Finance Assets and Lessor Operating Leases (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:

	March 31, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	975,272	$	192,273	$	1,167,545	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,463		11,667		49,130		36,405		12,140		48,545
Unearned income	(265,497)		(60,413)		(325,910)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,998)		(5,606)		(28,604)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,240		137,921		862,161		733,114		156,392		889,506
Loan receivables
Loan receivables	269,797		22,985		292,782		268,690		22,092		290,782
Allowance for credit losses	(6,407)		(463)		(6,870)		(6,484)		(462)		(6,946)
Net investment in loan receivables	263,390		22,522		285,912		262,206		21,630		283,836
Net investment in finance receivables	$	987,630	$	160,443	$	1,148,073	$	995,320	$	178,022	$	1,173,342

Sales-type Lease Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2021 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	297,596	$	47,488	$	345,084	$	219,009	$	22,985	$	241,994
Year ending December 31, 2022	308,902		65,636		374,538		16,057		—		16,057
Year ending December 31, 2023	204,090		42,223		246,313		10,325		—		10,325
Year ending December 31, 2024	110,774		22,887		133,661		12,722		—		12,722
Year ending December 31, 2025	46,934		10,250		57,184		9,470		—		9,470
Thereafter	6,976		3,789		10,765		2,214		—		2,214
Total	$	975,272	$	192,273	$	1,167,545	$	269,797	$	22,985	$	292,782

Past Due Financing Receivables

The aging of gross finance receivables was as follows:

	March 31, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	956,358	$	191,298	$	265,004	$	22,812	$	1,435,472
Past due amounts > 90 days	18,914		975		4,793		173		24,855
Total	$	975,272	$	192,273	$	269,797	$	22,985	$	1,460,327
Past due amounts > 90 days
Still accruing interest	$	3,853	$	189	$	1,466	$	66	$	5,574
Not accruing interest	15,061		786		3,327		107		19,281
Total	$	18,914	$	975	$	4,793	$	173	$	24,855

	December 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	972,266	$	208,968	$	264,484	$	21,932	$	1,467,650
Past due amounts > 90 days	22,719		2,976		4,206		160		30,061
Total	$	994,985	$	211,944	$	268,690	$	22,092	$	1,497,711
Past due amounts > 90 days
Still accruing interest	$	5,128	$	463	$	1,797	$	59	$	7,447
Not accruing interest	17,591		2,513		2,409		101		22,614
Total	$	22,719	$	2,976	$	4,206	$	160	$	30,061

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for credit losses for finance receivables was as follows:

	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869
Amounts charged to expense	154		61		763		4		982
Write-offs	(1,024)		(371)		(1,833)		(3)		(3,231)
Recoveries	935		29		991		—		1,955
Other	16		(119)		2		—		(101)
Balance at March 31, 2021	$	22,998	$	5,606	$	6,407	$	463	$	35,474
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at December 31, 2019	$	10,920	$	2,085	$	5,906	$	740	$	19,651
Cumulative effect of accounting change	9,271		1,750		(1,116)		(402)		9,503
Amounts charged to expense	6,892		1,345		4,006		403		12,646
Write-offs	(1,618)		(248)		(2,058)		(104)		(4,028)
Recoveries	592		31		691		—		1,314
Other	(124)		(80)		(7)		(7)		(218)
Balance at March 31, 2020	$	25,933	$	4,883	$	7,422	$	630	$	38,868

Financing Receivable Credit Quality Indicators

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of March 31, 2021 and December 30, 2020.

	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	78,458	$	235,018	$	207,236	$	144,994	$	70,678	$	31,481	$	180,586	$	948,451
Medium	13,409		46,999		46,899		31,959		16,268		7,235		74,966		237,735
High	1,497		5,248		5,142		3,402		1,792		1,024		5,127		23,232
Not Scored	23,202		61,983		58,732		38,207		23,214		13,468		32,103		250,909
Total	$	116,566	$	349,248	$	318,009	$	218,562	$	111,952	$	53,208	$	292,782	$	1,460,327
	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended March 31,
	2021		2020
Profit recognized at commencement (1)	$	32,265	$	29,908
Interest income	48,496		53,806
Total lease income from sales-type leases	$	80,761	$	83,714

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

Lessor, Payments to be Received

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

Remaining for year ending December 31, 2021	$	25,005
Year ending December 31, 2022	20,449
Year ending December 31, 2023	9,175
Year ending December 31, 2024	7,692
Year ending December 31, 2025	2,499
Thereafter	37
Total	$	64,857