LEASES (Tables)
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9 Months Ended |
Sep. 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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September 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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$ |
161,703 |
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$ |
141,180 |
Unguaranteed residual values, net of unearned income and deferred selling profit |
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|
6,805 |
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|
4,796 |
Total net investment in sales-type and direct financing leases |
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$ |
168,508 |
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|
$ |
145,976 |
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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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September 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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$ |
43,299 |
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$ |
6,736 |
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$ |
48,051 |
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$ |
7,425 |
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Lease liabilities |
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52,766 |
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9,770 |
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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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6.85 |
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7.33 |
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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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Nine months ended September 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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$ |
89 |
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$ |
41 |
Operating Cash Flows from Operating Leases |
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8,961 |
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10,398 |
Financing Cash Flows from Finance Leases |
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|
851 |
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— |
Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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2,412 |
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|
7,566 |
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 September 30, |
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Nine months ended September 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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$ |
2,535 |
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$ |
2,536 |
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$ |
7,615 |
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$ |
8,383 |
Finance Lease Cost: |
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Amortization of right-of-use assets |
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230 |
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230 |
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|
689 |
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|
306 |
Interest on lease liabilities |
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29 |
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31 |
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|
89 |
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|
41 |
Total Lease Cost |
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$ |
2,794 |
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$ |
2,797 |
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$ |
8,393 |
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$ |
8,730 |
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| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at September 30, 2021 are presented in the tables below (dollars in thousands):
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September 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 |
|
Finance |
For the remaining three months of 2021 |
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$ |
9,333 |
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$ |
2,976 |
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$ |
321 |
2022 |
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|
39,099 |
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11,348 |
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1,292 |
2023 |
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37,133 |
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10,204 |
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1,325 |
2024 |
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36,889 |
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|
9,183 |
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|
1,358 |
2025 |
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24,928 |
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|
6,857 |
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|
1,392 |
Thereafter |
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28,242 |
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|
17,534 |
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|
4,515 |
Total undiscounted cash flows |
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175,624 |
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|
58,102 |
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|
10,203 |
Less: Adjustments (1) |
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13,921 |
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5,336 |
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|
433 |
Total (2) |
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$ |
161,703 |
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$ |
52,766 |
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$ |
9,770 |
(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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