Leases (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Leases [Abstract] |
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Net investment in direct financing and sales-type leases |
The net investment in direct financing and sales-type leases consisted of:
| | | | | | | | | | | December 31, | | | 2018 | | 2017 | | | (In thousands) | Total minimum lease payments receivable | | $ | 715,165 |
| | 713,857 |
| Less: Executory costs | | (206,181 | ) | | (216,754 | ) | Minimum lease payments receivable | | 508,984 |
| | 497,103 |
| Less: Allowance for uncollectibles | | (475 | ) | | (327 | ) | Net minimum lease payments receivable | | 508,509 |
| | 496,776 |
| Unguaranteed residuals | | 41,044 |
| | 41,937 |
| Less: Unearned income | | (89,884 | ) | | (91,870 | ) | Net investment in direct financing and sales-type leases | | 459,669 |
| | 446,843 |
| Current portion | | (83,962 | ) | | (81,996 | ) | Non-current portion | | $ | 375,707 |
| | 364,847 |
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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, 2018 and 2017: | | | | | | | | | December 31, | | 2018 | | 2017 | | (In thousands) | Very low risk to low risk | $ | 194,383 |
| | 201,434 |
| Moderate | 220,560 |
| | 198,464 |
| Moderately high to high risk | 94,041 |
| | 97,205 |
| | $ | 508,984 |
| | 497,103 |
|
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Future minimum payments for leases |
Future minimum payments for leases in effect at December 31, 2018 were as follows: | | | | | | | | | | | | | | As Lessor (1) | | As Lessee | | | Operating Leases | | Direct Financing and Sales-Type Leases | | Operating Leases | | | (In thousands) | 2019 | | $ | 1,192,786 |
| | 115,075 |
| | 94,697 |
| 2020 | | 919,089 |
| | 117,717 |
| | 66,420 |
| 2021 | | 673,875 |
| | 96,879 |
| | 43,985 |
| 2022 | | 438,477 |
| | 70,520 |
| | 29,797 |
| 2023 | | 262,677 |
| | 44,437 |
| | 13,701 |
| Thereafter | | 231,963 |
| | 64,356 |
| | 29,216 |
| Total | | $ | 3,718,867 |
| | 508,984 |
| | 277,816 |
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____________________ | | (1) | Amounts do not include contingent rentals, which may be received under certain leases on the basis of miles or changes in the Consumer Price Index. Contingent rentals from operating leases included in revenue were $377 million in 2018, $357 million in 2017 and $342 million in 2016. Contingent rentals from direct financing leases included in revenue were $18 million in 2018, $15 million in 2017 and $12 million in 2016 . |
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