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Lessor Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lessor Leases Lessor Leases
Sales-Type Leases
On a recurring basis, the Company enters into multi-year, sales-type lease agreements with the majority varying in length from one to five years. The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
(In thousands)
Sales-type lease revenues$21,887 $26,040 $37,175 
Cost of sales-type lease revenues(8,918)(10,624)(14,985)
Selling profit on sales-type lease revenues$12,969 $15,416 $22,190 
Interest income on sales-type lease receivables$1,869 $1,933 $1,756 
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at December 31, 2021 and 2020:
December 31,
20212020
(In thousands)
Net minimum lease payments to be received$31,444 $35,331 
Less: Unearned interest income portion(2,388)(2,929)
Net investment in sales-type leases29,056 32,402 
Less: Current portion (1)
(10,665)(10,246)
Long-term investment in sales-type leases, net$18,391 $22,156 
_________________________________________________
(1)    The current portion of the net investment in sales-type leases is included in other current assets in the Consolidated Balance Sheets.
The carrying amount of the Company’s sales-type lease receivables is a reasonable estimate of fair value.
The maturity schedule of future minimum lease payments under sales-type leases retained in-house and the reconciliation to the net investment in sales-type leases reported on the Consolidated Balance Sheets was as follows:
December 31,
2021
(In thousands)
2022$11,490 
20238,482 
20245,710 
20253,768 
20261,607 
Thereafter387 
Total future minimum sales-type lease payments31,444 
Present value adjustment(2,388)
Total net investment in sales-type leases$29,056 
Operating Leases
The Company entered into certain leasing agreements that were classified as operating leases prior to the adoption of ASC 842, Leases. These agreements in place prior to January 1, 2019 continue to be treated as operating leases, however any leasing agreements entered into on or after January 1, 2019 under these programs are classified and accounted for as sales-type leases in accordance with ASC 842. The operating lease arrangements generally have initial terms of one to seven years. The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
(In thousands)
Rental income$10,467 $11,668 $12,660 
The maturity schedule of future minimum lease payments under operating leases was as follows:
December 31, 2021
(In thousands)
2022$6,318 
20232,858 
2024852 
2025256 
202689 
Thereafter179 
Total future minimum operating lease payments$10,552 
Lessor Leases Lessor Leases
Sales-Type Leases
On a recurring basis, the Company enters into multi-year, sales-type lease agreements with the majority varying in length from one to five years. The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
(In thousands)
Sales-type lease revenues$21,887 $26,040 $37,175 
Cost of sales-type lease revenues(8,918)(10,624)(14,985)
Selling profit on sales-type lease revenues$12,969 $15,416 $22,190 
Interest income on sales-type lease receivables$1,869 $1,933 $1,756 
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at December 31, 2021 and 2020:
December 31,
20212020
(In thousands)
Net minimum lease payments to be received$31,444 $35,331 
Less: Unearned interest income portion(2,388)(2,929)
Net investment in sales-type leases29,056 32,402 
Less: Current portion (1)
(10,665)(10,246)
Long-term investment in sales-type leases, net$18,391 $22,156 
_________________________________________________
(1)    The current portion of the net investment in sales-type leases is included in other current assets in the Consolidated Balance Sheets.
The carrying amount of the Company’s sales-type lease receivables is a reasonable estimate of fair value.
The maturity schedule of future minimum lease payments under sales-type leases retained in-house and the reconciliation to the net investment in sales-type leases reported on the Consolidated Balance Sheets was as follows:
December 31,
2021
(In thousands)
2022$11,490 
20238,482 
20245,710 
20253,768 
20261,607 
Thereafter387 
Total future minimum sales-type lease payments31,444 
Present value adjustment(2,388)
Total net investment in sales-type leases$29,056 
Operating Leases
The Company entered into certain leasing agreements that were classified as operating leases prior to the adoption of ASC 842, Leases. These agreements in place prior to January 1, 2019 continue to be treated as operating leases, however any leasing agreements entered into on or after January 1, 2019 under these programs are classified and accounted for as sales-type leases in accordance with ASC 842. The operating lease arrangements generally have initial terms of one to seven years. The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2021, 2020, and 2019:
Year Ended December 31,
202120202019
(In thousands)
Rental income$10,467 $11,668 $12,660 
The maturity schedule of future minimum lease payments under operating leases was as follows:
December 31, 2021
(In thousands)
2022$6,318 
20232,858 
2024852 
2025256 
202689 
Thereafter179 
Total future minimum operating lease payments$10,552