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Lessor Leases
 12 Months Ended
Dec. 31, 2022
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 of such leases 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, 2022, 2021, and 2020:
Year Ended December 31,
202220212020
(In thousands)
Sales-type lease revenues$38,959 $21,887 $26,040 
Cost of sales-type lease revenues(19,359)(8,918)(10,624)
Selling profit on sales-type lease revenues$19,600 $12,969 $15,416 
Interest income on sales-type lease receivables$2,106 $1,869 $1,933 
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, 2022 and 2021:
December 31,
20222021
(In thousands)
Net minimum lease payments to be received$50,755 $31,444 
Less: Unearned interest income portion(6,345)(2,388)
Net investment in sales-type leases44,410 29,056 
Less: Current portion (1)
(11,486)(10,665)
Long-term investment in sales-type leases, net$32,924 $18,391 
_________________________________________________
(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,
2022
(In thousands)
2023$13,296 
202410,343 
20258,465 
20266,684 
20275,718 
Thereafter6,249 
Total future minimum sales-type lease payments50,755 
Present value adjustment(6,345)
Total net investment in sales-type leases$44,410 
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, 2022, 2021, and 2020:
Year Ended December 31,
202220212020
(In thousands)
Rental income$9,460 $10,467 $11,668 
The maturity schedule of future minimum lease payments under operating leases was as follows:
December 31, 2022
(In thousands)
2023$5,091 
2024866 
2025256 
202689 
2027— 
Thereafter— 
Total future minimum operating lease payments$6,302 
Lessor Leases Lessor Leases
Sales-Type Leases
On a recurring basis, the Company enters into multi-year, sales-type lease agreements with the majority of such leases 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, 2022, 2021, and 2020:
Year Ended December 31,
202220212020
(In thousands)
Sales-type lease revenues$38,959 $21,887 $26,040 
Cost of sales-type lease revenues(19,359)(8,918)(10,624)
Selling profit on sales-type lease revenues$19,600 $12,969 $15,416 
Interest income on sales-type lease receivables$2,106 $1,869 $1,933 
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, 2022 and 2021:
December 31,
20222021
(In thousands)
Net minimum lease payments to be received$50,755 $31,444 
Less: Unearned interest income portion(6,345)(2,388)
Net investment in sales-type leases44,410 29,056 
Less: Current portion (1)
(11,486)(10,665)
Long-term investment in sales-type leases, net$32,924 $18,391 
_________________________________________________
(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,
2022
(In thousands)
2023$13,296 
202410,343 
20258,465 
20266,684 
20275,718 
Thereafter6,249 
Total future minimum sales-type lease payments50,755 
Present value adjustment(6,345)
Total net investment in sales-type leases$44,410 
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, 2022, 2021, and 2020:
Year Ended December 31,
202220212020
(In thousands)
Rental income$9,460 $10,467 $11,668 
The maturity schedule of future minimum lease payments under operating leases was as follows:
December 31, 2022
(In thousands)
2023$5,091 
2024866 
2025256 
202689 
2027— 
Thereafter— 
Total future minimum operating lease payments$6,302