Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.0.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2023
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 as of December 31, (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

2023

​

​

2022

Sales-type and direct financing leases:

​

​

​

​

​

​

​

Lease receivables, net of unearned income and deferred selling profit

​

$

409,264

​

​

$

266,380

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

​

​

21,484

​

​

​

15,159

Total net investment in sales-type and direct financing leases

 

$

430,748

​

​

$

281,539

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 as of and for the years ended December 31, (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2023

​

​

​

2022

​

​

​

Operating

​

​

Finance

​

​

​

Operating

​

​

Finance

​

ROU assets

​

$

71,788

​

​

$

4,669

​

​

​

$

35,729

​

​

$

5,588

​

Lease liabilities

​

​

78,043

​

​

​

7,052

​

​

​

​

47,696

​

​

​

8,288

​

Lease Term and Discount Rate of Operating leases:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average remaining lease term (years)

 

​

11.75

​

​

​

5.08

​

​

​

​

6.80

​

​

​

6.08

​

Weighted-average discount rate (1)

 

​

6.21

%

​

​

1.17

%

​

​

​

2.91

%

​

​

1.17

%

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

Other Lease Information

​

​

​

​

​

​

​

​

​

 

2023

​

2022

Cash paid for amounts included in measurement of lease liabilities:

​

​

​

​

​

​

Operating Cash Flows from Finance Leases

​

$

89

​

$

103

Operating Cash Flows from Operating Leases

​

​

12,457

​

​

11,266

Financing Cash Flows from Finance Leases

​

​

1,236

​

​

1,189

ROU assets obtained in exchange for lease obligations:

​

​

​

​

​

​

Operating leases

​

$

43,357

​

$

7,326

Lease Cost

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

2022

Net Operating Lease Cost

​

 

$

10,344

​

$

8,839

Finance Lease Cost:

​

​

​

​

​

​

​

Amortization of right-of-use assets

​

​

​

919

​

​

919

Interest on lease liabilities

​

​

 

89

​

​

103

Total Lease Cost

​

​

$

11,352

​

$

9,861

Maturities of Lessor and Lessee Arrangements Outstanding

​
The maturities of lessor and lessee arrangements outstanding as of December 31, 2023 are presented in the table below for the years ending, (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Lessor

​

Lessee

​

​

​

Sales-type and Direct Financing

​

Operating

​

Finance

2024

    

$

104,490

​

$

13,967

​

$

1,358

2025

​

​

90,890

​

​

12,347

​

​

1,392

2026

​

 

79,877

​

​

9,944

​

​

1,427

2027

​

 

78,906

​

​

8,573

​

​

1,462

2028

​

 

55,383

​

​

7,622

​

​

1,499

Thereafter

​

 

63,181

​

​

64,003

​

​

127

Total undiscounted cash flows

​

 

472,727

​

​

116,456

​

​

7,265

Less: Adjustments (1)

​

 

63,463

​

​

38,413

​

​

213

Total (2)

​

$

409,264

​

$

78,043

​

$

7,052

(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.