Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.


	June 30, 2021						December 31, 2020
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	974,109	$	195,085	$	1,169,194	$	994,985	$	211,944	$	1,206,929
Unguaranteed residual values	37,576		11,681		49,257		36,405		12,140		48,545
Unearned income	(262,058)		(60,825)		(322,883)		(275,359)		(61,686)		(337,045)
Allowance for credit losses	(23,352)		(5,362)		(28,714)		(22,917)		(6,006)		(28,923)
Net investment in sales-type lease receivables	726,275		140,579		866,854		733,114		156,392		889,506
Loan receivables
Loan receivables	257,766		23,692		281,458		268,690		22,092		290,782
Allowance for credit losses	(6,436)		(416)		(6,852)		(6,484)		(462)		(6,946)
Net investment in loan receivables	251,330		23,276		274,606		262,206		21,630		283,836
Net investment in finance receivables	$	977,605	$	163,855	$	1,141,460	$	995,320	$	178,022	$	1,173,342


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remaining for year ending December 31, 2021	$	202,304	$	34,907	$	237,211	$	203,523	$	23,692	$	227,215
Year ending December 31, 2022	331,782		69,397		401,179		16,556		—		16,556
Year ending December 31, 2023	228,869		46,650		275,519		10,797		—		10,797
Year ending December 31, 2024	131,795		26,584		158,379		13,140		—		13,140
Year ending December 31, 2025	62,734		12,918		75,652		11,449		—		11,449
Thereafter	16,625		4,629		21,254		2,301		—		2,301
Total	$	974,109	$	195,085	$	1,169,194	$	257,766	$	23,692	$	281,458


	June 30, 2021
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	962,059	$	193,747	$	253,061	$	23,486	$	1,432,353
Past due amounts > 90 days	12,050		1,338		4,705		206		18,299
Total	$	974,109	$	195,085	$	257,766	$	23,692	$	1,450,652
Past due amounts > 90 days
Still accruing interest	$	2,449	$	275	$	—	$	—	$	2,724
Not accruing interest	9,601		1,063		4,705		206		15,575
Total	$	12,050	$	1,338	$	4,705	$	206	$	18,299


	December 31, 2020
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	972,266	$	208,968	$	264,484	$	21,932	$	1,467,650
Past due amounts > 90 days	22,719		2,976		4,206		160		30,061
Total	$	994,985	$	211,944	$	268,690	$	22,092	$	1,497,711
Past due amounts > 90 days
Still accruing interest	$	5,128	$	463	$	1,797	$	59	$	7,447
Not accruing interest	17,591		2,513		2,409		101		22,614
Total	$	22,719	$	2,976	$	4,206	$	160	$	30,061

We estimate an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.

We establish credit approval limits based on the credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, we believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2021	$	22,917	$	6,006	$	6,484	$	462	$	35,869

Amounts charged to expense	1,127		(81)		1,477		(23)		2,500
Write-offs	(2,226)		(631)		(3,392)		(29)		(6,278)
Recoveries	1,500		146		1,862		1		3,509
Other	34		(78)		5		5		(34)
Balance at June 30, 2021	$	23,352	$	5,362	$	6,436	$	416	$	35,566

	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	9,025		1,257		4,758		208		15,248
Write-offs	(3,536)		(386)		(4,542)		(297)		(8,761)
Recoveries	946		44		1,386		1		2,377
Other	(23)		(7)		90		36		96
Balance at June 30, 2020	$	26,603	$	4,743	$	6,482	$	286	$	38,114

The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated appropriately and enhanced tools and processes are implemented as needed.

We use a third party to score the majority of the North America portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the third party's credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The third-party credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.

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 as of June 30, 2021 and December 30, 2020.


	Sales Type Lease Receivables												Loan Receivables		Total
	2021		2020		2019		2018		2017		Prior
Low	$	145,875	$	218,083	$	189,322	$	127,968	$	55,954	$	25,132	$	191,571	$	953,905
Medium	27,370		44,107		43,995		29,079		15,255		5,737		51,877		217,420
High	2,866		5,405		4,959		2,952		1,475		1,335		4,610		23,602
Not Scored	47,676		64,035		59,108		33,966		13,581		3,959		33,400		255,725
Total	$	223,787	$	331,630	$	297,384	$	193,965	$	86,265	$	36,163	$	281,458	$	1,450,652

	Sales Type Lease Receivables												Loan Receivables		Total
	2020		2019		2018		2017		2016		Prior
Low	$	256,573	$	228,344	$	165,244	$	87,346	$	30,518	$	12,249	$	192,971	$	973,245
Medium	50,785		49,946		37,168		21,388		6,470		2,375		61,625		229,757
High	6,182		5,396		3,782		1,974		1,051		143		4,518		23,046
Not Scored	80,854		77,362		48,704		24,291		7,813		971		31,668		271,663
Total	$	394,394	$	361,048	$	254,898	$	134,999	$	45,852	$	15,738	$	290,782	$	1,497,711

The majority of the Not Scored amounts above is within our International portfolio. We do not use a third party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Profit recognized at commencement (1)	$	32,057	$	21,271	$	64,365	$	51,179
Interest income	47,770		52,277		96,266		106,083
Total lease income from sales-type leases	$	79,827	$	73,548	$	160,631	$	157,262

The disclosure of total lease income from sales-type leases for the three and six months ended June 30, 2020 has been revised from $55 million to $74 million and from $119 million to $157 million, respectively. The revision did not have any impact on our Condensed Consolidated Statements of Operations.


Remaining for year ending December 31, 2021	$	19,276
Year ending December 31, 2022	22,961
Year ending December 31, 2023	13,010
Year ending December 31, 2024	9,968
Year ending December 31, 2025	3,760
Thereafter	196
Total	$	69,171