LEASES (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Leases [Abstract] |
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| Net Investment in Sales-Type and Direct Financing Lease |
Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands):
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June 30, 2021 |
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December 31, 2020 |
Sales-type and direct financing leases: |
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Lease receivables, net of unearned income and deferred selling profit |
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$ |
166.8 |
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$ |
141.2 |
Unguaranteed residual values, net of unearned income and deferred selling profit |
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6.3 |
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4.8 |
Total net investment in sales-type and direct financing leases |
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$ |
173.1 |
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$ |
146.0 |
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| Lessee Lease Portfolio and Other Supplemental Lease Information |
The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands):
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June 30, 2021 |
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December 31, 2020 |
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Operating |
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Finance |
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Operating |
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Finance |
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Right-of-use-assets |
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$ |
45,277 |
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$ |
6,965 |
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$ |
48,051 |
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$ |
7,425 |
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Lease liabilities |
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55,151 |
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10,055 |
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58,901 |
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10,621 |
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Lease Term and Discount Rate of Operating leases: |
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Weighted-average remaining lease term (years) |
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6.98 |
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7.58 |
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7.27 |
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8.08 |
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Weighted-average discount rate (1) |
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2.60 |
% |
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1.17 |
% |
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2.66 |
% |
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1.17 |
% |
(1)An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date.
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| Other Lease Information |
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Six months ended June 30, |
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2021 |
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2020 |
Cash paid for amounts included in measurement of lease liabilities: |
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Operating Cash Flows from Finance Leases |
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$ |
60 |
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$ |
10 |
Operating Cash Flows from Operating Leases |
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5,988 |
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6,893 |
Financing Cash Flows from Finance Leases |
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566 |
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— |
Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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2,164 |
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3,183 |
Finance leases |
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— |
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10,549 |
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| Lease Cost |
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Three months ended June 30, |
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Six months ended June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Net Operating Lease Cost |
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$ |
2,532 |
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$ |
2,928 |
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$ |
5,081 |
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$ |
5,847 |
Finance Lease Cost: |
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Amortization of right-of-use assets |
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230 |
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77 |
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459 |
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|
77 |
Interest on lease liabilities |
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30 |
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10 |
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60 |
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|
10 |
Total Lease Cost |
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$ |
2,792 |
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$ |
3,015 |
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$ |
5,600 |
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$ |
5,934 |
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| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at June 30, 2021 are presented in the tables below (dollars in thousands):
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June 30, 2021 |
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Lessor |
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Lessee |
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Sales-type and Direct Financing |
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Operating |
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Finance |
For the remaining six months of 2021 |
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$ |
18,792 |
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$ |
5,928 |
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$ |
634 |
2022 |
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38,888 |
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11,293 |
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1,292 |
2023 |
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36,922 |
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10,154 |
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1,325 |
2024 |
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36,611 |
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9,135 |
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1,358 |
2025 |
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24,815 |
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|
6,810 |
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|
1,392 |
Thereafter |
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25,420 |
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|
17,503 |
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|
4,516 |
Total undiscounted cash flows |
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181,448 |
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|
60,823 |
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|
10,517 |
Less: Adjustments (1) |
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14,695 |
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5,672 |
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|
462 |
Total (2) |
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$ |
166,753 |
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$ |
55,151 |
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$ |
10,055 |
(1) Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest.
(2) Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
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