Leases

9 Months Ended

Sep. 30, 2022

Leases

Leases

Note 18—Leases

Lessor Accounting

The Company leases fueling station equipment to customers pursuant to agreements that contain an option to extend and an end-of-term purchase option. Receivables from these leases are accounted for as finance leases, specifically sales-type leases, and are included in “Other receivables” and “Notes receivable and other long-term assets, net” in the accompanying condensed consolidated balance sheets.

The Company recognizes the net investment in the lease as the sum of the lease receivable and the unguaranteed residual value, both of which are measured at the present value using the interest rate implicit in the lease.

During each of the three months ended September 30, 2021 and 2022, the Company recognized $0.1 million in “Interest income” on its lease receivables. During each of the nine months ended September 30, 2021 and 2022, the Company recognized $0.3 million in “Interest income” on its lease receivables.

The following schedule represents the Company’s maturities of lease receivables as of September 30, 2022 (in thousands):

Fiscal year:
Remainder of 2022	$	240
2023		962
2024		962
2025		962
2026		985
Thereafter		2,374
Total minimum lease payments		6,485
Less amount representing interest		(1,588)
Present value of lease receivables	$	4,897