Lessor Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessor Leases

Lessor Leases

Sales-Type Leases

The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Sales-type lease revenues	$	36,208	$	38,959	$	21,887
Cost of sales-type lease revenues	(18,093)		(19,359)		(8,918)
Selling profit on sales-type lease revenues	$	18,115	$	19,600	$	12,969
Interest income on sales-type lease receivables	$	2,475	$	2,106	$	1,869

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, 2023 and 2022:

	December 31,
	2023		2022
	(In thousands)
Net minimum lease payments to be received	$	65,017	$	50,755
Less: Unearned interest income portion	(10,196)		(6,345)
Net investment in sales-type leases	54,821		44,410
Less: Current portion (1)	(11,867)		(11,486)
Long-term investment in sales-type leases, net	$	42,954	$	32,924

_________________________________________________

(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, 2023
	(In thousands)
2024	$	14,504
2025	12,385
2026	10,113
2027	8,369
2028	7,281
Thereafter	12,365
Total future minimum sales-type lease payments	65,017
Present value adjustment	(10,196)
Total net investment in sales-type leases	$	54,821

Operating Leases

The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Rental income	$	6,591	$	9,460	$	10,467

The maturity schedule of future minimum lease payments under operating leases was as follows:

	December 31, 2023
	(In thousands)
2024	$	3,547
2025	842
2026	763
2027	763
2028	571
Total future minimum operating lease payments	$	6,486

Lessor Leases

Lessor Leases

Sales-Type Leases

The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Sales-type lease revenues	$	36,208	$	38,959	$	21,887
Cost of sales-type lease revenues	(18,093)		(19,359)		(8,918)
Selling profit on sales-type lease revenues	$	18,115	$	19,600	$	12,969
Interest income on sales-type lease receivables	$	2,475	$	2,106	$	1,869

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, 2023 and 2022:

	December 31,
	2023		2022
	(In thousands)
Net minimum lease payments to be received	$	65,017	$	50,755
Less: Unearned interest income portion	(10,196)		(6,345)
Net investment in sales-type leases	54,821		44,410
Less: Current portion (1)	(11,867)		(11,486)
Long-term investment in sales-type leases, net	$	42,954	$	32,924

_________________________________________________

(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, 2023
	(In thousands)
2024	$	14,504
2025	12,385
2026	10,113
2027	8,369
2028	7,281
Thereafter	12,365
Total future minimum sales-type lease payments	65,017
Present value adjustment	(10,196)
Total net investment in sales-type leases	$	54,821

Operating Leases

The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Rental income	$	6,591	$	9,460	$	10,467

The maturity schedule of future minimum lease payments under operating leases was as follows:

	December 31, 2023
	(In thousands)
2024	$	3,547
2025	842
2026	763
2027	763
2028	571
Total future minimum operating lease payments	$	6,486