Leases (Tables)

12 Months Ended

Dec. 31, 2012

Net investment in direct financing and sales-type leases

The net investment in direct financing and sales-type leases consisted of:



	December 31,
	2012			2011
	(In thousands)
Total minimum lease payments receivable	$	629,919		561,772
Less: Executory costs	(201,777		)	(181,820	)
Minimum lease payments receivable	428,142			379,952
Less: Allowance for uncollectibles	(703		)	(903	)
Net minimum lease payments receivable	427,439			379,049
Unguaranteed residuals	60,764			63,472
Less: Unearned income	(96,280		)	(92,637	)
Net investment in direct financing and sales-type leases	391,923			349,884
Current portion	(76,395		)	(68,896	)
Non-current portion	$	315,528		280,988

Credit risk profile by creditworthiness category of direct financing lease receivables

The following table presents the credit risk profile by creditworthiness category of our direct financing lease receivables at December 31, 2012:



	December 31,
	2012		2011
	(In thousands)
Very low risk to low risk	$	193,123	121,836
Moderate	177,400		190,070
Moderately high to high risk	57,619		68,046

	$	428,142	$	379,952

Allowance for credit losses on direct financing lease receivables

The following table is a rollforward of the allowance for credit losses on direct financing lease receivables for the twelve months ended December 31, 2012:



	(In thousands)
Balance at December 31, 2010	$	784
Charged to earnings	867
Deductions	(748		)
Balance at December 31, 2011	903
Charged to earnings	812
Deductions	(1,012		)

Balance at December 31, 2012	$	703

Future minimum payments for leases

Future minimum payments for leases in effect at December 31, 2012 were as follows:



	As Lessor ⁽¹⁾			As Lessee
	Operating Leases		Direct Financing Leases	Operating Leases
	(In thousands)
2013	$	823,369	107,890	106,688
2014	620,533		87,459	96,402
2015	475,226		73,507	54,414
2016	348,897		60,254	34,261
2017	230,016		40,109	21,365
Thereafter	172,756		58,923	58,765
Total	$	2,670,797	428,142	371,895

____________________

(1)

Amounts do not include contingent rentals, which may be received under certain leases on the basis of miles of use or changes in the Consumer Price Index. Contingent rentals from operating leases included in revenue during 2012, 2011 and 2010 were $319 million, $303 million, and $294 million, respectively. Contingent rentals from direct financing leases included in revenue during 2012, 2011, and 2010 were $11 million, $11 million, and $12 million, respectively.