FINANCE RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Finance receivables, net consisted of the following (in millions):

	June 30, 2020		December 31, 2019
Commercial loans	$	130.6	$	145.7
Sales-type leases	17.6		20.5
Total finance receivables, gross	148.2		166.2
Allowance for credit losses	(14.4)		(11.0)
Total finance receivables, net	$	133.8	$	155.2

Allowance for Credit Losses on Financing Receivables

The following table presents an analysis of the allowance for credit losses (in millions):

	Three Months Ended June 30, 2020						Three Months Ended June 30, 2019
	Commercial Loans		Sales-Type Leases		Total		Commercial Loans		Sales-Type Leases		Total
Balance, beginning of period	$	14.3	$	0.5	$	14.8	$	11.4	$	1.2	$	12.6
Provision for credit losses	(0.7)		—		(0.7)		0.3		—		0.3
Charge offs	(0.2)		—		(0.2)		(0.8)		—		(0.8)
Recoveries	0.5		—		0.5		—		—		—
Balance, end of period	$	13.9	$	0.5	$	14.4	$	10.9	$	1.2	$	12.1

	Six Months Ended June 30, 2020						Six Months Ended June 30, 2019
	Commercial Loans		Sales-Type Leases		Total		Commercial Loans		Sales-Type Leases		Total
Balance, beginning of period	$	10.5	$	0.5	$	11.0	$	4.0	$	1.5	$	5.5
Provision for credit losses	3.2		—		3.2		7.7		(0.3)		7.4
Charge offs	(0.4)		—		(0.4)		(0.8)		—		(0.8)
Recoveries	0.6		—		0.6		—		—		—
Balance, end of period	$	13.9	$	0.5	$	14.4	$	10.9	$	1.2	$	12.1

The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in millions):

	June 30, 2020						December 31, 2019
Allowance for credit losses, ending balance:	Commercial Loans		Sales-Type Leases		Total		Commercial Loans		Sales-Type Leases		Total
Individually evaluated for impairment	$	11.5	$	—	$	11.5	$	7.8	$	—	$	7.8
Collectively evaluated for impairment	2.4		0.5		2.9		2.7		0.5		3.2
Total allowance for credit losses	$	13.9	$	0.5	$	14.4	$	10.5	$	0.5	$	11.0
Finance receivables, ending balance:
Individually evaluated for impairment	$	22.8	$	—	$	22.8	$	7.8	$	—	$	7.8
Collectively evaluated for impairment	107.8		17.6		125.4		137.9		20.5		158.4
Total finance receivables	$	130.6	$	17.6	$	148.2	$	145.7	$	20.5	$	166.2

Impaired Financing Receivables

The following table presents individually impaired finance receivables (in millions):

	June 30, 2020						June 30, 2019						December 31, 2019
	Commercial Loans		Sales-Type Leases		Total		Commercial Loans		Sales-Type Leases		Total		Commercial Loans		Sales-Type Leases		Total
Recorded investment	$	22.8	$	—	$	22.8	$	8.2	$	—	$	8.2	$	7.8	$	—	$	7.8
Related allowance	11.5		—		11.5		8.0		—		8.0		7.8		—		7.8
Average recorded investment	16.4		—		16.4		7.3		—		7.3		7.5		—		7.5

Past Due Financing Receivables

The following tables present analysis of aging of recorded investment in finance receivables (in millions):

	June 30, 2020
	Current		31-60 days past due		61-90 days past due		Greater than 90 days past due		Total past due		Total Finance Receivables
Commercial loans	$	117.1	$	3.0	$	0.8	$	9.7	$	13.5	$	130.6
Sales-type leases	17.4		—		—		0.2		0.2		17.6
Total finance receivables	$	134.5	$	3.0	$	0.8	$	9.9	$	13.7	$	148.2

	December 31, 2019
	Current		31-60 days past due		61-90 days past due		Greater than 90 days past due		Total past due		Total Finance Receivables
Commercial loans	$	135.1	$	2.4	$	0.1	$	8.1	$	10.6	$	145.7
Sales-type leases	20.2		—		0.3		—		0.3		20.5
Total finance receivables	$	155.3	$	2.4	$	0.4	$	8.1	$	10.9	$	166.2

Financing Receivable Credit Quality Indicators

The following table presents finance receivables by risk rating and year of origination as of June 30, 2020 (in millions):

Rating	2020		2019		2018		2017		2016		Prior		Total
Superior	$	1.2	$	0.1	$	—	$	—	$	—	$	—	$	1.3
Above Average	6.5		2.4		2.6		—		—		1.4		12.9
Average	9.5		30.3		32.8		4.2		—		—		76.8
Below Average	2.2		18.1		21.9		2.0		4.5		0.1		48.8
Sub Standard	—		7.8		0.6		—		—		—		8.4
Total	$	19.4	$	58.7	$	57.9	$	6.2	$	4.5	$	1.5	$	148.2

The following table present finance receivables by risk rating and year of origination as of December 31, 2019 (in millions):

Rating	2019		2018		2017		2016		2015		Prior		Total
Superior	$	1.7	$	—	$	—	$	—	$	—	$	—	$	1.7
Above Average	12.6		3.0		—		—		1.7		—		17.3
Average	20.8		17.1		3.4		0.7		0.1		—		42.1
Below Average	44.6		43.1		4.6		3.9		—		—		96.2
Sub Standard	7.7		1.1		—		—		0.1		—		8.9
Total	$	87.4	$	64.3	$	8.0	$	4.6	$	1.9	$	—	$	166.2

The Company believes the finance receivables retained, net of allowance for credit losses, are collectible.