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v3.20.2

Finance Assets and Lessor Operating Leases (Tables) | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
Financing Receivables | Finance receivables consisted of the following:
| September 30, 2020 |  | December 31, 2019
| North America |  | International |  | Total |  | North America |  | International |  | Total
Sales-type lease receivables |  |  |  |  |  |  |  |  |  |  |
Gross finance receivables | $ | 981,475 |  |  | $ | 201,590 |  |  | $ | 1,183,065 |  |  | $ | 1,055,852 |  |  | $ | 224,202 |  |  | $ | 1,280,054 |
Unguaranteed residual values | 37,191 |  |  | 11,609 |  |  | 48,800 |  |  | 41,934 |  |  | 11,789 |  |  | 53,723 |
Unearned income | (270,499) |  |  | (58,811) |  |  | (329,310) |  |  | (319,281) |  |  | (65,888) |  |  | (385,169) |
Allowance for credit losses | (25,886) |  |  | (4,902) |  |  | (30,788) |  |  | (10,920) |  |  | (2,085) |  |  | (13,005) |
Net investment in sales-type lease receivables | 722,281 |  |  | 149,486 |  |  | 871,767 |  |  | 767,585 |  |  | 168,018 |  |  | 935,603 |
Loan receivables |  |  |  |  |  |  |  |  |  |  |
Loan receivables | 259,832 |  |  | 22,377 |  |  | 282,209 |  |  | 298,247 |  |  | 27,926 |  |  | 326,173 |
Allowance for credit losses | (6,792) |  |  | (488) |  |  | (7,280) |  |  | (5,906) |  |  | (740) |  |  | (6,646) |
Net investment in loan receivables | 253,040 |  |  | 21,889 |  |  | 274,929 |  |  | 292,341 |  |  | 27,186 |  |  | 319,527 |
Net investment in finance receivables | $ | 975,321 |  |  | $ | 171,375 |  |  | $ | 1,146,696 |  |  | $ | 1,059,926 |  |  | $ | 195,204 |  |  | $ | 1,255,130 |
Sales-type Lease Maturity | Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 2020 were as follows:
| Sales-type Lease Receivables |  | Loan Receivables
| North America |  | International |  | Total |  | North America |  | International |  | Total
Remaining for year ending December 31, 2020 | $ | 114,724 |  |  | $ | 35,721 |  |  | $ | 150,445 |  |  | $ | 215,593 |  |  | $ | 22,377 |  |  | $ | 237,970 |
Year ending December 31, 2021 | 359,198 |  |  | 75,057 |  |  | 434,255 |  |  | 13,314 |  |  | — |  |  | 13,314 |
Year ending December 31, 2022 | 259,729 |  |  | 49,422 |  |  | 309,151 |  |  | 11,507 |  |  | — |  |  | 11,507 |
Year ending December 31, 2023 | 155,254 |  |  | 27,279 |  |  | 182,533 |  |  | 6,394 |  |  | — |  |  | 6,394 |
Year ending December 31, 2024 | 77,034 |  |  | 11,000 |  |  | 88,034 |  |  | 7,023 |  |  | — |  |  | 7,023 |
Thereafter | 15,536 |  |  | 3,111 |  |  | 18,647 |  |  | 6,001 |  |  | — |  |  | 6,001 |
Total | $ | 981,475 |  |  | $ | 201,590 |  |  | $ | 1,183,065 |  |  | $ | 259,832 |  |  | $ | 22,377 |  |  | $ | 282,209 |
Loan Receivable Maturity | Maturities of gross sales-type lease receivables and gross loan receivables at September 30, 2020 were as follows:
| Sales-type Lease Receivables |  | Loan Receivables
| North America |  | International |  | Total |  | North America |  | International |  | Total
Remaining for year ending December 31, 2020 | $ | 114,724 |  |  | $ | 35,721 |  |  | $ | 150,445 |  |  | $ | 215,593 |  |  | $ | 22,377 |  |  | $ | 237,970 |
Year ending December 31, 2021 | 359,198 |  |  | 75,057 |  |  | 434,255 |  |  | 13,314 |  |  | — |  |  | 13,314 |
Year ending December 31, 2022 | 259,729 |  |  | 49,422 |  |  | 309,151 |  |  | 11,507 |  |  | — |  |  | 11,507 |
Year ending December 31, 2023 | 155,254 |  |  | 27,279 |  |  | 182,533 |  |  | 6,394 |  |  | — |  |  | 6,394 |
Year ending December 31, 2024 | 77,034 |  |  | 11,000 |  |  | 88,034 |  |  | 7,023 |  |  | — |  |  | 7,023 |
Thereafter | 15,536 |  |  | 3,111 |  |  | 18,647 |  |  | 6,001 |  |  | — |  |  | 6,001 |
Total | $ | 981,475 |  |  | $ | 201,590 |  |  | $ | 1,183,065 |  |  | $ | 259,832 |  |  | $ | 22,377 |  |  | $ | 282,209 |
Past Due Financing Receivables | The aging of gross finance receivables was as follows:
| September 30, 2020
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Past due amounts 0 - 90 days | $ | 961,346 |  |  | $ | 199,565 |  |  | $ | 254,802 |  |  | $ | 22,096 |  |  | $ | 1,437,809 |
Past due amounts > 90 days | 20,129 |  |  | 2,025 |  |  | 5,030 |  |  | 281 |  |  | 27,465 |
Total | $ | 981,475 |  |  | $ | 201,590 |  |  | $ | 259,832 |  |  | $ | 22,377 |  |  | $ | 1,465,274 |
