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Leases | 12 Months Ended
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Dec. 31, 2019
Leases, Capital [Abstract] |
Leases | Leases Lessee The Company leases multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2019, the weighted average implicit rate was 4.10% and the weighted average remaining lease term was 3.3 years. The following table summarizes the components of the Company's leases (in thousands):
Balance Sheet | Financial statement caption |  |  |  |  | December 31, 2019
Right-of-use asset - operating | Other assets |  |  |  |  | $ | 7,616 |
Lease liability - operating | Accounts payable and other accrued expenses |  |  |  |  | $ | 8,940 |
Income Statement |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | Year Ended December 31, 2017
Operating lease cost(1) | Administrative expenses | $ | 3,012 |  |  | $ | 2,914 |  |  | $ | 2,444 |
(1) | Includes short-term leases that are immaterial.
Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $3.2 million for the year ended December 31, 2019. The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of December 31, 2019 (in thousands):
Years ending December 31, |
2020 | $ | 3,223 |
2021 | 2,667 |
2022 | 2,247 |
2023 | 1,379 |
2024 | 67 |
2025 and thereafter | — |
Total undiscounted future cash flows related to lease payments | $ | 9,583 |
Less: imputed interest | (643 | )
Total present value of lease liability | $ | 8,940 |
Lessor Operating Leases The following is the minimum future rental income as of December 31, 2019 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands):
Years ending December 31, |
2020 | $ | 828,350 |
2021 | 710,672 |
2022 | 591,425 |
2023 | 450,601 |
2024 | 333,161 |
2025 and thereafter | 641,498 |
Total | $ | 3,555,707 |
Finance Leases The following table represents the components of the net investment in finance leases (in thousands):
| December 31, 2019 |  | December 31, 2018
Future minimum lease payment receivable(1) | $ | 476,443 |  |  | $ | 574,422 |
Estimated residual receivable(2) | 102,238 |  |  | 107,598 |
Gross finance lease receivables | 578,681 |  |  | 682,020 |
Unearned income(3) | (165,339 | ) |  | (203,955 | )
Net investment in finance leases(4) | $ | 413,342 |  |  | $ | 478,065 |
(1) | There were no executory costs included in gross finance lease receivables as of December 31, 2019 and 2018.
(2) | The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets.
(3) | There were no unamortized initial direct costs as of December 31, 2019 and 2018.
(4) | As of December 31, 2019, three major customers represented 55%, 24% and 11% 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.
Maturities of the Company's gross finance lease receivables subsequent to December 31, 2019 are as follows (in thousands):
Years ending December 31, |
2020 | $ | 121,050 |
2021 | 86,315 |
2022 | 79,494 |
2023 | 60,855 |
2024 | 43,765 |
2025 and thereafter | 187,202 |
Total | $ | 578,681 |
The Company evaluates potential losses in its finance lease portfolio by regularly evaluating the specific receivables in the portfolio and analyzing loss experience. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts and estimated losses resulting from the inability of its lessees to make required payments under finance leases. These allowances are based on, but not limited to, each lessee's payment history, management's current assessment of each lessee's financial condition and the recoverability of the equipment. As of December 31, 2019 and December 31, 2018, the Company does not have an allowance on its gross finance lease receivables.
Leases | Leases Lessee The Company leases multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2019, the weighted average implicit rate was 4.10% and the weighted average remaining lease term was 3.3 years. The following table summarizes the components of the Company's leases (in thousands):
Balance Sheet | Financial statement caption |  |  |  |  | December 31, 2019
Right-of-use asset - operating | Other assets |  |  |  |  | $ | 7,616 |
Lease liability - operating | Accounts payable and other accrued expenses |  |  |  |  | $ | 8,940 |
Income Statement |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | Year Ended December 31, 2017
Operating lease cost(1) | Administrative expenses | $ | 3,012 |  |  | $ | 2,914 |  |  | $ | 2,444 |
(1) | Includes short-term leases that are immaterial.
Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $3.2 million for the year ended December 31, 2019. The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of December 31, 2019 (in thousands):
Years ending December 31, |
2020 | $ | 3,223 |
2021 | 2,667 |
2022 | 2,247 |
2023 | 1,379 |
2024 | 67 |
2025 and thereafter | — |
Total undiscounted future cash flows related to lease payments | $ | 9,583 |
Less: imputed interest | (643 | )
Total present value of lease liability | $ | 8,940 |
Lessor Operating Leases The following is the minimum future rental income as of December 31, 2019 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands):
Years ending December 31, |
2020 | $ | 828,350 |
2021 | 710,672 |
2022 | 591,425 |
2023 | 450,601 |
2024 | 333,161 |
2025 and thereafter | 641,498 |
Total | $ | 3,555,707 |
Finance Leases The following table represents the components of the net investment in finance leases (in thousands):
| December 31, 2019 |  | December 31, 2018
Future minimum lease payment receivable(1) | $ | 476,443 |  |  | $ | 574,422 |
Estimated residual receivable(2) | 102,238 |  |  | 107,598 |
Gross finance lease receivables | 578,681 |  |  | 682,020 |
Unearned income(3) | (165,339 | ) |  | (203,955 | )
Net investment in finance leases(4) | $ | 413,342 |  |  | $ | 478,065 |
(1) | There were no executory costs included in gross finance lease receivables as of December 31, 2019 and 2018.
(2) | The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets.
(3) | There were no unamortized initial direct costs as of December 31, 2019 and 2018.
(4) | As of December 31, 2019, three major customers represented 55%, 24% and 11% 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.
Maturities of the Company's gross finance lease receivables subsequent to December 31, 2019 are as follows (in thousands):
Years ending December 31, |
2020 | $ | 121,050 |
2021 | 86,315 |
2022 | 79,494 |
2023 | 60,855 |
2024 | 43,765 |
2025 and thereafter | 187,202 |
Total | $ | 578,681 |
The Company evaluates potential losses in its finance lease portfolio by regularly evaluating the specific receivables in the portfolio and analyzing loss experience. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts and estimated losses resulting from the inability of its lessees to make required payments under finance leases. These allowances are based on, but not limited to, each lessee's payment history, management's current assessment of each lessee's financial condition and the recoverability of the equipment. As of December 31, 2019 and December 31, 2018, the Company does not have an allowance on its gross finance lease receivables.

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