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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
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 captionDecember 31, 2023December 31, 2022
Right-of-use asset - operatingOther assets$10,093 $3,145 
Lease liability - operatingAccounts payable and other accrued expenses$13,510 $3,465 
Year Ended December 31,
Income StatementFinancial statement caption202320222021
Operating lease cost(1)
Administrative expenses$2,869 $3,205 $3,183 
(1)     Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity
The following represents the Company's future undiscounted cash flows related to lease liabilities for each of the next five years and thereafter as of December 31, 2023 (in thousands):
Years ending December 31,
2024$2,293 
20252,211 
20261,729 
20271,364 
20281,333 
2029 and thereafter8,912 
Total undiscounted future cash flows related to lease payments$17,842 
Less: imputed interest(4,332)
Total present value of lease liability$13,510 
Operating Lease, Lease Income
Operating Leases

The following is the minimum future rental income as of December 31, 2023 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands):
Years ending December 31,
2024$947,292 
2025801,865 
2026632,268 
2027501,203 
2028409,448 
2029 and thereafter1,064,472 
Total$4,356,548 
Schedule of deferred revenue
As of December 31, 2023, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2024$76,256 
202565,540 
202642,761 
202716,241 
202815,077 
2029 and thereafter43,148 
Total$259,023 
Schedule of components of the net investment in finance leases
The following table summarizes the components of the net investment in finance leases (in thousands):
December 31, 2023December 31, 2022
Future minimum lease payment receivable(1)
$1,928,167 $2,161,192 
Estimated residual receivable(2)
218,199 218,004 
Gross finance lease receivables(3)
2,146,366 2,379,196 
Unearned income(4)
(636,486)(739,365)
Finance lease reserve(5)
(2,588)— 
Net investment in finance leases(6)
$1,507,292 $1,639,831 
(1)     There were no executory costs included in gross finance lease receivables as of December 31, 2023 and December 31, 2022.
(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 December 31, 2023 and December 31, 2022.
(5)    As of December 31, 2023, the Company had a finance lease reserve of $2.6 million that was a reserve on leasing equipment.
(6)    One major customer represented 93% and 90% of the Company's finance lease portfolio as of December 31, 2023 and 2022, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
Schedule of contractual maturities of the Company’s gross finance lease receivables
Maturities of the Company's gross finance lease receivables subsequent to December 31, 2023 are as follows (in thousands):
Years ending December 31,
2024$205,910 
2025202,864 
2026196,361 
2027172,641 
2028167,466 
2029 and thereafter1,201,124 
Total$2,146,366