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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Lessee, Balance Sheet and Income Statement Effect | The following table summarizes the components of the Company's leases (in thousands):
| Financial statement caption | March 31, 2019
Balance Sheet |  |
Right-of-use asset - operating | Other Assets | 8,289 |
Lease liability - operating | Accounts payable and other accrued expenses | 9,813 |
Income Statement |  |
Operating lease cost(1) | Administrative expenses | 734 |
(1) | Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturities of lease liabilities as of March 31, 2019 (in thousands):
Years ending December 31, |
2019 | 2,000 |
2020 | 2,542 |
2021 | 2,146 |
2022 | 1,882 |
2023 | 1,243 |
2024 and thereafter | — |
Total | 9,813 |
Schedule of Components of Leveraged Lease Investments | The following table summarizes the components of the net investment in finance leases (in thousands):
| March 31, 2019 |  | December 31, 2018
Future minimum lease payment receivable(1) | $ | 552,603 |  |  | 574,422 |
Estimated residual receivable(2) | 107,386 |  |  | 107,598 |
Gross finance lease receivables | 659,989 |  |  | 682,020 |
Unearned income(3) | (194,509 | ) |  | (203,955 | )
Net investment in finance leases(4) | $ | 465,480 |  |  | $ | 478,065 |
(1) | At the inception of the lease, the Company records the total minimum lease payments net of executory costs, if any. The gross finance lease receivable is reduced as billed to the customer and reclassified to accounts receivable until paid. There were no executory costs included in gross finance lease receivables as of March 31, 2019 and December 31, 2018.
(2) | The Company's leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets that are subject to direct finance leases.
(3) | The difference between the gross finance lease receivable and the fair value of the equipment at the lease inception is recorded as unearned income. Unearned income together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of March 31, 2019 and December 31, 2018.
(4) | As of March 31, 2019, three major customers represented 51%, 25% and 13% of the Company's finance lease portfolio. As of December 31, 2018, three major customers represented 50%, 24% and 13% of the Company's finance lease portfolio. No other customer represented more than 10% of the Company's finance lease portfolio in each of those years.
Lessor, Operating Lease, Payments to be Received, Maturity | Contractual maturities of the Company’s gross finance lease receivables subsequent to March 31, 2019 are as follows (in thousands):
Years ending December 31, |
2019 | 83,494 |
2020 | 120,130 |
2021 | 85,258 |
2022 | 78,828 |
2023 | 60,929 |
2024 and thereafter | 231,350 |
Total | 659,989 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919391-209981 + Details
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- Definition Tabular disclosure of the components of the investment in leveraged leases. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84165051&loc=d3e45424-112738 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=82918944&loc=SL77920254-209983 + Details
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