LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| 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):
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
|
December 31, 2020 |
Sales-type and direct financing leases: |
|
|
|
|
|
|
|
Lease receivables, net of unearned |
|
$ |
150.0 |
|
|
$ |
141.2 |
Unguaranteed residual values, net of unearned |
|
|
5.3 |
|
|
|
4.8 |
Total net investment in sales-type and direct financing leases |
|
$ |
155.3 |
|
|
$ |
146.0 |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
|
|
December 31, 2020 |
|
|
|
Operating |
|
|
Finance |
|
|
|
Operating |
|
|
Finance |
|
Right-of-use-assets |
|
$ |
47,165 |
|
|
$ |
7,195 |
|
|
|
$ |
48,051 |
|
|
$ |
7,425 |
|
Lease liabilities |
|
|
58,084 |
|
|
|
10,339 |
|
|
|
|
58,901 |
|
|
|
10,621 |
|
Lease Term and Discount Rate of Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term (years) |
|
|
7.11 |
|
|
|
7.83 |
|
|
|
|
7.27 |
|
|
|
8.08 |
|
Weighted-average discount rate (1) |
|
|
2.61 |
% |
|
|
1.17 |
% |
|
|
|
2.66 |
% |
|
|
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 |
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2021 |
|
2020 |
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating Cash Flows from Finance Leases |
|
$ |
30 |
|
$ |
— |
Operating Cash Flows from Operating Leases |
|
|
3,015 |
|
|
3,517 |
Financing Cash Flows from Finance Leases |
|
|
283 |
|
|
— |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
Operating leases |
|
|
1,820 |
|
|
1,216 |
|
| Lease Cost |
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
2021 |
|
|
2020 |
Net Operating Lease Cost |
|
$ |
2,541 |
|
$ |
2,918 |
Finance Lease Cost: |
|
|
|
|
|
|
Amortization of right-of-use assets |
|
|
230 |
|
|
— |
Interest on lease liabilities |
|
|
30 |
|
|
— |
Total Lease Cost |
|
$ |
2,801 |
|
$ |
2,918 |
|
| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at March 31, 2021 are presented in the tables below (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
|
Lessor |
|
Lessee |
|
|
|
Sales-type and Direct Financing |
|
Operating |
|
Finance |
For the remaining nine months of 2021 |
|
$ |
24,693 |
|
$ |
8,966 |
|
$ |
948 |
2022 |
|
|
34,150 |
|
|
11,322 |
|
|
1,292 |
2023 |
|
|
32,487 |
|
|
10,172 |
|
|
1,325 |
2024 |
|
|
30,537 |
|
|
9,178 |
|
|
1,358 |
2025 |
|
|
22,110 |
|
|
6,864 |
|
|
1,392 |
2026 |
|
|
6,630 |
|
|
4,318 |
|
|
1,427 |
Thereafter |
|
|
11,757 |
|
|
13,369 |
|
|
3,088 |
Total undiscounted cash flows |
|
|
162,364 |
|
|
64,189 |
|
|
10,830 |
Less: Adjustments (1) |
|
|
12,377 |
|
|
6,105 |
|
|
491 |
Total (2) |
|
$ |
149,987 |
|
$ |
58,084 |
|
$ |
10,339 |
| (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
|
|