XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Lessor Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Lessor Leases Lessor Leases
Sales-Type Leases
The Company enters into non-cancelable sales-type lease arrangements with the leases varying in length from one to ten years. The Company optimizes cash flows by selling a majority of its sales-type leases, other than those relating to U.S. government hospitals and Advanced Services products, including Central Pharmacy Dispensing Service and IV Compounding Service, to third-party leasing finance companies on a non-recourse basis. The Company has no obligation to the leasing company once the lease has been sold.
The following table presents the Company’s income recognized from sales-type leases for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(In thousands)
Sales-type lease revenues$7,036 $5,716 
Cost of sales-type lease revenues(4,187)(2,662)
Selling profit on sales-type lease revenues$2,849 $3,054 
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at March 31, 2024 and December 31, 2023:
March 31,
2024		December 31,
2023
(In thousands)
Net minimum lease payments to be received$66,344 $65,017 
Less: Unearned interest income portion(10,398)(10,196)
Net investment in sales-type leases55,946 54,821 
Less: Current portion (1)
(12,037)(11,867)
Long-term investment in sales-type leases, net43,909 42,954 
_________________________________________________
(1)    The current portion of the net investment in sales-type leases is included in other current assets in the Condensed 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 Condensed Consolidated Balance Sheets was as follows:
March 31,
2024
(In thousands)
Remaining nine months of 2024$11,232 
202513,056 
202610,984 
20279,333 
20288,245 
Thereafter13,494 
Total future minimum sales-type lease payments66,344 
Present value adjustment(10,398)
Total net investment in sales-type leases$55,946 
Operating Leases
The following table represents the Company’s income recognized from operating leases for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(In thousands)
Rental income$856 $2,259 
Lessor Leases Lessor Leases
Sales-Type Leases
The Company enters into non-cancelable sales-type lease arrangements with the leases varying in length from one to ten years. The Company optimizes cash flows by selling a majority of its sales-type leases, other than those relating to U.S. government hospitals and Advanced Services products, including Central Pharmacy Dispensing Service and IV Compounding Service, to third-party leasing finance companies on a non-recourse basis. The Company has no obligation to the leasing company once the lease has been sold.
The following table presents the Company’s income recognized from sales-type leases for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(In thousands)
Sales-type lease revenues$7,036 $5,716 
Cost of sales-type lease revenues(4,187)(2,662)
Selling profit on sales-type lease revenues$2,849 $3,054 
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at March 31, 2024 and December 31, 2023:
March 31,
2024		December 31,
2023
(In thousands)
Net minimum lease payments to be received$66,344 $65,017 
Less: Unearned interest income portion(10,398)(10,196)
Net investment in sales-type leases55,946 54,821 
Less: Current portion (1)
(12,037)(11,867)
Long-term investment in sales-type leases, net43,909 42,954 
_________________________________________________
(1)    The current portion of the net investment in sales-type leases is included in other current assets in the Condensed 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 Condensed Consolidated Balance Sheets was as follows:
March 31,
2024
(In thousands)
Remaining nine months of 2024$11,232 
202513,056 
202610,984 
20279,333 
20288,245 
Thereafter13,494 
Total future minimum sales-type lease payments66,344 
Present value adjustment(10,398)
Total net investment in sales-type leases$55,946 
Operating Leases
The following table represents the Company’s income recognized from operating leases for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
(In thousands)
Rental income$856 $2,259