LEASES (Tables)
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12 Months Ended |
Dec. 31, 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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December 31, 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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$ |
199,423 |
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|
$ |
141,180 |
Unguaranteed residual values, net of unearned income and deferred selling
profit |
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|
8,911 |
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|
|
4,796 |
Total net investment in sales-type and direct financing leases |
|
$ |
208,334 |
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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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December 31, 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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$ |
40,653 |
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$ |
6,506 |
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$ |
48,051 |
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$ |
7,425 |
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Lease liabilities |
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50,742 |
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9,477 |
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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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6.75 |
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7.08 |
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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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2.57 |
% |
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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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Year ended December 31, |
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2021 |
|
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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$ |
117 |
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$ |
72 |
Operating Cash Flows from Operating Leases |
|
|
11,923 |
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|
13,491 |
Financing Cash Flows from Finance Leases |
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1,144 |
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— |
Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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$ |
3,666 |
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$ |
4,577 |
Finance leases |
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— |
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|
10,549 |
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| Lease Cost |
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Year ended December 31, |
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2021 |
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2020 |
Net Operating Lease Cost |
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$ |
10,121 |
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$ |
11,006 |
Finance Lease Cost: |
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Amortization of right-of-use assets |
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919 |
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|
536 |
Interest on lease liabilities |
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117 |
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|
72 |
Total Lease Cost |
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$ |
11,157 |
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$ |
11,614 |
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| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding are presented in the table below (dollars in thousands):
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December 31, 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 |
2022 |
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$ |
48,478 |
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$ |
11,352 |
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$ |
1,292 |
2023 |
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|
45,672 |
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|
10,310 |
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|
1,325 |
2024 |
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|
44,447 |
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|
9,274 |
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|
1,358 |
2025 |
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|
32,331 |
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|
7,017 |
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|
1,392 |
2026 |
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|
17,702 |
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|
4,494 |
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|
1,427 |
Thereafter |
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28,792 |
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|
13,326 |
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|
3,088 |
Total undiscounted cash flows |
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217,422 |
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|
55,773 |
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|
9,882 |
Less: Adjustments (1) |
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17,999 |
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|
5,031 |
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|
405 |
Total (2) |
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$ |
199,423 |
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$ |
50,742 |
|
$ |
9,477 |
| (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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