Finance Assets and Lessor Operating Leases (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Financing Receivables

Finance receivables at September 30, 2019 and December 31, 2018 consisted of the following:

	September 30, 2019									December 31, 2018
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,064,996		$	215,110		$	1,280,106		$	1,110,898		$	242,036		$	1,352,934
Unguaranteed residual values	43,621			11,264			54,885			52,637			12,772			65,409
Unearned income	(331,085		)	(63,121		)	(394,206		)	(383,453		)	(55,113		)	(438,566		)
Allowance for credit losses	(11,172		)	(2,217		)	(13,389		)	(10,252		)	(2,356		)	(12,608		)
Net investment in sales-type lease receivables	766,360			161,036			927,396			769,830			197,339			967,169
Loan receivables
Loan receivables	285,163			28,100			313,263			300,319			29,270			329,589
Allowance for credit losses	(6,016		)	(719		)	(6,735		)	(6,777		)	(837		)	(7,614		)
Net investment in loan receivables	279,147			27,381			306,528			293,542			28,433			321,975
Net investment in finance receivables	$	1,045,507		$	188,417		$	1,233,924		$	1,063,372		$	225,772		$	1,289,144

Sales-type Lease Maturity

Maturities of gross loan receivables and gross sales-type lease receivables at September 30, 2019 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2019	$	132,964	$	25,592	$	158,556	$	245,197	$	28,100	$	273,297
Year ending December 31, 2020	383,029		74,364		457,393		12,927		—		12,927
Year ending December 31, 2021	276,009		55,152		331,161		10,463		—		10,463
Year ending December 31, 2022	171,049		35,937		206,986		8,990		—		8,990
Year ending December 31, 2023	83,306		18,521		101,827		3,782		—		3,782
Thereafter	18,639		5,544		24,183		3,804		—		3,804
Total	$	1,064,996	$	215,110	$	1,280,106	$	285,163	$	28,100	$	313,263

Loan Receivable Maturity

Maturities of gross loan receivables and gross sales-type lease receivables at September 30, 2019 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2019	$	132,964	$	25,592	$	158,556	$	245,197	$	28,100	$	273,297
Year ending December 31, 2020	383,029		74,364		457,393		12,927		—		12,927
Year ending December 31, 2021	276,009		55,152		331,161		10,463		—		10,463
Year ending December 31, 2022	171,049		35,937		206,986		8,990		—		8,990
Year ending December 31, 2023	83,306		18,521		101,827		3,782		—		3,782
Thereafter	18,639		5,544		24,183		3,804		—		3,804
Total	$	1,064,996	$	215,110	$	1,280,106	$	285,163	$	28,100	$	313,263

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for credit losses for the nine months ended September 30, 2019 and 2018 was as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,252		$	2,356		$	6,777		$	837		$	20,222
Amounts charged to expense	4,587			801			3,547			440			9,375
Write-offs and other	(3,667		)	(940		)	(4,308		)	(558		)	(9,473		)
Balance at September 30, 2019	$	11,172		$	2,217		$	6,016		$	719		$	20,124
	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2018	$	7,721		$	2,794		$	7,098		$	1,020		$	18,633
Amounts charged to expense	7,037			829			4,896			331			13,093
Write-offs and other	(3,979		)	(1,359		)	(5,282		)	(466		)	(11,086		)
Balance at September 30, 2018	$	10,779		$	2,264		$	6,712		$	885		$	20,640

Past Due Financing Receivables

The aging of gross finance receivables at September 30, 2019 and December 31, 2018 was as follows:

	September 30, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,032,400	$	211,442	$	280,114	$	27,722	$	1,551,678
> 90 days	32,596		3,668		5,049		378		41,691
Total	$	1,064,996	$	215,110	$	285,163	$	28,100	$	1,593,369
Past due amounts > 90 days
Still accruing interest	$	4,751	$	1,074	$	1,797	$	53	$	7,675
Not accruing interest	27,845		2,594		3,252		325		34,016
Total	$	32,596	$	3,668	$	5,049	$	378	$	41,691

	December 31, 2018
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
1 - 90 days	$	1,069,290	$	238,114	$	294,126	$	29,079	$	1,630,609
> 90 days	41,608		3,922		6,193		191		51,914
Total	$	1,110,898	$	242,036	$	300,319	$	29,270	$	1,682,523
Past due amounts > 90 days
Still accruing interest	$	7,917	$	1,111	$	1,769	$	72	$	10,869
Not accruing interest	33,691		2,811		4,424		119		41,045
Total	$	41,608	$	3,922	$	6,193	$	191	$	51,914

Financing Receivable Credit Quality Indicators

	September 30, 2019		December 31, 2018
Sales-type lease receivables
Low	$	853,156	$	922,414
Medium	160,969		131,650
High	22,315		22,110
Not Scored	28,556		34,724
Total	$	1,064,996	$	1,110,898
Loan receivables
Low	$	215,319	$	238,620
Medium	53,176		43,952
High	5,379		5,947
Not Scored	11,289		11,800
Total	$	285,163	$	300,319

Sales-type Lease, Lease Income

Lease income from sales-type leases for the three and nine months ended September 30, 2019 and 2018 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Profit recognized at commencement (1)	$	38,086	$	38,204	$	108,743	$	125,133
Interest income	56,522		60,653		174,045		183,340
Total lease income from sales-type leases	$	94,608	$	98,857	$	282,788	$	308,473

⁽¹⁾ Lease contracts do not include variable lease payments.

Lessor, Payments to be Received

We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

Remaining for year ending December 31, 2019	$	9,092
Year ending December 31, 2020	30,986
Year ending December 31, 2021	15,600
Year ending December 31, 2022	6,886
Year ending December 31, 2023	3,154
Thereafter	412
Total	$	66,130