Sales-type Lease

3 Months Ended

Mar. 31, 2017

Leases [Abstract]

Sales-type Lease

Note 8— Sales-type Lease

The Company has a sales-type lease with one of its customers, under which it will receive quarterly payments over the term of the lease, which expires in September 2020. The lease is denominated in British Pounds and the Company has entered into certain foreign currency exchange contracts that act as an economic hedge for the foreign currency exposure associated with this arrangement.

The following table shows the components of the net investment in the sales-type lease as of March 31, 2017 and December 31, 2016 (in thousands):

	March 31, 2017			December 31, 2016
Total minimum lease payments to be received	$	49,828		$	52,224
Less: executory costs	(9,315		)	(10,139		)
Net minimum lease payments receivable	40,513			42,085
Less: unearned income	(2,084		)	(2,352		)
Net investment in sales-type lease	38,429			39,733
Less: long-term investment in sales-type lease	(29,525		)	(31,050		)
Investment in sales-type lease included in accounts and other receivables	$	8,904		$	8,683

As of March 31, 2017, minimum lease payments for each of the succeeding four fiscal years are as follows (in thousands):

2017 (less than 1 year)	$	10,638
2018	14,090
2019	14,351
2020	10,749
Total minimum lease payments to be received	$	49,828