Finance Assets and Lessor Operating Leases (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Financing Receivables

Finance receivables consisted of the following:

	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 Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2021 were as follows:

	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

Loan Receivable Maturity

Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2021 were as follows:

	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

Past Due Financing Receivables

The aging of gross finance receivables was as follows:

	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

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 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

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 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

Sales-type Lease, Lease Income

Lease income from sales-type leases was as follows:

	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

(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, 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