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Lessor Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Lessor Leases | Lessor Leases Sales-Type Leases On a recurring basis, the Company enters into multi-year, sales-type lease agreements with the majority varying in length from one to five years. The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2020, 2019, and 2018:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Sales-type lease revenues | $ | 26,040 |  |  | $ | 37,175 |  |  | $ | 39,167 |
Cost of sales-type lease revenues | (10,624) |  |  | (14,985) |  |  | (16,185) |
Selling profit on sales-type lease revenues | $ | 15,416 |  |  | $ | 22,190 |  |  | $ | 22,982 |
Interest income on sales-type lease receivables | $ | 1,933 |  |  | $ | 1,756 |  |  | $ | 1,296 |
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at December 31, 2020 and 2019:
| December 31,
| 2020 |  | 2019
| (In thousands)
Net minimum lease payments to be received | $ | 35,331 |  |  | $ | 32,360 |
Less: Unearned interest income portion | (2,929) |  |  | (2,840) |
Net investment in sales-type leases | 32,402 |  |  | 29,520 |
Less: Current portion (1) | (10,246) |  |  | (9,770) |
Long-term investment in sales-type leases, net | $ | 22,156 |  |  | $ | 19,750 |
_________________________________________________ (1) The current portion of the net investment in sales-type leases is included in other current assets in the Consolidated Balance Sheets. The carrying amount of the Company’s sales-type lease receivables is a reasonable estimate of fair value. The maturity schedule of future minimum lease payments under sales-type leases retained in-house and the reconciliation to the net investment in sales-type leases reported on the Consolidated Balance Sheets was as follows:
| December 31, 2020
| (In thousands)
2021 | $ | 11,312 |
2022 | 9,499 |
2023 | 7,334 |
2024 | 4,535 |
2025 | 2,616 |
Thereafter | 35 |
Total future minimum sales-type lease payments | 35,331 |
Present value adjustment | (2,929) |
Total net investment in sales-type leases | $ | 32,402 |
Operating Leases The Company entered into certain leasing agreements that were classified as operating leases prior to the adoption of ASC 842, Leases. These agreements in place prior to January 1, 2019 continue to be treated as operating leases, however any leasing agreements entered into on or after January 1, 2019 under these programs are classified and accounted for as sales-type leases in accordance with ASC 842. The operating lease arrangements generally have initial terms of one to seven years. The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2020, 2019, and 2018:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Rental income | $ | 11,668 |  |  | $ | 12,660 |  |  | $ | 12,207 |
The net carrying value of the leased equipment under operating leases was $1.4 million and $2.1 million, which includes accumulated depreciation of $2.5 million and $1.6 million, as of December 31, 2020 and 2019, respectively. Depreciation expense of the leased equipment for the years ended December 31, 2020, 2019, and 2018 was $0.6 million, $0.7 million, and $0.5 million, respectively. The maturity schedule of future minimum lease payments under operating leases was as follows:
| December 31, 2020
| (In thousands)
2021 | $ | 8,848 |
2022 | 4,816 |
2023 | 2,910 |
2024 | 852 |
2025 | 256 |
Thereafter | 89 |
Total future minimum operating lease payments | $ | 17,771 |
Lessor Leases | Lessor Leases Sales-Type Leases On a recurring basis, the Company enters into multi-year, sales-type lease agreements with the majority varying in length from one to five years. The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2020, 2019, and 2018:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Sales-type lease revenues | $ | 26,040 |  |  | $ | 37,175 |  |  | $ | 39,167 |
Cost of sales-type lease revenues | (10,624) |  |  | (14,985) |  |  | (16,185) |
Selling profit on sales-type lease revenues | $ | 15,416 |  |  | $ | 22,190 |  |  | $ | 22,982 |
Interest income on sales-type lease receivables | $ | 1,933 |  |  | $ | 1,756 |  |  | $ | 1,296 |
The receivables as a result of these types of transactions are collateralized by the underlying equipment leased and consist of the following components at December 31, 2020 and 2019:
| December 31,
| 2020 |  | 2019
| (In thousands)
Net minimum lease payments to be received | $ | 35,331 |  |  | $ | 32,360 |
Less: Unearned interest income portion | (2,929) |  |  | (2,840) |
Net investment in sales-type leases | 32,402 |  |  | 29,520 |
Less: Current portion (1) | (10,246) |  |  | (9,770) |
Long-term investment in sales-type leases, net | $ | 22,156 |  |  | $ | 19,750 |
_________________________________________________ (1) The current portion of the net investment in sales-type leases is included in other current assets in the Consolidated Balance Sheets. The carrying amount of the Company’s sales-type lease receivables is a reasonable estimate of fair value. The maturity schedule of future minimum lease payments under sales-type leases retained in-house and the reconciliation to the net investment in sales-type leases reported on the Consolidated Balance Sheets was as follows:
| December 31, 2020
| (In thousands)
2021 | $ | 11,312 |
2022 | 9,499 |
2023 | 7,334 |
2024 | 4,535 |
2025 | 2,616 |
Thereafter | 35 |
Total future minimum sales-type lease payments | 35,331 |
Present value adjustment | (2,929) |
Total net investment in sales-type leases | $ | 32,402 |
Operating Leases The Company entered into certain leasing agreements that were classified as operating leases prior to the adoption of ASC 842, Leases. These agreements in place prior to January 1, 2019 continue to be treated as operating leases, however any leasing agreements entered into on or after January 1, 2019 under these programs are classified and accounted for as sales-type leases in accordance with ASC 842. The operating lease arrangements generally have initial terms of one to seven years. The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2020, 2019, and 2018:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Rental income | $ | 11,668 |  |  | $ | 12,660 |  |  | $ | 12,207 |
The net carrying value of the leased equipment under operating leases was $1.4 million and $2.1 million, which includes accumulated depreciation of $2.5 million and $1.6 million, as of December 31, 2020 and 2019, respectively. Depreciation expense of the leased equipment for the years ended December 31, 2020, 2019, and 2018 was $0.6 million, $0.7 million, and $0.5 million, respectively. The maturity schedule of future minimum lease payments under operating leases was as follows:
| December 31, 2020
| (In thousands)
2021 | $ | 8,848 |
2022 | 4,816 |
2023 | 2,910 |
2024 | 852 |
2025 | 256 |
Thereafter | 89 |
Total future minimum operating lease payments | $ | 17,771 |

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