LEASES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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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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March 31, 2022 |
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December 31, 2021 |
Sales-type and direct financing leases: |
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Lease receivables, net of unearned income and deferred selling profit |
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$ |
196,601 |
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|
$ |
199,423 |
Unguaranteed residual values, net of unearned income and deferred selling
profit |
|
|
8,840 |
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|
|
8,911 |
Total net investment in sales-type and direct financing leases |
|
$ |
205,441 |
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|
$ |
208,334 |
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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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March 31, 2022 |
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December 31, 2021 |
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Operating |
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Finance |
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Operating |
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Finance |
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ROU assets |
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$ |
35,237 |
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$ |
6,277 |
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$ |
40,653 |
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$ |
6,506 |
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Lease liabilities |
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48,304 |
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9,183 |
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50,742 |
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9,477 |
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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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6.62 |
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6.83 |
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6.75 |
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7.08 |
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Weighted-average discount rate (1) |
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2.58 |
% |
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|
1.17 |
% |
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|
2.57 |
% |
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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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Three months ended March 31, |
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2022 |
|
2021 |
Cash paid for amounts included in measurement of lease liabilities: |
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Operating Cash Flows from Finance Leases |
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$ |
27 |
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$ |
30 |
Operating Cash Flows from Operating Leases |
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2,891 |
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|
3,015 |
Financing Cash Flows from Finance Leases |
|
|
294 |
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|
283 |
ROU assets obtained in exchange for lease obligations: |
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Operating leases |
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$ |
143 |
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$ |
1,820 |
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| Lease Cost |
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Three months ended March 31, |
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2022 |
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2021 |
Net Operating Lease Cost |
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$ |
2,309 |
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$ |
2,541 |
Finance Lease Cost: |
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Amortization of right-of-use assets |
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230 |
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|
230 |
Interest on lease liabilities |
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27 |
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|
30 |
Total Lease Cost |
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$ |
2,566 |
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$ |
2,801 |
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| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at March 31, 2022 are presented in the table below (dollars in thousands):
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March 31, 2022 |
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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 nine months of 2022 |
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$ |
37,728 |
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$ |
8,515 |
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$ |
971 |
2023 |
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|
47,004 |
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|
10,400 |
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1,325 |
2024 |
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|
45,782 |
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|
9,274 |
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1,358 |
2025 |
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33,791 |
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|
7,017 |
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|
1,392 |
2026 |
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|
18,920 |
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|
4,494 |
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|
1,427 |
Thereafter |
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30,846 |
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|
13,326 |
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|
3,088 |
Total undiscounted cash flows |
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214,071 |
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|
53,026 |
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|
9,561 |
Less: Adjustments (1) |
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17,470 |
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|
4,722 |
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|
378 |
Total (2) |
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$ |
196,601 |
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$ |
48,304 |
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$ |
9,183 |
(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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