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FINANCE LEASES, NET | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
FINANCE LEASES, NET | FINANCE LEASES, NET Finance leases, net are summarized as follows:
| December 31,
| 2021 |  | 2020
Finance leases | $ | 8,358 |  |  | $ | 9,389 |
Unearned revenue | (775) |  |  | (2,462) |
Finance leases, net | $ | 7,583 |  |  | $ | 6,927 |
During the year ended December 31, 2021, we entered into 52-month sales-type lease arrangements for five airframes. During the fourth quarter of 2021, one of our lessees exercised its option to purchase the aircraft for an amount equal to the remaining principal balance plus unpaid accrued interest per the terms of the agreement. Additionally, during 2019, we received insurance proceeds for a vessel which was on nonaccrual status due to a casualty event. The insurance proceeds were in excess of the book value of the finance lease, which was written down to zero, and we recognized a gain of approximately $1.0 million which is included in Other income in the Consolidated Statements of Operations.

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- Definition The entire disclosure of lessor's direct financing leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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