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Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Lessee, Balance Sheet and Income Statement Effect
The following table summarizes the components of the Company's leases (in thousands):
Balance SheetFinancial statement captionSeptember 30, 2020December 31, 2019
Right-of-use asset - operatingOther assets$5,756 $7,616 
Lease liability - operatingAccounts payable and other accrued expenses$6,861 $8,940 
Three Months Ended September 30,Nine Months Ended September 30,
Income StatementFinancial statement caption2020201920202019
Operating lease cost(1)
Administrative expenses$754 $764 $2,260 $2,265 
(1)     Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity
The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of September 30, 2020 (in thousands):
Years ending December 31,
2020$771 
20212,756 
20222,288 
20231,379 
202467 
2025 and thereafter— 
Total undiscounted future cash flows related to lease payments$7,261 
Less: imputed interest(400)
Total present value of lease liability$6,861 
Schedule of Components of Leveraged Lease Investments
The following table summarizes the components of the net investment in finance leases (in thousands):
September 30, 2020December 31, 2019
Future minimum lease payment receivable(1)
$371,985 $476,443 
Estimated residual receivable(2)
59,148 102,238 
Gross finance lease receivables(3)
431,133 578,681 
Unearned income(4)
(134,370)(165,339)
Net investment in finance leases(5)
$296,763 $413,342 
(1)     There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019.
(2)     The Company's finance leases generally include a purchase option that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid.
(4)     There were no unamortized initial direct costs as of September 30, 2020 and December 31, 2019.
(5)    As of September 30, 2020, two major customers represented 73% and 10% of the Company's finance lease portfolio. As of December 31, 2019, three major customers represented 55%, 24% and 11% of the Company's finance lease portfolio. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
Lessor, Operating Lease, Payments to be Received, Maturity
Maturities of the Company's gross finance lease receivables subsequent to September 30, 2020 are as follows (in thousands):
Years ending December 31,
2020$24,530 
202176,203 
202251,513 
202345,149 
202444,840 
2025 and thereafter188,898 
Total$431,133