Customer Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Fair values of notes receivable and corresponding carrying amounts

The following table presents the detail of customer notes receivable as recorded in the unaudited condensed consolidated balance sheets and the corresponding fair values:

	As of   September 30, 2023		As of   December 31, 2022
	(in thousands)
Customer notes receivable	$	3,807,628	$	2,662,307
Allowance for credit losses	(110,661)		(81,248)
Customer notes receivable, net	$	3,696,967	$	2,581,059
Estimated fair value, net	$	3,609,218	$	2,554,948

Changes in the allowance for credit losses

The following table presents

the changes in the allowance for credit losses recorded against accounts receivable—trade, net in the unaudited condensed consolidated balance sheets:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2023		2022		2023		2022
	(in thousands)
Balance at beginning of period	$	2,143	$	1,198	$	1,676	$	1,044
Provision for current expected credit losses	1,474		802		3,579		1,891
Write off of uncollectible accounts	(1,257)		(717)		(3,005)		(1,769)
Recoveries	96		83		206		200
Balance at end of period	$	2,456	$	1,366	$	2,456	$	1,366

The following table presents the changes in the allowance for credit losses related to customer notes receivable as recorded in the unaudited condensed consolidated balance sheets:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2023		2022		2023		2022
	(in thousands)
Balance at beginning of period	$	102,337	$	57,043	$	81,248	$	41,138
Provision for current expected credit losses	8,324		10,945		29,413		26,814
Recoveries	—		—		—		36
Balance at end of period	$	110,661	$	67,988	$	110,661	$	67,988

Financing receivable, past due

The following table presents the aging of the amortized cost of customer notes receivable:

	As of   September 30, 2023		As of   December 31, 2022
	(in thousands)
1-90 days past due	$	147,369	$	91,668
91-180 days past due	32,861		16,859
Greater than 180 days past due	62,252		14,504
Total past due	242,482		123,031
Not past due	3,565,146		2,539,276
Total	$	3,807,628	$	2,662,307

Financing receivable amortized cost of customer notes receivable

The following table presents the amortized cost by origination year of our customer notes receivable based on payment activity:

	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in thousands)
Payment performance:
Performing	$	1,237,601	$	1,360,949	$	703,184	$	215,362	$	111,257	$	117,023	$	3,745,376
Nonperforming (1)	1,655		26,752		16,337		4,979		4,543		7,986		62,252
Total	$	1,239,256	$	1,387,701	$	719,521	$	220,341	$	115,800	$	125,009	$	3,807,628

(1)    A nonperforming loan is a loan in which the customer is in default and has not made any scheduled principal or interest payments for 181 days or more.