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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Lease Income - Operating | The components of revenue from leases were as follows:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (In thousands)
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,537,901 |  |  | $ | 1,565,579 |  |  | $ | 1,505,913 |
Lease income related to commercial rental (1) |  | 1,061,821 |  |  | 791,631 |  |  | 952,560 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 47,613 |  |  | $ | 49,244 |  |  | $ | 46,801 |
Variable lease income excluding commercial rental (1) |  | $ | 311,857 |  |  | $ | 289,165 |  |  | $ | 272,065 |
_______________ (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.
Schedule of Lease Income - Sales Type | The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
|  | 2021 |  | 2020
|  | (In thousands)
Net investment in the lease - lease payment receivable |  | $ | 583,008 |  |  | $ | 589,120 |
Net investment in the lease - unguaranteed residual value in assets |  | 46,740 |  |  | 44,704 |
|  | 629,748 |  |  | 633,824 |
Estimated loss allowance |  | (3,705) |  |  | (4,025) |
Total |  | $ | 626,043 |  |  | $ | 629,799 |
Schedule of Maturity of Sales-Type Lease Receivable | Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 |  | (In thousands) |  |
2022 |  | $ | 188,506 |  |  |
2023 |  | 153,803 |  |  |
2024 |  | 126,930 |  |  |
2025 |  | 95,783 |  |  |
2026 |  | 68,369 |  |  |
Thereafter |  | 75,772 |  |  |
Total undiscounted cash flows |  | 709,163 |  |  |
Present value of lease payments (recognized as lease receivables) |  | (583,008) |  |  |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 126,155 |  |  |
Schedule of Maturity of Operating Lease Payments | Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31 |  | (In thousands) |  |
2022 |  | $ | 1,206,632 |  |  |
2023 |  | 869,800 |  |  |
2024 |  | 623,388 |  |  |
2025 |  | 401,577 |  |  |
2026 |  | 217,887 |  |  |
Thereafter |  | 135,171 |  |  |
Total undiscounted cash flows |  | $ | 3,454,455 |  |  |
Schedule of Lease Cost, Lease Term, and Discount Rate | The components of lease expense were as follows:
|  |  | Years ended December 31,
|  |  | 2021 |  | 2020 |  | 2019
|  |  | (In thousands)
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use-assets |  |  | $ | 14,085 |  |  | $ | 13,295 |  |  | $ | 13,671 |
Interest on lease liabilities |  |  | 1,926 |  |  | 2,344 |  |  | 2,565 |
Operating lease cost |  |  | 98,363 |  |  | 92,227 |  |  | 94,039 |
Short-term lease and other |  |  | 9,077 |  |  | 8,432 |  |  | 10,963 |
Variable lease cost |  |  | 16,299 |  |  | 13,325 |  |  | 12,459 |
Sublease income |  |  | (27,081) |  |  | (27,223) |  |  | (22,385) |
Total lease cost |  |  | $ | 112,669 |  |  | $ | 102,400 |  |  | $ | 111,312 |
|  | December 31,
|  | 2021 |  | 2020
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 4 years
Finance |  | 4 years |  | 6 years
Weighted-average discount rate |  |  |  |
Operating |  | 2.7 | % |  | 3.3 | %
Finance |  | 4.4 | % |  | 5.6 | %
Schedule of Leases, Assets and Liabilities | Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2021 |  | 2020
| Operating Lease |  | Finance Lease |  | Operating Lease |  | Finance Lease
| (In thousands)
Noncurrent assets (1) | $ | 341,125 |  |  | $ | 40,388 |  |  | $ | 255,964 |  |  | $ | 39,571 |
Current liabilities (2) | 100,232 |  |  | 13,163 |  |  | 78,785 |  |  | 13,282 |
Noncurrent liabilities (3) | 255,573 |  |  | 31,432 |  |  | 186,429 |  |  | 35,136 |
_______________ (1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net". (2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt". (3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
Schedule of Operating Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
|  | Operating |  | Finance |  |
|  | Leases |  | Leases |  | Total
Years ending December 31 |  | (In thousands)
2022 |  | $ | 108,380 |  |  | $ | 14,921 |  |  | $ | 123,301 |
2023 |  | 88,760 |  |  | 12,039 |  |  | 100,799 |
2024 |  | 63,455 |  |  | 9,072 |  |  | 72,527 |
2025 |  | 45,004 |  |  | 5,773 |  |  | 50,777 |
2026 |  | 25,746 |  |  | 3,040 |  |  | 28,786 |
Thereafter |  | 46,360 |  |  | 4,817 |  |  | 51,177 |
Total lease payments |  | 377,705 |  |  | 49,661 |  |  | 427,367 |
Less: Imputed Interest |  | (21,900) |  |  | (5,066) |  |  | (26,966) |
Present value of lease liabilities |  | $ | 355,805 |  |  | $ | 44,595 |  |  | $ | 400,401 |
Schedule of Finance Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
|  | Operating |  | Finance |  |
|  | Leases |  | Leases |  | Total
Years ending December 31 |  | (In thousands)
2022 |  | $ | 108,380 |  |  | $ | 14,921 |  |  | $ | 123,301 |
2023 |  | 88,760 |  |  | 12,039 |  |  | 100,799 |
2024 |  | 63,455 |  |  | 9,072 |  |  | 72,527 |
2025 |  | 45,004 |  |  | 5,773 |  |  | 50,777 |
2026 |  | 25,746 |  |  | 3,040 |  |  | 28,786 |
Thereafter |  | 46,360 |  |  | 4,817 |  |  | 51,177 |
Total lease payments |  | 377,705 |  |  | 49,661 |  |  | 427,367 |
Less: Imputed Interest |  | (21,900) |  |  | (5,066) |  |  | (26,966) |
Present value of lease liabilities |  | $ | 355,805 |  |  | $ | 44,595 |  |  | $ | 400,401 |

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