Past due amounts > 90 days |  |  |  |  |  |  |  |  |
Still accruing interest | $ | 3,365 |  |  | $ | 699 |  |  | $ | 1,461 |  |  | $ | 58 |  |  | $ | 5,583 |
Not accruing interest | 16,764 |  |  | 1,326 |  |  | 3,569 |  |  | 223 |  |  | 21,882 |
Total | $ | 20,129 |  |  | $ | 2,025 |  |  | $ | 5,030 |  |  | $ | 281 |  |  | $ | 27,465 |
| December 31, 2019
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Past due amounts 0 - 90 days | $ | 1,032,912 |  |  | $ | 220,819 |  |  | $ | 294,001 |  |  | $ | 27,697 |  |  | $ | 1,575,429 |
Past due amounts > 90 days | 22,940 |  |  | 3,383 |  |  | 4,246 |  |  | 229 |  |  | 30,798 |
Total | $ | 1,055,852 |  |  | $ | 224,202 |  |  | $ | 298,247 |  |  | $ | 27,926 |  |  | $ | 1,606,227 |
Past due amounts > 90 days |  |  |  |  |  |  |  |  |
Still accruing interest | $ | 4,835 |  |  | $ | 1,081 |  |  | $ | 2,094 |  |  | $ | 121 |  |  | $ | 8,131 |
Not accruing interest | 18,105 |  |  | 2,302 |  |  | 2,152 |  |  | 108 |  |  | 22,667 |
Total | $ | 22,940 |  |  | $ | 3,383 |  |  | $ | 4,246 |  |  | $ | 229 |  |  | $ | 30,798 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses for finance receivables was as follows:
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Balance at December 31, 2019 | $ | 10,920 |  |  | $ | 2,085 |  |  | $ | 5,906 |  |  | $ | 740 |  |  | $ | 19,651 |
Cumulative effect of accounting change | 9,271 |  |  | 1,750 |  |  | (1,116) |  |  | (402) |  |  | 9,503 |
Amounts charged to expense | 10,009 |  |  | 1,314 |  |  | 6,792 |  |  | 429 |  |  | 18,544 |
Write-offs | (5,950) |  |  | (548) |  |  | (7,370) |  |  | (343) |  |  | (14,211) |
Recoveries | 1,488 |  |  | 91 |  |  | 2,399 |  |  | 1 |  |  | 3,979 |
Currency impact | 148 |  |  | 210 |  |  | 181 |  |  | 63 |  |  | 602 |
Balance at September 30, 2020 | $ | 25,886 |  |  | $ | 4,902 |  |  | $ | 6,792 |  |  | $ | 488 |  |  | $ | 38,068 |
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Balance at January 1, 2019 | $ | 10,253 |  |  | $ | 2,355 |  |  | $ | 6,777 |  |  | $ | 837 |  |  | $ | 20,222 |
Amounts charged to expense | 4,587 |  |  | 801 |  |  | 3,547 |  |  | 440 |  |  | 9,375 |
Write-offs | (5,153) |  |  | (842) |  |  | (6,882) |  |  | (608) |  |  | (13,485) |
Recoveries | 1,286 |  |  | 157 |  |  | 2,746 |  |  | 9 |  |  | 4,198 |
Currency impact | 199 |  |  | (254) |  |  | (172) |  |  | 41 |  |  | (186) |
Balance at September 30, 2019 | $ | 11,172 |  |  | $ | 2,217 |  |  | $ | 6,016 |  |  | $ | 719 |  |  | $ | 20,124 |
Financing Receivable Credit Quality Indicators | The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class.
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |
Low | $ | 187,763 |  |  | $ | 230,942 |  |  | $ | 178,224 |  |  | $ | 101,307 |  |  | $ | 37,346 |  |  | $ | 15,488 |  |  | $ | 185,709 |  |  | $ | 936,779 |
Medium | 39,810 |  |  | 58,779 |  |  | 42,501 |  |  | 24,903 |  |  | 10,491 |  |  | 3,924 |  |  | 59,422 |  |  | 239,830 |
High | 5,752 |  |  | 6,219 |  |  | 4,722 |  |  | 2,605 |  |  | 1,344 |  |  | 184 |  |  | 4,617 |  |  | 25,443 |
Not Scored | 55,694 |  |  | 79,125 |  |  | 53,395 |  |  | 28,611 |  |  | 12,207 |  |  | 1,729 |  |  | 32,461 |  |  | 263,222 |
Total | $ | 289,019 |  |  | $ | 375,065 |  |  | $ | 278,842 |  |  | $ | 157,426 |  |  | $ | 61,388 |  |  | $ | 21,325 |  |  | $ | 282,209 |  |  | $ | 1,465,274 |
Sales-type Lease, Lease Income | Lease income from sales-type leases was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Profit recognized at commencement (1) | $ | 29,169 |  |  | $ | 39,326 |  |  | $ | 80,349 |  |  | $ | 112,422 |
Interest income | 33,654 |  |  | 56,522 |  |  | 101,969 |  |  | 174,045 |
Total lease income from sales-type leases | $ | 62,823 |  |  | $ | 95,848 |  |  | $ | 182,318 |  |  | $ | 286,467 |
(1) Lease contracts do not include variable lease payments.
Lessor, Payments to be Received | We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:
Remaining for year ending December 31, 2020 | $ | 17,351 |
Year ending December 31, 2021 | 36,396 |
Year ending December 31, 2022 | 13,688 |
Year ending December 31, 2023 | 7,172 |
Year ending December 31, 2024 | 2,100 |
Thereafter | 399 |
Total | $ | 77,106 |

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