Finance Assets and Lessor Operating Leases (Tables)

3 Months Ended

Mar. 31, 2019

Finance receivables at March 31, 2019 and December 31, 2018 consisted of the following:



	March 31, 2019									December 31, 2018
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,099,620		$	190,468		$	1,290,088		$	1,110,896		$	247,774		$	1,358,670
Unguaranteed residual values	48,204			11,671			59,875			52,637			12,772			65,409
Unearned income	(370,344		)	(43,966		)	(414,310		)	(383,453		)	(55,113		)	(438,566		)
Allowance for credit losses	(13,136		)	(1,884		)	(15,020		)	(10,252		)	(2,356		)	(12,608		)
Net investment in sales-type lease receivables	764,344			156,289			920,633			769,828			203,077			972,905
Loan receivables
Loan receivables	286,716			29,578			316,294			300,319			29,270			329,589
Allowance for credit losses	(6,399		)	(732		)	(7,131		)	(6,777		)	(837		)	(7,614		)
Net investment in loan receivables	280,317			28,846			309,163			293,542			28,433			321,975
Net investment in finance receivables	$	1,044,661		$	185,135		$	1,229,796		$	1,063,370		$	231,510		$	1,294,880

Activity in the allowance for credit losses for the three months ended March 31, 2019 and 2018 was as follows:



	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,253		$	2,355		$	6,777		$	837		$	20,222
Amounts charged to expense	3,399			231			957			20			4,607
Write-offs and other	(516		)	(702		)	(1,335		)	(125		)	(2,678		)
Balance at March 31, 2019	$	13,136		$	1,884		$	6,399		$	732		$	22,151

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2018	$	7,721		$	2,812		$	7,098		$	1,020		$	18,651
Amounts charged to expense	2,186			399			1,925			140			4,650
Write-offs and other	(1,145		)	(127		)	(2,073		)	(176		)	(3,521		)
Balance at March 31, 2018	$	8,762		$	3,084		$	6,950		$	984		$	19,780

The aging of gross finance receivables at March 31, 2019 and December 31, 2018 was as follows:



	March 31, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,065,521	$	186,947	$	280,124	$	29,302	$	1,561,894
> 90 days	34,099		3,521		6,592		276		44,488
Total	$	1,099,620	$	190,468	$	286,716	$	29,578	$	1,606,382
Past due amounts > 90 days
Still accruing interest	$	6,709	$	715	$	2,178	$	128	$	9,730
Not accruing interest	27,390		2,806		4,414		148		34,758
Total	$	34,099	$	3,521	$	6,592	$	276	$	44,488



	December 31, 2018
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,069,288	$	243,852	$	294,126	$	29,079	$	1,636,345
> 90 days	41,608		3,922		6,193		191		51,914
Total	$	1,110,896	$	247,774	$	300,319	$	29,270	$	1,688,259
Past due amounts > 90 days
Still accruing interest	$	7,917	$	1,111	$	1,769	$	72	$	10,869
Not accruing interest	33,691		2,811		4,424		119		41,045
Total	$	41,608	$	3,922	$	6,193	$	191	$	51,914



	March 31, 2019		December 31, 2018
Sales-type lease receivables
Low	$	909,353	$	922,414
Medium	131,425		131,650
High	23,478		22,110
Not Scored	35,364		34,722
Total	$	1,099,620	$	1,110,896
Loan receivables
Low	$	224,517	$	238,620
Medium	45,167		43,952
High	5,429		5,947
Not Scored	11,603		11,800
Total	$	286,716	$	300,319

Lease income from sales-type leases for the three months ended March 31, 2019 and 2018 was as follows:



	Three Months Ended March 31,
	2019		2018
Profit recognized at commencement ⁽¹⁾	$	36,360	$	47,294
Interest income	59,478		61,832
Total lease income from sales-type leases	$	95,838	$	109,126

⁽¹⁾ Lease contracts do not include variable lease payments.

Loans receivable are due within one year. Maturities of gross sales-type lease finance receivables at March 31, 2019 were as follows:



	Sales-type Lease Receivables
	North America		International		Total
Remaining for year ending December 31, 2019	$	486,499	$	52,782	$	539,281
Year ending December 31, 2020	275,321		56,077		331,398
Year ending December 31, 2021	186,002		41,078		227,080
Year ending December 31, 2022	106,014		26,276		132,290
Year ending December 31, 2023	42,879		12,511		55,390
Thereafter	2,905		1,744		4,649
Total	$	1,099,620	$	190,468	$	1,290,088

We also lease mailing equipment under operating leases with terms of 1 to 5 years. Maturities of these operating leases are as follows:



Remaining for year ending December 31, 2019	$	26,317
Year ending December 31, 2020	25,322
Year ending December 31, 2021	9,881
Year ending December 31, 2022	4,023
Year ending December 31, 2023	2,590
Thereafter	59
Total	$	68,192