Finance Lease Receivables

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lessor, Direct Financing Leases

Finance Lease Receivables

Under certain circumstances, the Company provides financing arrangements to customers that are largely classified and accounted for as sales-type leases. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease.

The following table presents the components of finance lease receivables:

	September 30, 2021		December 31, 2020
Gross minimum lease receivables	$	44.3	$	44.0
Allowance for credit losses	(0.3)		(0.2)
Estimated unguaranteed residual values	0.2		0.2
	44.2		44.0
Less:
Unearned interest income	(1.4)		(1.5)
Total	$	42.8	$	42.5

Future minimum payments due from customers under finance lease receivables as of September 30, 2021 are as follows:

2021	$	5.8
2022	14.1
2023	6.5
2024	6.0
2025	5.5
Thereafter	6.4
	$	44.3

There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2021 or 2020.