XML 40 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Investment in Leasing Operations: | 3 Months Ended
--- | ---
Mar. 30, 2013
Investment in Leasing Operations: |
Investment in Leasing Operations: | 5. Investment in Leasing Operations: Investment in leasing operations consists of the following:
|  | March 30, 2013 |  | December 29, 2012 |
Direct financing and sales-type leases: |  |  |  |  |
Minimum lease payments receivable |  | $ | 36,539,000 |  | $ | 33,094,100 |
Estimated residual value of equipment |  | 3,775,900 |  | 2,925,900 |
Unearned lease income net of initial direct costs deferred |  | (5,588,500 | ) | (5,155,400 | )
Security deposits |  | (3,205,900 | ) | (2,882,400 | )
Equipment installed on leases not yet commenced |  | 4,742,600 |  | 8,443,600 |
Total investment in direct financing and sales-type leases |  | 36,263,100 |  | 36,425,800 |
Allowance for credit losses |  | (800,000 | ) | (775,800 | )
Net investment in direct financing and sales-type leases |  | 35,463,100 |  | 35,650,000 |
Operating leases: |  |  |  |  |
Operating lease assets |  | 1,367,500 |  | 1,564,300 |
Less accumulated depreciation and amortization |  | (994,000 | ) | (1,056,000 | )
Net investment in operating leases |  | 373,500 |  | 508,300 |
Total net investment in leasing operations |  | $ | 35,836,600 |  | $ | 36,158,300 |
As of March 30, 2013, the $35.8 million total net investment in leases consists of $14.6 million classified as current and $21.2 million classified as long-term. As of December 29, 2012, the $36.2 million total net investment in leases consists of $13.5 million classified as current and $22.7 million classified as long-term. As of March 30, 2013, no customer had leased assets totaling more than 10% of the Company’s total assets. Future minimum lease payments receivable under lease contracts and the amortization of unearned lease income, net of initial direct costs deferred, is as follows for the remainder of fiscal 2013 and the full fiscal years thereafter as of March 30, 2013:
|  | Direct Financing and Sales-Type Leases |  | Operating Leases |
|  | Minimum Lease Payments Receivable |  | Income Amortization |  | Minimum Lease Payments Receivable |
2013 |  | $ | 15,279,800 |  | $ | 3,503,000 |  | $ | 1,155,800 |
2014 |  | 14,665,400 |  | 1,763,300 |  | 332,000 |
2015 |  | 5,908,200 |  | 316,500 |  | 49,900 |
2016 |  | 685,600 |  | 5,700 |  | — |
2017 |  | — |  | — |  | — |
Thereafter |  | — |  | — |  | — |
|  | $ | 36,539,000 |  | $ | 5,588,500 |  | $ | 1,537,700 |
The activity in the allowance for credit losses for leasing operations during the first three months of 2013 and 2012, respectively, is as follows:
|  | March 30, 2013 |  | March 31, 2012 |
Balance at beginning of period |  | $ | 775,800 |  | $ | 803,800 |
Provisions charged to expense |  | 13,800 |  | (53,000 | )
Recoveries |  | 21,300 |  | 34,100 |
Deductions for amounts written-off |  | (10,900 | ) | (25,700 | )
Balance at end of period |  | $ | 800,000 |  | $ | 759,200 |
The Company’s investment in direct financing and sales-type leases (“Investment In Leases”) and allowance for credit losses by loss evaluation methodology are as follows:
|  | March 30, 2013 |  | December 29, 2012 |
|  | Investment In Leases |  | Allowance for Credit Losses |  | Investment In Leases |  | Allowance for Credit Losses |
Collectively evaluated for loss potential |  | $ | 36,263,100 |  | $ | 800,000 |  | $ | 36,425,800 |  | $ | 775,800 |
Individually evaluated for loss potential |  | — |  | — |  | — |  | — |
Total |  | $ | 36,263,100 |  | $ | 800,000 |  | $ | 36,425,800 |  | $ | 775,800 |
The Company’s key credit quality indicator for its investment in direct financing and sales-type leases is the status of the lease, defined as accruing or non-accruing. Leases that are accruing income are considered to have a lower risk of loss. Non-accrual leases are those that the Company believes have a higher risk of loss. The following table sets forth information regarding the Company’s accruing and non-accrual leases. Delinquent balances are determined based on the contractual terms of the lease.
|  | March 30, 2013 |
|  | 0-60 Days Delinquent and Accruing |  | 61-90 Days Delinquent and Accruing |  | Over 90 Days Delinquent and Accruing |  | Non-Accrual |  | Total |
Middle-Market |  | $ | 34,925,100 |  | $ | — |  | $ | — |  | $ | — |  | $ | 34,925,100 |
Small-Ticket |  | 1,329,500 |  | 8,500 |  | — |  | — |  | 1,338,000 |
Total Investment in Leases |  | $ | 36,254,600 |  | $ | 8,500 |  | $ | — |  | $ | — |  | $ | 36,263,100 |
|  | December 29, 2012 |
|  | 0-60 Days Delinquent and Accruing |  | 61-90 Days Delinquent and Accruing |  | Over 90 Days Delinquent and Accruing |  | Non-Accrual |  | Total |
Middle-Market |  | $ | 34,901,300 |  | $ | — |  | $ | — |  | $ | — |  | $ | 34,901,300 |
Small-Ticket |  | 1,517,700 |  | — |  | — |  | 6,800 |  | 1,524,500 |
Total Investment in Leases |  | $ | 36,419,000 |  | $ | — |  | $ | — |  | $ | 6,800 |  | $ | 36,425,800 |

X
- Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 47 -URI http://asc.fasb.org/extlink&oid=6584217&loc=d3e38847-112698 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45437-112738 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45377-112738 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6454179&loc=d3e41551-112718 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45424-112738 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 23 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716 + Details
Name: | us-gaap_LeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration