Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.


	September 30, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	960,290	$	186,979	$	1,147,269	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,827		11,101		48,928		36,405		12,140		48,545
Unearned income	(251,451)		(57,565)		(309,016)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(22,321)		(3,977)		(26,298)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	724,345		136,538		860,883		733,114		156,392		889,506
Loan receivables
Loan receivables	259,653		22,410		282,063		268,690		22,092		290,782
Allowance for credit losses	(3,373)		(236)		(3,609)		(6,484)		(462)		(6,946)
Net investment in loan receivables	256,280		22,174		278,454		262,206		21,630		283,836
Net investment in finance receivables	$	980,625	$	158,712	$	1,139,337	$	995,320	$	178,022	$	1,173,342


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	104,087	$	16,956	$	121,043	$	205,035	$	22,410	$	227,445
Year ending December 31, 2022	353,220		70,368		423,588		20,692		—		20,692
Year ending December 31, 2023	253,168		48,930		302,098		14,616		—		14,616
Year ending December 31, 2024	154,417		29,172		183,589		11,998		—		11,998
Year ending December 31, 2025	76,001		15,305		91,306		6,429		—		6,429
Thereafter	19,397		6,248		25,645		883		—		883
Total	$	960,290	$	186,979	$	1,147,269	$	259,653	$	22,410	$	282,063


	September 30, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	955,731	$	184,616	$	255,365	$	22,311	$	1,418,023
Past due amounts > 90 days	4,559		2,363		4,288		99		11,309
Total	$	960,290	$	186,979	$	259,653	$	22,410	$	1,429,332
Past due amounts > 90 days
Still accruing interest	$	2,046	$	872	$	—	$	—	$	2,918
Not accruing interest	2,513		1,491		4,288		99		8,391
Total	$	4,559	$	2,363	$	4,288	$	99	$	11,309


	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

We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, we believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.


	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	1,959		(1,019)		(979)		33		(6)
Write-offs	(4,816)		(773)		(4,748)		(251)		(10,588)
Recoveries	2,256		(16)		2,615		3		4,858
Other	5		(221)		1		(11)		(226)
Balance at September 30, 2021	$	22,321	$	3,977	$	3,373	$	236	$	29,907

	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	10,009		1,314		6,792		429		18,544
Write-offs	(5,950)		(548)		(7,370)		(343)		(14,211)
Recoveries	1,488		91		2,399		1		3,979
Other	148		210		181		63		602
Balance at September 30, 2020	$	25,886	$	4,902	$	6,792	$	488	$	38,068

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.

We use a third party to score the majority of the North America portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.

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 September 30, 2021 and December 31, 2020.


	September 30, 2021
	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	211,706	$	206,401	$	174,389	$	111,650	$	44,059	$	17,317	$	194,859	$	960,381
Medium	35,526		38,343		36,921		22,257		10,355		5,551		49,385		198,338
High	4,169		5,335		4,744		3,013		1,050		830		5,265		24,406
Not Scored	65,099		56,985		51,426		27,735		10,079		2,329		32,554		246,207
Total	$	316,500	$	307,064	$	267,480	$	164,655	$	65,543	$	26,027	$	282,063	$	1,429,332

	December 31, 2020
	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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Profit recognized at commencement (1)	$	28,394	$	29,169	$	92,756	$	80,348
Interest income	45,806		50,961		142,072		157,044
Total lease income from sales-type leases	$	74,200	$	80,130	$	234,828	$	237,392

The disclosure of total lease income from sales-type leases for the three and nine months ended September 30, 2020 has been revised from $63 million to $80 million and from $182 million to $237 million, respectively. The revision did not have any impact on our Condensed Consolidated Statements of Operations.


Remaining for year ending December 31, 2021	$	10,624
Year ending December 31, 2022	28,138
Year ending December 31, 2023	21,658
Year ending December 31, 2024	6,395
Year ending December 31, 2025	2,221
Thereafter	320
Total	$	69,356