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Finance Assets and Lessor Operating Leases
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Finance Assets and Lessor Operating Leases Finance Assets and Lessor Operating Leases
Finance Assets
All finance receivables are in our SendTech Solutions segment. We segregate our finance receivables into a North America portfolio and International portfolio. Finance receivables consisted of the following:
December 31, 2023December 31, 2022
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables   
Gross finance receivables$987,743 $143,466 $1,131,209 $967,298 $158,167 $1,125,465 
Unguaranteed residual values38,059 7,211 45,270 38,832 8,798 47,630 
Unearned income(253,711)(42,847)(296,558)(239,238)(48,334)(287,572)
Allowance for credit losses(13,942)(2,786)(16,728)(14,131)(2,893)(17,024)
Net investment in sales-type lease receivables758,149 105,044 863,193 752,761 115,738 868,499 
Loan receivables      
Loan receivables342,062 17,865 359,927 311,887 16,636 328,523 
Allowance for credit losses(6,346)(153)(6,499)(4,787)(139)(4,926)
Net investment in loan receivables335,716 17,712 353,428 307,100 16,497 323,597 
Net investment in finance receivables$1,093,865 $122,756 $1,216,621 $1,059,861 $132,235 $1,192,096 


Maturities of finance receivables at December 31, 2023 were as follows:
Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
2024$367,413 $58,142 $425,555 $254,964 $17,865 $272,829 
2025277,861 40,631 318,492 35,099 — 35,099 
2026192,750 25,379 218,129 25,818 — 25,818 
2027110,336 13,623 123,959 18,114 — 18,114 
202838,034 4,809 42,843 6,438 — 6,438 
Thereafter1,349 882 2,231 1,629 — 1,629 
Total$987,743 $143,466 $1,131,209 $342,062 $17,865 $359,927 
Allowance for Credit Losses
Activity in the allowance for credit losses on finance receivables was as follows:
Allowance for Credit Losses
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at December 31, 2020$22,917 $6,006 $6,484 $462 $35,869 
Amounts charged to expense648 (1,788)(426)19 (1,547)
Write-offs (7,120)(846)(6,045)(302)(14,313)
Recoveries3,097 173 3,245 3 6,518 
Other4 (299)1 (15)(309)
Balance at December 31, 202119,546 3,246 3,259 167 26,218 
Amounts charged to expense(2,476)712 3,992 288 2,516 
Write-offs(6,043)(791)(4,903)(295)(12,032)
Recoveries3,184 39 2,447 1 5,671 
Other(80)(313)(8)(22)(423)
Balance at December 31, 202214,131 2,893 4,787 139 21,950 
Amounts charged to expense2,096 1,178 4,847 389 8,510 
Write-offs(4,757)(1,448)(5,182)(391)(11,778)
Recoveries2,454 181 1,893 — 4,528 
Other18 (18)1 16 17 
Balance at December 31, 2023$13,942 $2,786 $6,346 $153 $23,227 

The table below shows write-offs of gross finance receivables by year of origination.
December 31, 2023
Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Write-offs$883 $1,680 $1,551 $1,079 $619 $393 $5,573 $11,778 

Aging of Receivables
The aging of gross finance receivables was as follows:
December 31, 2023
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$977,744 $140,857 $339,789 $17,664 $1,476,054 
Past due amounts > 90 days9,999 2,609 2,273 201 15,082 
Total$987,743 $143,466 $342,062 $17,865 $1,491,136 
December 31, 2022
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$959,203 $155,596 $308,872 $16,503 $1,440,174 
Past due amounts > 90 days8,095 2,571 3,015 133 13,814 
Total$967,298 $158,167 $311,887 $16,636 $1,453,988 
Credit Quality
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, a detailed manual review of their financial condition and payment history or an automated process. 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 and enhanced tools and processes are implemented as needed.
Over 85% of our finance receivables are within our North American portfolio. We use a third party to score the majority of this portfolio on a quarterly basis using a proprietary 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 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 credit score is used to predict client payment behaviors and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.
•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.
•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.
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. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises less than 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available information.
The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class as of December 31, 2023 and 2022.

Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Low$261,583 $222,947 $155,193 $96,986 $46,635 $27,164 $264,232 $1,074,740 
Medium46,208 35,891 24,483 16,027 10,503 8,041 62,910 204,063 
High4,455 4,217 2,554 1,853 740 862 7,487 22,168 
Not Scored59,335 49,839 33,494 15,944 5,089 1,166 25,298 190,165 
Total$371,581 $312,894 $215,724 $130,810 $62,967 $37,233 $359,927 $1,491,136 

Sales Type Lease ReceivablesLoan ReceivablesTotal
20222021202020192018Prior
Low$286,297 $206,511 $140,800 $95,485 $34,721 $12,674 $239,635 $1,016,123 
Medium53,419 40,669 27,013 19,668 6,751 3,441 56,048 207,009 
High6,492 3,840 3,119 1,942 750 508 6,800 23,451 
Not Scored71,435 53,831 29,957 19,232 5,889 1,021 26,040 207,405 
Total$417,643 $304,851 $200,889 $136,327 $48,111 $17,644 $328,523 $1,453,988 

Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:
Years Ended December 31,
202320222021
Profit recognized at commencement $120,011 $134,717 $127,469 
Interest income154,998 163,485 186,532 
Total lease income from sales-type leases$275,009 $298,202 $314,001 
Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:
2024$20,627 
202519,939 
202615,827 
20274,573 
20282,153 
Total$63,119