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LEASES (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Schedule of Lease Income - Operating | The components of lease income were as follows:
| Three months ended March 31,
| 2019 |  | 2018
| (In thousands)
Operating leases |  |  |
Lease income related to lease payments | $ | 360,309 |  |  | 334,367 |
Lease income related to commercial rental (1) | 219,171 |  |  | 194,466 |
Sales type leases |  |  |
Interest income related to net investment in leases | 11,456 |  |  | 9,797 |
Variable lease income excluding commercial rental (1) | 55,439 |  |  | 52,227 |
————————————
(1) | Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.
The components of net investment in sales-type leases were as follows:
| March 31, 2019 |  | December 31, 2018
| (In thousands)
Net investment in the lease — lease payment receivable | $ | 514,531 |  |  | 505,057 |
Net investment in the lease — unguaranteed residual assets | 46,828 |  |  | 46,209 |
| $ | 561,359 |  |  | 551,266 |
Schedule of Lease Income - Sales Type | The components of lease income were as follows:
| Three months ended March 31,
| 2019 |  | 2018
| (In thousands)
Operating leases |  |  |
Lease income related to lease payments | $ | 360,309 |  |  | 334,367 |
Lease income related to commercial rental (1) | 219,171 |  |  | 194,466 |
Sales type leases |  |  |
Interest income related to net investment in leases | 11,456 |  |  | 9,797 |
Variable lease income excluding commercial rental (1) | 55,439 |  |  | 52,227 |
————————————
(1) | Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.
The components of net investment in sales-type leases were as follows:
| March 31, 2019 |  | December 31, 2018
| (In thousands)
Net investment in the lease — lease payment receivable | $ | 514,531 |  |  | 505,057 |
Net investment in the lease — unguaranteed residual assets | 46,828 |  |  | 46,209 |
| $ | 561,359 |  |  | 551,266 |
———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets.
Schedule of Maturity of Sales-Type Lease Receivable | Maturities of sales-type lease receivables were as follows:
| March 31, 2019 |  | December 31, 2018
| (In thousands)
2019 (excluding three months ended March 31, 2019) | $ | 103,957 |  |  | 133,557 |
2020 | 143,811 |  |  | 136,924 |
2021 | 121,433 |  |  | 114,983 |
2022 | 92,028 |  |  | 85,146 |
2023 | 58,175 |  |  | 52,161 |
Thereafter | 91,033 |  |  | 78,935 |
Total undiscounted cash flows | 610,437 |  |  | 601,706 |
Present value of lease payments (recognized as lease receivables) | (514,531 | ) |  | (505,057 | )
Difference between undiscounted cash flows and discounted cash flows | 95,906 |  |  | 96,649 |
Schedule of Maturity of Operating Lease Payments | Maturities of operating lease payments were as follows:
| March 31, 2019 |  | December 31, 2018
| (In thousands)
2019 (excluding three months ended March 31, 2019) | $ | 936,560 |  |  | 1,159,851 |
2020 | 1,008,773 |  |  | 892,721 |
2021 | 756,134 |  |  | 646,008 |
2022 | 507,429 |  |  | 421,050 |
2023 | 319,320 |  |  | 249,255 |
Thereafter | 291,636 |  |  | 203,632 |
Total undiscounted cash flows | $ | 3,819,852 |  |  | 3,572,517 |
Schedule of Lease Cost, Cash Flow Information, Lease Term, and Discount Rate | The components of lease expense were as follows:
|  |  | Three months ended March 31,
| Classification |  | 2019 |  | 2018
|  |  | (In thousands)
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | Other operating expenses, SG&A |  | $ | 7,788 |  |  | 5,143 |
Interest on lease liabilities | Interest expense |  | 643 |  |  | 597 |
