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LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

LEASES

Leases as Lessor

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.

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

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

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

Leases as Lessee

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

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".

						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		%

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

Note: Amounts may not be additive due to rounding.

As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.

LEASES

LEASES

Leases as Lessor

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.

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

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

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

Leases as Lessee

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

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".

						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		%

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

Note: Amounts may not be additive due to rounding.

As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.

LEASES

LEASES

Leases as Lessor

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.

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

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

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

Leases as Lessee

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

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".

						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		%

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

Note: Amounts may not be additive due to rounding.

As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.

LEASES

LEASES

Leases as Lessor

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.

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

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

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

Leases as Lessee

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

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".

						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		%

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

Note: Amounts may not be additive due to rounding.

As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.

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