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Leases (Tables)
 3 Months Ended
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