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Lessor Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lessor Leases | Lessor Leases Sales-Type Leases The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2023, 2022, and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Sales-type lease revenues | $ | 36,208 |  |  | $ | 38,959 |  |  | $ | 21,887 |
Cost of sales-type lease revenues | (18,093) |  |  | (19,359) |  |  | (8,918) |
Selling profit on sales-type lease revenues | $ | 18,115 |  |  | $ | 19,600 |  |  | $ | 12,969 |
Interest income on sales-type lease receivables | $ | 2,475 |  |  | $ | 2,106 |  |  | $ | 1,869 |
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, 2023 and 2022:
| December 31,
| 2023 |  | 2022
| (In thousands)
Net minimum lease payments to be received | $ | 65,017 |  |  | $ | 50,755 |
Less: Unearned interest income portion | (10,196) |  |  | (6,345) |
Net investment in sales-type leases | 54,821 |  |  | 44,410 |
Less: Current portion (1) | (11,867) |  |  | (11,486) |
Long-term investment in sales-type leases, net | $ | 42,954 |  |  | $ | 32,924 |
_________________________________________________ (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, 2023
| (In thousands)
2024 | $ | 14,504 |
2025 | 12,385 |
2026 | 10,113 |
2027 | 8,369 |
2028 | 7,281 |
Thereafter | 12,365 |
Total future minimum sales-type lease payments | 65,017 |
Present value adjustment | (10,196) |
Total net investment in sales-type leases | $ | 54,821 |
Operating Leases The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2023, 2022, and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Rental income | $ | 6,591 |  |  | $ | 9,460 |  |  | $ | 10,467 |
The maturity schedule of future minimum lease payments under operating leases was as follows:
| December 31, 2023
| (In thousands)
2024 | $ | 3,547 |
2025 | 842 |
2026 | 763 |
2027 | 763 |
2028 | 571 |
Total future minimum operating lease payments | $ | 6,486 |
Lessor Leases | Lessor Leases Sales-Type Leases The following table presents the Company’s income recognized from sales-type leases for the years ended December 31, 2023, 2022, and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Sales-type lease revenues | $ | 36,208 |  |  | $ | 38,959 |  |  | $ | 21,887 |
Cost of sales-type lease revenues | (18,093) |  |  | (19,359) |  |  | (8,918) |
Selling profit on sales-type lease revenues | $ | 18,115 |  |  | $ | 19,600 |  |  | $ | 12,969 |
Interest income on sales-type lease receivables | $ | 2,475 |  |  | $ | 2,106 |  |  | $ | 1,869 |
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, 2023 and 2022:
| December 31,
| 2023 |  | 2022
| (In thousands)
Net minimum lease payments to be received | $ | 65,017 |  |  | $ | 50,755 |
Less: Unearned interest income portion | (10,196) |  |  | (6,345) |
Net investment in sales-type leases | 54,821 |  |  | 44,410 |
Less: Current portion (1) | (11,867) |  |  | (11,486) |
Long-term investment in sales-type leases, net | $ | 42,954 |  |  | $ | 32,924 |
_________________________________________________ (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, 2023
| (In thousands)
2024 | $ | 14,504 |
2025 | 12,385 |
2026 | 10,113 |
2027 | 8,369 |
2028 | 7,281 |
Thereafter | 12,365 |
Total future minimum sales-type lease payments | 65,017 |
Present value adjustment | (10,196) |
Total net investment in sales-type leases | $ | 54,821 |
Operating Leases The following table represents the Company’s income recognized from operating leases for the years ended December 31, 2023, 2022, and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Rental income | $ | 6,591 |  |  | $ | 9,460 |  |  | $ | 10,467 |
The maturity schedule of future minimum lease payments under operating leases was as follows:
| December 31, 2023
| (In thousands)
2024 | $ | 3,547 |
2025 | 842 |
2026 | 763 |
2027 | 763 |
2028 | 571 |
Total future minimum operating lease payments | $ | 6,486 |

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