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Leases (Tables)
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Lessee, Balance Sheet and Income Statement Effect
The following table summarizes the impact of the Company's leases in its financial statements (in thousands):
Balance SheetFinancial statement captionSeptember 30, 2021December 31, 2020
Right-of-use asset - operatingOther assets$4,960 $5,062 
Lease liability - operatingAccounts payable and other accrued expenses$5,739 $6,088 
Three Months Ended September 30,Nine Months Ended September 30,
Income StatementFinancial statement caption2021202020212020
Operating lease cost(1)
Administrative expenses$829 $754 $2,408 $2,260 
(1)     Includes short-term leases that are immaterial.
Schedule of Components of Leveraged Lease Investments
The following table summarizes the components of the net investment in finance leases (in thousands):
September 30, 2021December 31, 2020
Future minimum lease payment receivable(1)
$1,380,331 $355,755 
Estimated residual receivable(2)
146,428 53,892 
Gross finance lease receivables(3)
1,526,759 409,647 
Unearned income(4)
(510,461)(127,516)
Net investment in finance leases(5)
$1,016,298 $282,131 
(1)     There were no executory costs included in gross finance lease receivables as of September 30, 2021 and December 31, 2020.
(2)     The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of September 30, 2021 and December 31, 2020.
(5)    One major customer represented 89% and 75% of the Company's finance lease portfolio as of September 30, 2021 and December 31, 2020, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.