Operating lease cost | Other operating expenses, SG&A |  | 23,218 |  |  | 19,687 |
Short-term lease and other | Other operating expenses, SG&A |  | 1,124 |  |  | 982 |
Variable lease cost | Other operating expenses, SG&A |  | 3,016 |  |  | 2,353 |
Sublease income | Cost of lease & related maintenance and rental, cost of services |  | (5,824 | ) |  | (6,364 | )
Total lease cost |  |  | $ | 29,965 |  |  | 22,398 |
| March 31, 2019 |  | December 31, 2018
| (In thousands)
Weighted-average remaining lease term |  |  |
Operating | 4 years |  |  | 4 years |
Finance | 7 years |  |  | 7 years |
Weighted-average discount rate |  |  |
Operating | 3.7 | % |  | 3.7 | %
Finance | 8.3 | % |  | 8.0 | %
Supplemental cash flow information related to leases was as follows:
| Three months ended March 31,
| 2019 |  | 2018
| (In thousands)
Cash paid for amounts included in measurement of liabilities |  |  |
Operating cash flows from finance leases | $ | 643 |  |  | 597 |
Operating cash flows from operating leases | 22,974 |  |  | 19,303 |
Financing cash flows from finance leases | 7,466 |  |  | 5,039 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Finance leases | 2,418 |  |  | 2,006 |
Operating leases | 16,605 |  |  | 16,908 |
Schedule of Leases, Assets and Liabilities | Supplemental balance sheet information relates to leases was as follows:
| Classification |  | March 31, 2019 |  | December 31, 2018
|  |  | (In thousands)
Assets |  |  |  |  |
Operating lease right-of-use assets | Sales-type leases and other assets |  | $ | 199,048 |  |  | 203,834 |
Finance lease assets | Operating property and equipment, net and revenue earning equipment, net |  | 36,007 |  |  | 41,647 |
Total leased assets |  |  | $ | 235,055 |  |  | 245,481 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating | Accrued expenses and other current liabilities |  | $ | 71,992 |  |  | 73,422 |
Finance | Short-term debt and current portion of long-term debt |  | 11,256 |  |  | 14,543 |
Noncurrent |  |  |  |  |
Operating | Other non-current liabilities |  | 134,784 |  |  | 137,384 |
Finance | Long-term debt |  | 32,446 |  |  | 32,909 |
Total lease liabilities |  |  | $ | 250,478 |  |  | 258,258 |
Schedule of Operating Lease Maturities | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases |  | Total
| (In thousands)
2019 (excluding three months ended March 31, 2019) | $ | 61,234 |  |  | 10,527 |  |  | 71,761 |
2020 | 58,772 |  |  | 10,523 |  |  | 69,295 |
2021 | 39,367 |  |  | 8,790 |  |  | 48,157 |
2022 | 29,231 |  |  | 6,112 |  |  | 35,343 |
2023 | 14,302 |  |  | 3,786 |  |  | 18,088 |
Thereafter | 20,022 |  |  | 13,688 |  |  | 33,710 |
Total lease payments | 222,928 |  |  | 53,426 |  |  | 276,354 |
Less: Imputed Interest | (16,152 | ) |  | (9,724 | ) |  | (25,876 | )
Present value of lease liabilities | $ | 206,776 |  |  | 43,702 |  |  | 250,478 |
Schedule of Finance Lease Maturities | Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases |  | Total
| (In thousands)
2019 (excluding three months ended March 31, 2019) | $ | 61,234 |  |  | 10,527 |  |  | 71,761 |
2020 | 58,772 |  |  | 10,523 |  |  | 69,295 |
2021 | 39,367 |  |  | 8,790 |  |  | 48,157 |
2022 | 29,231 |  |  | 6,112 |  |  | 35,343 |
2023 | 14,302 |  |  | 3,786 |  |  | 18,088 |
Thereafter | 20,022 |  |  | 13,688 |  |  | 33,710 |
Total lease payments | 222,928 |  |  | 53,426 |  |  | 276,354 |
Less: Imputed Interest | (16,152 | ) |  | (9,724 | ) |  | (25,876 | )
Present value of lease liabilities | $ | 206,776 |  |  | 43,702 |  |  | 250,478 |

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