LEASES

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

LEASES

Leases as Lessor

The components of lease income were as follows:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating leases
Lease income related to ChoiceLease	$	385,639	$	374,550	$	785,227	$	734,859
Lease income related to commercial rental (1)	161,220		239,068		356,915		458,240
Sales type leases
Interest income related to net investment in leases	$	12,080	$	10,432	$	23,724	$	21,888
Variable lease income excluding commercial rental (1)	$	58,882	$	58,409	$	124,389	$	113,848

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(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.

The components of net investment in sales-type leases were as follows:

	June 30, 2020		December 31, 2019
	(In thousands)
Net investment in the lease — lease payment receivable	$	561,795	$	553,076
Net investment in the lease — unguaranteed residual value in assets	41,013		44,952
	602,808		598,028
Estimated loss allowance (1)	(3,226)		(673)
Total (2)	$	599,582	$	597,355

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(1)Amount as of June 30, 2020 reflects an immaterial cumulative-effect adjustment in connection with the adoption of the new credit loss standard (refer to Note 2 for further information).

(2)Net investment in the sales-type lease are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets.

LEASES

LEASES

Leases as Lessor

The components of lease income were as follows:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(In thousands)
Operating leases
Lease income related to ChoiceLease	$	385,639	$	374,550	$	785,227	$	734,859
Lease income related to commercial rental (1)	161,220		239,068		356,915		458,240
Sales type leases
Interest income related to net investment in leases	$	12,080	$	10,432	$	23,724	$	21,888
Variable lease income excluding commercial rental (1)	$	58,882	$	58,409	$	124,389	$	113,848

————————————

(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.

The components of net investment in sales-type leases were as follows:

	June 30, 2020		December 31, 2019
	(In thousands)
Net investment in the lease — lease payment receivable	$	561,795	$	553,076
Net investment in the lease — unguaranteed residual value in assets	41,013		44,952
	602,808		598,028
Estimated loss allowance (1)	(3,226)		(673)
Total (2)	$	599,582	$	597,355

————————————

(1)Amount as of June 30, 2020 reflects an immaterial cumulative-effect adjustment in connection with the adoption of the new credit loss standard (refer to Note 2 for further information).

(2)Net investment in the sales-type lease are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets.