Finance Assets and Lessor Operating Leases (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:

	March 31, 2020									December 31, 2019
	North America			International			Total			North America			International			Total
Sales-type lease receivables
Gross finance receivables	$	1,031,493		$	200,053		$	1,231,546		$	1,055,852		$	224,202		$	1,280,054
Unguaranteed residual values	40,345			11,301			51,646			41,934			11,789			53,723
Unearned income	(301,136		)	(61,379		)	(362,515		)	(319,281		)	(65,888		)	(385,169		)
Allowance for credit losses	(25,933		)	(4,883		)	(30,816		)	(10,920		)	(2,085		)	(13,005		)
Net investment in sales-type lease receivables	744,769			145,092			889,861			767,585			168,018			935,603
Loan receivables
Loan receivables	292,699			24,844			317,543			298,247			27,926			326,173
Allowance for credit losses	(7,422		)	(630		)	(8,052		)	(5,906		)	(740		)	(6,646		)
Net investment in loan receivables	285,277			24,214			309,491			292,341			27,186			319,527
Net investment in finance receivables	$	1,030,046		$	169,306		$	1,199,352		$	1,059,926		$	195,204		$	1,255,130

Sales-type Lease Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2020 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2020	$	321,928	$	58,207	$	380,135	$	256,712	$	24,844	$	281,556
Year ending December 31, 2021	320,823		64,327		385,150		11,660		—		11,660
Year ending December 31, 2022	217,470		43,949		261,419		9,999		—		9,999
Year ending December 31, 2023	120,443		23,495		143,938		5,222		—		5,222
Year ending December 31, 2024	46,447		8,389		54,836		6,603		—		6,603
Thereafter	4,382		1,686		6,068		2,503		—		2,503
Total	$	1,031,493	$	200,053	$	1,231,546	$	292,699	$	24,844	$	317,543

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at March 31, 2020 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2020	$	321,928	$	58,207	$	380,135	$	256,712	$	24,844	$	281,556
Year ending December 31, 2021	320,823		64,327		385,150		11,660		—		11,660
Year ending December 31, 2022	217,470		43,949		261,419		9,999		—		9,999
Year ending December 31, 2023	120,443		23,495		143,938		5,222		—		5,222
Year ending December 31, 2024	46,447		8,389		54,836		6,603		—		6,603
Thereafter	4,382		1,686		6,068		2,503		—		2,503
Total	$	1,031,493	$	200,053	$	1,231,546	$	292,699	$	24,844	$	317,543

Past Due Financing Receivables

The aging of gross finance receivables was as follows:

	March 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	1,008,879	$	197,681	$	288,180	$	24,562	$	1,519,302
Past due amounts > 90 days	22,614		2,372		4,519		282		29,787
Total	$	1,031,493	$	200,053	$	292,699	$	24,844	$	1,549,089
Past due amounts > 90 days
Still accruing interest	$	4,856	$	1,309	$	2,538	$	125	$	8,828
Not accruing interest	17,758		1,063		1,981		157		20,959
Total	$	22,614	$	2,372	$	4,519	$	282	$	29,787

	December 31, 2019
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	1,032,912	$	220,819	$	294,001	$	27,697	$	1,575,429
Past due amounts > 90 days	22,940		3,383		4,246		229		30,798
Total	$	1,055,852	$	224,202	$	298,247	$	27,926	$	1,606,227
Past due amounts > 90 days
Still accruing interest	$	4,835	$	1,081	$	2,094	$	121	$	8,131
Not accruing interest	18,105		2,302		2,152		108		22,667
Total	$	22,940	$	3,383	$	4,246	$	229	$	30,798

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for credit losses for finance receivables was as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at December 31, 2019	$	10,920		$	2,085		$	5,906		$	740		$	19,651
Cumulative effect of accounting change	9,271			1,750			(1,116		)	(402		)	9,503
Amounts charged to expense	6,892			1,345			4,006			403			12,646
Write-offs	(1,618		)	(248		)	(2,058		)	(104		)	(4,028		)
Recoveries	592			31			691			—			1,314
Other	(124		)	(80		)	(7		)	(7		)	(218		)
Balance at March 31, 2020	$	25,933		$	4,883		$	7,422		$	630		$	38,868
	Sales-type Lease Receivables						Loan Receivables
	North America			International			North America			International			Total
Balance at January 1, 2019	$	10,253		$	2,355		$	6,777		$	837		$	20,222
Amounts charged to expense	3,399			231			957			20			4,607
Write-offs	(878		)	(245		)	(2,280		)	(169		)	(3,572		)
Recoveries	347			40			942			—			1,329
Other	15			(497		)	3			44			(435		)
Balance at March 31, 2019	$	13,136		$	1,884		$	6,399		$	732		$	22,151

Financing Receivable Credit Quality Indicators

The table below shows the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class.

	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	80,794	$	278,796	$	225,328	$	141,499	$	62,994	$	28,603	$	216,717	$	1,034,731
Medium	13,337		52,267		45,057		29,346		12,816		7,091		58,152		218,066
High	1,651		5,961		5,516		3,610		2,478		833		5,158		25,207
Not Scored	23,483		86,463		60,505		37,683		20,153		5,282		37,516		271,085
Total	$	119,265	$	423,487	$	336,406	$	212,138	$	98,441	$	41,809	$	317,543	$	1,549,089

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:

	Three Months Ended March 31,
	2020		2019
Profit recognized at commencement (1)	$	28,920	$	36,360
Interest income	34,260		59,478
Total lease income from sales-type leases	$	63,180	$	95,838

⁽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, 2020	$	28,961
Year ending December 31, 2021	24,361
Year ending December 31, 2022	9,159
Year ending December 31, 2023	4,262
Year ending December 31, 2024	1,165
Thereafter	60
Total	$	67,968