Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.4
LEASES (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
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):

    

December 31, 2022

December 31, 2021

Sales-type and direct financing leases:

Lease receivables, net of unearned income and deferred selling profit

$

266,380

$

199,423

Unguaranteed residual values, net of unearned income and deferred selling profit

15,159

8,911

Total net investment in sales-type and direct financing leases

 

$

281,539

$

208,334

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):

    

December 31, 2022

December 31, 2021

Operating

Finance

Operating

Finance

ROU assets

$

35,729

$

5,588

$

40,653

$

6,506

Lease liabilities

47,696

8,288

50,742

9,477

Lease Term and Discount Rate of Operating leases:

 

Weighted-average remaining lease term (years)

 

6.80

6.08

6.75

7.08

Weighted-average discount rate (1)

 

2.91

%

1.17

%

2.57

%

1.17

%

(1) An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date.

Other Lease Information

Year ended December 31, 

 

2022

2021

Cash paid for amounts included in measurement of lease liabilities:

Operating Cash Flows from Finance Leases

$

103

$

117

Operating Cash Flows from Operating Leases

11,266

11,923

Financing Cash Flows from Finance Leases

1,189

1,144

ROU assets obtained in exchange for lease obligations:

Operating leases

$

7,326

$

3,666

Lease Cost

Year ended December 31, 

2022

2021

Net Operating Lease Cost

 

$

8,839

$

10,121

Finance Lease Cost:

Amortization of right-of-use assets

919

919

Interest on lease liabilities

 

103

117

Total Lease Cost

$

9,861

$

11,157

Maturities of Lessor and Lessee Arrangements Outstanding

The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands):

Year ended December 31, 

Lessor

Lessee

Sales-type and Direct Financing

Operating

Finance

2023

    

$

66,192

$

11,036

$

1,325

2024

65,360

10,221

1,358

2025

 

54,432

8,098

1,392

2026

 

42,918

5,597

1,427

2027

 

32,036

4,279

1,462

Thereafter

 

35,553

13,935

1,626

Total undiscounted cash flows

 

296,491

53,166

8,590

Less: Adjustments (1)

 

30,111

5,470

302

Total (2)

$

266,380

$

47,696

$

8,288

(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.