49,986	$	228,802	$	160,197	$	5,945	$	875	$	573,020
Tier 2		8,425		25,726		12,576		4,272		1,136		4,456		56,591
Tier 3		-		-		-		-		-		-		-
Total net investment in finance leases	$	135,640	$	75,712	$	241,378	$	164,469	$	7,081	$	5,331	$	629,611
Financing receivable
Tier 1	$	27,762	$	30,083	$	-	$	-	$	-	$	-	$	57,845
Tier 2		-		596		-		-		-		-		596
Tier 3		-		-		-		-		-		-		-
Total financing receivable	$	27,762	$	30,679	$	-	$	-	$	-	$	-	$	58,441