LEASES (Tables)
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6 Months Ended |
Jun. 30, 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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June 30, 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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$ |
244,356 |
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$ |
199,423 |
Unguaranteed residual values, net of unearned income and deferred selling
profit |
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|
11,414 |
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|
|
8,911 |
Total net investment in sales-type and direct financing leases |
|
$ |
255,770 |
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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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June 30, 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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$ |
32,947 |
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|
$ |
6,047 |
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$ |
40,653 |
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$ |
6,506 |
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Lease liabilities |
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45,769 |
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8,888 |
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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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6.56 |
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6.58 |
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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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2.60 |
% |
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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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Six months ended June 30, |
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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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$ |
53 |
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$ |
60 |
Operating Cash Flows from Operating Leases |
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|
5,756 |
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|
5,988 |
Financing Cash Flows from Finance Leases |
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|
589 |
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|
566 |
ROU assets obtained in exchange for lease obligations: |
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Operating leases |
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$ |
424 |
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$ |
2,164 |
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| Lease Cost |
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Three months ended June 30, |
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Six months ended June 30, |
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2022 |
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|
2021 |
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2022 |
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|
2021 |
Net Operating Lease Cost |
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$ |
2,230 |
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$ |
2,532 |
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$ |
4,542 |
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$ |
5,081 |
Finance Lease Cost: |
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Amortization of right-of-use assets |
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230 |
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|
230 |
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|
459 |
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|
459 |
Interest on lease liabilities |
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26 |
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|
30 |
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|
53 |
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|
60 |
Total Lease Cost |
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$ |
2,486 |
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$ |
2,792 |
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$ |
5,054 |
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$ |
5,600 |
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| Maturities of Lessor and Lessee Arrangements Outstanding |
The maturities of lessor and lessee arrangements outstanding at June 30, 2022 are presented in the table below (dollars in thousands):
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June 30, 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 six months of 2022 |
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$ |
32,605 |
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$ |
5,560 |
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$ |
650 |
2023 |
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|
60,499 |
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|
10,313 |
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1,325 |
2024 |
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|
57,677 |
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|
9,206 |
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|
1,358 |
2025 |
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43,809 |
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|
7,055 |
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|
1,392 |
2026 |
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|
29,998 |
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|
4,640 |
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|
1,427 |
Thereafter |
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42,578 |
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|
13,449 |
|
|
3,088 |
Total undiscounted cash flows |
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|
267,166 |
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|
50,223 |
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|
9,240 |
Less: Adjustments (1) |
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22,810 |
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|
4,454 |
|
|
352 |
Total (2) |
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$ |
244,356 |
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$ |
45,769 |
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$ |
8,888 |
(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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