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Finance Assets and Lessor Operating Leases
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Finance Assets and Lessor Operating Leases Finance Assets and Lessor Operating Leases
Finance Assets
All finance receivables are in our SendTech Solutions segment. We segregate our finance receivables into a North America portfolio and International portfolio. Finance receivables consisted of the following:

December 31, 2024December 31, 2023
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables   
Gross finance receivables$946,294 $120,109 $1,066,403 $987,743 $143,466 $1,131,209 
Unguaranteed residual values36,361 5,890 42,251 38,059 7,211 45,270 
Unearned income(257,971)(34,674)(292,645)(253,711)(42,847)(296,558)
Allowance for credit losses(12,659)(2,324)(14,983)(13,942)(2,786)(16,728)
Net investment in sales-type lease receivables712,025 89,001 801,026 758,149 105,044 863,193 
Loan receivables      
Loan receivables334,717 16,874 351,591 342,062 17,865 359,927 
Allowance for credit losses(6,549)(144)(6,693)(6,346)(153)(6,499)
Net investment in loan receivables328,168 16,730 344,898 335,716 17,712 353,428 
Net investment in finance receivables$1,040,193 $105,731 $1,145,924 $1,093,865 $122,756 $1,216,621 


Maturities of finance receivables at December 31, 2024 were as follows:
Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
2025$354,202 $65,266 $419,468 $268,359 $16,874 $285,233 
2026273,633 27,285 300,918 31,170 — 31,170 
2027186,094 16,062 202,156 22,963 — 22,963 
202897,912 7,834 105,746 9,936 — 9,936 
202932,824 3,212 36,036 2,232 — 2,232 
Thereafter1,629 450 2,079 57 — 57 
Total$946,294 $120,109 $1,066,403 $334,717 $16,874 $351,591 
Allowance for Credit Losses
Activity in the allowance for credit losses on finance receivables was as follows:
Allowance for Credit Losses
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at December 31, 2021$19,546 $3,246 $3,259 $167 $26,218 
Amounts charged to expense(2,476)712 3,992 288 2,516 
Write-offs (6,043)(791)(4,903)(295)(12,032)
Recoveries3,184 39 2,447 1 5,671 
Other(80)(313)(8)(22)(423)
Balance at December 31, 202214,131 2,893 4,787 139 21,950 
Amounts charged to expense2,096 1,178 4,847 389 8,510 
Write-offs(4,757)(1,448)(5,182)(391)(11,778)
Recoveries2,454 181 1,893 — 4,528 
Other18 (18)1 16 17 
Balance at December 31, 202313,942 2,786 6,346 153 23,227 
Amounts charged to expense1,176 450 5,363 382 7,371 
Write-offs(4,233)(870)(6,587)(379)(12,069)
Recoveries1,635 178 1,801 — 3,614 
Other139 (220)(374)(12)(467)
Balance at December 31, 2024$12,659 $2,324 $6,549 $144 $21,676 

The table below shows write-offs of gross finance receivables by year of origination.
December 31, 2024
Sales Type Lease ReceivablesLoan ReceivablesTotal
20242023202220212020Prior
Write-offs$144 $1,104 $1,702 $1,063 $749 $341 $6,966 $12,069 

December 31, 2023
Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Write-offs$883 $1,680 $1,551 $1,079 $619 $393 $5,573 $11,778 

Aging of Receivables
The aging of gross finance receivables was as follows:
December 31, 2024
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$932,948 $117,908 $331,411 $16,809 $1,399,076 
Past due amounts > 90 days13,346 2,201 3,306 65 18,918 
Total$946,294 $120,109 $334,717 $16,874 $1,417,994 
December 31, 2023
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$977,744 $140,857 $339,789 $17,664 $1,476,054 
Past due amounts > 90 days9,999 2,609 2,273 201 15,082 
Total$987,743 $143,466 $342,062 $17,865 $1,491,136 


Credit Quality
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, a detailed manual review of their financial condition and payment history or an automated process. 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 and enhanced tools and processes are implemented as needed.
Over 85% of our finance receivables are within our North American portfolio. We use a third party to score the majority of this portfolio on a quarterly basis using a proprietary 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 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 credit score is used to predict client payment behaviors and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.
•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.
•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.
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. This portfolio comprises less than 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available information.
The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class as of December 31, 2024 and 2023.

Sales Type Lease ReceivablesLoan ReceivablesTotal
20242023202220212020Prior
Low$188,847 $210,547 $163,892 $104,269 $66,673 $42,586 $273,736 $1,050,550 
Medium31,970 31,839 26,652 19,180 10,556 10,512 34,376 165,085 
High4,633 4,488 3,753 2,415 2,038 684 11,826 29,837 
Not Scored49,835 38,659 28,250 17,131 5,400 1,594 31,653 172,522 
Total$275,285 $285,533 $222,547 $142,995 $84,667 $55,376 $351,591 $1,417,994 
Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Low$261,583 $222,947 $155,193 $96,986 $46,635 $27,164 $264,232 $1,074,740 
Medium46,208 35,891 24,483 16,027 10,503 8,041 62,910 204,063 
High4,455 4,217 2,554 1,853 740 862 7,487 22,168 
Not Scored59,335 49,839 33,494 15,944 5,089 1,166 25,298 190,165 
Total$371,581 $312,894 $215,724 $130,810 $62,967 $37,233 $359,927 $1,491,136 

Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:
Years Ended December 31,
202420232022
Profit recognized at commencement $101,600 $120,011 $134,717 
Interest income152,348 154,998 163,485 
Total lease income from sales-type leases$253,948 $275,009 $298,202 

Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:
2025
$20,060 
2026
19,920 
2027
14,028 
2028
2,411 
2029
2,092 
Thereafter4,114 
Total$62,625