Lease Receivable

3 Months Ended

Apr. 03, 2021

6. Lease Receivable

The Company recognizes revenue and costs, as well as a lease receivable, at the time the lease commences pursuant to deferred equipment agreements containing embedded sales-type leases. Lease revenue related to both operating-type and sales-type leases for each of the three months ended April 3, 2021 and March 28, 2020 was approximately $10.0 million and is included within product revenue in the accompanying condensed consolidated statements of operations. Costs related to embedded leases within the Company’s deferred equipment agreements are included in cost of goods sold in the accompanying condensed consolidated statements of operations.

Lease receivable consists of the following (in thousands):


	April 3, 2021		January 2, 2021
Lease receivable	$	82,649	$	81,074
Allowance for credit loss	(206)		(202)
Lease receivable, net	82,443		80,872
Less: current portion of lease receivable	(23,877)		(23,206)
Lease receivable, noncurrent	$	58,566	$	57,666

As of April 3, 2021, estimated future maturities of customer sales-type lease receivables for each of the following fiscal years are as follows (in thousands):


Fiscal year	Amount
2021 (balance of year)	$	18,338
2022	21,242
2023	16,973
2024	12,839
2025	7,519
Thereafter	5,532
Total	$	82,443

Estimated future operating lease payments expected to be received from customers under deferred equipment agreements are not material as of April 3, 2021.